MIRA INFORM REPORT

 

 

Report Date :           

13.10.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

S-OIL CORPORATION

 

 

Formerly Known As :

Ssangyong Oil Refining Co Ltd

 

 

Registered Office :

63 Building, 60 Youido-Dong, Yeongdeungpo-Gu, Seoul, 150-763

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.01.1976

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

manufacturing and sale of oil refining products, lube products and petrochemical products, and explore, extract and dispose of energy resources

 

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 :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

---

 

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 

 

S-Oil Corporation

63 Building

60 Youido-Dong

Yeongdeungpo-Gu

Seoul, 150-763

Korea, Republic of

Tel:       82-2-37725151

Fax:      82-2-7824879

Web:    www.s-oil.com

 

 

Synthesis  

 

Employees:                  2,551

Company Type:            Public Subsidiary

Corporate Family:          14 Companies

Ultimate Parent:             Saudi Arabian Oil Company

Traded:                         Korea Stock Exchange:  010950

Over The Counter:          SOOCY

Incorporation Date:         06-Jan-1976

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       South Korean Won

Annual Sales:               17,871.7  1

Net Income:                  609.8

Total Assets:                 8,855.1  2

Market Value:               10,218.2

(30-Sep-2011)

 

 

Business Description     

 

S-Oil Corporation is a Korea-based oil refining and marketing company. The Company is engaged in the manufacturing and sale of oil refining products, lube products and petrochemical products, and explore, extract and dispose of energy resources. The Company operates through three business segments: oil refining business, lube oil business and petrochemical business. The Company's oil refining products include liquefied petroleum gas, gasoline, diesel, bunker oil, blending oil and asphalt; lube products include lube base oil and marine lubricants, and petrochemical products include ethylene, propylene, benzene, toluene and xylene. In April 2011, the Company sold SK Gas Ltd. As of March 31, 2011, the Company had two affiliated companies. For the fiscal year ended 31 December 2010, S-Oil Corporation's revenue increased 18% to W20.665T. Net income applicable to Common decreased 61% to W264.17B. Revenues reflect increased exporting income of aero oil and gas. Net income was offset by decreased gain on foreign currency transaction, decreased gain on foreign currency translation and decreased interest income, as well as decreased gain on derivative transaction.

Industry

Industry            Oil and Gas Operations

ANZSIC 2006:    1701 - Petroleum Refining and Petroleum Fuel Manufacturing

NACE 2002:      2320 - Manufacture of refined petroleum products

NAICS 2002:     32411 - Petroleum Refineries

UK SIC 2003:    2320 - Manufacture of refined petroleum products

US SIC 1987:    2911 - Petroleum Refining

 

           

Key Executives   

 

Name

Title

A.A. Al-Subaey

Chief Executive Officer, Director

Yeol Ryu

Chief Financial Officer, Senior Vice President

Seong Gi Ha

Senior Vice President

Ahmed A. Al-Subaey

Chief Executive Officer

Sang Gyo Kim

Chief Financial Officer

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Divestitures / Spin-offs

1

SK Gas Ltd. Announces Changes in Shareholding Structure

20-Apr-2011

Equity Investments

1

S-Oil Corporation to Acquire Stake in HANKOOK Silison Co.,Ltd.

30-May-2011

Dividends

2

S-Oil Corporation Declares Interim Cash Dividend

15-Jul-2011

 

 

* number of significant developments within the last 12 months   

 

 

News   

 

Title

Date

ROK Daily: Companies Ordered to Cut Greenhouse Gas Emissions
World News Connection (393 Words)

11-Oct-2011

Asian Shares End Sharply Higher; Regional Commodity Plays Rally
Nikkei English News (541 Words)

6-Oct-2011

UPDATE: Asian Shares Mostly Up; But Tokyo, Seoul Hit By Econ Fears
Nikkei English News (652 Words)

5-Oct-2011

UPDATE: Asian Shares End Lower On Fresh Concerns Greece May Default
Nikkei English News (468 Words)

4-Oct-2011

Asian Shares End Lower On Fresh Concerns Greece May Default
Nikkei English News (531 Words)

4-Oct-2011

 

Financial summary

 

As of 30-Jun-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.23

1.57

Quick Ratio (MRQ)

0.54

1.11

Debt to Equity (MRQ)

0.79

0.52

Sales 5 Year Growth

10.71

16.91

 

 

Stock Snapshot

 

 

Traded: Korea Stock Exchange: 010950

 

As of 30-Sep-2011

   Financials in: KRW

Recent Price

105,000.00

 

EPS

6,071.44

52 Week High

170,000.00

 

Price/Sales

0.58

52 Week Low

66,100.00

 

Dividend Rate

3,800.00

Avg. Volume (mil)

0.80

 

Price/Book

2.62

Market Value (mil)

12,037,570.00

 

Beta

0.85

 

Price % Change

Rel S&P 500%

4 Week

-11.02%

-6.09%

13 Week

-25.53%

-10.55%

52 Week

48.94%

57.63%

Year to Date

13.51%

31.56%

 

 

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

63 Building

60 Youido-Dong

Yeongdeungpo-Gu

Seoul, 150-763

Korea, Republic of

Tel:       82-2-37725151

Fax:      82-2-7824879

Web:    www.s-oil.com

 

Quote Symbol - Exchange

010950 - Korea Stock Exchange

Sales KRW(mil):            20,664,754.0

Assets KRW(mil):          10,049,703.0

Employees:                   2,551

Fiscal Year End:            31-Dec-2010

Industry:                        Oil and Gas Operations

Incorporation Date:         06-Jan-1976

Company Type:             Public Subsidiary

Quoted Status:              Quoted

Previous Name:             Ssangyong Oil Refining Co Ltd

Chief Executive Officer,

Director:                        A.A. Al-Subaey

 

Company Web Links

·         Corporate History/Profile

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

·         Shareholders

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

1701     -          Petroleum Refining and Petroleum Fuel Manufacturing

1812     -          Basic Organic Chemical Manufacturing

 

NACE 2002 Codes:

2320     -          Manufacture of refined petroleum products

2414     -          Manufacture of other organic basic chemicals

 

NAICS 2002 Codes:

325192  -          Cyclic Crude and Intermediate Manufacturing

324191  -          Petroleum Lubricating Oil and Grease Manufacturing

32411   -          Petroleum Refineries

 

US SIC 1987:

2911     -          Petroleum Refining

2992     -          Lubricating Oils and Greases

2865     -          Cyclic Organic Crudes and Intermediates, and organic Dyes and Pigments

 

UK SIC 2003:

2414     -          Manufacture of other organic basic chemicals

2320     -          Manufacture of refined petroleum products

23209   -          Other treatment of petroleum products (excluding petrochemicals manufacture)

 

Business Description

S-Oil Corp is a Korea-based oil refining and marketing company. The Company was formed to import and export crude oil, manufacture and sell oil refining products, lube products and petrochemical products, and explore, extract and dispose of energy resources. The Company operates through three business segments: oil refining business, lube oil business and petrochemical business. The Company’s oil refining products include gasoline, premium gasoline, diesel and kerosene; lube products include lube base oil and marine lubricants, and petrochemical products include benzene, toluene, xylene and para-xylene. In April 2011, the Company sold SK Gas Ltd.

 

Oil Refining Business

The Company operates an advanced oil refinery, light oil desulfurizing facilities and gasoline manufacturing facilities. The Company also operates a large-scale Bunker-C oil cracking center that is capable of converting all the petroleum products into light and low-sulfur products. Its Crude Distillation Unit produces liquefied petroleum gas (LPG), naphtha, kerosene and diesel, B-C oils and other products from crude oil. It has three crude distillation units of 580,000 barrels/day of total capacity. The Bunker-C Cracking Center (BCC) is a facility, which produces value-added light oil products, such as gasoline, diesel and kerosene, by using as feed the Bucker-C oil that remains after extracting light oils from crude oil at the atmospheric distillation unit.

 

The BCC consists of Bunker-C cracking units and desulfurization units. The Bunker-C cracking units crack high-sulfur Bunker-C oil through the use of hydrogen or catalyst to produce light oil products. The desulfurization units remove sulfur and other impurities. The Hydro Desulfurization Unit produces kerosene and diesel after removing sulfur from them by using catalysts and adding hydrogen. It can process 120,000 barrels of kerosene and diesel per day.

 

Lube Oil Business

The lube oil business is engaged in the manufacturing of lube base oil. It has a line-up of Group III and Group II base oil products with daily production capacity of 29,000 barrels. The Company supplies marine lubricants worldwide by forging alliances with Idemistu of Japan and Petrolube of Saudi Arabia. It offers automotive lubricant under the Dragon brand. Ultra-S series products are very-high VI base oils produced under all-hydro processing route (hydro cracking, wax hydroisomerization and hydro finishing).

 

The Company’s Ultra-S series consists of five viscosity grades: Ultra-S 2 (60N), Ultra-S 3 (70N), Ultra-S 4 (100N), Ultra-S 6 (150N) and Ultra-S 8 (250N). Premium series base oils are presented in five viscosity grades: P-8 (Premium 60N), P-20 (Premium 100N), P-31 (Premium 150N), P-96 (Premium 500N) and P-480 (150BS). Premium series base oils are accepted in the industrial, marine and mechanic oils, as well as in automotive engine oils. Super series base oils are purified water-white color products, which have low aromatic and high naphthenic content with high viscosity index. Super series base oils are presented in four viscosity grades: S-8 (Super 60N), S-20 (Super 100N), S-31 (Super 150N) and S-96 (Super 500N).

 

Petrochemical Business

The Company operates a naphtha reforming plant with a daily capacity of 45,000 barrels and a BTX production plant with an annual capacity of 900,000 tons. It has also built a paraxylene production plant, the Xylene Center with a capacity of 700,000 tons per year. The BTX facility produces aromatic petrochemical products, such as benzene, toluene and xylene from naphtha. It forms the Company's foundation for the business diversification in the petrochemical field. The Xylene Center uses xylene, toluene and the by-product C9+ to produce paraxylene, the raw material for the synthetic fiber.

 

More Business Descriptions

·         S-Oil Corporation is a Korea-based oil refining and marketing company. The Company is engaged in the manufacturing and sale of oil refining products, lube products and petrochemical products, and explore, extract and dispose of energy resources. The Company operates through three business segments: oil refining business, lube oil business and petrochemical business. The Company's oil refining products include liquefied petroleum gas, gasoline, diesel, bunker oil, blending oil and asphalt; lube products include lube base oil and marine lubricants, and petrochemical products include ethylene, propylene, benzene, toluene and xylene. In April 2011, the Company sold SK Gas Ltd. As of March 31, 2011, the Company had two affiliated companies. For the fiscal year ended 31 December 2010, S-Oil Corporation's revenue increased 18% to W20.665T. Net income applicable to Common decreased 61% to W264.17B. Revenues reflect increased exporting income of aero oil and gas. Net income was offset by decreased gain on foreign currency transaction, decreased gain on foreign currency translation and decreased interest income, as well as decreased gain on derivative transaction.

·         Oil refining and sales of petroleum products: lube base oil and lubricating oil; petrochemicals

·         S-Oil Corporation (formerly known as SsangYong Oil Refining Co Ltd) is a South Korean oil refining and marketing company. Saudi Aramco affiliate, Aramco Overseas Company BV (AOC) holds 35% of the common stock, Hanjin Energy holds a 28.4% share and the remaining shares are traded on the Korean Stock Exchange. S-Oil owns and operates a refinery complex in Onsan, on the south east coast of the Korean peninsula. This facility is integrated to produce lubricants and aromatic-type petrochemicals. S-Oil is also a major exporter in the Asia Pacific regional market.

·         Petroleum Refineries

 

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

20,664,754.0

Net Income:

705,071.0

Assets:

10,049,703.0

Long Term Debt:

681,792.0

 

Total Liabilities:

5,526,832.0

 

Working Capital:

1,355.9

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

17.7%

158.1%

10.0%

 

Market Data

Quote Symbol:

010950

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

105,000.0

Stock Price Date:

09-30-2011

52 Week Price Change %:

48.9

Market Value (mil):

12,037,569,536.0

 

SEDOL:

6406055

ISIN:

KR7010950004

 

Equity and Dept Distribution:

FY'97-'08, financials are consolidated. 4/02, 2-for-1 stock split. (Factor: 2) '07, '08 are CLA.

 

Shareholders

 

 

Major Shareholders

A.O.C.B V (35%); Hanjin Energy Co Ltd (28.41%)

 

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP, Samil PricewaterhouseCoopers

 

 

 

 

 

 

 

 

Strategic Initiatives

 

Sales and Distribution

Oil refining products are Gasoline, Premium Gasoline Diesel Kerosene Bunker-C, Lube products are Lube base oil Marine lubricants and petrochemical products are Benzene Toluene Xylene Para-xylene.Expanding Operating MarginThe company's operating margin was 4.03% for the fiscal year 2010. This was above the Oil & Gas - Refining and Marketing sector average* of 3.07%. A higher than sector average* operating margin may indicate efficient cost management or a strong pricing strategy by the company. The operating margin has increased 194 basis points (bps) over 2009 which may indicate management's high focus on improving profitability.Lack of vertical integrationS-Oil is not a vertically integrated company. Vertical integration from exploration to marketing and sales bestows cost and competitive advantages in the oil and gas industry.

 

The company's underperformance could be attributed to a weak competitive position or inferior products and services offering or lack of innovative products and services.Ultra Low Sulfur Gasoline ExportThere is sharp increase in ultra low sulfur gasoline demand in Asia-Pacific markets. In order to proactively meet the growing demands the company lowered the sulfur contents of gasoline to 50 ppm. By taking advantage of the company’s upgraded desulfurization facilities S-Oil is planning to increase the gasoline sales in Asian market. By building Bunker C cracking center, company is able to access the technology to convert petroleum into light and low sulphur varieties as increase in the demand for light oil in domestic and international markets.Expansion StrategyS-Oil is the world's third largest oil refiner and to add in the foreign direct investment, shows the potential of future involvement in the Korean economy by the world's resource producing nations. Key stakeholder with the company is Saudi Aramco, world's largest oil corporation invested USD 395 million for 35% stake in the company and can increase the production to approximately 12 million barrel per day.

 

Strengths/Weaknesses (SWOT)

 

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Strong Nationwide Marketing Network

·        Stronghold on Quality

·        Diversified Product Range

·        Expanding Operating Margin

Weaknesses

·        Lack of vertical integration

·        Declining Market Share in Sector

External Origin
(attributes of the environment)

Opportunities

·        Ultra Low Sulfur Gasoline Export

·        Growing Energy Demand in Asia Pacific

·        Expansion Strategy

Threats

·        Intense Competition

·        Downturn in the Refining Sector

·        Fluctuating Oil Markets

 

 

Overview

S-Oil is an oil refining company based at Korea. The company has grown into an oil refining company integrating an oil refining-lubricant-petrochemical system. Lack of Vertical Integration and weak liquidity position and hinders the development projects. The company is experiencing a strong growth through organic and inorganic way. S-Oil is considered to be the best in Lube base oils and has large overseas market. However, strict environmental regulation could affect the company’s growth.

 

Strengths

 

Strong Nationwide Marketing Network

S-Oil products are transported to 13 storage terminals throughout the nation via vessels, tank trucks, railroad tank cars and cross nation pipelines. S-Oil has four district sales headquarters and 33 sales offices nationwide. It enables it to make direct communication with 1,626 service stations and 177 LPG filling stations. S-Oil also supplies its quality products directly to large-sized customers including airliners and state-run organizations such as the Korean Army, US Army, Korea Electric Power Corporation.

Stronghold on Quality

 

S Oil produce high quality and environmental friendly products based on highly upgraded manufacturing capabilities. S Oil is certified with ISO 9001:2000 certification, ISO 9001 from Korea Accreditation Board (KAB), the U.S. Registration Accreditation Board (RAB) and the International Certification Network (IQNet). The company has been internationally recognized to perform all activities-ranging from crude oil import to manufacturing, storage, distribution, sales and after-sales services-under a quality by building management system which will contribute to the sales growth such high quality management principles.

Diversified Product Range

 

A diversified product range support the company's profitability and will help it to mitigate risk. S Oil is expanding its facilities through diversifying its business operation and grow into an oil refinery integrating an oil refinery lubricant petrochemical system. The company owns a Naptha reforming plant, a BTX production plant and its Xylene Center is the world's largest single-train para-xylene plant. It has three business verticals are Oil refining products, Lube products, petrochemical products. Oil refining products are Gasoline, Premium Gasoline Diesel Kerosene Bunker-C, Lube products are Lube base oil Marine lubricants and petrochemical products are Benzene Toluene Xylene Para-xylene.

 

Expanding Operating Margin

The company's operating margin was 4.03% for the fiscal year 2010. This was above the Oil & Gas - Refining and Marketing sector average* of 3.07%. A higher than sector average* operating margin may indicate efficient cost management or a strong pricing strategy by the company. The operating margin has increased 194 basis points (bps) over 2009 which may indicate management's high focus on improving profitability.

 

Weaknesses

 

Lack of vertical integration

S-Oil is not a vertically integrated company. Vertical integration from exploration to marketing and sales bestows cost and competitive advantages in the oil and gas industry. Large companies such as BP and Royal Dutch Shell are vertically integrated from exploration to marketing. Although company integrated downstream operations, the company does not have any upstream and retail activities.

