MIRA INFORM
REPORT
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Report Date : |
15.09.2011 |
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Tel. No.: |
+82 2 3773 5279 |
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Fax No.: |
+82 2 3773 5415 |
IDENTIFICATION DETAILS
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Name : |
LG INTERNATIONAL CORP. |
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Registered Office : |
LG Twin Tower, 20,
Yeouido-Dong, Yeongdeungpoh-Gu, Seoul, 150-875 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.11.1953 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Miscellaneous Capital Goods |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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South Korea |
a1 |
a1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name & address
LG
International Corp.
LG Twin Tower
20, Yeouido-Dong
Yeongdeungpoh-Gu
Seoul, 150-875
Korea, Republic of
Tel: 82-2-37735119
Fax: 82-2-37735836
Web: www.lgicorp.com
Synthesis
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Employees: |
655 |
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Company Type: |
Public Subsidiary |
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Corporate Family: |
33 Companies |
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Ultimate Parent: |
|||
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Traded: |
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Incorporation Date: |
26-Nov-1953 |
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Auditor: |
Ernst & Young LLP |
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Fiscal Year End: |
31-Dec-2010 |
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Reporting Currency: |
South Korean Won |
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Annual Sales: |
11,676.3 1 |
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Net Income: |
247.3 |
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Total Assets: |
3,295.8 2 |
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Market Value: |
2,075.6 |
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(08-Jul-2011) |
Business Description
LG INTERNATIONAL CORP. is engaged in the trading business.
It operates in four business divisions. Its energy and raw materials division
provides petroleum oils, gases, coals and nonferrous metals, and involves in
overseas plant projects. Its industrial material I division is engaged in the
marketing of information technology (IT) products, displays, heavy electrical
equipment and transmission equipment, as well as helicopters and helicopter
parts. Its industrial material II division distributes plastic resins,
petrochemical and steel products. Its import and distribution division
distributes wine and Italian commercial car IVECO, including dump trucks and
tractors. For the fiscal year ended 31 December 2010, LG International Corp.'s
total revenues increased 31% to W13.501T. Net income totaled W286.00B, up from
W93.44B. Revenues reflect increased demand for the company's merchandise in
both foreign and domestic market. Net income also benefited from decreased
interest expense, increased gain on disposal of equity method securities and
increased gain under equity method.
Industry
Industry Miscellaneous Capital
Goods
ANZSIC 2006: 3739 - Other Goods Wholesaling Not
Elsewhere Classified
NACE 2002: 5147 - Wholesale of other
household goods
NAICS 2002: 42399 - Other Miscellaneous
Durable Goods Merchant Wholesalers
UK SIC 2003: 5147 - Wholesale of other
household goods
US SIC 1987: 5099 - Durable Goods, Not
Elsewhere Classified
Key Executives
Name Title
Yeong Bong Ha Co-Chief
Executive Officer, President, Director
Seong Huh Chief
Financial Officer, Managing Director
Myeong Jae Yoo Vice President
Bon Joon Koo Vice Chairman
& Chief Executive Officer
Hyung Gi Park Deputy General
Manager-Finance
Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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As of 31-Dec-2010 |
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Stock Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1156.282
2 - Balance Sheet Item Exchange Rate:
USD 1 = KRW 1134.9
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The Strategic Initiatives report is created using technology to extract
meaningful insights from analyst reports about a company's strategic projects
and investments. More about Strategic Initiatives
|
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In Jan 2010, the company entered into a contract with Hyundai
Engineering for development of gas treatment in resource-rich Turkmenistan
and the plant is worth USD 1.48 bn. In March 2010, the company agreed to
enter into a strategic partnership agreement with GEOPARK in a joint effort
to acquire oil blocks in South America. In April 2010, LG signed the acquisition
of NW Konys in
Kazakhstan from Galaz Energy B.V. It acquired 40% interest in the operating
company for the NW Konys, besides the rights of operations. In July 2010, LG
obtained approval for world's first CDM project from UN for new methodology
in the LCD field. It also built an SF6 abatement facility at a cost of 10
billion won at the LG Display Gumi Plant 6, and successfully conducted
test-operations early this year.GlobalData uses a range of research
techniques to gather and verify its information and analysis. |
|
Galaz is currently preparing plans for remedial action, most likely to
be cement squeeze and reperforation. Under the terms of the recently
announced sale and purchase agreement (SPA), further operations will wait
until the company's new partner, LG International, have reviewed and approved
the program. Before closing of the SPA which will be subject to various state
approvals, the parties have agreed to revise the operating company (Galaz and
Company LLP) constituent documents such that LG International will have
operational control of the sub-soil user contract.Mar 12, 2010LGI, GeoPark
Partner To Acquire, Develop Upstream Oil, Gas ProjectsLG
International (LGI) and oil and gas explorer and producer GeoPark have formed
a new strategic partnership to jointly Acquire and
develop upstream oil and gas projects in Latin America.The objective of the
LGI-GeoPark strategic growth partnership is to build a portfolio of upstream
opportunities and the intent is to leverage the platform and experience of
both partners to identify and carry out side-by-side acquisitions, initially
targeting upstream projects in the $100m-$500m range size. GeoPark will be
the manager of the partnership and operator ofAcquired
projects. |
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats |
Overview
LG International Corporation (LGI) is engaged in trading in commodities,
information technology products and services, consumer products and industrial
products. The company has a strong brand image in the global market and
operates business through diverse business verticals, in spite of declining
operating margins and liquidity. Though the company has risks associated with
economic slowdown and technology changes, the growing IT services market and its
strategic acquisitions ensure top line growth.
Strengths
Government Contracts
The company’s contracts provide it the potential to derive growth and
develop financial stability. In January 2010, the company and Hyundai
Engineering received a contract for the largest plant in resource-rich
Turkmenistan. The project for the gas treatment plant is worth of USD 1.48
billion from Turkmenistan’s state-owned company, which started in January
2010 and is forecast to end in Q3, 2012, in which LG and Hyundai undertake
engineering, procurement, and construction activities. After completion, the plant
is expected to produces 10bn cubic meters of natural gas annually through
desulfurization process, which is designed to remove sulfur from natural gas.
The prestigious government contract helps improve the company’s brand image
and market share.
The LG Group’s trading arm is LG International Corporation (LGI) and
it is the second largest trading company in Korea. The products and services of
the company have a strong brand image in the world market. The company won the
97th global brand award by BusinessWeek and Interbrand, a branding consultancy.
Recently, in Indonesia Best Brand Awards 2010, LG’s brand share was 2.0 with
the satisfaction index of 92.9. The company’s brand value reported for 28.6
in 2010, whereas HP Notebooks won the Indonesia Best Brand Award 2010 with a
brand value of 54.2 in 2010. Such strong branding can increase and strengthen
the company’s portfolio and revenue.
Diversified Portfolio
The company is engaged in the trading business with several products in
various sectors, resource development and import distribution. The company
generates revenue from all the sectors in which it operates. The company trades
in commodities such as metals and coal, petrochemicals, industry products and
IT products. The industrial products include aviation and machinery. The
company’s IT products include digital equipment and optical equipment such as
camera accessories, digital cameras and memory cards. The company also provides
display products such as LCD, PDP TVs, LCD panels, electron guns and shadow
masks. The company is also engaged in engineering and procurement and
construction. The diversified portfolio of the company provides it a
competitive advantage.
Weaknesses
Declining Market Share in Sector
The company's compound annual growth rate (CAGR) for revenue was -1.24%
during 2005-2009. This was below the S&P 500 companies average* of 12.74%.
A lower than S&P 500 companies average* revenue CAGR may indicate that the
company has performed below the S&P 500 companies’ average 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.
Limited Liquidity
LG has limited liquidity, which represents the company’s weak
operational performance. In 2009, the company reported a decreased current
ratio of 1.02 times as compared to 1.04 times in 2008. This was below the
S&P 500 companies average* of 1.46. A lower than S&P 500 companies
average* current ratio indicates that the company is in a weaker financial
position than other companies in the S&P 500 index. Similarly, the
company’s quick ratio dropped down to 0.76 times in 2009 as compared to 0.79
times in 2008, and its cash ratio decreased to 0.08 times as compared to 0.11
times in 2008. The decreasing ratios represent weak liquidity and performance
of the company. The performance of the company largely depends upon the cash
reserves and its ability to generate cash from operations.