Declining Market Share in Sector

 

The company's compound annual growth rate (CAGR) for revenue was 8.7% during 2006-2010. This was below the Oil & Gas - Refining and Marketing sector average of 22.63%. A lower than sector average revenue CAGR may indicate that the company has underperformed the average sector growth and lost market share over the last four years. The company's underperformance could be attributed to a weak competitive position or inferior products and services offering or lack of innovative products and services.

 

Opportunities

 

Ultra Low Sulfur Gasoline Export

There is sharp increase in ultra low sulfur gasoline demand in Asia-Pacific markets. In order to proactively meet the growing demands the company lowered the sulfur contents of gasoline to 50 ppm. By taking advantage of the company’s upgraded desulfurization facilities S-Oil is planning to increase the gasoline sales in Asian market. By building Bunker C cracking center, company is able to access the technology to convert petroleum into light and low sulphur varieties as increase in the demand for light oil in domestic and international markets.

Growing Energy Demand in Asia Pacific

 

The company could take advantage of the current scenario in Asia Pacific to record significant growth. The demand for energy, particularly for oil and gas, in Asia Pacific is mandating the growth of pipeline industry. Developing economies such as India and China import huge amounts of crude oil and natural gas for domestic consumption and industrial usage. India is boosting domestic production of petroleum products by introducing new refineries and expanding the capacities of the existing ones. Such developments are necessitating the establishment of new pipelines in the short to medium future, which offers tremendous opportunities to the company.

 

Expansion Strategy

S-Oil is the world's third largest oil refiner and to add in the foreign direct investment, shows the potential of future involvement in the Korean economy by the world's resource producing nations. Key stakeholder with the company is Saudi Aramco, world's largest oil corporation invested USD 395 million for 35% stake in the company and can increase the production to approximately 12 million barrel per day. Its oil refining abilities also produce gasoline and Liquified Petroleum Gas (LPG). Company also formed a joint venture for lubricating oil with Total S.A. France. Onsan refinery expansion with the project scope of 1.4 trillion Won/CDU expected to complete by 2011. It also announced completion of two year long Alkylation project of Won 150 billion.to produce more eco friendly products.

 

Threats

 

Intense Competition

The oil and gas industry is highly competitive. The company encounters strong competition from other independent companies and major oil companies in all aspects of its business, including acquiring properties and oil and gas leases, marketing oil and gas, contracting for drilling rigs and other equipment necessary for drilling and completing wells and securing trained personnel. Many of these competitors have financial and technical resources and staffs substantially larger than the company. As a result competitors may be able to pay more for desirable leases, or to evaluate, bid for and purchase a greater number of properties or prospects than the company’s financial or personnel resources permit. Inability to compete successfully may hamper the financial performance of the company.

 

Downturn in the Refining Sector

The global refining industry is witnessing a slump following the global economic downturn after a rise in the past few years. Uncertain product demand due to the economic downturn, decreasing refinery margins and surplus refining capacity have a combined negative effect on profitability from refining operations. These trends will continue to cast a shadow of uncertainty over the future of refinery margins, thereby making the refining sector unattractive for the company. The decrease in the demand for petroleum products and low refinery margins forced many companies to cut throughput rates in their refineries or temporarily shut down the refineries. Furthermore, the prices of crude oil and petroleum products have dropped drastically from the peak of 2008, affecting the profitability of refineries. The meltdown in the financial sector has also made it difficult to raise finance for capital intensive refinery projects. While the situation has stabilized in 2010, these have prompted many companies to postpone or cancel their refinery investment plans.

 

Fluctuating Oil Markets

The company operates in a volatile market environment with geopolitical concerns and demand for oil in emerging economies including China, India and other non-OECD countries, which have resulted in tighter oil supplies. Further, events in Nigeria, Venezuela, Iran and Iraq have resulted in uncertainty of crude oil supply in recent times. Lack of balance between OPEC and non-OPEC production has resulted in the volatility. Other matters of concern are transportation fuel prices relative to crude price as a result of refinery outages in the US, and a cold winter in southern hemisphere.

 

 

Corporate Family

Corporate Structure News:

 

Saudi Arabian Oil Company
S-Oil Corporation

Total Corporate Family Members: 14 
Excluded Small Branches and/or Trading Addresses: 1 (Available via export) 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Saudi Arabian Oil Company

Parent

Dhahran

Saudi Arabia

Oil and Gas Operations

182,400.0

54,798

 

S-Oil Corporation

Joint Venture

Seoul

Korea, Republic of

Oil and Gas Operations

17,871.7

2,551

 

Petro Rabigh Company

Joint Venture

Rabigh

Saudi Arabia

Chemical Manufacturing

 

2,000

 

Aramco Gulf Operations Company Ltd

Subsidiary

Khafji

Saudi Arabia

Oil and Gas Operations

357.2

1,200

 

Vela International Marine Ltd

Subsidiary

Dubai

United Arab Emirates

Water Transportation

 

1,100

 

Saudi Aramco Shell Refinery Co Ltd

Joint Venture

Jubail

Saudi Arabia

Oil and Gas Operations

 

559

 

Aramco Services Co

Subsidiary

Houston, TX

United States

Computer Services

 

300

 

Saudi Refining Inc

Subsidiary

Houston, TX

United States

Oil and Gas Operations

1,568.5

500

 

Aramco Associated Co

Subsidiary

Houston, TX

United States

Airlines

90.0

26

 

Saudi Petroleum Intl Inc

Subsidiary

New York, NY

United States

Oil Well Services and Equipment

 

9

 

Aramco Overseas Co. B.V.

Subsidiary

's-Gravenhage, Zuid-Holland

Netherlands

Consumer Financial Services

2,455.3

78

 

Aramco Overseas Company BV

Branch

Wanchai, Wanchai

Hong Kong

Chemical Manufacturing

 

50

 

Saudi Petroleum Ltd

Affiliates

Beijing, Beijing

China

 

 

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Yang Ho Cho

 

Chairman of the Board

Chairman

 

Reuters Biography (S-Oil Corporation)

Cho Yang Ho has been Chairman of the Board of S-Oil Corporation since 2009. Cho also currently serves as Chairman of Hanjin Group. Previously, Cho served as President at Korean Airlines Co., Ltd. Cho holds a Bachelor's Degree in Industrial Engineering and a Doctorate's degree in Business Administration from Inha University, Korea, and a Master's degree in Business Administration from University of Southern California, the United States,



M Business Administration, University of Southern California
B Industrial Engineering, Inha University

B.A. Abul-Hamayel

 

Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

B.A. Abul-Hamayel has been Director of S-Oil Corporation since March 19, 2010. Abul-Hamayel is also working for Saudi Aramco. Previously, Abul-Hamayel worked for Petron, a Philippines-based company. Abul-Hamayel was also a Research Fellow of The World Bank. Abul-Hamayel holds a Bachelor's degree in Economics from University of Texas at Austin and a Master of Business Administration from Massachusetts Institute of Technology.



MBA , Massachusetts Institute of Technology
B Economics, University of Texas at Austin

A.O. Al-Ajaji

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

A.O. Al-Ajaji has been Non-Executive Independent Director of S-Oil Corporation since March 19, 2008. Previously, Al-Ajaji served as Vice President of Saudi Aramco . Al-Ajaji holds a Bachelor's degree in Mechanical Engineering from Arizona State University, the United States.



B Mechanical Engineering, Arizona State University

K.G. Al-Buainain

 

Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

K.G. Al-Buainain has been Director of S-Oil Corporation since March 19, 2008. Currently, Al-Buainain is also Senior Vice President of Saudi Aramco. Previously, Al-Buainain served as Vice President of the Fuels Division at Saudi Aramco. Al-Buainain holds a Bachelor's degree from King Fahd University of Petroleum and Minerals, Saudi Arabia.



B , King Fahd University of Petroleum and Minerals

A.M. Al-Seflan

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

Al-Seflan A.M. has been Non-Executive Independent Director of S-Oil Corporation. Previously, Al-Seflan served as Senior Vice President of Saudi Aramco. Al-Seflan holds a Master's degree from King Fahd University of Petroleum & Minerals, Saudi Arabia.



M , King Fahd University of Petroleum and Minerals

A.A. Al-Subaey

 

Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

A.A. Al-Subaey has been Chief Executive Officer and Director of S-Oil Corporation since March 19, 2008. Currently, Al-Subaey is also serving as Chief Executive Officer and Director at S-OIL TOTAL Lubricants Co., Ltd. Al-Subaey was previously President and Chief Executive Officer of Saudi Petroleum International, Inc., and President of Saudi Petroleum Ltd. in Tokyo, Japan. Al-Subaey holds a Master's degree from Arizona State University, the United States.



M , Arizona State University

M S Chung

 

Outside Director

Director/Board Member

 

 

Mun Su Jung

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

Jung Mun Su is Non-Executive Independent Director of S-Oil Corporation. Currently, Jung is a Professor of Inha University, Korea. Previously, Jung served as Chairman of the Board and Non-Executive Independent Director at Korea Exchange Bank. Jung holds a Doctorate's degree in Law from University of Michigan, the United States.



JD , University of Michigan

Gyu Hwa Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

Lee Gyu Hwa has been Non-Executive Independent Director of S-Oil Corporation since March 20, 2009. Currently, Lee is also serving as a Partner Lawyer at a Korea-based Law firmand an Arbitrator at Korean Commercial Arbitration Board. Lee received a Bachelor of Law from Seoul National Univeristy, Korea and a Doctorate's degree in Law from Tulane University, the United States.



JD , Tulane University
LLB , Seoul National University

K W Lee

 

Outside Director

Director/Board Member

 

 

Sang Eon Park

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

Park Sang Eon has been Non-Executive Independent Director of S-Oil Corporation since March 19, 2010. Park is also a Professor and Head of Nano Center for Fine Chemi-cals Fusion Technology at Inha University, Korea. Park holds a Bachelor's degree in Applied Chemistry from Seoul National University, Korea, and a Doctorate's degree in Chemistry from Korea Advanced Institute of Science & Technology.



DS Chemistry, Korea Advanced Institute of Science & Technology
B Applied Chemistry, Seoul National University

Tae Su Seok

 

Director

Director/Board Member

 

 

Reuters Biography (S-Oil Corporation)

Seok Tae Su has been Director of S-Oil Corporation since March 18, 2011. Curerently, Seok also serves as Chief Executive Officer of HANJIN TRANSPORTATION CO.,LTD. Previously, Seok served as Vice President of KOREAN AIR LINES CO.,LTD. Seok holds a Bachelor's degree in Economics from Seoul National University, Korea, and a Master of Business Administration Massachusetts Institute of Technology, the United States.



MBA , Massachusetts Institute of Technology
B Economics, Seoul National University

 

Executives

 

Name

Title

Function

 

Ahmed A. Al-Subaey

 

Chief Executive Officer

Chief Executive Officer

 

A.A. Al-Subaey

 

Chief Executive Officer, Director

Chief Executive Officer

 

Reuters Biography (S-Oil Corporation)

A.A. Al-Subaey has been Chief Executive Officer and Director of S-Oil Corporation since March 19, 2008. Currently, Al-Subaey is also serving as Chief Executive Officer and Director at S-OIL TOTAL Lubricants Co., Ltd. Al-Subaey was previously President and Chief Executive Officer of Saudi Petroleum International, Inc., and President of Saudi Petroleum Ltd. in Tokyo, Japan. Al-Subaey holds a Master's degree from Arizona State University, the United States.



M , Arizona State University

Yeong Su Ahn

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Pusan National University

Nam Je Baek

 

Assistant Managing Director

Managing Director

 

 



M Public Administration, Yonsei University
B Education, Yonsei University

Yang Jeong Bahng

 

Assistant Managing Director

Managing Director

 

 



B Economics, Korea University

Ju Wan Bahng

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (S-Oil Corporation)

Bahng Ju Wan has been Assistant Managing Director of S-Oil Corporation since 2009. Bahng also works for S-OIL Total Lubricants Co. Bahng holds a Bachelor's degree in Economics from Seoul National University, Korea.



B Economics, Seoul National University

Byeong Heon Jung

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Yonsei University

Baek Jo Jung

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Korea University

Sin Gi Kang

 

Assistant Managing Director

Managing Director

 

 



B Mass Communications, Chung-Ang University

Seok Won Kang

 

Assistant Managing Director

Managing Director

 

 



MBA , Yonsei University
B English, Yonsei University

Seon Jae Kang

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Seoul National University

Hak Yong Kim

 

Assistant Managing Director

Managing Director

 

 



BBA , Chung-Ang University

Yong Yeon Kim

 

Assistant Managing Director

Managing Director

 

 



LLB , Kookmin University

Chang Jae Lee

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Yonsei University

Yeong Baek Lee

 

Assistant Managing Director

Managing Director

 

 



B Electrical Engineering, Sungkyunkwan University

Eon Ju Lee

 

Assistant Managing Director

Managing Director

 

 



M Law, Northwestern University
B French, Seoul National University

Sang Yeol Lee

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Korea University

Min Ho Lee

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (S-Oil Corporation)

Lee Min Ho has been Assistant Managing Director of S-Oil Corporation since 2007. Currently, Lee is also serving as Director at S-OIL TOTAL Lubricants Co., Ltd. Lee holds a Bachelor's degree in Chemical Engineering from Yonsei University, Korea.



B Chemical Engineering, Yonsei University

Gyeong Sun Lee

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (S-Oil Corporation)

Lee Gyeong Sun is Assistant Managing Director of S-Oil Corporation. Currently, Lee also serves as Vice President at S-OIL TOTAL Lubricants Co., Ltd. Lee received a Bachelor's degree in Chemical Engineering from Seoul National University, Korea.



B Chemical Engineering, Seoul National University

Myeong Ju Moon

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (S-Oil Corporation)

Moon Myeong Ju is Assistant Managing Director of S-Oil Corporation. Moon also serves as Internal Auditor at S-OIL TOTAL Lubricants Co., Ltd. Moon received a Bachelor's degree in Administration from University of Seoul, Korea.



B Administration, University of Seoul

Jong Bae Nam

 

Assistant Managing Director

Managing Director

 

 



M Business Administration, Korea University
B Economics, Korea University

Se Wan Oh

 

Assistant Managing Director

Managing Director

 

 

Reuters Biography (S-Oil Corporation)

Oh Se Wan has been Assistant Managing Director of S-Oil Corporation. Oh holds a Bachelor's degree in Physics from Seoul National University, Korea.



B Physics, Seoul National University

Seon Seok Park

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Seoul National University

Je Hong Ryu

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Soongsil University

Kyeong Pyo Ryu

 

Assistant Managing Director

Managing Director

 

 



MBA , Seoul National University
M Business Administration, Sloan School of Management
B Business Administration, Seoul National University

Gang Don Seo

 

Assistant Managing Director

Managing Director

 

 



M City Planning, Seoul National University
B International Economics, Seoul National University

Dong Yeol Shin

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Korea University

Hyeok Shin

 

Assistant Managing Director

Managing Director

 

 



B Mass Media and Journalism, Seoul National University

Seong Do Shin

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Kookmin University

Jin Yeong Sun

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, Yonsei University

Deok Sun Yim

 

Assistant Managing Director

Managing Director

 

 



B Machine Manufacturing, Hanyang University

Mu Yeong Yoon

 

Assistant Managing Director

Managing Director

 

 



M Chemical Engineering, Seoul National University
B Chemical Engineering, Seoul National University

MH Choi

 

Vice President - Finance

Finance Executive

 

 

Gyeong Hwan Jang

 

Auditor

Finance Executive

 

 

WK Kang

 

CFO

Finance Executive

 

 

Sang Gyo Kim

 

Chief Financial Officer

Finance Executive

 

 

Myung Joo Moon

 

Vice President-Audit

Finance Executive

 

 

Yeol Ryu

 

Chief Financial Officer, Senior Vice President

Finance Executive

 

 

Reuters Biography (S-Oil Corporation)

Ryu Yeol is Chief Financial Officer and Senior Vice President of S-Oil Corporation. Ryu was Vice President of the Company. Ryu holds a Bachelor's degree in Business Administration from Seoul National University, Korea, and a Doctorate's degree in Business Administration from Case Western Reserve University, the United States.



PHD Business Administration, Case Western Reserve University
B Business Administration, Seoul National University

Yang Won Lee

 

Manager-Investor Relations

Investment Executive

 

 

Kuk Jin Chung

 

Manager-Customer Service

Customer Service Executive

 

 

Seong Kee Ha

 

Senior Executive Vice President-Manufacturing

Manufacturing Executive

 

 

Jong Beom Ahn

 

Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Ahn Jong Beom has been Assistant Managing Director of S-Oil Corporation since 2010. Currently, Ahn is also serving as Director at S-International. Ahn was Assistant Managing Director of the Company. Ahn received a Bachelor's degree in Business Administration from Seoul National University, Korea, and a Master of Business Administration from Vanderbit University, the United States.



MBA , Vanderbilt University
B Business Administration, Seoul National University

Yeong Yil Cho

 

Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Cho Yeong Yil has been Vice President of S-Oil Corporation since 2009. Currently, Cho is also serving as Director at S-International. Cho served as Assistant Managing Director of the Company. Cho received a Bachelor's degree in International Trade from Seoul National University, Korea and a Master of Business Administration from Syracuse University, the United States.



MBA , Syracuse University
B International Trade, Seoul National University

Seong Gi Ha

 

Senior Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Ha Seong Gi has been Senior Vice President of S-Oil Corporation. Ha used to be Executive Vice President and Vice President of the Company. Ha holds a Bachelor's degree in Chemical Engineering from Seoul National University, Korea.



B Chemical Engineering, Seoul National University

Sang Wook Ham

 

Manager-Privacy Policy

Other

 

 

Dong Cheol Kim

 

Senior Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Kim Dong Cheol has been Senior Vice President of S-Oil Corporation. Kim used to be Executive Vice President and Vice President of the Company. Previously, Kim worked for Doosan Heavy Industry & Construction Co. Kim received a Bachelor's degree in Business Administration from Sungkyunkwan University, Korea.



B Business Administration, Sungkyunkwan University

Yeong Hui Lee

 

Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Lee Yeong Hui has been Vice President of S-Oil Corporation since December 31, 2006. Lee holds a Bachelor's degree in Electrical Engineering from Inha University, Korea.



B Electrical Engineering, Inha University

Byeong Ho Lee

 

Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Lee Byeong Ho has been Vice President of S-Oil Corporation since 2010. Currently, Lee is also seriving as Director at Hanjin Energy Co.,Ltd. Previously, Cho served as Assistant Managing Director of the Company. Lee received a Bachelor's degree in Politics from Seoul National University, Korea and a Master of Business Administration from Concordia University, Canada.



MBA , Concordia University
B Politics, Seoul National University

Bong Su Park

 

Senior Vice President

Other

 

 

Reuters Biography (S-Oil Corporation)

Park Bong Su is Senior Vice President of S-Oil Corporation. Currently, Park is also serving as Director at S-OIL TOTAL Lubricants Co., Ltd. Park used to be Executive Vice President , Vice President of the Company. Park holds a Bachelor's degree and a Master's degree in Chemical Engineering from Seoul National University, Korea.



M Chemical Engineering, Seoul National University
B Chemical Engineering, Seoul National University

 

 

Significant Developments

 

S-Oil Corporation Declares Interim Cash Dividend Jul 15, 2011

 

S-Oil Corporation announced that it has declared its first interim cash dividend of KRW 1,600 per share of common stock and KRW 1,600 per share of preferred stock, payable on August 12, 2011 to shareholders of record on June 30, 2011. The total cash dividend amount is KRW 186,273,022,400. The Company's interim cash dividend for the fiscal year 2010 was KRW 300 per share of common stock and KRW 300 per share of preferred stock.

 

S-Oil Corporation to Acquire Stake in HANKOOK Silison Co.,Ltd. May 30, 2011

 

S-Oil Corporation announced that it will acquire 41,042,750 new shares of HANKOOK Silison Co.,Ltd., representing a 33.4% stake, for KRW 265 billion, to secure its growth capability. The expected transaction settlement date is June 30, 2011.

 

S-Oil Corporation to Acquire Stake in HANKOOK Silison Co.,Ltd. May 30, 2011

 

S-Oil Corporation announced that it will acquire 41,042,750 new shares of HANKOOK Silison Co.,Ltd., representing a 33.4% stake, for KRW 265 billion, to secure its growth capability. The expected transaction settlement date is June 30, 2011.

 

SK Gas Ltd. Announces Changes in Shareholding Structure Apr 20, 2011

 

SK Gas Ltd. announced that S-Oil Corporation has sold its entire 528,000 shares of SK Gas Ltd., equivalent to a 6.12% stake.

 

SK Gas Ltd. Announces Changes in Shareholding Structure Apr 20, 2011

 

SK Gas Ltd. announced that S-Oil Corporation has sold its entire 528,000 shares of SK Gas Ltd., equivalent to a 6.12% stake.

 

S-Oil Corporation Declares Annual Cash Dividend for FY 2010 Feb 11, 2011

 

S-Oil Corporation announced that its Board of Directors has declared an annual cash dividend of KRW 2,200 per share of common stock and KRW 2,225 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 2.4% (common shares) and 3.9% (preferred shares), respectively. The total cash dividend amount is KRW 256,221,351,975. The Company's annual cash dividend for the fiscal year 2009 was KRW 750 per share of common stock and KRW 775 per share of preferred stock.

S-Oil Corporation Declares Annual Cash Dividend for FY 2010 Feb 11, 2011

 

S-Oil Corporation announced that its Board of Directors has declared an annual cash dividend of KRW 2,200 per share of common stock and KRW 2,225 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 2.4% (common shares) and 3.9% (preferred shares), respectively. The total cash dividend amount is KRW 256,221,351,975. The Company's annual cash dividend for the fiscal year 2009 was KRW 750 per share of common stock and KRW 775 per share of preferred stock.

 

 

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

Reclassified Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

Total Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

 

 

 

 

 

 

    Cost of Revenue

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

Cost of Revenue, Total

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

Gross Profit

1,136.2

629.8

1,681.6

1,580.5

1,407.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

245.6

203.8

233.0

231.6

401.8

    Labor & Related Expense

109.4

82.1

99.2

110.3

-

    Advertising Expense

40.2

38.8

61.3

56.9

-

Total Selling/General/Administrative Expenses

395.2

324.7

393.6

398.9

401.8

    Depreciation

16.8

14.4

14.6

11.8

-

    Amortization of Intangibles

3.7

2.8

3.4

2.9

-

Depreciation/Amortization

20.5

17.2

18.0

14.7

-

Total Operating Expense

17,151.2

13,463.3

19,723.4

15,223.1

14,489.9

 

 

 

 

 

 

Operating Income

720.5

287.9

1,270.0

1,167.0

1,006.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

    Interest Expense, Net Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

        Interest Income - Non-Operating

23.6

47.0

136.3

171.1

99.5

        Investment Income - Non-Operating

19.3

59.1

-699.7

-66.9

152.3

    Interest/Investment Income - Non-Operating

42.9

106.1

-563.3

104.2

251.8

Interest Income (Expense) - Net Non-Operating Total

19.5

27.2

-691.1

-66.2

110.9

Gain (Loss) on Sale of Assets

-1.9

0.1

2.2

5.0

0.0

    Other Non-Operating Income (Expense)

22.4

-48.9

-15.6

4.8

-12.5

Other, Net

22.4

-48.9

-15.6

4.8

-12.5

Income Before Tax

760.5

266.3

565.5

1,110.6

1,104.4

 

 

 

 

 

 

Total Income Tax

145.4

47.0

160.7

307.2

310.1

Income After Tax

615.0

219.3

404.9

803.4

794.3

 

 

 

 

 

 

    Minority Interest

-5.3

-5.2

1.1

-

-

    Equity In Affiliates

-

-

-0.6

-

-

Net Income Before Extraord Items

609.8

214.1

405.4

803.4

794.3

Net Income

609.8

214.1

405.4

803.4

794.3

 

 

 

 

 

 

    Preferred Dividends

-20.2

-7.1

-13.4

-29.2

-36.2

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

-

-

Total Adjustments to Net Income

-20.2

-7.1

-13.4

-29.2

-36.2

Income Available to Common Excl Extraord Items

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Basic EPS Excl Extraord Items

5.24

1.84

3.48

7.58

9.41

Basic/Primary EPS Incl Extraord Items

5.24

1.84

3.48

7.58

9.41

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

589.6

207.0

392.0

774.2

758.1

Diluted Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Diluted EPS Excl Extraord Items

5.24

1.84

3.48

7.58

9.41

Diluted EPS Incl Extraord Items

5.24

1.84

3.48

7.58

9.41

Dividends per Share - Common Stock Primary Issue

2.16

1.06

4.54

14.45

5.37

Gross Dividends - Common Stock

243.4

119.1

511.5

1,396.5

453.2

Interest Expense, Supplemental

23.4

78.8

127.8

170.3

140.9

Depreciation, Supplemental

160.3

136.6

151.8

178.2

178.4

Total Special Items

1.9

-0.1

-1.5

-5.0

0.0

Normalized Income Before Tax

762.4

266.3

564.1

1,105.6

1,104.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.4

0.0

-0.6

-1.4

0.0

Inc Tax Ex Impact of Sp Items

145.8

47.0

160.0

305.8

310.1

Normalized Income After Tax

616.6

219.3

404.0

799.8

794.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

591.2

206.9

391.1

770.6

758.1

 

 

 

 

 

 

Basic Normalized EPS

5.25

1.84

3.47

7.54

9.41

Diluted Normalized EPS

5.25

1.84

3.47

7.54

9.41

Amort of Acquisition Costs, Supplemental

-

-

0.7

-

-

Amort of Intangibles, Supplemental

4.6

3.6

3.7

3.9

2.7

Rental Expenses

12.0

9.8

10.3

11.0

-

Advertising Expense, Supplemental

40.2

38.8

61.3

56.9

-

Research & Development Exp, Supplemental

9.2

8.7

-

7.6

-

Normalized EBIT

720.5

287.9

1,270.0

1,167.0

1,006.0

Normalized EBITDA

885.5

428.1

1,426.2

1,349.1

1,187.0

 

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

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

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

752.4

705.7

1,485.7

619.1

852.2

    Short Term Investments

37.6

350.9

208.5

3,021.5

1,310.2

Cash and Short Term Investments

790.0

1,056.6

1,694.2

3,640.5

2,162.4

        Accounts Receivable - Trade, Gross

1,590.7

1,268.9

786.0

1,554.4

1,130.6

        Provision for Doubtful Accounts

-4.2

-14.3

-10.4

-17.4

-13.6

    Trade Accounts Receivable - Net

1,588.2

1,262.3

790.2

1,610.4

1,156.4

    Other Receivables

340.5

428.9

485.6

445.5

203.9

Total Receivables, Net

1,928.8

1,691.2

1,275.8

2,055.9

1,360.3

    Inventories - Finished Goods

685.6

552.2

414.7

555.4

405.2

    Inventories - Work In Progress

245.0

207.4

131.2

201.6

165.7

    Inventories - Raw Materials

1,590.2

1,440.6

886.8

1,600.7

912.6

    Inventories - Other

96.2

107.9

56.9

62.8

100.3

Total Inventory

2,617.1

2,308.1

1,489.6

2,420.4

1,583.8

Prepaid Expenses

4.0

4.1

3.9

1.9

1.3

    Deferred Income Tax - Current Asset

0.3

0.4

16.6

-

5.7

    Other Current Assets

0.3

0.8

34.3

-

-

Other Current Assets, Total

0.5

1.2

50.9

-

5.7

Total Current Assets

5,340.3

5,061.2

4,514.4

8,118.7

5,113.5

 

 

 

 

 

 

        Buildings

612.9

581.0

482.0

633.1

626.7

        Land/Improvements

940.2

911.0

287.1

369.4

361.8

        Machinery/Equipment

1,976.5

1,914.1

1,653.4

2,210.8

2,194.0

        Construction in Progress

1,497.0

733.0

353.7

220.3

120.6

        Other Property/Plant/Equipment

166.6

123.7

106.8

116.1

103.2

    Property/Plant/Equipment - Gross

5,193.2

4,262.8

2,882.9

3,549.7

3,406.3

    Accumulated Depreciation

-1,981.8

-1,780.1

-1,514.0

-1,883.6

-1,728.7

Property/Plant/Equipment - Net

3,211.4

2,482.7

1,368.9

1,666.1

1,677.6

Intangibles, Net

14.2

12.9

11.8

16.7

14.6

    LT Investment - Affiliate Companies

1.1

1.1

1.1

-

3.6

    LT Investments - Other

85.0

93.6

84.7

142.1

76.5

Long Term Investments

86.1

94.7

85.8

142.1

80.1

Note Receivable - Long Term

59.1

59.7

44.9

44.0

156.4

    Deferred Charges

97.2

88.9

47.1

66.0

61.0

    Deferred Income Tax - Long Term Asset

0.1

-

0.2

-

13.6

    Other Long Term Assets

46.8

46.8

46.4

51.9

51.5

Other Long Term Assets, Total

144.0

135.7

93.7

118.0

126.2

Total Assets

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

Accounts Payable

1,594.3

940.8

581.5

2,360.3

1,456.2

Accrued Expenses

8.7

12.9

21.4

20.5

21.1

Notes Payable/Short Term Debt

1,708.4

2,035.4

1,816.8

1,380.4

1,045.6

Current Portion - Long Term Debt/Capital Leases

1.1

1.5

185.9

615.3

109.1

    Dividends Payable

0.1

0.1

0.1

0.1

0.1

    Customer Advances

59.3

33.3

35.9

24.6

33.4

    Income Taxes Payable

124.8

2.0

0.2

503.5

184.6

    Other Payables

535.7

902.2

716.7

873.7

800.9

    Deferred Income Tax - Current Liability

28.1

13.5

-

10.2

-

    Other Current Liabilities

5.9

3.5

7.9

8.1

4.6

Other Current liabilities, Total

753.9

954.6

760.8

1,420.2

1,023.6

Total Current Liabilities

4,066.4

3,945.2

3,366.3

5,796.7

3,655.5

 

 

 

 

 

 

    Long Term Debt

600.8

311.0

4.4

7.4

952.3

Total Long Term Debt

600.8

311.0

4.4

7.4

952.3

Total Debt

2,310.3

2,347.9

2,007.0

2,003.1

2,106.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

132.3

131.4

0.2

12.8

-

Deferred Income Tax

132.3

131.4

0.2

12.8

-

Minority Interest

22.6

21.3

14.4

-

-

    Pension Benefits - Underfunded

28.2

26.6

25.2

32.7

30.8

    Other Long Term Liabilities

19.7

16.2

14.5

18.3

17.2

Other Liabilities, Total

47.8

42.8

39.7

51.0

48.0

Total Liabilities

4,869.9

4,451.7

3,425.0

5,867.9

4,655.8

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

8.9

8.6

8.0

10.7

10.8

Preferred Stock - Non Redeemable, Net

8.9

8.6

8.0

10.7

10.8

    Common Stock

248.0

241.7

223.5

300.7

302.6

Common Stock

248.0

241.7

223.5

300.7

302.6

Additional Paid-In Capital

1,585.4

1,545.1

1,428.5

1,922.2

926.7

Retained Earnings (Accumulated Deficit)

1,621.3

1,079.7

982.9

1,918.7

2,143.2

Treasury Stock - Common

-1.7

-1.6

-1.5

-2.0

-911.1

Unrealized Gain (Loss)

523.4

521.6

53.1

79.5

32.4

    Translation Adjustment

-

-

-

8.0

8.0

Other Equity, Total

-

-

-

8.0

8.0

Total Equity

3,985.3

3,395.2

2,694.5

4,237.7

2,512.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.6

112.6

112.6

112.6

80.6

Total Common Shares Outstanding

112.6

112.6

112.6

112.6

80.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

32.0

    Shares Outstanding - Preferred Stock Primary Issue

3.8

3.8

3.8

3.8

3.8

Total Preferred Stock Outstanding

3.8

3.8

3.8

3.8

3.8

Treasury Shares - Preferred Primary Issue

0.2

0.2

0.2

0.2

0.2

Employees

2,551

2,473

2,418

2,385

2,348

Number of Common Shareholders

26,303

38,401

30,873

28,423

13,925

Deferred Revenue - Current

59.3

33.3

35.9

24.6

33.4

Total Long Term Debt, Supplemental

18.7

13.2

4.4

-

-

Long Term Debt Maturing within 1 Year

1.1

1.5

0.7

-

-

Long Term Debt Maturing in Year 2

1.5

1.1

0.7

-

-

Long Term Debt Maturing in Year 3

2.6

1.5

1.0

-

-

Long Term Debt Maturing in Year 4

3.0

1.8

0.5

-

-

Long Term Debt Maturing in Year 5

3.0

1.6

0.2

-

-

Long Term Debt Maturing in 2-3 Years

4.1

2.6

1.7

-

-

Long Term Debt Maturing in 4-5 Years

5.9

3.3

0.7

-

-

Long Term Debt Matur. in Year 6 & Beyond

7.5

5.7

1.2

-

-

 

 

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

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

615.0

185.1

404.3

803.4

794.3

    Depreciation

160.3

136.6

151.8

178.2

178.4

Depreciation/Depletion

160.3

136.6

151.8

178.2

178.4

    Amortization of Intangibles

4.6

3.6

4.4

3.9

2.7

Amortization

4.6

3.6

4.4

3.9

2.7

Deferred Taxes

14.8

20.2

-27.2

7.2

-1.5

    Unusual Items

1.9

4.6

191.3

-5.0

23.5

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

-

-2.8

    Other Non-Cash Items

56.4

-77.8

190.4

131.2

-0.6

Non-Cash Items

58.3

-73.2

381.7

126.3

20.1

    Accounts Receivable

-254.5

-304.1

270.2

-603.1

96.4

    Inventories

-319.7

-545.8

112.5

-886.2

75.4

    Prepaid Expenses

0.2

0.1

-2.6

-0.6

0.7

    Accounts Payable

243.8

402.7

-1,225.4

978.6

104.9

    Accrued Expenses

-4.5

-9.3

7.0

-0.4

4.7

    Taxes Payable

120.4

1.7

-428.1

-43.1

83.5

    Other Liabilities

1.1

-25.6

-8.7

-32.7

-25.1

Changes in Working Capital

-213.2

-480.3

-1,275.1

-587.5

340.5

Cash from Operating Activities

640.0

-207.9

-360.1

531.5

1,334.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-824.1

-520.1

-306.7

-186.1

-134.5

    Purchase/Acquisition of Intangibles

-0.1

-0.4

-1.1

0.0

-0.1

Capital Expenditures

-824.2

-520.5

-307.8

-186.1

-134.6

    Sale of Fixed Assets

4.7

2.0

9.0

7.5

1.8

    Sale/Maturity of Investment

316.6

0.0

2,331.9

4.6

17.7

    Purchase of Investments

-

-114.5

-0.5

-1,734.3

-905.0

    Other Investing Cash Flow

70.7

1.1

-40.2

-23.5

22.0

Other Investing Cash Flow Items, Total

392.1

-111.4

2,300.3

-1,745.8

-863.6

Cash from Investing Activities

-432.2

-631.9

1,992.4

-1,931.9

-998.2

 