The company displayed declining operating margins in fiscal year 2009,
which may affect its financial position. The company’s operating margin
decreased to 1.8% in 2009 as compared to 1.85% in 2008. This was below the
S&P 500 companies average* of 7.26%. A lower than S&P 500 companies
average* operating margin may indicate inefficient cost management or a weak
pricing strategy by the company. The operating margin decreased 5 bps over
2008, which may indicate management's low focus on profitability. In addition,
the company’s cost ratio such as operating costs and administration costs
increased over last fiscal. In 2009, the company’s operating costs increased
to 98.20% as compared to 98.14% in 2008, and its administration costs increased
to 3.96% in 2009 as compared to 3.70% in 2008. Decreasing margins and
increasing costs represent the operational inefficiency of LGI, which affects
its top line growth.
Opportunities
Raising
Demand for Consumer Electronics
The company trades in consumer electronics products and components. The
demand for global consumer electronics products is increasing year-on-year and
the market is expected to reach USD 233.8 billion by the end of fiscal year
2011. The consumer electronics market, by the year end 2011, could reach USD 79
billion. The consumer electronics market’s annual growth is expected to be
5.9 % till 2011. The market for global consumer electronics could increase
34.4% by the end of the year 2012. The consumer electronics market is expected
to increase year-on-year which can increase the revenues of the company.
The company focuses on acquisitions that complement its existing
businesses. In this direction, in April 2010, the company signed a Sale and
Purchase Agreement with Galaz Energy B.V. to acquire a 40% interest in
operating company for the NW Konys, Galaz and Company LLP, as well as all
rights of operation. The acquisition adds to LGI’s total Exploration and
Production assets in Kazakhstan, taking them to five (LGI’s existing blocks
are ADA, Block8, Egizkara, and Zhambyl), and facilitates production volume of
1,600 barrels of oil per day and increase to 3,800 barrels of oil per day.
Earlier, in 2008, the company secured 70% equity in the copper and zinc
combined mine to acquire a dominant managerial right. Strategic acquisitions
such as these enhance its product portfolio and global reach.
The company could benefit from the positive long-term outlook for IT
services market. According to IDC, IT spending is expected to make a complete
recovery by 2012, at an expected growth rate of 6%. Demand for IT services is
likely to come from financial services, healthcare, communications and media.
According to Gartner, worldwide IT spending is expected to reach USD 3.4
trillion in 2010, reflecting an increase of 4.6% over that in 2009. Moreover,
the global IT market is expected to expand nearly 30% over the next few years.
The demand for green IT services, driven by companies trying to improve their
cost efficiencies, is projected to be about USD 4.8 billion by 2013. The demand
for three major segments of the IT market, namely, hardware, software, and
services, is expected to reach USD 562 billion, USD 327 billion and USD 587
billion respectively in 2010, due to an increase in demand for servers,
peripherals and storage, and networking equipment. Thus, the company could
capitalize on the growing global IT services market, which could enhance its
revenue and strengthen its market position.
Threats
Rapid Technological Changes
The company's offerings are characterized by rapid technological
changes, which may affect its business operations. To compete effectively with
its peers, the company should continually introduce new products that exceed
the customers’ requirements. The introduction of products using new
technologies or the adoption of new industry standards can make existing
products, or products under development, obsolete or unmarketable. Inability to
study the evolving technological landscape may impact the company’s
competitive position.
Global Economic Slowdown
The global economic slowdown, which began in 2008 spread to all corners
of the world, could impact the business operations of the company. According to
the World Bank, the global GDP contracted an estimated 2.2% in 2009. During
2009, developing economies presented a mixed bag, with economies in Eastern
Europe and Central Asia contracting 6.2%, which was duly negated by the
resilience shown by economies in East Asia and Pacific region, particularly China
– growing an estimated 6.8%, and India, stable at 5.7%. However, developed
economies dragged the global economy down with Japan and the US leading the
pack. GDP was expected to weaken in 2009 by 3% per annum in the US. However,
the global output is expected to expand 2.7% in 2010, and 3.2% in 2011 - still
below the 5% generated in 2007. Such a weak economic outlook across the
company’s key markets could negatively impact the demand for the company’s
products.
Political Environment
The company operates its business in Korea. The Korean political
environment is becoming uncertain each year. The political relations between
North Korea and South Korea are adverse. The level of strain in their relations
increased year-on- year. The increase in tension causes break-down in contacts
and leads to an outbreak in military hostilities. The company exports all of
its products. Hence, any increase in the strain in relations between the two
countries can influence the company’s financial position and operations.
Corporate
Family
Corporate Structure News:
Total Corporate Family Members: 33
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Miscellaneous Financial Services |
|
160,000 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Electronic Instruments and Controls |
22,063.4 |
32,321 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Computer Networks |
1,440.6 |
5,875 |
|
|
Subsidiary |
Kyeyang-gu |
Korea, Republic of |
Engineering Consultants |
|
300 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Personal and Household Products |
2,444.5 |
3,200 |
|
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Subsidiary |
Seoul |
Korea, Republic of |
Biotechnology and Drugs |
294.9 |
1,273 |
|
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Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
11,676.3 |
655 |
|
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Joint Venture |
Hong Kong, Hong Kong |
Hong Kong |
Miscellaneous Capital Goods |
|
165 |
|
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Subsidiary |
Kumi, Kyongbuk-do |
Korea, Republic of |
Electronic Instruments and Controls |
|
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Subsidiary |
Central, Hong Kong Island |
Hong Kong |
Miscellaneous Capital Goods |
|
100 |
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Subsidiary |
Bogota, Cundinamarca |
Colombia |
Chemical Manufacturing |
|
100 |
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Subsidiary |
Jakarta Selatan |
Indonesia |
Chemical Manufacturing |
|
100 |
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Subsidiary |
Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
100 |
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Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Fish and Livestock |
|
55 |
|
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Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
1,051.5 |
34 |
|
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Subsidiary |
Frankfurt am Main |
Germany |
Miscellaneous Capital Goods |
279.0 |
10 |
|
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Branch |
North Sydney, NSW |
Australia |
Consumer Financial Services |
|
2 |
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Subsidiary |
Tehran |
Iran |
Miscellaneous Capital Goods |
|
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Subsidiary |
Chaoyang District, Beijing |
China |
Miscellaneous Capital Goods |
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Subsidiary |
Buenos Aires, Buenos Aires |
Argentina |
Miscellaneous Capital Goods |
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Subsidiary |
Warsaw |
Poland |
Miscellaneous Capital Goods |
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Subsidiary |
Jeddah, Makkah |
Saudi Arabia |
Miscellaneous Capital Goods |
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Subsidiary |
Taipei |
Taiwan |
Miscellaneous Capital Goods |
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Subsidiary |
Gumi-si, Gyeongsangbuk-do |
Korea, Republic of |
Electronic Instruments and Controls |
258.3 |
450 |
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Subsidiary |
Pusan, Pusan |
Korea, Republic of |
Consumer Financial Services |
|
170 |
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Subsidiary |
Kwangju-gun, Kyonggi-do |
Korea, Republic of |
Recreational Activities |
|
140 |
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Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Business Services |
|
100 |
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Subsidiary |
Willich, Nordrhein-Westfalen |
Germany |
Audio and Video Equipment |
2,772.5 |
65 |
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Subsidiary |
Seoul |
Korea, Republic of |
Computer Services |
2,018.6 |
|
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Subsidiary |
Seoul |
Korea, Republic of |
Communications Equipment |
708.6 |
|
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Subsidiary |
Mapo-Gu |
Korea, Republic of |
Computer Hardware |
1.0 |
|
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Subsidiary |
Bangalore |
India |
Software and Programming |
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Subsidiary |
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Executives Report
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Significant
Developments
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Corporate news
Mongolia Tavan Tolgoi Consortium Membership
Still Under Discussion
Nikkei English News: 11 July 2011
[What follows is the full text of the news story.]