 

 

 

 

 

    Other Financing Cash Flow

-1.5

-189.7

-315.7

-442.7

-1.1

Financing Cash Flow Items

-1.5

-189.7

-315.7

-442.7

-1.1

Total Cash Dividends Paid

-110.3

-191.6

-912.4

-1,015.6

-453.3

        Sale/Issuance of Common

-

-

-

2,301.5

-

    Common Stock, Net

-

-

-

2,301.5

-

Issuance (Retirement) of Stock, Net

-

-

-

2,301.5

-

        Short Term Debt Issued

-

118.0

771.1

328.3

2,997.8

        Short Term Debt Reduction

-344.3

-

-

-

-2,950.6

    Short Term Debt, Net

-344.3

118.0

771.1

328.3

47.2

        Long Term Debt Issued

276.2

280.8

0.4

-

-

        Long Term Debt Reduction

-

0.0

-1.8

-0.5

0.0

    Long Term Debt, Net

276.2

280.8

-1.5

-0.5

0.0

Issuance (Retirement) of Debt, Net

-68.1

398.8

769.6

327.8

47.1

Cash from Financing Activities

-180.0

17.5

-458.5

1,171.1

-407.2

 

 

 

 

 

 

Net Change in Cash

27.8

-822.3

1,173.8

-229.3

-71.0

 

 

 

 

 

 

Net Cash - Beginning Balance

710.7

1,466.1

526.5

853.0

900.8

Net Cash - Ending Balance

738.5

643.8

1,700.3

623.6

829.9

 

 

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

Reclassified Normal
31-Dec-2009

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Revenue

-

-

-

16,390.1

15,495.8

    Domestic Sales

7,590.1

5,477.9

7,741.1

-

-

    Export Sales

10,281.7

8,273.3

13,252.3

-

-

Total Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

 

 

 

 

 

 

    Cost-Revenue

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

    Salaries & Wages

62.3

52.6

60.4

61.6

-

    Retirement Allowance

10.6

7.9

12.2

11.6

-

    Employee Benefits

36.5

21.6

26.5

37.0

-

    Travel Expense

3.2

2.7

3.4

3.0

-

    Education & Training Expense

1.3

1.2

1.7

1.4

-

    Office Supplies Expense

0.9

0.8

0.9

0.9

-

    Communication Expense

1.6

1.5

2.0

1.7

-

    Other Exporting Related Expense

83.7

54.1

62.0

48.9

-

    Vehicles Maintenance Expense

1.1

0.9

1.2

0.7

-

    Utility Expense

1.2

1.1

1.5

1.4

-

    Rent

12.0

9.8

10.3

11.0

-

    Oil Delivery Expense

6.6

5.9

8.6

10.8

-

    Commission Paid

11.9

11.9

13.6

14.9

-

    Entertainment Expense

2.4

2.2

2.4

2.5

-

    Repair & Maintenance Expense

4.8

5.7

4.5

3.9

-

    Expense-Consumable Goods

0.1

0.1

0.1

0.1

-

    Enzyme Expense

0.2

0.2

0.2

0.2

-

    Other Service Fee

10.6

8.8

5.6

5.1

-

    Marketing Expense

25.2

24.8

35.6

28.0

-

    Advertising Expense

15.0

14.0

25.7

29.0

-

    Shipping & Handling Expense

93.0

83.3

98.9

110.5

-

    Insurance Expense

3.1

3.2

4.0

3.6

-

    Taxes & Dues

5.9

5.5

11.4

6.2

-

    Depreciation Expense

16.8

14.4

14.6

11.8

-

    Publishing & Printing Expense

-

-

-

0.0

-

    Packaging Expense

-

-

0.0

0.0

-

    Conference Expense

-

-

-

0.0

-

    Provision-Bad Debt

-

4.0

-

3.9

-

    Amortization-Intangibles

3.7

2.8

3.4

2.9

-

    Other Sales & Administrative Expense

1.9

0.8

0.9

0.9

-

    Selling&General Administrative Expense

-

-

-

-

401.8

Total Operating Expense

17,151.2

13,463.3

19,723.4

15,223.1

14,489.9

 

 

 

 

 

 

    Interest Income

23.6

47.0

136.3

171.1

99.5

    Dividend Income

1.4

1.2

1.5

1.7

1.7

    Gain-Foreign Exchange Transaction

492.9

781.7

1,249.9

183.7

317.0

    G-For Exch Translatn

47.1

64.4

167.5

14.3

30.0

    Gain-Derivatives Transactions

57.0

53.3

122.4

23.1

-

    Gain-Valuation of Derivatives

1.1

0.8

39.2

-

-

    NI Doubtful Accounts Recaptured

11.0

-

3.1

0.4

0.2

    G-Tangible Assets Disposal

0.6

0.7

4.3

5.8

0.7

    Other Non-Op. Income

17.6

6.7

32.4

16.4

38.7

    Interest Expense, Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

    Loss-Derivatives Transaction

-59.7

-92.2

-153.9

-60.6

-

    Loss-Foreign Exchange Transaction

-502.6

-732.5

-1,846.4

-189.8

-184.5

    L-For Exch Translatn

-16.0

-12.4

-276.2

-39.3

-14.7

    Loss-Valuation of Derivatives

-1.8

-0.5

-3.6

-

-

    L-Tangible Assets Disposal

-2.5

-0.6

-2.1

-0.9

-0.6

    Loss-Reduction of Tangible Assets

-

-4.7

-

-

-

    Donations Paid, Non-Operating

-5.2

-2.9

-12.3

-5.2

-

    Bad Debt Expense

-

-0.1

-

-

-

    Other Non-Op Expense

-1.0

-52.5

-38.8

-6.7

-51.4

    Gain under Equity Method

0.0

-

0.0

-

2.8

    Loss under Equity Method

-

0.0

-

-

-

Net Income Before Taxes

760.5

266.3

565.5

1,110.6

1,104.4

 

 

 

 

 

 

Provision for Income Taxes

145.4

47.0

160.7

307.2

310.1

Net Income After Taxes

615.0

219.3

404.9

803.4

794.3

 

 

 

 

 

 

    Minority Interest Gain

-5.3

-5.2

1.1

-

-

    Earning Before Acquisition of Subsidiary

-

-

-0.6

-

-

Net Income Before Extra. Items

609.8

214.1

405.4

803.4

794.3

Net Income

609.8

214.1

405.4

803.4

794.3

 

 

 

 

 

 

    Preferred Dividends

-0.1

-0.1

-13.4

-29.2

-36.2

    Participated Preferred Dividends

-20.1

-7.1

-

-

-

    Mecellaneous Earning Adjustment

0.0

0.0

-

-

-

    Consolid. Adj Amort

-

-

0.0

-

-

Income Available to Com Excl ExtraOrd

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Basic Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Basic EPS Excluding ExtraOrdinary Items

5.24

1.84

3.48

7.58

9.41

Basic EPS Including ExtraOrdinary Item

5.24

1.84

3.48

7.58

9.41

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

589.6

207.0

392.0

774.2

758.1

Diluted Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Diluted EPS Excluding ExtraOrd Items

5.24

1.84

3.48

7.58

9.41

Diluted EPS Including ExtraOrd Items

5.24

1.84

3.48

7.58

9.41

DPS-Common Stock

2.16

1.06

4.54

14.45

5.37

Gross Dividends - Common Stock

243.4

119.1

511.5

1,396.5

453.2

Normalized Income Before Taxes

762.4

266.3

564.1

1,105.6

1,104.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

145.8

47.0

160.0

305.8

310.1

Normalized Income After Taxes

616.6

219.3

404.0

799.8

794.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

591.2

206.9

391.1

770.6

758.1

 

 

 

 

 

 

Basic Normalized EPS

5.25

1.84

3.47

7.54

9.41

Diluted Normalized EPS

5.25

1.84

3.47

7.54

9.41

Interest Expense, Supplemental

23.4

78.8

127.8

170.3

140.9

Rental Expense, Supplemental

12.0

9.8

10.3

11.0

-

Advertising Expense, Supplemental

40.2

38.8

61.3

56.9

-

Research & Development

9.2

8.7

-

7.6

-

Depreciation, Supplemental

160.3

136.6

151.8

178.2

178.4

Amort of Intangibles, Supplemental

4.6

3.6

3.7

3.9

2.7

Amort of Goodwill

-

-

0.7

-

-

 

 

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

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

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

752.4

705.7

1,485.7

619.1

852.2

    ST Finl Assets

-

-

-

3,021.2

1,309.7

    ST Investment Assets

37.6

350.9

208.5

0.3

0.5

    ST Loans

12.9

80.8

94.9

110.9

11.6

    Trade Receivable

1,590.7

1,268.9

786.0

1,554.4

1,130.6

    Doubtful Account

-4.2

-14.3

-10.4

-17.4

-13.6

    Other Receivable, Net

327.6

348.1

390.6

334.6

192.3

    Advance Payments

0.6

4.7

0.2

3.8

44.4

    Prepaid Expenses

4.0

4.1

3.9

1.9

1.3

    Derivatives

0.3

0.8

34.3

-

-

    Deferred Taxes

0.3

0.4

16.6

-

5.7

    Accrued Income

1.7

7.7

14.6

73.3

39.4

    Merchandise

2.7

2.1

2.7

0.9

1.0

    Finished Goods

682.9

550.1

412.0

554.4

404.2

    Semi-finished Goods

245.0

207.4

131.2

201.6

165.7

    Supplies

95.6

103.2

56.7

59.0

55.9

    Raw Materials

1,590.2

1,440.6

886.8

1,600.7

912.6

Total Current Assets

5,340.3

5,061.2

4,514.4

8,118.7

5,113.5

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

0.0

0.0

0.0

    LT Invest Secs.

85.0

93.6

84.7

142.1

76.5

    Investment Securities Under Equity Mtd.

1.1

1.1

1.1

-

3.6

    Other LT Assets

-

-

0.3

-

-

    LT Loan

59.1

59.7

44.9

44.0

156.4

    LT Security Deposit

46.4

46.8

46.1

51.9

51.5

    Defer. Sales Exp

97.2

88.9

47.1

66.0

61.0

    LA Defer Tax Dbt

0.1

-

0.2

-

13.6

    Land

940.2

911.0

287.1

369.4

361.8

    Buildings

136.7

124.0

105.0

135.3

133.4

    Buildings Depre.

-39.6

-35.8

-30.4

-38.9

-35.7

    Structures

476.2

456.9

377.0

497.9

493.3

    Structures-Depreciation

-277.8

-253.0

-217.3

-272.7

-250.9

    Machinery/Equip.

1,965.5

1,903.6

1,643.4

2,197.9

2,177.5

    Machinery & Equipment-Depreciation

-1,565.0

-1,409.2

-1,198.7

-1,480.7

-1,349.6

    Transport Equip.

11.0

10.5

10.0

12.9

16.5

    Transport Deprec

-9.6

-9.1

-8.7

-11.6

-14.7

    Construction in Progress

1,497.0

733.0

353.7

220.3

120.6

    Other Tangibles

166.6

123.7

106.8

116.1

103.2

    Deprec.-Other

-89.9

-73.1

-58.9

-79.8

-77.9

    Exclusive Rights

5.2

5.1

3.5

4.1

4.4

    Industrial Patents

8.9

7.8

8.3

12.6

10.2

    Other Non-Current Assets

0.4

-

-

-

-

Total Assets

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    Trade Payable

1,594.3

940.8

581.5

2,360.3

1,456.2

    Account Payable

535.7

902.2

716.7

873.7

800.9

    Dividend Payable

0.1

0.1

0.1

0.1

0.1

    Income Taxes Payable

124.8

2.0

0.2

503.5

184.6

    Accrued Expenses

8.7

12.9

21.4

20.5

21.1

    Customer Advance

59.3

33.3

35.9

24.6

33.4

    Deferred Income Tax Credits

28.1

13.5

-

10.2

-

    Deposit Withheld

4.0

2.9

3.8

8.1

4.3

    ST Borrowings

1,708.4

2,035.4

1,816.8

1,380.4

1,045.6

    Current Portion of LT Debt

1.1

1.5

185.9

615.3

109.1

    Derivatives

1.9

0.5

4.1

-

0.3

Total Current Liabilities

4,066.4

3,945.2

3,366.3

5,796.7

3,655.5

 

 

 

 

 

 

    Bonds

585.0

300.6

-

-

223.9

    Discount on Issuance of Debentures

-1.8

-1.2

-

-

-

    LT Borrowings

16.7

10.8

3.5

6.5

727.5

    Foreign Curr LTD

0.9

0.9

0.9

0.9

0.9

Total Long Term Debt

600.8

311.0

4.4

7.4

952.3

 

 

 

 

 

 

    Rent Deposit

16.4

16.2

14.5

18.3

17.2

    Deferred Income Tax, Credit

132.3

131.4

0.2

12.8

-

    Retire Reserve

109.3

111.3

25.2

32.7

30.8

    Deposit-Retirement Insurance

-80.4

-83.7

-

-

-

    Transfer to National Pension Fund

-0.7

-1.0

-

-

-

    Minority Interest

22.6

21.3

14.4

-

-

    Derivative Products in Liabilities

3.3

-

-

-

-

Total Liabilities

4,869.9

4,451.7

3,425.0

5,867.9

4,655.8

 

 

 

 

 

 

    Common Stock

248.0

241.7

223.5

300.7

302.6

    Preferred Stock

8.9

8.6

8.0

10.7

10.8

    Paid-in Capital

334.1

325.6

301.1

405.1

407.7

    Other Capital

1,251.3

1,219.5

1,127.4

1,517.1

518.9

    Cons Retain Earn

1,621.3

1,079.7

982.9

1,918.7

2,143.2

    Capital Change, Equity Method

7.2

7.1

6.6

-

-

    Loss-Valuation of Derivatives

-3.3

-

-0.7

-

-

    Unreal Gain Sec

45.2

52.4

47.3

79.5

32.4

    Treasury Stock

-1.7

-1.6

-1.5

-2.0

-911.1

    Currency Adjus.

-

-

-

8.0

8.0

    Revaluation

474.2

462.2

-

-

-

Total Equity

3,985.3

3,395.2

2,694.5

4,237.7

2,512.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    S/O-Common Stock

112.6

112.6

112.6

112.6

80.6

Total Common Shares Outstanding

112.6

112.6

112.6

112.6

80.6

T/S-Common Stock

0.0

0.0

0.0

0.0

32.0

    S/O-Preferred Stock

3.8

3.8

3.8

3.8

3.8

Total Preferred Shares Outstanding

3.8

3.8

3.8

3.8

3.8

T/S-Preferred Stock

0.2

0.2

0.2

0.2

0.2

Deferred Revenue, Current

59.3

33.3

35.9

24.6

33.4

Full-Time Employees

2,551

2,473

2,418

2,385

2,348

Number of Common Shareholders

26,303

38,401

30,873

28,423

13,925

Long Term Debt Maturing within 1 Year

1.1

1.5

-

-

-

Long Term Debt due in Year 2

1.5

1.1

1.4

-

-

Long Term Debt due in Year 3

2.6

1.5

1.0

-

-

Long Term Debt due in Year 4

3.0

1.8

0.5

-

-

Long Term Debt due in Year 5

3.0

1.6

0.2

-

-

Long Term Debt Remaining

7.5

5.7

1.2

-

-

Total Long Term Debt, Supplemental

18.7

13.2

4.4

-

-

 

 

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

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

615.0

185.1

404.3

803.4

794.3

    Depreciation

160.3

136.6

151.8

178.2

178.4

    Amort. Intangible

4.6

3.6

4.4

3.9

2.7

    Amortization-Deferred Catalyst Cost

75.6

68.3

57.2

56.5

-

    Provision-Doubtful Account

-

4.0

-

3.9

-

    Other Provisions-Doubtful Account

-

0.1

-

-

-

    Retirement Allowance

24.6

17.9

26.0

29.9

25.4

    Accrued Interest Expense

0.6

6.4

7.3

8.1

7.1

    Loss under Equity Method

-

0.0

-

-

-

    Other Non-Operating Expense

0.4

0.0

0.4

-

-

    Translation Loss

16.0

12.4

273.7

39.3

14.7

    Valuation Inventory

-

-

193.5

-

23.5

    Loss on Disp. of Inv

-

-

-

-

0.0

    Loss-Derivatives Transaction

59.7

92.2

153.9

60.6

0.2

    L-Derivatives Valuation

1.8

0.5

3.6

-

0.3

    Disp Tang Asst Loss

2.5

0.6

2.1

0.9

0.6

    Loss-Reduction of Tangible Assets

-

4.7

-

-

-

    Earning Before Acquisition of Subsidiary

-

-

0.6

-

-

    Reversal Prov. Doubt

-11.0

-

-3.1

-0.4

-0.2

    G-Secs for Sale Disp

-

-

-

-

0.0

    Gain-Derivatives Transaction

-57.0

-53.3

-122.4

-23.1

-13.3

    Gain-Derivatives Valuation

-1.1

-0.8

-39.2

-

-

    Gain Under Equity Method Valuation

0.0

-

0.0

-

-2.8

    Gain Disp Tang. Ast

-0.6

-0.7

-4.3

-5.8

-0.7

    Recovery-Inventory Valuation Loss

-6.0

-161.1

-

-28.9

-

    Translation Gain

-47.1

-64.4

-167.5

-14.3

-30.0

    Interest Received

0.0

-

-

-

-4.8

    Other Non-Operating Income

-0.1

0.0

-0.1

-0.4

-

    Inventory

-323.8

-541.7

109.4

-926.8

116.0

    Trade Receivables

-289.7

-383.1

386.6

-424.1

-32.5

    LT Trade Receivable

-

-

0.0

-

-

    Accrued Income

5.9

7.2

45.6

-34.4

-20.4

    Account Receivable

29.2

71.8

-162.0

-144.6

149.3

    Prepaid Expenses

0.2

0.1

-2.6

-0.6

0.7

    Advances Payment

4.1

-4.1

3.1

40.6

-40.7

    Deferred Income Taxes

-

-

-27.2

7.2

-

    Deferred Taxes

14.8

20.2

-

-

-1.5

    Trade Payable

626.5

287.1

-1,302.6

900.1

-257.3

    Account Payable

-382.7

115.7

77.2

78.4

362.2

    Accrued Expenses

-4.5

-9.3

7.0

-0.4

4.7

    Accrued Income Taxes

120.4

1.7

-428.1

-43.1

83.5

    Advances Received

23.8

-6.0

19.3

-8.7

-4.9

    Deposit Withheld

1.0

-1.1

-2.6

3.8

2.8

    National Pension

0.3

0.3

0.5

0.4

0.5

    Pymt of Retire Allow

-29.4

-24.0

-31.8

-27.6

-23.4

    Deposit-Retirement Insurance

5.3

5.1

5.9

-0.7

-

Cash from Operating Activities

640.0

-207.9

-360.1

531.5

1,334.5

 

 

 

 

 

 

    Dec-LT Finl Assets

-

-

-

0.0

0.0

    Dec in ST Loans

87.6

31.6

24.8

16.0

4.0

    Disposal-Securities under Equity Method

-

-

-

3.7

-

    Disposal of ST Investment Assets

316.6

-

2,331.8

0.9

0.2

    Decrease in LT Loans

0.7

0.2

0.5

14.1

7.0

    IP Inc-Lease Guarant

4.1

5.9

6.6

6.4

6.9

    Dec-Derivatives Dr

-

-

-

-

17.5

    Decrease-Guarantee Deposit

9.2

16.7

3.8

8.3

7.2

    Decrease-Investment Securities

-

0.0

0.1

-

-

    Disp Tangible Assets

4.7

2.0

9.0

7.5

1.8

    Dec. Dep for Ret Ins

-

-

-

-

15.9

    Deferred Sales Exp

-

-

-

-

11.7

    Increase-ST Investment Assets

-

-113.9

-

-1,732.7

-904.7

    Increase-ST Loans

-

0.0

-0.2

-

-

    Inc Lending LT Loans

-16.9

-27.2

-28.2

-16.7

-12.2

    Increase-Guarantee Deposit

-8.3

-13.6

-12.3

-8.7

-9.9

    Inc-Rental Guarantee Deposits

-3.2

-4.2

-3.9

-5.1

-5.8

    Increase-Derevatives

-2.4

-8.2

-31.5

-37.8

-

    Acquis in Invest Sec

-

-0.6

-0.5

-1.6

-0.3

    Increase-Tangible Assets

-824.1

-520.1

-306.7

-186.1

-134.5

    Acq Intangible Asset

-0.1

-0.4

-1.1

0.0

-0.1

    Inc Dep Retir Ins

-

-

-

-

-1.2

    IN Foreign Cur Tran

-

-

-

0.0

-1.9

Cash from Investing Activities

-432.2

-631.9

1,992.4

-1,931.9

-998.2

 

 

 

 

 

 

    Increase-ST Borrowings

-

118.0

771.1

328.3

2,997.8

    Increase-LT Borrowings

6.6

7.8

0.4

-

-

    Increase-Bond

269.6

273.0

-

-

-

    Disposal-Treasury Stock

-

-

-

2,301.5

-

    Decrease-Minority Interest

-

-

3.2

-

-

    Repay Curr LT Liabs

-1.5

-189.7

-318.0

-442.7

-1.1

    Decrease-ST Borrowings

-344.3

-

-

-

-2,950.6

    Decrease-LT Borrowings

-

-

-1.8

-0.4

-

    Rep/LT For Curr Borr

-

0.0

0.0

0.0

0.0

    Dividends Paid

-110.3

-191.6

-912.4

-1,015.6

-453.3

    Cash Inflow-Consol. Scope Change, FN

-

-

-0.8

-

-

Cash from Financing Activities

-180.0

17.5

-458.5

1,171.1

-407.2

 

 

 

 

 

 

Net Change in Cash

27.8

-822.3

1,173.8

-229.3

-71.0

 

 

 

 

 

 

Net Cash - Beginning Balance

710.7

1,466.1

526.5

853.0

900.8

Net Cash - Ending Balance

738.5

643.8

1,700.3

623.6

829.9

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

7,407.8

63.40%

17,871.7

17.74%

10.71%

10.71%

Operating Income1

223.0

13.17%

720.5

126.73%

-8.41%

-2.04%

Income Available to Common Excl Extraord Items1

212.4

343.18%

589.6

158.06%

-1.78%

1.75%

Basic EPS Excl Extraord Items1

1.89

343.18%

5.24

158.06%

-4.91%

-4.83%

Capital Expenditures2

272.9

-37.48%

824.2

43.46%

76.63%

64.60%

Cash from Operating Activities2

-767.3

-

640.0

-

14.43%

10.45%

Free Cash Flow

-1,073.5

-

-187.7

-

-

-

Total Assets3

11,999.0

-

8,855.1

9.98%

2.04%

10.45%

Total Liabilities3

7,291.7

-

4,869.9

6.62%

0.21%

9.28%

Total Long Term Debt3

634.6

-

600.8

88.28%

362.30%

10.16%

Employees3

-

-

2551

3.15%

2.27%

0.92%

Total Common Shares Outstanding3

112.6

-

112.6

0.00%

0.00%

6.91%

1-ExchangeRate: KRW to USD Average for Period

1083.436022

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1101.856011

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1067.650000

 

1134.900000

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

 

Deferred Charges3

97.2

88.9

47.1

66.0

61.0

 

3-ExchangeRate: KRW to USD Period End Date

1134.900000

1164.475000

1259.550000

936.050000

930.000000

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

6.36%

4.58%

8.01%

9.64%

9.08%

Operating Margin

4.03%

2.09%

6.05%

7.12%

6.49%

Pretax Margin

4.26%

1.94%

2.69%

6.78%

7.13%

Net Profit Margin

3.30%

1.51%

1.87%

4.72%

4.89%

Financial Strength

Current Ratio

1.31

1.28

1.34

1.40

1.40

Long Term Debt/Equity

0.15

0.09

0.00

0.00

0.38

Total Debt/Equity

0.58

0.69

0.74

0.47

0.84

Management Effectiveness

Return on Assets

7.41%

3.32%

5.19%

9.26%

11.87%

Return on Equity

16.12%

7.21%

11.75%

22.90%

29.64%

Efficiency

Receivables Turnover

9.94

9.82

13.09

9.55

11.29

Inventory Turnover

6.84

7.34

10.26

7.36

8.85

Asset Turnover

2.15

2.08

2.69

1.89

2.32

Market Valuation USD (mil)

Enterprise Value2

14,344.4

.

Enterprise Value/Revenue (TTM)

0.67

Price/Book (MRQ)

2.35

.

Enterprise Value/EBITDA (TTM)

13.48

Market Cap as of 30-Sep-20111

10,218.2

.

 

 

1-ExchangeRate: KRW to USD on 30-Sep-2011

1178.050000

 

 

 

2-ExchangeRate: KRW to USD on 30-Jun-2011

1067.650000

 

 

 

 

 

Ratio Comparisons

 

Traded:

Financials in: USD (actual units)

Industry: Oil & Gas Operations

As of 30-Sep-2011

Sector: Energy

 

 

 

Company

Industry

Sector

S&P 500

Valuation Ratios

P/E Excluding Extraordinary (TTM)

-

26.42

19.76

19.68

P/E High Excluding Extraordinary - Last 5 Yrs

23.01

35.93

24.48

32.79

P/E Low Excluding Extraordinary - Last 5 Yrs

7.63

6.90

6.65

10.71

Beta

0.85

1.15

0.97

1.00

Price/Revenue (TTM)

-

4.43

2.39

2.57

Price/Book (MRQ)

2.35

2.77

2.63

3.67

Price to Tangible Book (MRQ)

2.41

2.93

2.88

5.21

Price to Cash Flow Per Share (TTM)

-

11.21

10.90

14.22

Price to Free Cash Flow Per Share (TTM)

-

33.47

36.53

26.26

 

 

 

 

 

Dividends

Dividend Yield

3.62%

1.38%

2.11%

2.26%

Dividend Per Share - 5 Yr Avg

5,480.00

1.16

1.78

1.99

Dividend 5 Yr Growth

-13.37%

16.38%

6.74%

0.08%

Payout Ratio (TTM)

-

14.45%

22.28%

25.98%

 

 

 

 

 

Growth Rates (%)

Revenue (MRQ) vs Qtr 1 Yr Ago

63.40%

29.71%

22.20%

15.58%

Revenue (TTM) vs TTM 1 Yr Ago

-

29.35%

21.79%

17.69%

Revenue 5 Yr Growth

10.71%

16.91%

10.18%

8.97%

EPS (MRQ) vs Qtr 1 Yr Ago

343.18%

33.12%

39.52%

19.49%

EPS (TTM) vs TTM 1 Yr Ago

-

58.24%

38.11%

32.55%

EPS 5 Yr Growth

-4.83%

8.24%

4.40%

9.86%

Capital Spending 5 Yr Growth

64.60%

20.78%

14.83%

-2.04%

 

 

 

 

 

Financial Strength

Quick Ratio (MRQ)

0.54

1.11

1.04

1.24

Current Ratio (MRQ)

1.23

1.57

1.55

1.79

LT Debt/Equity (MRQ)

0.13

0.51

0.34

0.64

Total Debt/Equity (MRQ)

0.79

0.52

0.36

0.73

Interest Coverage (TTM)

-

8.56

11.50

13.80

 

 

 

 

 

Profitability Ratios (%)

Gross Margin (TTM)

-

66.89%

40.20%

45.21%

Gross Margin - 5 Yr Avg

7.42%

66.63%

41.60%

44.91%

EBITD Margin (TTM)

-

48.55%

28.50%

24.43%

EBITD Margin - 5 Yr Avg

6.05%

42.66%

27.19%

22.84%

Operating Margin (TTM)

-

26.23%

17.59%

20.63%

Operating Margin - 5 Yr Avg

5.08%

25.89%

18.69%

18.28%

Pretax Margin (TTM)

-

24.48%

16.15%

17.95%

Pretax Margin - 5 Yr Avg

4.30%

24.28%

17.84%

17.10%

Net Profit Margin (TTM)

-

16.12%

10.69%

13.65%

Net Profit Margin - 5 Yr Avg

3.22%

14.26%

10.79%

12.10%

Effective Tax Rate (TTM)

-

36.35%

36.92%

28.45%

Effective Tax rate - 5 Yr Avg

25.11%

38.48%

38.18%

29.92%

 

 

 

 

 

Management Effectiveness (%)

Return on Assets (TTM)

-

5.90%

7.81%

8.54%

Return on Assets - 5 Yr Avg

7.17%

6.19%

10.13%

8.40%

Return on Investment (TTM)

-

4.43%

5.53%

7.90%

Return on Investment - 5 Yr Avg

15.10%

4.65%

7.98%

8.27%

Return on Equity (TTM)

-

11.04%

15.44%

19.72%

Return on Equity - 5 Yr Avg

16.45%

13.47%

20.65%

20.06%

 

 

 

 

 

Efficiency

Revenue/Employee (TTM)

-

2,520,627.03

3,031,935.07

927,613.77

Net Income/Employee (TTM)

-

485,513.90

325,248.57

116,121.92

Receivables Turnover (TTM)

-

8.86

10.96

13.25

Inventory Turnover (TTM)

-

12.31

17.63

14.53

Asset Turnover (TTM)

-

0.69

1.00

0.93

 

 

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

1.31

1.28

1.34

1.40

1.40

Quick/Acid Test Ratio

0.67

0.70

0.88

0.98

0.96

Working Capital1

1,273.9

1,116.0

1,148.1

2,322.0

1,458.0

Long Term Debt/Equity

0.15

0.09

0.00

0.00

0.38

Total Debt/Equity

0.58

0.69

0.74

0.47

0.84

Long Term Debt/Total Capital

0.10

0.05

0.00

0.00

0.21

Total Debt/Total Capital

0.37

0.41

0.43

0.32

0.46

Payout Ratio

41.29%

57.53%

130.49%

190.64%

57.05%

Effective Tax Rate

19.12%

17.65%

28.41%

27.66%

28.08%

Total Capital1

6,295.5

5,743.0

4,701.5

6,240.8

4,619.6

 

 

 

 

 

 

Efficiency

Asset Turnover

2.15

2.08

2.69

1.89

2.32

Inventory Turnover

6.84

7.34

10.26

7.36

8.85

Days In Inventory

53.36

49.73

35.56

49.58

41.24

Receivables Turnover

9.94

9.82

13.09

9.55

11.29

Days Receivables Outstanding

36.72

37.19

27.89

38.22

32.32

Revenue/Employee2

7,137,764

6,094,899

7,586,234

6,821,742

6,777,244

Operating Income/Employee2

287,766

127,597

458,948

485,708

439,970

EBITDA/Employee2

353,646

189,752

515,117

561,511

519,166

 

 

 

 

 

 

Profitability

Gross Margin

6.36%

4.58%

8.01%

9.64%

9.08%

Operating Margin

4.03%

2.09%

6.05%

7.12%

6.49%

EBITDA Margin

4.95%

3.11%

6.79%

8.23%

7.66%

EBIT Margin

4.03%

2.09%

6.05%

7.12%

6.49%

Pretax Margin

4.26%

1.94%

2.69%

6.78%

7.13%

Net Profit Margin

3.30%

1.51%

1.87%

4.72%

4.89%

COGS/Revenue

93.64%

95.42%

91.99%

90.36%

90.92%

SG&A Expense/Revenue

2.21%

2.36%

1.87%

2.43%

2.59%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

7.41%

3.32%

5.19%

9.26%

11.87%

Return on Equity

16.12%

7.21%

11.75%

22.90%

29.64%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-1.67

-7.09

-5.18

3.05

15.29

Operating Cash Flow/Share 2

5.79

-2.02

-2.79

4.69

17.00

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

Current Market Multiples

Market Cap/Equity (MRQ)

2.40

Enterprise Value/Equity (MRQ)

3.05

 

Stock Report

 

  

 

Stock Snapshot    

 

 

Traded:   

As of 30-Sep-2011    US Dollars

Recent Price

$105,000.00

 

EPS

$6,071.44

52 Week High

$170,000.00

 

Price/Sales

0.58

52 Week Low

$66,100.00

 

Dividend Rate

$3,800.00

Avg. Volume (mil)

0.80

 

Price/Book

2.62

Market Value (mil)

$12,037,570.00

 

Beta

0.85

 

Price % Change

Rel S&P 500%

4 Week

-11.02%

-6.09%

13 Week

-25.53%

-10.55%

52 Week

48.94%

57.63%

Year to Date

13.51%

31.56%

 

 

 

 

 

 

 

 

Stock History    

 

 

 

Market Cap History

 

30-Jun-11

% Chg

31-Mar-11

% Chg

31-Dec-10

% Chg

30-Sep-10

% Chg

30-Jun-10

% Chg

Total Common Shares Outstanding

113

0.0

113

0.0

113

0.0

113

0.0

113

0.0

Yearly Price History

 

2011

% Chg

2010

% Chg

2009

% Chg

2008

% Chg

2007

% Chg

High Price

73.50

151.3

29.25

23.9

23.60

-62.1

62.30

51.0

41.25

18.6

Low Price

43.00

104.8

21.00

11.7

18.80

-5.1

19.80

-47.7

37.86

8.9

Year End Price

43.00

47.1

29.23

28.1

22.81

4.2

21.90

-46.9

41.25

18.6

Monthly Price History

Price Ending Date

Open

High

Low

Close

Volume

 