By Gurdeep Singh
Of DOW JONES
NEWSWIRES
SINGAPORE (Dow
Jones)--Mongolia's annual wrestling and archery festival this week has delayed
approvals on the development of the country's Tavan Tolgoi coal deposits, but
Japanese and South Korean negotiators now in Ulan Bator can go into talks with
a certain optimism they will eventually get a slice of the estimated $7.3
billion project.
The July 11-12
timing of the Naadam celebrations, which this year mark the 805th anniversary
of the Mongol Empire and which are one of the highlights of the Mongolian
calendar, means parliament didn't have enough time in its summer session to
debate and approve the project.
The rights to
operate Tavan Tolgoi mines are being hotly contested as they cover one of the
world's largest untapped coal reserves--6.4 billion metric tons.
The site is 270
kilometers from the Chinese border, deep in the Gobi desert, and the western
half of the reserve being offered to developers contains much of the highly
prized 1.8 billion tons of coking coal reserves known to be in the area.
However, people
familiar with the process don't rule out the possibility the government may call
a supplementary session to push the deal through ahead of parliament's normal
late-September restart.
A week ago, Ulan
Bator announced a list of winning companies, after earlier whittling them down
to a six-name-strong shortlist. But it left out names of Japanese and Korean
companies jointly bidding with some of the winners, causing some confusion and
prompting a public condemnation by Seoul, which called the process "not
fair".
Mongolia has a
history of taking time on major contracts. It has only been about two years
since formal talks began on Tavan Tolgoi and it will take years to develop the
project, but what is becoming more evident is that there likely will be a lot
more companies involved than confirmed by the government so far.
Ivanhoe Mines Ltd.
(IVN) spent more than six years negotiating its concession to exploit large
Mongolian copper deposits at Oyu Tolgoi.
"I can just
say one thing that negotiations are still going [on], nothing [is]
finalized," Erdenes MGL LLC Executive Director B. Enebish told Dow Jones
Newswires Monday via a text message. State-run Erdenes MGL is in charge of the
Tavan Tolgoi project and negotiations with bidders.
It still isn't
clear who is in and who is out, however. The government named three winners
last week, including China'sShenhua International Ltd. (SHU.AU) and the U.S.'s
Peabody Energy Corp. (BTU).
The makeup of the
third winning partner--a Russian-Mongolian consortium of unnamed companies--is
slowly beginning to emerge. People familiar with negotiations say it includes
Japanese and Korean companies which had been in the shortlist.
An executive with
Industrial Corporation of Mongolia confirmed that ICM was part of the
consortium along with OSO Russian Railway, but declined to provide names of
other members, saying negotiations between them were still ongoing.
An executive with
state-run Korea Resources Corp., or Kores, said Monday that companies from
Japan and South Korea are still part of the Russian Railway consortium that won
a 36% stake in the project--split equally between the Russian and Mongolian
sides. Partnership with Korean and Japanese end-users and traders is important
for Russia's plan to become a primary export hub for Mongolian coal.
Japan's
involvement seems likely for another reason--Mitsui & Co. (MITSY), which
had submitted a joint bid with Shenhua, is still planning to work with its
Chinese partner on the project, an executive with the company told Agence
France-Presse last week. Shenhua got a 40% stake in the project with the
remaining 24% going to Peabody.
While China is
expected to buy much of the coal, the Mongolian government wants to develop a
railway network to link the reserve to Russia, from where coal can be exported
to Japan, South Korea and elsewhere.
In the first phase
of this, Mongolia is building a 1,000-kilometer railway line from Tavan Tolgoi
to Choibalsan in the country's northeast so that it connects with a
cross-border line to Russia.
The original
Korea-Japan-Russia consortium was made up of multiple Korean companies
including state-run Kores, state utility Korea Electric Power Corp.
(015760.SE), steel giant Posco (005490.SE), Daewoo International Corp.
(047050.SE) and LG International Corp. (001120.SE).
On the Japanese
side, the consortium included Itochu Corp. (ITOCY), Sumitomo Corp. (SSUMY),
Marubeni Corp. (MARUY) and Sojitz Corp (2768.TO).
-By Gurdeep Singh,
Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
-- Min-Jeong Lee
in Seoul contributed to this article.
TALK BACK: We
invite readers to send us comments on this or other financial news topics.
Please email us at TalkbackAsia@dowjones.com. Readers should include their full
names, work or home addresses and telephone numbers for verification purposes.
We reserve the right to edit and publish your comments along with your name; we
reserve the right not to publish reader comments.
GeoPark
sees production grow 10% in H1
BNamericas (English): 07 July 2011
[What follows is the full text of the news story.]
UK-listed GeoPark
(AIM: GPK) saw production rates from its southern Chilean operations grow by
over 10% in the first half to 8,000boe/d by the end of June, the company
announced in an operations update.
Production
averaged around 6,400boe/d in the period, of which around 1,600b/d came in the
form of oil and the remainder gas.
So far this year
the firm has spudded nine separate wells. Oil and gas production has been
brought online from four of the wells in the Springhill and Tobifera formations
on the Fell block.
Testing has begun
or is ongoing at another three wells, while two more are in the process of
being drilled.
The firm plans to
drill between 26 and 30 wells this year primarily on the Fell block. Seismic
surveys have been undertaken on the nearby Tranquilo and Otway licenses, with
drilling work in the pipeline for later this year or early 2012.
GeoPark currently
holds shares in three licenses in Chile and two more in neighboring Argentina.
In May, the firm sold 10% of its Chilean interests to Korean conglomerate LG
International in a deal worth US$70mn.
According to the
operations update, the firm is in the process of identifying future expansion
operations in other parts of Latin America in partnership with the Asian giant.
Nikkei English News: 06 July 2011 [What follows is the full text of the
news story.]
-- Mine owner's
comments add to confusion on coal project
-- Lack of clarity
on winners and procedures provokes South Korea's ire
-- Mongolia needs
delicate balancing act between giant neighbors
-- Russia has
railways trump cards
(Adds quote from
Mongolian government source on negotiations in 10th-11th paragraphs)
By Gurdeep Singh
Of DOW JONES
NEWSWIRES
SINGAPORE -(Dow
Jones)- Two days after the Mongolian government named winners of the contract
to develop the huge Tavan Tolgoi coal project, the head of the state-run
company whose subsidiary owns the project said negotiations are still on and a
deal hasn't been finalized yet.
The comment from
Erdenes further clouds an already murky situation, as the identities of
companies in the winning Chinese and Russian consortia remain unclear. Some
bidders are saying they have not been officially told of the outcome and the
South Korean government has openly questioned the fairness of the selection
process.
The development of
one of the world's largest untapped coal deposits has been fraught with
uncertainty from the start. The government initially planned an outright sale
of part of the mines to developers, but later decided to keep the ownership and
invite bids from prospective operators.
"We are still
in negotiations. It's not yet finalized. Nothing is finalized," B.
Enebish, executive director of Erdenes MGL LLC, the parent of Erdenes Tavan
Tolgoi LLC, told Dow Jones Newswires by phone.
The Mongolian
government said in a statement Monday that it had selected U.S., Chinese and
Russian companies from a shortlist of six consortia to develop part of the
Tavan Tolgoi coal reserve.
In the statement,
it didn't mention Japanese or South Korean companies, which were among the six
groups short-listed.
The winners named
by the government are U.S. coal company Peabody Energy Corp. (BTU),
China'sShenhua International Ltd. (SHU.AU) and a Russian-Mongolian group, the
statement said.
The reaction from
Seoul was strong, with the South Korean government issuing a blunt statement
Tuesday describing the process as "not fair."
Mongolia's
announcement, excluding companies from both Korea and Japan, was released
"without any kind of consultation with the [Korean] consortium
companies," it said.
A senior Mongolian
government official familiar with the situation said the government was still
talking to the three companies--Peabody, Shenhua Group, and the Russian
company--to finalize the details as some them were leading consortia of
Japanese and South Korean companies.
"Mongolia
government is negotiating with only three parties. So the government doesn't
really need to know who the other consortium partners are," the official
said.
The mining rights
for Tavan Tolgoi are hotly contested as it holds one of the world's largest
untapped coal reserves, of 6.4 billion metric tons, and sits next to the
world's largest coal consumer, China. The mines are located just 270 kilometers
from the Chinese border, in the Gobi desert.