30-Sep-11

43.25

43.25

43.00

43.00

2,769

 

20-Jul-11

70.75

73.50

65.50

65.50

45,408

 

24-Jun-11

63.00

63.00

63.00

63.00

2,302

 

20-Apr-11

66.29

66.50

66.29

66.50

520

 

01-Mar-11

46.90

46.90

46.90

46.90

4,492

 

08-Feb-11

51.30

51.30

51.30

51.30

2,073

 

15-Sep-10

29.25

29.25

29.23

29.23

11,006

 

28-Jul-10

24.10

24.10

24.10

24.10

14,630

 

16-Apr-10

25.50

26.47

25.50

26.47

11,480

 

22-Mar-10

21.00

24.50

21.00

24.50

4,800

 

04-Feb-10

22.50

22.50

22.00

22.00

5,871

 

13-Jan-10

23.75

23.75

23.75

23.75

3,821

 

27-Aug-09

22.81

22.81

22.81

22.81

4,880

 

 

 

Annual Income Statement

 

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Restated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2009

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Net Sales

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

Total Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

 

 

 

 

 

 

    Cost of Revenue

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

Cost of Revenue, Total

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

Gross Profit

1,136.2

629.8

1,681.6

1,580.5

1,407.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

245.6

203.8

233.0

231.6

401.8

    Labor & Related Expense

109.4

82.1

99.2

110.3

-

    Advertising Expense

40.2

38.8

61.3

56.9

-

Total Selling/General/Administrative Expenses

395.2

324.7

393.6

398.9

401.8

    Depreciation

16.8

14.4

14.6

11.8

-

    Amortization of Intangibles

3.7

2.8

3.4

2.9

-

Depreciation/Amortization

20.5

17.2

18.0

14.7

-

Total Operating Expense

17,151.2

13,463.3

19,723.4

15,223.1

14,489.9

 

 

 

 

 

 

Operating Income

720.5

287.9

1,270.0

1,167.0

1,006.0

 

 

 

 

 

 

        Interest Expense - Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

    Interest Expense, Net Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

        Interest Income - Non-Operating

23.6

47.0

136.3

171.1

99.5

        Investment Income - Non-Operating

19.3

59.1

-699.7

-66.9

152.3

    Interest/Investment Income - Non-Operating

42.9

106.1

-563.3

104.2

251.8

Interest Income (Expense) - Net Non-Operating Total

19.5

27.2

-691.1

-66.2

110.9

Gain (Loss) on Sale of Assets

-1.9

0.1

2.2

5.0

0.0

    Other Non-Operating Income (Expense)

22.4

-48.9

-15.6

4.8

-12.5

Other, Net

22.4

-48.9

-15.6

4.8

-12.5

Income Before Tax

760.5

266.3

565.5

1,110.6

1,104.4

 

 

 

 

 

 

Total Income Tax

145.4

47.0

160.7

307.2

310.1

Income After Tax

615.0

219.3

404.9

803.4

794.3

 

 

 

 

 

 

    Minority Interest

-5.3

-5.2

1.1

-

-

    Equity In Affiliates

-

-

-0.6

-

-

Net Income Before Extraord Items

609.8

214.1

405.4

803.4

794.3

Net Income

609.8

214.1

405.4

803.4

794.3

 

 

 

 

 

 

    Preferred Dividends

-20.2

-7.1

-13.4

-29.2

-36.2

    Miscellaneous Earnings Adjustment

0.0

0.0

0.0

-

-

Total Adjustments to Net Income

-20.2

-7.1

-13.4

-29.2

-36.2

Income Available to Common Excl Extraord Items

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Basic EPS Excl Extraord Items

5.24

1.84

3.48

7.58

9.41

Basic/Primary EPS Incl Extraord Items

5.24

1.84

3.48

7.58

9.41

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

589.6

207.0

392.0

774.2

758.1

Diluted Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Diluted EPS Excl Extraord Items

5.24

1.84

3.48

7.58

9.41

Diluted EPS Incl Extraord Items

5.24

1.84

3.48

7.58

9.41

Dividends per Share - Common Stock Primary Issue

2.16

1.06

4.54

14.45

5.37

Gross Dividends - Common Stock

243.4

119.1

511.5

1,396.5

453.2

Interest Expense, Supplemental

23.4

78.8

127.8

170.3

140.9

Depreciation, Supplemental

160.3

136.6

151.8

178.2

178.4

Total Special Items

1.9

-0.1

-1.5

-5.0

0.0

Normalized Income Before Tax

762.4

266.3

564.1

1,105.6

1,104.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.4

0.0

-0.6

-1.4

0.0

Inc Tax Ex Impact of Sp Items

145.8

47.0

160.0

305.8

310.1

Normalized Income After Tax

616.6

219.3

404.0

799.8

794.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

591.2

206.9

391.1

770.6

758.1

 

 

 

 

 

 

Basic Normalized EPS

5.25

1.84

3.47

7.54

9.41

Diluted Normalized EPS

5.25

1.84

3.47

7.54

9.41

Amort of Acquisition Costs, Supplemental

-

-

0.7

-

-

Amort of Intangibles, Supplemental

4.6

3.6

3.7

3.9

2.7

Rental Expenses

12.0

9.8

10.3

11.0

-

Advertising Expense, Supplemental

40.2

38.8

61.3

56.9

-

Research & Development Exp, Supplemental

9.2

8.7

-

7.6

-

Normalized EBIT

720.5

287.9

1,270.0

1,167.0

1,006.0

Normalized EBITDA

885.5

428.1

1,426.2

1,349.1

1,187.0

 

 

 

Interim Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

31-Mar-2011

30-Jun-2010

31-Mar-2010

Period Length

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
30-Jun-2011

Reclassified Calculated 
30-Jun-2011

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1083.436022

1120.28956

1164.000484

1145.278736

 

 

 

 

 

    Net Sales

7,407.8

6,085.3

4,219.6

3,801.5

Revenue

7,407.8

6,085.3

4,219.6

3,801.5

Total Revenue

7,407.8

6,085.3

4,219.6

3,801.5

 

 

 

 

 

    Cost of Revenue

7,067.2

5,430.5

3,964.4

3,685.4

Cost of Revenue, Total

7,067.2

5,430.5

3,964.4

3,685.4

Gross Profit

340.6

654.9

255.3

116.1

 

 

 

 

 

    Selling/General/Administrative Expense

108.2

94.5

79.9

76.5

Total Selling/General/Administrative Expenses

108.2

94.5

79.9

76.5

    Other Operating Expense

169.7

91.2

159.0

92.3

    Other, Net

-160.3

-108.9

-167.1

-103.3

Other Operating Expenses, Total

9.4

-17.7

-8.1

-10.9

Total Operating Expense

7,184.8

5,507.3

4,036.2

3,751.0

 

 

 

 

 

Operating Income

223.0

578.0

183.4

50.5

 

 

 

 

 

        Investment Income - Non-Operating

74.7

64.8

-142.0

62.4

    Interest/Investment Income - Non-Operating

74.7

64.8

-142.0

62.4

Interest Income (Expense) - Net Non-Operating Total

74.7

64.8

-142.0

62.4

Income Before Tax

297.7

642.8

41.5

112.9

 

 

 

 

 

Total Income Tax

78.0

149.7

-4.7

21.3

Income After Tax

219.7

493.1

46.2

91.5

 

 

 

 

 

Net Income Before Extraord Items

219.7

493.1

46.2

91.5

Net Income

219.7

493.1

46.2

91.5

 

 

 

 

 

    Preferred Dividends

-7.3

-16.3

-1.5

-3.0

Total Adjustments to Net Income

-7.3

-16.3

-1.5

-3.0

Income Available to Common Excl Extraord Items

212.4

476.8

44.6

88.5

 

 

 

 

 

Income Available to Common Incl Extraord Items

212.4

476.8

44.6

88.5

 

 

 

 

 

Basic/Primary Weighted Average Shares

112.6

112.6

112.6

112.6

Basic EPS Excl Extraord Items

1.89

4.24

0.40

0.79

Basic/Primary EPS Incl Extraord Items

1.89

4.24

0.40

0.79

Dilution Adjustment

0.0

0.0

0.0

0.0

Diluted Net Income

212.4

476.8

44.6

88.5

Diluted Weighted Average Shares

112.6

112.6

112.6

112.6

Diluted EPS Excl Extraord Items

1.89

4.24

0.40

0.79

Diluted EPS Incl Extraord Items

1.89

4.24

0.40

0.79

Dividends per Share - Common Stock Primary Issue

1.48

0.00

0.00

0.00

Gross Dividends - Common Stock

166.3

0.0

0.0

0.0

Interest Expense, Supplemental

13.8

5.5

6.2

7.9

Depreciation, Supplemental

89.8

64.9

55.4

59.2

Normalized Income Before Tax

297.7

642.8

41.5

112.9

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

78.0

149.7

-4.7

21.3

Normalized Income After Tax

219.7

493.1

46.2

91.5

 

 

 

 

 

Normalized Inc. Avail to Com.

212.4

476.8

44.6

88.5

 

 

 

 

 

Basic Normalized EPS

1.89

4.24

0.40

0.79

Diluted Normalized EPS

1.89

4.24

0.40

0.79

Amort of Intangibles, Supplemental

1.0

0.8

1.1

1.1

Normalized EBIT

223.0

578.0

183.4

50.5

Normalized EBITDA

313.9

643.8

239.9

110.8

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

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

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

752.4

705.7

1,485.7

619.1

852.2

    Short Term Investments

37.6

350.9

208.5

3,021.5

1,310.2

Cash and Short Term Investments

790.0

1,056.6

1,694.2

3,640.5

2,162.4

        Accounts Receivable - Trade, Gross

1,590.7

1,268.9

786.0

1,554.4

1,130.6

        Provision for Doubtful Accounts

-4.2

-14.3

-10.4

-17.4

-13.6

    Trade Accounts Receivable - Net

1,588.2

1,262.3

790.2

1,610.4

1,156.4

    Other Receivables

340.5

428.9

485.6

445.5

203.9

Total Receivables, Net

1,928.8

1,691.2

1,275.8

2,055.9

1,360.3

    Inventories - Finished Goods

685.6

552.2

414.7

555.4

405.2

    Inventories - Work In Progress

245.0

207.4

131.2

201.6

165.7

    Inventories - Raw Materials

1,590.2

1,440.6

886.8

1,600.7

912.6

    Inventories - Other

96.2

107.9

56.9

62.8

100.3

Total Inventory

2,617.1

2,308.1

1,489.6

2,420.4

1,583.8

Prepaid Expenses

4.0

4.1

3.9

1.9

1.3

    Deferred Income Tax - Current Asset

0.3

0.4

16.6

-

5.7

    Other Current Assets

0.3

0.8

34.3

-

-

Other Current Assets, Total

0.5

1.2

50.9

-

5.7

Total Current Assets

5,340.3

5,061.2

4,514.4

8,118.7

5,113.5

 

 

 

 

 

 

        Buildings

612.9

581.0

482.0

633.1

626.7

        Land/Improvements

940.2

911.0

287.1

369.4

361.8

        Machinery/Equipment

1,976.5

1,914.1

1,653.4

2,210.8

2,194.0

        Construction in Progress

1,497.0

733.0

353.7

220.3

120.6

        Other Property/Plant/Equipment

166.6

123.7

106.8

116.1

103.2

    Property/Plant/Equipment - Gross

5,193.2

4,262.8

2,882.9

3,549.7

3,406.3

    Accumulated Depreciation

-1,981.8

-1,780.1

-1,514.0

-1,883.6

-1,728.7

Property/Plant/Equipment - Net

3,211.4

2,482.7

1,368.9

1,666.1

1,677.6

Intangibles, Net

14.2

12.9

11.8

16.7

14.6

    LT Investment - Affiliate Companies

1.1

1.1

1.1

-

3.6

    LT Investments - Other

85.0

93.6

84.7

142.1

76.5

Long Term Investments

86.1

94.7

85.8

142.1

80.1

Note Receivable - Long Term

59.1

59.7

44.9

44.0

156.4

    Deferred Charges

97.2

88.9

47.1

66.0

61.0

    Deferred Income Tax - Long Term Asset

0.1

-

0.2

-

13.6

    Other Long Term Assets

46.8

46.8

46.4

51.9

51.5

Other Long Term Assets, Total

144.0

135.7

93.7

118.0

126.2

Total Assets

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

Accounts Payable

1,594.3

940.8

581.5

2,360.3

1,456.2

Accrued Expenses

8.7

12.9

21.4

20.5

21.1

Notes Payable/Short Term Debt

1,708.4

2,035.4

1,816.8

1,380.4

1,045.6

Current Portion - Long Term Debt/Capital Leases

1.1

1.5

185.9

615.3

109.1

    Dividends Payable

0.1

0.1

0.1

0.1

0.1

    Customer Advances

59.3

33.3

35.9

24.6

33.4

    Income Taxes Payable

124.8

2.0

0.2

503.5

184.6

    Other Payables

535.7

902.2

716.7

873.7

800.9

    Deferred Income Tax - Current Liability

28.1

13.5

-

10.2

-

    Other Current Liabilities

5.9

3.5

7.9

8.1

4.6

Other Current liabilities, Total

753.9

954.6

760.8

1,420.2

1,023.6

Total Current Liabilities

4,066.4

3,945.2

3,366.3

5,796.7

3,655.5

 

 

 

 

 

 

    Long Term Debt

600.8

311.0

4.4

7.4

952.3

Total Long Term Debt

600.8

311.0

4.4

7.4

952.3

Total Debt

2,310.3

2,347.9

2,007.0

2,003.1

2,106.9

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

132.3

131.4

0.2

12.8

-

Deferred Income Tax

132.3

131.4

0.2

12.8

-

Minority Interest

22.6

21.3

14.4

-

-

    Pension Benefits - Underfunded

28.2

26.6

25.2

32.7

30.8

    Other Long Term Liabilities

19.7

16.2

14.5

18.3

17.2

Other Liabilities, Total

47.8

42.8

39.7

51.0

48.0

Total Liabilities

4,869.9

4,451.7

3,425.0

5,867.9

4,655.8

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

8.9

8.6

8.0

10.7

10.8

Preferred Stock - Non Redeemable, Net

8.9

8.6

8.0

10.7

10.8

    Common Stock

248.0

241.7

223.5

300.7

302.6

Common Stock

248.0

241.7

223.5

300.7

302.6

Additional Paid-In Capital

1,585.4

1,545.1

1,428.5

1,922.2

926.7

Retained Earnings (Accumulated Deficit)

1,621.3

1,079.7

982.9

1,918.7

2,143.2

Treasury Stock - Common

-1.7

-1.6

-1.5

-2.0

-911.1

Unrealized Gain (Loss)

523.4

521.6

53.1

79.5

32.4

    Translation Adjustment

-

-

-

8.0

8.0

Other Equity, Total

-

-

-

8.0

8.0

Total Equity

3,985.3

3,395.2

2,694.5

4,237.7

2,512.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.6

112.6

112.6

112.6

80.6

Total Common Shares Outstanding

112.6

112.6

112.6

112.6

80.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

32.0

    Shares Outstanding - Preferred Stock Primary Issue

3.8

3.8

3.8

3.8

3.8

Total Preferred Stock Outstanding

3.8

3.8

3.8

3.8

3.8

Treasury Shares - Preferred Primary Issue

0.2

0.2

0.2

0.2

0.2

Employees

2,551

2,473

2,418

2,385

2,348

Number of Common Shareholders

26,303

38,401

30,873

28,423

13,925

Deferred Revenue - Current

59.3

33.3

35.9

24.6

33.4

Total Long Term Debt, Supplemental

18.7

13.2

4.4

-

-

Long Term Debt Maturing within 1 Year

1.1

1.5

0.7

-

-

Long Term Debt Maturing in Year 2

1.5

1.1

0.7

-

-

Long Term Debt Maturing in Year 3

2.6

1.5

1.0

-

-

Long Term Debt Maturing in Year 4

3.0

1.8

0.5

-

-

Long Term Debt Maturing in Year 5

3.0

1.6

0.2

-

-

Long Term Debt Maturing in 2-3 Years

4.1

2.6

1.7

-

-

Long Term Debt Maturing in 4-5 Years

5.9

3.3

0.7

-

-

Long Term Debt Matur. in Year 6 & Beyond

7.5

5.7

1.2

-

-

 

 

Interim Balance Sheet

 

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

31-Mar-2011

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

Exchange Rate

1067.65

1096.95

 

 

 

    Cash & Equivalents

286.4

1,037.4

    Short Term Investments

359.3

229.4

Cash and Short Term Investments

645.7

1,266.8

    Trade Accounts Receivable - Net

2,114.6

1,960.8

    Other Receivables

667.2

506.3

Total Receivables, Net

2,781.8

2,467.1

Total Inventory

4,440.2

3,857.3

    Other Current Assets

26.4

29.3

Other Current Assets, Total

26.4

29.3

Total Current Assets

7,894.0

7,620.5

 

 

 

Property/Plant/Equipment - Net

3,641.3

3,461.8

Intangibles, Net

32.9

29.5

    LT Investments - Other

341.5

105.3

Long Term Investments

341.5

105.3

Note Receivable - Long Term

84.7

85.2

    Other Long Term Assets

4.5

4.6

Other Long Term Assets, Total

4.5

4.6

Total Assets

11,999.0

11,306.9

 

 

 

Accounts Payable

2,282.4

2,263.9

Notes Payable/Short Term Debt

3,080.6

2,799.6

    Customer Advances

26.9

27.4

    Income Taxes Payable

218.5

191.0

    Other Current Liabilities

797.1

771.8

Other Current liabilities, Total

1,042.5

990.3

Total Current Liabilities

6,405.5

6,053.9

 

 

 

    Long Term Debt

634.6

619.9

Total Long Term Debt

634.6

619.9

Total Debt

3,715.2

3,419.6

 

 

 

    Deferred Income Tax - LT Liability

204.6

216.7

Deferred Income Tax

204.6

216.7

    Pension Benefits - Underfunded

22.9

18.9

    Other Long Term Liabilities

24.0

20.7

Other Liabilities, Total

46.9

39.6

Total Liabilities

7,291.7

6,930.1

 

 

 

    Common Stock

273.0

265.7

Common Stock

273.0

265.7

Additional Paid-In Capital

355.2

345.7

Retained Earnings (Accumulated Deficit)

4,080.9

3,767.1

Treasury Stock - Common

-1.8

-1.7

Total Equity

4,707.3

4,376.8

 

 

 

Total Liabilities & Shareholders’ Equity

11,999.0

11,306.9

 

 

 

    Shares Outstanding - Common Stock Primary Issue

112.6

112.6

Total Common Shares Outstanding

112.6

112.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

    Shares Outstanding - Preferred Stock Primary Issue

3.8

3.8

Total Preferred Stock Outstanding

3.8

3.8

Treasury Shares - Preferred Primary Issue

0.2

0.2

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income/Starting Line

615.0

185.1

404.3

803.4

794.3

    Depreciation

160.3

136.6

151.8

178.2

178.4

Depreciation/Depletion

160.3

136.6

151.8

178.2

178.4

    Amortization of Intangibles

4.6

3.6

4.4

3.9

2.7

Amortization

4.6

3.6

4.4

3.9

2.7

Deferred Taxes

14.8

20.2

-27.2

7.2

-1.5

    Unusual Items

1.9

4.6

191.3

-5.0

23.5

    Equity in Net Earnings (Loss)

0.0

0.0

0.0

-

-2.8

    Other Non-Cash Items

56.4

-77.8

190.4

131.2

-0.6

Non-Cash Items

58.3

-73.2

381.7

126.3

20.1

    Accounts Receivable

-254.5

-304.1

270.2

-603.1

96.4

    Inventories

-319.7

-545.8

112.5

-886.2

75.4

    Prepaid Expenses

0.2

0.1

-2.6

-0.6

0.7

    Accounts Payable

243.8

402.7

-1,225.4

978.6

104.9

    Accrued Expenses

-4.5

-9.3

7.0

-0.4

4.7

    Taxes Payable

120.4

1.7

-428.1

-43.1

83.5

    Other Liabilities

1.1

-25.6

-8.7

-32.7

-25.1

Changes in Working Capital

-213.2

-480.3

-1,275.1

-587.5

340.5

Cash from Operating Activities

640.0

-207.9

-360.1

531.5

1,334.5

 

 

 

 

 

 

    Purchase of Fixed Assets

-824.1

-520.1

-306.7

-186.1

-134.5

    Purchase/Acquisition of Intangibles

-0.1

-0.4

-1.1

0.0

-0.1

Capital Expenditures

-824.2

-520.5

-307.8

-186.1

-134.6

    Sale of Fixed Assets

4.7

2.0

9.0

7.5

1.8

    Sale/Maturity of Investment

316.6

0.0

2,331.9

4.6

17.7

    Purchase of Investments

-

-114.5

-0.5

-1,734.3

-905.0

    Other Investing Cash Flow

70.7

1.1

-40.2

-23.5

22.0

Other Investing Cash Flow Items, Total

392.1

-111.4

2,300.3

-1,745.8

-863.6

Cash from Investing Activities

-432.2

-631.9

1,992.4

-1,931.9

-998.2

 

 

 

 

 

 

    Other Financing Cash Flow

-1.5

-189.7

-315.7

-442.7

-1.1

Financing Cash Flow Items

-1.5

-189.7

-315.7

-442.7

-1.1

Total Cash Dividends Paid

-110.3

-191.6

-912.4

-1,015.6

-453.3

        Sale/Issuance of Common

-

-

-

2,301.5

-

    Common Stock, Net

-

-

-

2,301.5

-

Issuance (Retirement) of Stock, Net

-

-

-

2,301.5

-

        Short Term Debt Issued

-

118.0

771.1

328.3

2,997.8

        Short Term Debt Reduction

-344.3

-

-

-

-2,950.6

    Short Term Debt, Net

-344.3

118.0

771.1

328.3

47.2

        Long Term Debt Issued

276.2

280.8

0.4

-

-

        Long Term Debt Reduction

-

0.0

-1.8

-0.5

0.0

    Long Term Debt, Net

276.2

280.8

-1.5

-0.5

0.0

Issuance (Retirement) of Debt, Net

-68.1

398.8

769.6

327.8

47.1

Cash from Financing Activities

-180.0

17.5

-458.5

1,171.1

-407.2

 

 

 

 

 

 

Net Change in Cash

27.8

-822.3

1,173.8

-229.3

-71.0

 

 

 

 

 

 

Net Cash - Beginning Balance

710.7

1,466.1

526.5

853.0

900.8

Net Cash - Ending Balance

738.5

643.8

1,700.3

623.6

829.9

 

 

 

Interim Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

30-Jun-2011

31-Mar-2011

30-Jun-2010

31-Mar-2010

Period Length

6 Months

3 Months

6 Months

3 Months

UpdateType/Date

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Updated Normal 
30-Jun-2011

Updated Normal 
31-Mar-2011

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1101.856011

1120.28956

1155.056202

1145.278736

 

 

 

 

 

Net Income/Starting Line

717.4

493.1

137.3

91.5

    Depreciation

154.4

64.9

114.6

59.2

Depreciation/Depletion

154.4

64.9

114.6

59.2

    Amortization of Intangibles

1.9

0.8

2.2

1.1

Amortization

1.9

0.8

2.2

1.1

    Unusual Items

15.2

1.5

-0.1

6.3

    Equity in Net Earnings (Loss)

-2.4

-1.3

-2.4

-1.7

    Other Non-Cash Items

131.8

90.5

82.6

-28.2

Non-Cash Items

144.7

90.7

80.0

-23.7

    Accounts Receivable

-741.9

-503.3

31.4

151.5

    Inventories

-1,653.9

-1,158.8

-191.4

-53.7

    Other Assets

0.5

-13.8

0.7

-6.2

    Accounts Payable

603.5

585.1

-105.5

-190.6

    Other Liabilities

142.2

-12.5

29.7

-4.5

    Other Operating Cash Flow

-135.9

-67.4

-18.7

-5.3

Changes in Working Capital

-1,785.5

-1,170.7

-253.7

-108.8

Cash from Operating Activities

-767.3

-521.2

80.3

19.4

 

 

 

 

 

    Purchase of Fixed Assets

-269.9

-97.1

-414.3

-145.7

    Purchase/Acquisition of Intangibles

-3.0

-2.0

-2.1

0.0

Capital Expenditures

-272.9

-99.1

-416.4

-145.7

    Sale of Fixed Assets

0.2

0.1

3.9

-

    Sale/Maturity of Investment

20.0

0.0

230.7

189.9

    Purchase of Investments

-552.7

-187.7

-0.1

-0.1

    Sale of Intangible Assets

0.3

-

0.0

-

    Other Investing Cash Flow

10.4

5.9

64.5

67.2

Other Investing Cash Flow Items, Total

-521.9

-181.7

299.0

257.0

Cash from Investing Activities

-794.8

-280.8

-117.5

111.3

 

 

 

 

 

Total Cash Dividends Paid

-232.5

0.0

-75.7

-

    Total Debt Issued

1,304.5

1,055.8

275.6

116.5

    Total Debt Reduction

-7.3

-0.3

-134.9

-0.4

Issuance (Retirement) of Debt, Net

1,297.2

1,055.5

140.7

116.1

Cash from Financing Activities

1,064.7

1,055.5

65.0

116.1

 

 

 

 

 

Foreign Exchange Effects

-0.1

0.0

0.0

0.0

Net Change in Cash

-497.5

253.6

27.9

246.8

 

 

 

 

 

Net Cash - Beginning Balance

774.9

762.2

712.1

718.2

Net Cash - Ending Balance

277.5

1,015.8

740.0

965.0

Cash Interest Paid

28.6

15.7

32.9

18.3

Cash Taxes Paid

127.8

57.7

4.0

1.4

 

 

 

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

Restated Normal 
31-Dec-2010

Reclassified Normal
31-Dec-2009

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Revenue

-

-

-

16,390.1

15,495.8

    Domestic Sales

7,590.1

5,477.9

7,741.1

-

-

    Export Sales

10,281.7

8,273.3

13,252.3

-

-

Total Revenue

17,871.7

13,751.2

20,993.4

16,390.1

15,495.8

 

 

 

 

 

 

    Cost-Revenue

16,735.5

13,121.4

19,311.8

14,809.6

14,088.1

    Salaries & Wages

62.3

52.6

60.4

61.6

-

    Retirement Allowance

10.6

7.9

12.2

11.6

-

    Employee Benefits

36.5

21.6

26.5

37.0

-

    Travel Expense

3.2

2.7

3.4

3.0

-

    Education & Training Expense

1.3

1.2

1.7

1.4

-

    Office Supplies Expense

0.9

0.8

0.9

0.9

-

    Communication Expense

1.6

1.5

2.0

1.7

-

    Other Exporting Related Expense

83.7

54.1

62.0

48.9

-

    Vehicles Maintenance Expense

1.1

0.9

1.2

0.7

-

    Utility Expense

1.2

1.1

1.5

1.4

-

    Rent

12.0

9.8

10.3

11.0

-

    Oil Delivery Expense

6.6

5.9

8.6

10.8

-

    Commission Paid

11.9

11.9

13.6

14.9

-

    Entertainment Expense

2.4

2.2

2.4

2.5

-

    Repair & Maintenance Expense

4.8

5.7

4.5

3.9

-

    Expense-Consumable Goods

0.1

0.1

0.1

0.1

-

    Enzyme Expense

0.2

0.2

0.2

0.2

-

    Other Service Fee

10.6

8.8

5.6

5.1

-

    Marketing Expense

25.2

24.8

35.6

28.0

-

    Advertising Expense

15.0

14.0

25.7

29.0

-

    Shipping & Handling Expense

93.0

83.3

98.9

110.5

-

    Insurance Expense

3.1

3.2

4.0

3.6

-

    Taxes & Dues

5.9

5.5

11.4

6.2

-

    Depreciation Expense

16.8

14.4

14.6

11.8

-

    Publishing & Printing Expense

-

-

-

0.0

-

    Packaging Expense

-

-

0.0

0.0

-

    Conference Expense

-

-

-

0.0

-

    Provision-Bad Debt

-

4.0

-

3.9

-

    Amortization-Intangibles

3.7

2.8

3.4

2.9

-

    Other Sales & Administrative Expense

1.9

0.8

0.9

0.9

-

    Selling&General Administrative Expense

-

-

-

-

401.8

Total Operating Expense

17,151.2

13,463.3

19,723.4

15,223.1

14,489.9

 

 

 

 

 

 

    Interest Income

23.6

47.0

136.3

171.1

99.5

    Dividend Income

1.4

1.2

1.5

1.7

1.7

    Gain-Foreign Exchange Transaction

492.9

781.7

1,249.9

183.7

317.0

    G-For Exch Translatn

47.1

64.4

167.5

14.3

30.0

    Gain-Derivatives Transactions

57.0

53.3

122.4

23.1

-

    Gain-Valuation of Derivatives

1.1

0.8

39.2

-

-

    NI Doubtful Accounts Recaptured

11.0

-

3.1

0.4

0.2

    G-Tangible Assets Disposal

0.6

0.7

4.3

5.8

0.7

    Other Non-Op. Income

17.6

6.7

32.4

16.4

38.7

    Interest Expense, Non-Operating

-23.4

-78.8

-127.8

-170.3

-140.9

    Loss-Derivatives Transaction

-59.7

-92.2

-153.9

-60.6

-

    Loss-Foreign Exchange Transaction

-502.6

-732.5

-1,846.4

-189.8

-184.5

    L-For Exch Translatn

-16.0

-12.4

-276.2

-39.3

-14.7

    Loss-Valuation of Derivatives

-1.8

-0.5

-3.6

-

-

    L-Tangible Assets Disposal

-2.5

-0.6

-2.1

-0.9

-0.6

    Loss-Reduction of Tangible Assets

-

-4.7

-

-

-

    Donations Paid, Non-Operating

-5.2

-2.9

-12.3

-5.2

-

    Bad Debt Expense

-

-0.1

-

-

-

    Other Non-Op Expense

-1.0

-52.5

-38.8

-6.7

-51.4

    Gain under Equity Method

0.0

-

0.0

-

2.8

    Loss under Equity Method

-

0.0

-

-

-

Net Income Before Taxes

760.5

266.3

565.5

1,110.6

1,104.4

 

 

 

 

 

 

Provision for Income Taxes

145.4

47.0

160.7

307.2

310.1

Net Income After Taxes

615.0

219.3

404.9

803.4

794.3

 

 

 

 

 

 

    Minority Interest Gain

-5.3

-5.2

1.1

-

-

    Earning Before Acquisition of Subsidiary

-

-

-0.6

-

-

Net Income Before Extra. Items

609.8

214.1

405.4

803.4

794.3

Net Income

609.8

214.1

405.4

803.4

794.3

 

 

 

 

 

 

    Preferred Dividends

-0.1

-0.1

-13.4

-29.2

-36.2

    Participated Preferred Dividends

-20.1

-7.1

-

-

-

    Mecellaneous Earning Adjustment

0.0

0.0

-

-

-

    Consolid. Adj Amort

-

-

0.0

-

-

Income Available to Com Excl ExtraOrd

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

589.6

207.0

392.0

774.2

758.1

 

 

 

 

 

 

Basic Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Basic EPS Excluding ExtraOrdinary Items

5.24

1.84

3.48

7.58

9.41

Basic EPS Including ExtraOrdinary Item

5.24

1.84

3.48

7.58

9.41

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

589.6

207.0

392.0

774.2

758.1

Diluted Weighted Average Shares

112.6

112.6

112.6

102.2

80.6

Diluted EPS Excluding ExtraOrd Items

5.24

1.84

3.48

7.58

9.41

Diluted EPS Including ExtraOrd Items

5.24

1.84

3.48

7.58

9.41

DPS-Common Stock

2.16

1.06

4.54

14.45

5.37

Gross Dividends - Common Stock

243.4

119.1

511.5

1,396.5

453.2

Normalized Income Before Taxes

762.4

266.3

564.1

1,105.6

1,104.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

145.8

47.0

160.0

305.8

310.1

Normalized Income After Taxes

616.6

219.3

404.0

799.8

794.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

591.2

206.9

391.1

770.6

758.1

 

 

 

 

 

 

Basic Normalized EPS

5.25

1.84

3.47

7.54

9.41

Diluted Normalized EPS

5.25

1.84

3.47

7.54

9.41

Interest Expense, Supplemental

23.4

78.8

127.8

170.3

140.9

Rental Expense, Supplemental

12.0

9.8

10.3

11.0

-

Advertising Expense, Supplemental

40.2

38.8

61.3

56.9

-

Research & Development

9.2

8.7

-

7.6

-

Depreciation, Supplemental

160.3

136.6

151.8

178.2

178.4

Amort of Intangibles, Supplemental

4.6

3.6

3.7

3.9

2.7

Amort of Goodwill

-

-

0.7

-

-

 

 

  

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

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

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

    Cash & Equivalents

752.4

705.7

1,485.7

619.1

852.2

    ST Finl Assets

-

-

-

3,021.2

1,309.7

    ST Investment Assets

37.6

350.9

208.5

0.3

0.5

    ST Loans

12.9

80.8

94.9

110.9

11.6

    Trade Receivable

1,590.7

1,268.9

786.0

1,554.4

1,130.6

    Doubtful Account

-4.2

-14.3

-10.4

-17.4

-13.6

    Other Receivable, Net

327.6

348.1

390.6

334.6

192.3

    Advance Payments

0.6

4.7

0.2

3.8

44.4

    Prepaid Expenses

4.0

4.1

3.9

1.9

1.3

    Derivatives

0.3

0.8

34.3

-

-

    Deferred Taxes

0.3

0.4

16.6

-

5.7

    Accrued Income

1.7

7.7

14.6

73.3

39.4

    Merchandise

2.7

2.1

2.7

0.9

1.0

    Finished Goods

682.9

550.1

412.0

554.4

404.2

    Semi-finished Goods

245.0

207.4

131.2

201.6

165.7

    Supplies

95.6

103.2

56.7

59.0

55.9

    Raw Materials

1,590.2

1,440.6

886.8

1,600.7

912.6

Total Current Assets

5,340.3

5,061.2

4,514.4

8,118.7

5,113.5

 

 

 

 

 

 

    LT Finl Assets

0.0

0.0

0.0

0.0

0.0

    LT Invest Secs.