The Tsankhi
deposits, the western half of which is being offered to developers, contain much
of the highly prized 1.8 billion tons of coking coal reserves in the area--a
key ingredient in making steel.
The landlocked
country relies on its large neighbours--China and Russia--for much of its
foreign trade and crucial imports., although it is keen to avoid falling under
the influence of either.
While China is
expected to buy much of the coal, the Mongolian government wants to develop a
railway network to link the deposits to Russia, from where the coal can be
exported to consumers in Japan, South Korea and elsewhere.
The closest major
Russian port to the mines is more than 5,000 kilometers away, though, while
China'sTianjin port is the nearest, at 1,570 kilometers.
Russia has two
trump cards in the transportation issue--Russia Railways owns 50% of Ulaan
Bator Railways, whose 1,815-kilometer network within Mongolia accounts for 60%
of the total freight transport.
Also, Mongolian
and Russian railway networks are easily connectible because they share a common
broad-gauge design, different from China's narrow-gauge tracks.
Even so, a halt in
supplies of diesel from Russia to Mongolia forced the country to suspend
extensive parts of its rail services in June. Mongolia has no refineries and
imports 90% of its oil products from Russia.
Although no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium involving Mitsui & Co. (MITSY, 8031.TO) were also
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE).
On the Japanese
side, the consortium included Itochu Corp. (8001.TO), Sumitomo Corp. (8053.TO,
SSUMY), Marubeni Corp. (8002.TO), Sojitz Corp (2768.TO). OAO Russian Railways
was the Russian partner.
-By Gurdeep Singh,
Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
--P.R. Venkat
contributed to this report
Nikkei English News: 06 July 2011
[What follows is the full text of the news story.]
-- Mine owner's
comments add to confusion on coal project
-- Lack of clarity
on winners and procedures provokes South Korea's ire
-- Mongolia needs
delicate balancing act between giant neighbors
-- Russia has
railways trump cards
(Adds background
and analysis throughout, information on transport issues, recent problems with
fuel supplies from Russia)
By Gurdeep Singh
Of DOW JONES
NEWSWIRES
SINGAPORE -(Dow
Jones)- Two days after the Mongolian government named winners of the contract
to develop the huge Tavan Tolgoi coal project, the head of the state-run
company whose subsidiary owns the project said negotiations are still on and a
deal hasn't been finalized yet.
The comment from
Erdenes further clouds an already murky situation, as the identities of
companies in the winning Chinese and Russian consortia remain unclear, some
bidders are saying they have not been officially told of the outcome and the
South Korean government has openly questioned the fairness of the selection
process.
The development of
one of the world's largest untapped coal deposits has been fraught with
uncertainty from the start. The government initially planned an outright sale
of part of the mines to developers, but later decided to keep the ownership and
to invite bids from prospective operators.
"We are still
in negotiations. It's not yet finalized. Nothing is finalized," B.
Enebish, executive director of Erdenes MGL LLC, the parent of Erdenes Tavan
Tolgoi LLC, told Dow Jones Newswires by phone.
The Mongolian
government said in a statement Monday that it had selected U.S., Chinese and
Russian companies from a shortlist of six consortia to develop part of the
Tavan Tolgoi coal reserve.
In the statement,
it didn't mention Japanese or South Korean companies, which were among the six
groups shortlisted.
The winners named
by the government are U.S. coal company Peabody Energy Corp. (BTU),
China'sShenhua International Ltd. (SHU.AU) and a Russian-Mongolian group, the
statement said.
The reaction from
Seoul was strong, with the South Korean government issuing a blunt statement
Tuesday describing the process as "not fair."
Mongolia's
announcement, excluding companies from both Korea and Japan, was released
"without any kind of consultation with the [Korean] consortium
companies," it said.
The mining rights
for Tavan Tolgoi are hotly contested as it holds one of the world's largest
untapped coal reserves, of 6.4 billion metric tons, and sits next to the
world's largest coal consumer, China. The mines are located just 270 kilometers
from the Chinese border, in the Gobi desert.
The Tsankhi
deposits, the western half of which is being offered to developers, contain
much of the highly prized 1.8 billion tons of coking coal reserves in the
area--a key ingredient in making steel.
The landlocked
country relies on its large neighbours--China and Russia--for much of its
foreign trade and crucial imports., although it is keen to avoid falling under
the influence of either.
While China is
expected to buy much of the coal, the Mongolian government wants to develop a
railway network to link the deposits to Russia, from where the coal can be
exported to consumers in Japan, South Korea and elsewhere.
The closest major
Russian port to the mines is more than 5,000 kilometers away, though, while
China'sTianjin port is the nearest, at 1,570 kilometers.
Russia has two
trump cards in the transportation issue--Russia Railways owns 50% of Ulaan
Bator Railways, whose 1,815-kilometer network within Mongolia accounts for 60%
of the total freight transport.
Also, Mongolian
and Russian railway networks are easily connectible because they share a common
broad-gauge design, different from China's narrow-gauge tracks.
Even so, a halt in
supplies of diesel from Russia to Mongolia forced the country to suspend
extensive parts of its rail services in June. Mongolia has no refineries and
imports 90% of its oil products from Russia.
Although no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the government
itself, possibly funded through an initial public offering.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium involving Mitsui & Co. (MITSY, 8031.TO) were also
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE).
On the Japanese
side, the consortium included Itochu Corp. (8001.TO), Sumitomo Corp. (8053.TO,
SSUMY), Marubeni Corp. (8002.TO), Sojitz Corp (2768.TO). OAO Russian Railways
was the Russian partner.
-By Gurdeep Singh,
Dow Jones Newswires; 65-6415 4064; gurdeep.singh@dowjones.com
WSJ(7/6) Mongolia Taps US Miner
Nikkei English News: 05 July 2011
[What follows is the full text of the news story.]
(From THE WALL STREET JOURNAL)
By P.R. Venkat and
Gurdeep Singh
SINGAPORE -- The
Mongolian government selected a consortium of U.S., Chinese and Russian
interests to develop one of the world's largest unexplored reserves of coking
coal, reflecting the country's need to balance its political and economic
interests.
The consortium,
which includes U.S. coal company Peabody Energy Corp., China'sShenhua
International Ltd. and an unidentified Russian-Mongolian group, will develop
roughly half the Tavan Tolgoi coal deposits. The government plans to develop
the rest with contract miners.
The consortium's
makeup appeared designed to appease land-locked Mongolia's two immediate
neighbors, Russia and China, while offering something to the U.S., which
democratic Mongolia considers a political ally.
Peabody, the
largest U.S. coal producer by output, will hold 24% of the consortium. Shenhua,
China's largest coal producer by revenue, will have 40%. A Russian-led group
that includes Mongolian interests will have the remaining 36%, the Mongolian
government said Tuesday.
Peabody said it is
working with the government to agree on definitive terms. The final agreement
will be subject to approval by Mongolian regulators and lawmakers, the company
said. Shenhua Group wasn't available for comment.
South Korea said
Mongolia's bidding process was "not fair" and that Seoul will seek
the details behind Mongolia's announcement.
State-run Korea
Resources Corp., state utility Korea Electric Power Corp., steelmaker Posco,
trading companies Daewoo International Corp. and LG International Corp. were
part of a bidding consortium that included a number of Japanese companies.
Other bidders included miners Vale SA of Brazil and Xstrata PLC of Switzerland,
Luxembourg-based steelmaker ArcelorMittal and Japanese trading company Mitsui
& Co.
In addition to
producing coking coal, which is used in making steel, the Tavan Tolgoi project
is expected to extract gasoline from coal, the Mongolian government said.
Tavan Tolgoi holds
an estimated reserve of 6.4 billion metric tons of coal that includes large
amounts of coking coal. The site is the world's second-largest coal deposit,
after the Shengli field in China, according to Raw Materials Group.
By allowing
strategic investors to develop the western Tsankhi area of Tavan Tolgoi,
Mongolia can reduce the amount of upfront money it needs for the project, a
major consideration, given the country's limited financial resources. Although
no official figures on investment costs have been released, analysts have
estimated that developing Tavan Tolgoi's western block will require about $7.3
billion.
Min-Jeong Lee
contributed to this article.
Nikkei English
News: 05 July 2011
[What follows is the full text of the news story.]
(Updates with comment from Peabody in fifth and sixth paragraphs)
--Mongolia picks Peabody, Shenhua, Russian consortium to develop Tavan
Tolgoi
--Tavan Tolgoi has estimated 6.4 billion metric tons of coal reserves
--Korean companies await notice from Mongolian government
--South Korean government says Mongolia's bidding process 'not fair'
By P.R. Venkat, Gurdeep Singh and Min-Jeong Lee
Of DOW JONES
NEWSWIRES
SINGAPORE -(Dow
Jones)- The Mongolian government has selected a consortium comprising U.S.
company Peabody Energy Corp. (BTU), China'sShenhua International Ltd. (SHU.AU),
as well as a Russian grouping to develop the Tavan Tolgoi coal mine, one of the
world's largest unexplored coking coal reserves.
The allocation of
the hotly contested development rights to Shenhua, Peabody and the Russian
grouping allows land-locked Mongolia to balance its interests and
internationalize the project, while also appeasing immediate neighbors China
and Russia, both big markets.
By bringing in
investors to help develop the mine, the government would reduce the amount of
money it needs to fork out upfront, a major consideration given Mongolia's
limited financial resources.
Peabody, the
largest U.S. coal producer by output, will hold a 24% share in the consortium,
while Shenhua, China's largest coal producer by revenue, will have 40%. The
Russian-led group will have the remaining 36%, with the Russian parties holding
18% and the Mongolian side the other 18%, according to a government statement.
Peabody confirmed
that it has been selected by the government of Mongolia to be part of a global
energy consortium to develop the Tavan Tolgoi coking coal reserve in the South
Gobi region.
"Peabody
continues to work with the government and other parties to reach agreement on
definitive terms and conditions," the U.S. company said in a statement.
"Agreements would then be submitted for consideration and approval by
government agencies and Parliament."
Shenhua Group
wasn't immediately available for comment.
The Tavan Tolgoi
project involves mining coking coal as well as taking out gasoline from coal,
the Mongolian government statement said.
The massive Tavan
Tolgoi project has an estimated 6.4 billion metric tons of coal reserves,
including large quantities of coking coal, an essential ingredient in steel
making. It is the world's second-largest coal deposit, after the Shengli field
in China, according to data provider Raw Materials Group.
The Mongolian
government is giving strategic investors a chance to develop roughly half the
deposit, in the western Tsankhi area of Tavan.
Although, no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
The race to secure
rights to operate the resource-rich Tavan Tolgoi underscores the rapid
industrialization of Asia, especially China and India, which has prompted
mining companies and other investors to seek coking coal supplies.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium involving Mitsui & Co. (MITSY, 8031.TO) were also
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE). On the Japanese side, the consortium included Itochu Corp.
(8001.TO), Sumitomo Corp. (8053.TO, SSUMY), Marubeni Corp. (8002.TO), Sojitz
Corp (2768.TO). OAO Russian Railways was the Russian partner.
Kores, Posco and
LG International said they have yet to receive official notice that their bids
have been rejected. Kepco and Daewoo International couldn't immediately be
reached.
It wasn't
immediately clear whether the Russian grouping picked to develop Tavan Tolgoi
included any of the Korean or Japanese companies.
In response to the
Mongolia government's statement, the South Korean government said Mongolia's
bidding process was "not fair," and that it will seek the details and
background behind Mongolia's announcement.
Mongolia had
requested the six bidding teams in April, to create a "grand
consortium," the Ministry of Knowledge Economy, also known as the commerce
ministry, said in a statement late Tuesday.
Following
Mongolia's request, the teams were working towards creating such a consortium,
but Mongolia's announcement, excluding companies from both Korea and Japan, was
released "without any kind of consultation with the (Korean) consortium
companies," the statement said.
Mongolia is
planning to build a 1,000-kilometer railroad from its vast, untapped Tavan
Tolgoi coal deposit to Choibalsan in the country's east to connect it with
Russia. That's despite Tavan Tolgoi, which contains over 6 billion tons of
coal, being much closer to the Chinese border.
The statement from
the Mongolian government said that Shenhua, Peabody and the Russian consortium
picked have agreed to make a payment of $500 million in the first phase of the
project, and another $500 million later.
Last month,
Mongolian Prime Minister Sukhbaatar Batbold said the government will retain the
ownership of the project and that his government was keen to create
infrastructure to link the project to Russia and China.
People familiar
with the situation have said that the Mongolian government had already started
work on the development of railway links to the project in a bid to tap export
markets other than China.
OsterDowJones: 05
July 2011
[What follows is the full text of the news story.]
Jul 05, 2011 (Dow Jones Commodities News via Comtex) -- (Updates with
comment from Peabody in fifth and sixth paragraphs)
--Mongolia picks Peabody, Shenhua, Russian consortium to develop Tavan
Tolgoi
--Tavan Tolgoi has estimated 6.4 billion metric tons of coal reserves
--Korean companies await notice from Mongolian government
--South Korean government says Mongolia's bidding process 'not fair'
By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee
Of DOW JONES NEWSWIRES
SINGAPORE (Dow
Jones)--The Mongolian government has selected a consortium comprising U.S.
company Peabody Energy Corp. (BTU), China'sShenhua International Ltd. (SHU.AU),
as well as a Russian grouping to develop the Tavan Tolgoi coal mine, one of the
world's largest unexplored coking coal reserves.
The allocation of
the hotly contested development rights to Shenhua, Peabody and the Russian
grouping allows land-locked Mongolia to balance its interests and
internationalize the project, while also appeasing immediate neighbors China
and Russia, both big markets.
By bringing in
investors to help develop the mine, the government would reduce the amount of
money it needs to fork out upfront, a major consideration given Mongolia's
limited financial resources.
Peabody, the
largest U.S. coal producer by output, will hold a 24% share in the consortium,
while Shenhua, China's largest coal producer by revenue, will have 40%. The
Russian-led group will have the remaining 36%, with the Russian parties holding
18% and the Mongolian side the other 18%, according to a government statement.
Peabody confirmed
that it has been selected by the government of Mongolia to be part of a global
energy consortium to develop the Tavan Tolgoi coking coal reserve in the South
Gobi region.
"Peabody
continues to work with the government and other parties to reach agreement on
definitive terms and conditions," the U.S. company said in a statement.
"Agreements would then be submitted for consideration and approval by
government agencies and Parliament."
Shenhua Group
wasn't immediately available for comment.
The Tavan Tolgoi
project involves mining coking coal as well as taking out gasoline from coal,
the Mongolian government statement said.
The massive Tavan
Tolgoi project has an estimated 6.4 billion metric tons of coal reserves,
including large quantities of coking coal, an essential ingredient in steel
making. It is the world's second-largest coal deposit, after the Shengli field
in China, according to data provider Raw Materials Group.
The Mongolian
government is giving strategic investors a chance to develop roughly half the
deposit, in the western Tsankhi area of Tavan.
Although, no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
The race to secure
rights to operate the resource-rich Tavan Tolgoi underscores the rapid
industrialization of Asia, especially China and India, which has prompted
mining companies and other investors to seek coking coal supplies.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium involving Mitsui & Co. (MITSY, 8031.TO) were also
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE). On the Japanese side, the consortium included Itochu Corp.
(8001.TO), Sumitomo Corp. (8053.TO, SSUMY), Marubeni Corp. (8002.TO), Sojitz
Corp (2768.TO). OAO Russian Railways was the Russian partner.
Kores, Posco and
LG International said they have yet to receive official notice that their bids
have been rejected. Kepco and Daewoo International couldn't immediately be
reached.
It wasn't
immediately clear whether the Russian grouping picked to develop Tavan Tolgoi
included any of the Korean or Japanese companies.
In response to the
Mongolia government's statement, the South Korean government said Mongolia's
bidding process was "not fair," and that it will seek the details and
background behind Mongolia's announcement.
Mongolia had
requested the six bidding teams in April, to create a "grand
consortium," the Ministry of Knowledge Economy, also known as the commerce
ministry, said in a statement late Tuesday.