85.0

93.6

84.7

142.1

76.5

    Investment Securities Under Equity Mtd.

1.1

1.1

1.1

-

3.6

    Other LT Assets

-

-

0.3

-

-

    LT Loan

59.1

59.7

44.9

44.0

156.4

    LT Security Deposit

46.4

46.8

46.1

51.9

51.5

    Defer. Sales Exp

97.2

88.9

47.1

66.0

61.0

    LA Defer Tax Dbt

0.1

-

0.2

-

13.6

    Land

940.2

911.0

287.1

369.4

361.8

    Buildings

136.7

124.0

105.0

135.3

133.4

    Buildings Depre.

-39.6

-35.8

-30.4

-38.9

-35.7

    Structures

476.2

456.9

377.0

497.9

493.3

    Structures-Depreciation

-277.8

-253.0

-217.3

-272.7

-250.9

    Machinery/Equip.

1,965.5

1,903.6

1,643.4

2,197.9

2,177.5

    Machinery & Equipment-Depreciation

-1,565.0

-1,409.2

-1,198.7

-1,480.7

-1,349.6

    Transport Equip.

11.0

10.5

10.0

12.9

16.5

    Transport Deprec

-9.6

-9.1

-8.7

-11.6

-14.7

    Construction in Progress

1,497.0

733.0

353.7

220.3

120.6

    Other Tangibles

166.6

123.7

106.8

116.1

103.2

    Deprec.-Other

-89.9

-73.1

-58.9

-79.8

-77.9

    Exclusive Rights

5.2

5.1

3.5

4.1

4.4

    Industrial Patents

8.9

7.8

8.3

12.6

10.2

    Other Non-Current Assets

0.4

-

-

-

-

Total Assets

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    Trade Payable

1,594.3

940.8

581.5

2,360.3

1,456.2

    Account Payable

535.7

902.2

716.7

873.7

800.9

    Dividend Payable

0.1

0.1

0.1

0.1

0.1

    Income Taxes Payable

124.8

2.0

0.2

503.5

184.6

    Accrued Expenses

8.7

12.9

21.4

20.5

21.1

    Customer Advance

59.3

33.3

35.9

24.6

33.4

    Deferred Income Tax Credits

28.1

13.5

-

10.2

-

    Deposit Withheld

4.0

2.9

3.8

8.1

4.3

    ST Borrowings

1,708.4

2,035.4

1,816.8

1,380.4

1,045.6

    Current Portion of LT Debt

1.1

1.5

185.9

615.3

109.1

    Derivatives

1.9

0.5

4.1

-

0.3

Total Current Liabilities

4,066.4

3,945.2

3,366.3

5,796.7

3,655.5

 

 

 

 

 

 

    Bonds

585.0

300.6

-

-

223.9

    Discount on Issuance of Debentures

-1.8

-1.2

-

-

-

    LT Borrowings

16.7

10.8

3.5

6.5

727.5

    Foreign Curr LTD

0.9

0.9

0.9

0.9

0.9

Total Long Term Debt

600.8

311.0

4.4

7.4

952.3

 

 

 

 

 

 

    Rent Deposit

16.4

16.2

14.5

18.3

17.2

    Deferred Income Tax, Credit

132.3

131.4

0.2

12.8

-

    Retire Reserve

109.3

111.3

25.2

32.7

30.8

    Deposit-Retirement Insurance

-80.4

-83.7

-

-

-

    Transfer to National Pension Fund

-0.7

-1.0

-

-

-

    Minority Interest

22.6

21.3

14.4

-

-

    Derivative Products in Liabilities

3.3

-

-

-

-

Total Liabilities

4,869.9

4,451.7

3,425.0

5,867.9

4,655.8

 

 

 

 

 

 

    Common Stock

248.0

241.7

223.5

300.7

302.6

    Preferred Stock

8.9

8.6

8.0

10.7

10.8

    Paid-in Capital

334.1

325.6

301.1

405.1

407.7

    Other Capital

1,251.3

1,219.5

1,127.4

1,517.1

518.9

    Cons Retain Earn

1,621.3

1,079.7

982.9

1,918.7

2,143.2

    Capital Change, Equity Method

7.2

7.1

6.6

-

-

    Loss-Valuation of Derivatives

-3.3

-

-0.7

-

-

    Unreal Gain Sec

45.2

52.4

47.3

79.5

32.4

    Treasury Stock

-1.7

-1.6

-1.5

-2.0

-911.1

    Currency Adjus.

-

-

-

8.0

8.0

    Revaluation

474.2

462.2

-

-

-

Total Equity

3,985.3

3,395.2

2,694.5

4,237.7

2,512.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

8,855.1

7,846.8

6,119.5

10,105.6

7,168.4

 

 

 

 

 

 

    S/O-Common Stock

112.6

112.6

112.6

112.6

80.6

Total Common Shares Outstanding

112.6

112.6

112.6

112.6

80.6

T/S-Common Stock

0.0

0.0

0.0

0.0

32.0

    S/O-Preferred Stock

3.8

3.8

3.8

3.8

3.8

Total Preferred Shares Outstanding

3.8

3.8

3.8

3.8

3.8

T/S-Preferred Stock

0.2

0.2

0.2

0.2

0.2

Deferred Revenue, Current

59.3

33.3

35.9

24.6

33.4

Full-Time Employees

2,551

2,473

2,418

2,385

2,348

Number of Common Shareholders

26,303

38,401

30,873

28,423

13,925

Long Term Debt Maturing within 1 Year

1.1

1.5

-

-

-

Long Term Debt due in Year 2

1.5

1.1

1.4

-

-

Long Term Debt due in Year 3

2.6

1.5

1.0

-

-

Long Term Debt due in Year 4

3.0

1.8

0.5

-

-

Long Term Debt due in Year 5

3.0

1.6

0.2

-

-

Long Term Debt Remaining

7.5

5.7

1.2

-

-

Total Long Term Debt, Supplemental

18.7

13.2

4.4

-

-

 

 

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

Reclassified Normal 
31-Dec-2008

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

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmduk Accounting Corp.

Sahmduk Accounting Corp.

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

Net Income

615.0

185.1

404.3

803.4

794.3

    Depreciation

160.3

136.6

151.8

178.2

178.4

    Amort. Intangible

4.6

3.6

4.4

3.9

2.7

    Amortization-Deferred Catalyst Cost

75.6

68.3

57.2

56.5

-

    Provision-Doubtful Account

-

4.0

-

3.9

-

    Other Provisions-Doubtful Account

-

0.1

-

-

-

    Retirement Allowance

24.6

17.9

26.0

29.9

25.4

    Accrued Interest Expense

0.6

6.4

7.3

8.1

7.1

    Loss under Equity Method

-

0.0

-

-

-

    Other Non-Operating Expense

0.4

0.0

0.4

-

-

    Translation Loss

16.0

12.4

273.7

39.3

14.7

    Valuation Inventory

-

-

193.5

-

23.5

    Loss on Disp. of Inv

-

-

-

-

0.0

    Loss-Derivatives Transaction

59.7

92.2

153.9

60.6

0.2

    L-Derivatives Valuation

1.8

0.5

3.6

-

0.3

    Disp Tang Asst Loss

2.5

0.6

2.1

0.9

0.6

    Loss-Reduction of Tangible Assets

-

4.7

-

-

-

    Earning Before Acquisition of Subsidiary

-

-

0.6

-

-

    Reversal Prov. Doubt

-11.0

-

-3.1

-0.4

-0.2

    G-Secs for Sale Disp

-

-

-

-

0.0

    Gain-Derivatives Transaction

-57.0

-53.3

-122.4

-23.1

-13.3

    Gain-Derivatives Valuation

-1.1

-0.8

-39.2

-

-

    Gain Under Equity Method Valuation

0.0

-

0.0

-

-2.8

    Gain Disp Tang. Ast

-0.6

-0.7

-4.3

-5.8

-0.7

    Recovery-Inventory Valuation Loss

-6.0

-161.1

-

-28.9

-

    Translation Gain

-47.1

-64.4

-167.5

-14.3

-30.0

    Interest Received

0.0

-

-

-

-4.8

    Other Non-Operating Income

-0.1

0.0

-0.1

-0.4

-

    Inventory

-323.8

-541.7

109.4

-926.8

116.0

    Trade Receivables

-289.7

-383.1

386.6

-424.1

-32.5

    LT Trade Receivable

-

-

0.0

-

-

    Accrued Income

5.9

7.2

45.6

-34.4

-20.4

    Account Receivable

29.2

71.8

-162.0

-144.6

149.3

    Prepaid Expenses

0.2

0.1

-2.6

-0.6

0.7

    Advances Payment

4.1

-4.1

3.1

40.6

-40.7

    Deferred Income Taxes

-

-

-27.2

7.2

-

    Deferred Taxes

14.8

20.2

-

-

-1.5

    Trade Payable

626.5

287.1

-1,302.6

900.1

-257.3

    Account Payable

-382.7

115.7

77.2

78.4

362.2

    Accrued Expenses

-4.5

-9.3

7.0

-0.4

4.7

    Accrued Income Taxes

120.4

1.7

-428.1

-43.1

83.5

    Advances Received

23.8

-6.0

19.3

-8.7

-4.9

    Deposit Withheld

1.0

-1.1

-2.6

3.8

2.8

    National Pension

0.3

0.3

0.5

0.4

0.5

    Pymt of Retire Allow

-29.4

-24.0

-31.8

-27.6

-23.4

    Deposit-Retirement Insurance

5.3

5.1

5.9

-0.7

-

Cash from Operating Activities

640.0

-207.9

-360.1

531.5

1,334.5

 

 

 

 

 

 

    Dec-LT Finl Assets

-

-

-

0.0

0.0

    Dec in ST Loans

87.6

31.6

24.8

16.0

4.0

    Disposal-Securities under Equity Method

-

-

-

3.7

-

    Disposal of ST Investment Assets

316.6

-

2,331.8

0.9

0.2

    Decrease in LT Loans

0.7

0.2

0.5

14.1

7.0

    IP Inc-Lease Guarant

4.1

5.9

6.6

6.4

6.9

    Dec-Derivatives Dr

-

-

-

-

17.5

    Decrease-Guarantee Deposit

9.2

16.7

3.8

8.3

7.2

    Decrease-Investment Securities

-

0.0

0.1

-

-

    Disp Tangible Assets

4.7

2.0

9.0

7.5

1.8

    Dec. Dep for Ret Ins

-

-

-

-

15.9

    Deferred Sales Exp

-

-

-

-

11.7

    Increase-ST Investment Assets

-

-113.9

-

-1,732.7

-904.7

    Increase-ST Loans

-

0.0

-0.2

-

-

    Inc Lending LT Loans

-16.9

-27.2

-28.2

-16.7

-12.2

    Increase-Guarantee Deposit

-8.3

-13.6

-12.3

-8.7

-9.9

    Inc-Rental Guarantee Deposits

-3.2

-4.2

-3.9

-5.1

-5.8

    Increase-Derevatives

-2.4

-8.2

-31.5

-37.8

-

    Acquis in Invest Sec

-

-0.6

-0.5

-1.6

-0.3

    Increase-Tangible Assets

-824.1

-520.1

-306.7

-186.1

-134.5

    Acq Intangible Asset

-0.1

-0.4

-1.1

0.0

-0.1

    Inc Dep Retir Ins

-

-

-

-

-1.2

    IN Foreign Cur Tran

-

-

-

0.0

-1.9

Cash from Investing Activities

-432.2

-631.9

1,992.4

-1,931.9

-998.2

 

 

 

 

 

 

    Increase-ST Borrowings

-

118.0

771.1

328.3

2,997.8

    Increase-LT Borrowings

6.6

7.8

0.4

-

-

    Increase-Bond

269.6

273.0

-

-

-

    Disposal-Treasury Stock

-

-

-

2,301.5

-

    Decrease-Minority Interest

-

-

3.2

-

-

    Repay Curr LT Liabs

-1.5

-189.7

-318.0

-442.7

-1.1

    Decrease-ST Borrowings

-344.3

-

-

-

-2,950.6

    Decrease-LT Borrowings

-

-

-1.8

-0.4

-

    Rep/LT For Curr Borr

-

0.0

0.0

0.0

0.0

    Dividends Paid

-110.3

-191.6

-912.4

-1,015.6

-453.3

    Cash Inflow-Consol. Scope Change, FN

-

-

-0.8

-

-

Cash from Financing Activities

-180.0

17.5

-458.5

1,171.1

-407.2

 

 

 

 

 

 

Net Change in Cash

27.8

-822.3

1,173.8

-229.3

-71.0

 

 

 

 

 

 

Net Cash - Beginning Balance

710.7

1,466.1

526.5

853.0

900.8

Net Cash - Ending Balance

738.5

643.8

1,700.3

623.6

829.9

 

Business Segments

 

Financials in: As Reported (mil)

Annual            

           

             

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

15,005.2

84 %

11,648.6

84.7 %

18,028.9

85.9 %

13,956.2

85.1 %

Lubrication Segment

1,534.3

8.6 %

1,007.9

7.3 %

1,653.9

7.9 %

1,190.7

7.3 %

Petrochemistry Segment

1,332.2

7.5 %

1,094.7

8 %

1,310.6

6.2 %

1,243.2

7.6 %

Segment Total

17,871.7

100 %

13,751.2

100 %

20,993.4

100 %

16,390.1

100 %

Consolidated Total

17,871.7

100 %

13,751.2

100 %

20,993.4

100 %

16,390.1

100 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

5,081.0

67.7 %

3,832.9

66.3 %

5,258.1

68.1 %

4,138.7

68 %

Lubrication Segment

673.3

9 %

577.0

10 %

614.3

8 %

483.7

8 %

Petrochemistry Segment

1,750.0

23.3 %

1,371.2

23.7 %

1,853.4

24 %

1,460.4

24 %

Segment Total

7,504.2

100 %

5,781.1

100 %

7,725.7

100 %

6,082.9

100 %

Intercompany Eliminations

-7,504.2

-100 %

-5,781.1

-100 %

-7,725.7

-100 %

-6,082.9

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

20,086.2

79.2 %

15,481.5

79.3 %

23,287.0

81.1 %

18,094.9

80.5 %

Lubrication Segment

2,207.6

8.7 %

1,584.9

8.1 %

2,268.2

7.9 %

1,674.4

7.5 %

Petrochemistry Segment

3,082.2

12.1 %

2,465.9

12.6 %

3,164.0

11 %

2,703.7

12 %

Segment Total

25,376.0

100 %

19,532.3

100 %

28,719.2

100 %

22,473.0

100 %

Intercompany Eliminations

-7,504.2

-29.6 %

-5,781.1

-29.6 %

-7,725.7

-26.9 %

-6,082.9

-27.1 %

Consolidated Total

17,871.7

70.4 %

13,751.2

70.4 %

20,993.4

73.1 %

16,390.1

72.9 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

Depreciation   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

133.8

81.1 %

113.4

80.9 %

126.3

80.9 %

144.5

79.4 %

Lubrication Segment

6.8

4.2 %

5.0

3.6 %

5.0

3.2 %

8.2

4.5 %

Petrochemistry Segment

24.3

14.7 %

21.8

15.5 %

24.8

15.9 %

29.4

16.1 %

Segment Total

165.0

100 %

140.2

100 %

156.1

100 %

182.1

100 %

Consolidated Total

165.0

100 %

140.2

100 %

156.1

100 %

182.1

100 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

342.7

47.6 %

-22.3

-7.8 %

909.9

71.6 %

743.5

63.7 %

Lubrication Segment

322.5

44.8 %

149.2

51.8 %

299.3

23.6 %

295.0

25.3 %

Petrochemistry Segment

55.3

7.7 %

161.0

55.9 %

60.8

4.8 %

128.5

11 %

Segment Total

720.5

100 %

287.9

100 %

1,270.0

100 %

1,167.0

100 %

Consolidated Total

720.5

100 %

287.9

100 %

1,270.0

100 %

1,167.0

100 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

1.7

-

-0.1

-

3.9

-

4.1

-

Lubrication Segment

14.6

-

9.4

-

13.2

-

17.6

-

Petrochemistry Segment

1.8

-

6.5

-

1.9

-

4.8

-

Segment Total

2.8

-

1.5

-

4.4

-

5.2

-

Consolidated Total

4.0

-

2.1

-

6.0

-

7.1

-

 

Long Lived Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

Refining Segment

2,859.5

88.7 %

2,194.8

87.9 %

1,169.6

84.7 %

1,383.6

82.2 %

Lubrication Segment

66.2

2.1 %

38.7

1.6 %

25.9

1.9 %

20.9

1.2 %

Petrochemistry Segment

299.8

9.3 %

262.1

10.5 %

185.2

13.4 %

278.3

16.5 %

Segment Total

3,225.5

100 %

2,495.6

100 %

1,380.7

100 %

1,682.8

100 %

Consolidated Total

3,225.5

100 %

2,495.6

100 %

1,380.7

100 %

1,682.8

100 %

Exchange Rate: KRW to USD

1,134.900000

 

1,164.475000

 

1,259.550000

 

936.050000

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.24

UK Pound

1

Rs.76.80

Euro

1

Rs.67.17

 

 

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.