Following
Mongolia's request, the teams were working towards creating such a consortium,
but Mongolia's announcement, excluding companies from both Korea and Japan, was
released "without any kind of consultation with the (Korean) consortium
companies," the statement said.
Mongolia is
planning to build a 1,000-kilometer railroad from its vast, untapped Tavan
Tolgoi coal deposit to Choibalsan in the country's east to connect it with
Russia. That's despite Tavan Tolgoi, which contains over 6 billion tons of
coal, being much closer to the Chinese border.
The statement from
the Mongolian government said that Shenhua, Peabody and the Russian consortium
picked have agreed to make a payment of $500 million in the first phase of the
project, and another $500 million later.
Last month,
Mongolian Prime Minister Sukhbaatar Batbold said the government will retain the
ownership of the project and that his government was keen to create
infrastructure to link the project to Russia and China.
People familiar
with the situation have said that the Mongolian government had already started
work on the development of railway links to the project in a bid to tap export
markets other than China.
-By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com
--Diana Kinch in
Rio de Janeiro contributed to this article.
(END) Dow Jones
Newswires
07-05-111443ET
CORRECT: Mongolia Picks Developers For Tavan
Tolgoi Coal Project(1)
Nikkei English News: 05 July 2011
[What follows is the full text of the news story.]
("2nd UPDATE:
Mongolia Picks Developers For Tavan Tolgoi Coal Project," at 9:13 a.m. EDT
misstated the amount of Mongolia's coking coal reserves in the seventh
paragraph. The error was also made in an original version of the story at 5:51
a.m. EDT and a first update at 8:06 a.m EDT. The correct version follows:)
--Mongolia picks
Peabody, Shenhua, Russian consortium to develop Tavan Tolgoi
--Tavan Tolgoi has
estimated 6.4 billion metric tons of coal reserves
--Korean companies
await notice from Mongolian government
--South Korean
government says Mongolia's bidding process 'not fair'
By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee
Of DOW JONES
NEWSWIRES
SINGAPORE (Dow
Jones)--The Mongolian government has selected a consortium comprising U.S.
company Peabody Energy Corp. (BTU), China'sShenhua International Ltd. (SHU.AU),
as well as a Russian grouping to develop the Tavan Tolgoi coal mine, one of the
world's largest unexplored coking coal reserves.
The allocation of
the hotly contested development rights to Shenhua, Peabody and the Russian
grouping allows land-locked Mongolia to balance its interests and
internationalize the project, while also appeasing immediate neighbors China
and Russia, both big markets.
By bringing in
investors to help develop the mine, the government would reduce the amount of
money it needs to fork out upfront, a major consideration given Mongolia's
limited financial resources.
Peabody, the
largest U.S. coal producer by output, will hold a 24% share in the consortium,
while Shenhua, China's largest coal producer by revenue, will have 40%. The
Russian-led group will have the remaining 36%, with the Russian parties holding
18% and the Mongolian side the other 18%, according to a government statement.
Shenhua Group and
Peabody weren't immediately available for a comment.
The Tavan Tolgoi
project involves mining coking coal as well as taking out gasoline from coal,
the statement said.
The massive Tavan
Tolgoi project has an estimated 6.4 billion metric tons of coal reserves. It
also has large quantities of coking coal, an essential ingredient in steel
making. It is also the world's second-largest coal deposit, after the Shengli
field in China, according to data provider Raw Materials Group.
The Mongolian
government is giving strategic investors a chance to develop roughly half the
deposit, in the western Tsankhi area of Tavan.
Although, no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
The race to secure
rights to operate the resource-rich Tavan Tolgoi underscores the rapid
industrialization of Asia, especially China and India, which has prompted
mining companies and other investors to seek coking-coal supplies.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium of Mitsui & Co. (MITSY, 8031.TO) were the other companies
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE). On the Japanese side, the consortium included Itochu Corp.
(8001.TO), Sumitomo Corp. (8053.TO, SSUMY), Marubeni Corp. (8002.TO), Sojitz
Corp (2768.TO). OAO Russian Railways, was the Russian partner.
Kores, Posco and
LG International said they have yet to receive official notice that their bids
have been rejected. Kepco and Daewoo International couldn't immediately be
reached.
It wasn't
immediately clear whether the Russian grouping picked to develop Tavan Tolgoi
included any of the Korean or Japanese companies.
In response to the
Mongolia government's statement, the South Korean government said Mongolia's
bidding process was "not fair," and that it will seek the details and
background behind Mongolia's announcement.
Mongolia had
requested the six bidding teams in April, to create a "grand
consortium," the Ministry of Knowledge Economy, also known as the commerce
ministry, said in a statement late Tuesday.
Following
Mongolia's request, the teams were working towards creating such a consortium,
but Mongolia's announcement, excluding companies from both Korea and Japan, was
released "without any kind of consultation with the (Korean) consortium
companies," the statement said.
Mongolia is
planning to build a 1,000-kilometer railroad from its vast, untapped Tavan
Tolgoi coal deposit to Choibalsan in the country's east to connect it with
Russia. That's despite Tavan Tolgoi, which contains over 6 billion tons of
coal, being much closer to the Chinese border.
The statement from
the Mongolian government said that Shenhua, Peabody and the Russian consortium
picked have agreed to make a payment of $500 million in the first phase of the
project, and another $500 million later.
Last month,
Mongolian Prime Minister Sukhbaatar Batbold said the government will retain the
ownership of the project and that his government was keen to create an
infrastructure to link the project to Russia and China.
People familiar with the situation have said that the Mongolian
government had already started some work on the development of railway links to
the project in a bid to tap exports markets other than China.
-By P.R. Venkat, Gurdeep Singh and Min-Jeong Lee, Dow Jones Newswires;
+65 64154 152; venkat.pr@dowjones.com
OsterDowJones: 05 July 2011
[What follows is the full text of the news story.]
Jul 05, 2011 (Dow
Jones Commodities News via Comtex) -- ("2nd UPDATE: Mongolia Picks
Developers For Tavan Tolgoi Coal Project," at 9:13 a.m. EDT misstated the
amount of Mongolia's coking coal reserves in the seventh paragraph. The error
was also made in an original version of the story at 5:51 a.m. EDT and a first
update at 8:06 a.m EDT. The correct version follows:)
--Mongolia picks
Peabody, Shenhua, Russian consortium to develop Tavan Tolgoi
--Tavan Tolgoi has
estimated 6.4 billion metric tons of coal reserves
--Korean companies
await notice from Mongolian government
--South Korean
government says Mongolia's bidding process 'not fair'
By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee
Of DOW JONES
NEWSWIRES
SINGAPORE (Dow
Jones)--The Mongolian government has selected a consortium comprising U.S.
company Peabody Energy Corp. (BTU), China'sShenhua International Ltd. (SHU.AU),
as well as a Russian grouping to develop the Tavan Tolgoi coal mine, one of the
world's largest unexplored coking coal reserves.
The allocation of
the hotly contested development rights to Shenhua, Peabody and the Russian
grouping allows land-locked Mongolia to balance its interests and
internationalize the project, while also appeasing immediate neighbors China
and Russia, both big markets.
By bringing in
investors to help develop the mine, the government would reduce the amount of
money it needs to fork out upfront, a major consideration given Mongolia's
limited financial resources.
Peabody, the
largest U.S. coal producer by output, will hold a 24% share in the consortium,
while Shenhua, China's largest coal producer by revenue, will have 40%. The
Russian-led group will have the remaining 36%, with the Russian parties holding
18% and the Mongolian side the other 18%, according to a government statement.
Shenhua Group and
Peabody weren't immediately available for a comment.
The Tavan Tolgoi
project involves mining coking coal as well as taking out gasoline from coal,
the statement said.
The massive Tavan
Tolgoi project has an estimated 6.4 billion metric tons of coal reserves. It
also has large quantities of coking coal, an essential ingredient in steel
making. It is also the world's second-largest coal deposit, after the Shengli
field in China, according to data provider Raw Materials Group.
The Mongolian
government is giving strategic investors a chance to develop roughly half the
deposit, in the western Tsankhi area of Tavan.
Although, no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
The race to secure
rights to operate the resource-rich Tavan Tolgoi underscores the rapid
industrialization of Asia, especially China and India, which has prompted
mining companies and other investors to seek coking-coal supplies.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium of Mitsui & Co. (MITSY, 8031.TO) were the other companies
short-listed to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE). On the Japanese side, the consortium included Itochu Corp. (8001.TO),
Sumitomo Corp. (8053.TO, SSUMY), Marubeni Corp. (8002.TO), Sojitz Corp
(2768.TO). OAO Russian Railways, was the Russian partner.
Kores, Posco and
LG International said they have yet to receive official notice that their bids
have been rejected. Kepco and Daewoo International couldn't immediately be
reached.
It wasn't
immediately clear whether the Russian grouping picked to develop Tavan Tolgoi
included any of the Korean or Japanese companies.
In response to the
Mongolia government's statement, the South Korean government said Mongolia's
bidding process was "not fair," and that it will seek the details and
background behind Mongolia's announcement.
Mongolia had
requested the six bidding teams in April, to create a "grand
consortium," the Ministry of Knowledge Economy, also known as the commerce
ministry, said in a statement late Tuesday.
Following
Mongolia's request, the teams were working towards creating such a consortium,
but Mongolia's announcement, excluding companies from both Korea and Japan, was
released "without any kind of consultation with the (Korean) consortium
companies," the statement said.
Mongolia is
planning to build a 1,000-kilometer railroad from its vast, untapped Tavan
Tolgoi coal deposit to Choibalsan in the country's east to connect it with
Russia. That's despite Tavan Tolgoi, which contains over 6 billion tons of
coal, being much closer to the Chinese border.
The statement from
the Mongolian government said that Shenhua, Peabody and the Russian consortium
picked have agreed to make a payment of $500 million in the first phase of the
project, and another $500 million later.
Last month,
Mongolian Prime Minister Sukhbaatar Batbold said the government will retain the
ownership of the project and that his government was keen to create an infrastructure
to link the project to Russia and China.
People familiar
with the situation have said that the Mongolian government had already started
some work on the development of railway links to the project in a bid to tap
exports markets other than China.
-By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee, Dow Jones Newswires; +65 64154 152;
venkat.pr@dowjones.com
(END) Dow Jones Newswires
07-05-111038ET
Nikkei English News: 05 July 2011
[What follows is the full text of the news story.]
--Mongolia picks Peabody, Shenhua, Russian consortium to develop Tavan
Tolgoi
--Tavan Tolgoi has estimated 6.4 billion metric tons of coking coal
reserves
--Korean companies await notice from Mongolian government
--South Korean government says Mongolia's bidding process 'not fair'
(adds comments from the South Korean government in the 14th through 16th
paragraphs)
By P.R. Venkat, Gurdeep Singh and Min-Jeong Lee
Of DOW JONES
NEWSWIRES
SINGAPORE -(Dow
Jones)- The Mongolian government has selected a consortium comprising U.S. company
Peabody Energy Corp. (BTU), China'sShenhua International Ltd. (SHU.AU), as well
as a Russian grouping to develop the Tavan Tolgoi coal mine, one of the world's
largest unexplored coking coal reserves.
The allocation of
the hotly contested development rights to Shenhua, Peabody and the Russian
grouping allows land-locked Mongolia to balance its interests and
internationalize the project, while also appeasing immediate neighbors China
and Russia, both big markets.
By bringing in
investors to help develop the mine, the government would reduce the amount of
money it needs to fork out upfront, a major consideration given Mongolia's
limited financial resources.
Peabody, the
largest U.S. coal producer by output, will hold a 24% share in the consortium,
while Shenhua, China's largest coal producer by revenue, will have 40%. The
Russian-led group will have the remaining 36%, with the Russian parties holding
18% and the Mongolian side the other 18%, according to a government statement.
Shenhua Group and
Peabody weren't immediately available for a comment.
The Tavan Tolgoi
project involves mining coking coal as well as taking out gasoline from coal,
the statement said.
The massive Tavan
Tolgoi project has an estimated reserve of 6.4 billion metric tons of coking coal,
an essential ingredient in steel making. It is also the world's second-largest
coal deposit, after the Shengli field in China, according to data provider Raw
Materials Group.
The Mongolian
government is giving strategic investors a chance to develop roughly half the
deposit, in the western Tsankhi area of Tavan.
Although, no
official figures on investment costs have been released, analysts have
estimated that investments to the tune of $7.3 billion would be required to
develop Tavan's western block. The eastern block will be developed by the
government itself, possibly funded through an initial public offering.
The race to secure
rights to operate the resource-rich Tavan Tolgoi underscores the rapid
industrialization of Asia, especially China and India, which has prompted
mining companies and other investors to seek coking-coal supplies.
Brazil'sVale SA
(VALE, VALE5.BR), as well as Xstrata PLC (XTA.LN), ArcelorMittal (MT, MT.AE)
and a consortium of Mitsui & Co. (MITSY, 8031.TO) were the other companies short-listed
to bid for the project.
A
Korea-Japan-Russia consortium that also made the short list was made up of
multiple Korean companies including state-run Korea Resources Corp. or Kores,
state utility Korea Electric Power Corp. (015760.SE), steel giant Posco
(005490.SE), Daewoo International Corp. (047050.SE) and LG International Corp.
(001120.SE). On the Japanese side, the consortium included Itochu Corp.
(8001.TO), Sumitomo Corp. (8053.TO, SSUMY), Marubeni Corp. (8002.TO), Sojitz
Corp (2768.TO). OAO Russian Railways, was the Russian partner.
Kores, Posco and
LG International said they have yet to receive official notice that their bids
have been rejected. Kepco and Daewoo International couldn't immediately be
reached.
It wasn't
immediately clear whether the Russian grouping picked to develop Tavan Tolgoi
included any of the Korean or Japanese companies.
In response to the
Mongolia government's statement, the South Korean government said Mongolia's
bidding process was "not fair," and that it will seek the details and
background behind Mongolia's announcement.
Mongolia had
requested the six bidding teams in April, to create a "grand
consortium," the Ministry of Knowledge Economy, also known as the commerce
ministry, said in a statement late Tuesday.
Following
Mongolia's request, the teams were working towards creating such a consortium,
but Mongolia's announcement, excluding companies from both Korea and Japan, was
released "without any kind of consultation with the (Korean) consortium
companies," the statement said.
Mongolia is
planning to build a 1,000-kilometer railroad from its vast, untapped Tavan
Tolgoi coal deposit to Choibalsan in the country's east to connect it with
Russia. That's despite Tavan Tolgoi, which contains over 6 billion tons of
coal, being much closer to the Chinese border.
The statement from
the Mongolian government said that Shenhua, Peabody and the Russian consortium
picked have agreed to make a payment of $500 million in the first phase of the
project, and another $500 million later.
Last month,
Mongolian Prime Minister Sukhbaatar Batbold said the government will retain the
ownership of the project and that his government was keen to create an
infrastructure to link the project to Russia and China.
People familiar
with the situation have said that the Mongolian government had already started
some work on the development of railway links to the project in a bid to tap
exports markets other than China.
-By P.R. Venkat,
Gurdeep Singh and Min-Jeong Lee, Dow Jones Newswires; +65 64154 152; venkat.pr@dowjones.com
-LG International Corp to acquire 10 percent
share in GeoPark Chile SA
LG International Corp to acquire 10 percent
share in GeoPark Chile SA
International
Resource News (IRN)
20 May 2011
[What follows is the full text of the article.]
International Resource News-May 20, 2011--LG International Corp to
acquire 10 percent share in GeoPark Chile SA(C)1994-2011 ENPublishing -
http://www.enpublishing.co.uk
International Resource News - 20 May 2011
Korea-based LG International Corp. (001120.SE) is acquiring a 10 percent
share in GeoPark Chile SA.
The deal is valued at KRW75.9bn.
The firm also intends to gradually expand its business in South America.
[Editorial queries for this story should be sent to
irn@enpublishing.co.uk]
((Distributed via M2 Communications -
http://www.m2.com)).END.PUB430>PDMay 20, 2011>JNINTERNATIONAL RESOURCE
NEWS.PRICEDATENOT APPLICABLE.DAY
COPYRIGHT 2011 Normans Media Ltd.
CHINA,TURKMENISTAN : Turkmenistan to receive
loan from china to expand gas sector
TendersInfo News
30 April 2011
[What follows is
the full text of the article.]
China will grant a
loan to Turkmenistan for the expansion of a gigantic gas field. Turkmengaz will
expand the field in cooperation with foreign companies such as China National
Petroleum Corporation, South Korea s LG International and Hyundai including
Petrofac Emirates and Gulf Oil & Gas FZE from the UAE.
China Development
Bank will grant $4 billion loan to the Turkmengaz state concern and the assets
will be aimed at accelerating the development of the Yoloten Gas Field.
In order to assure
the loan reimbursement through gas deliveries to China, Turkmengaz inked a
trilateral agreement on cooperation with the Chinese Petrochina and the State
Development Bank.
Beijing for the
second time is offering a loan for gas field development. In 2009, the first
loan totaling to $4 billion were offered to Turkmengaz .
Turkmenistan plans
to raise the volumes of supplying natural gas to China around 40 billion cubic
metres per year by 2012.
-Roxi Petroleum PLC receives USD15.6m for
sale of Galaz and Company LLP
International
Resource News (IRN)
12 January 2011
[What follows is
the full text of the article.]
International
Resource News-January 12, 2011--Roxi Petroleum PLC receives USD15.6m for sale
of Galaz and Company LLP(C)1994-2011 ENPublishing -
http://www.enpublishing.co.uk
International Resource News - 12 January 2011(c)2005 - Electronic News
Publishing http://www.enpublishing.co.uk
Roxi Petroleum PLC
(RXP.LN), a Kazakhstan-based oil and gas company, has received USD15.6m for the
sale of 40 percent interest in Galaz and Company LLP.
The company was
sold through its subsidiary Galaz Energy BV to LG International Corp (LGI).
The oil and gas company
will now have access to further funding of USD17.5m loan financing from LGI for
the further development of the NW Konys field.
[Editorial queries
for this story should be sent to irn@enpublishing.co.uk]
((Distributed via M2 Communications - http://www.m2.com)).END.PUB430>PDJanuary
12, 2011>JNINTERNATIONAL RESOURCE NEWS.PRICEDATENOT APPLICABLE.DAY
Himalayan Times (Kathmandu, Nepal) 04 January 2011 By HIMALAYAN NEWS
SERVICE
[What follows is
the full text of the article.]
KATHMANDU: Pure
Joy Juice, the No 1 Juice of South Africa, has come to the Nepali market.
The 100 per cent
fruit juice blend, Pure Joy is a range of finest selection of pure fruit juice
containing no added sugar, preservatives or colourants, claims LG International
Trading Ltd that is the authorised distributer for Nepal.
The juice is
available in eight flavours - Orange, Apple, Mango, Litchi, Peach, Pineapple,
Tropical and Guava. It comes in one litre tetra packing that has an extra long
shelf life whilst retaining its natural nutrients or fresh taste, said the
company.
"Ultra
pasteurised Joy Juice product is packed in aseptic cartons."
Copyright 2011 Asia Pacific Communication Associates Nepal Pvt Ltd,
distributed by Contify.com
Roxi Petroleum PLC to sell 40 percent
interest in Galaz and Company LLP
International
Resource News (IRN)
01 December 2010
[What follows is the full text of the article.]
International Resource News-December 1, 2010--Roxi Petroleum PLC to sell
40 percent interest in Galaz and Company LLP(C)1994-2010 ENPublishing -
http://www.enpublishing.co.uk
International Resource News - 01 December 2010(c)2005 - Electronic News
Publishing - http://www.enpublishing.co.uk
Roxi Petroleum PLC (RXP.LN), a Central Asia-focused oil and gas company,
has received approval from the Anti-Monopoly Agency of Kazakhstan to sell 40
percent interest in Galaz and Company LLP to LG International Corp (001120.SE).
The sale will be transacted via its unit Galaz Energy BV.
This is the final approval from the government authorities for the deal.
[Editorial queries for this story should be sent to
irn@enpublishing.co.uk]
((Distributed via M2 Communications -
http://www.m2.com)).END.PUB430>PDDecember 1, 2010>JNINTERNATIONAL
RESOURCE NEWS.PRICEDATENOT APPLICABLE.DAY
Uzbekistan - UNG/South Korean Chemical JVs
APS Review
Downstream Trends18 October 2010
[What follows is the full text of the article.]
UNG and a
consortium of South Korean companies led by Kogas on Feb. 11, 2010 signed an
investment agreement on construction of the Ustyurt Gas Chemical Complex on the
gas field Surgil. The document was signed during the state visit to Seoul by
Uzbek President Islam Karimov on Feb. 10-12, 2010.
In February 2008,
UNG and a Korean consortium consisting of Kogas, Lotte Daesan Petrochemical
Corp, LG International Corp, SK Gas and STX Energy created a JV on a parity
basis - UzKorGasChemical - to realise the construction project of the Ustyurt
Gas Chemical Complex. In accordance with the schedule, the launch of the first
stage of the complex is scheduled for November 2011.
The complex should
by late 2012 reach the design capacity to produce 125,000 t/yof polyethylene,
about 137 t/y of LPG, 130,000 t/y of light condensate, 4.2 BCM/y of marketable
gas and 4,000 t/y of sulphur.
Work on the Surgil gas field began in 2008. It is currently being
developed by UNG. Its reserves amount to about 120 BCM natural gas. Surgil gas
contains 4.8% of ethane and other valuable chemical components.
Uzbekistan - South Korean Operations For
Integrated E&P/Downstream JV
APS Review Gas
Market Trends
18 October 2010
[What follows is
the full text of the article.]
On Feb. 11, 2010,
UNG and a consortium of Korea Gas Corp (Kogas), Lotte Daesan Petrochemical
Corp., LG International Corp, SK Gas and STX Energy established a JV on a parity
basis called UzKorGasChemical. This is an integrated venture to further develop
the Surgil gas/condensate field, which has been on stream on a limited scale
since 2008, and to have the Ustyurt Gas Chemical Complex built on the field.
The agreement was
signed during the state visit of Uzbek President Karimov to Seoul on Feb.
10-12, 2010. In February 2008, UNG and a Korean consortium led by Kogas, had
agreed to have the Ustyurt Gas Chemical Complex built for the processing of
Surgil's output.
In accordance with
the schedule agreed on Feb. 11, the launch of the first stage of the complex is
scheduled for November 2011. The complex must reach the design capacity by late
2012. The complex is designed to produce 125,000 t/y of polyethylene, about 137
t/y of LPG, 130,000 t/y of light condensate, 4.2 BCM/y of marketable gas and
4,000 t/y of sulphur.
Developed by UNG,
Surgil began test production in late 2007. Its recoverable reserves of natural
gas have been estimated at about 120 BCM. The Surgil gas has a fairly large
number of valuable components, in particular 4.8% of ethane.
Joon Takes Charge as New CEO of LG
India Business Journal 01 October 2010
[What follows is
the full text of the article.]
LG Electronics,
the world's third-largest, mobile-phone manufacturer, has replaced its Chief
Executive Officer (CEO) Nam Yong with Koo Bon Joon. The move follows a record
loss at the flagship handset business. Mr Joon, the younger brother of LG
Chairman Koo Bon Moo, was until recently the CEO of trading company LG International.
LG Replaces CEO, Possibly for Poor Phone
Performance
PC Magazine Online
17 September 2010
By Mark Hachman
[What follows is
the full text of the article.]
LG Electronics
asked chief executive Yong Nam to step down on Friday, reportedly due to the
company's poor performance in mobile phones.
Yong Nam was asked
to resign immediately, although the move wasn't immediately noted on LG's Web
site. LG officials in the U.S. confirmed the move, however.
Nam will be
replaced by Bon-joon Koo, the head of trading firm LG International, Reuters
said. Koo, 59, has held senior management positions at LG Electronics, LG Chem,
LG Semiconductor, LG Display and at LG International, where he served as vice
chairman and chief executive, the company said.
Koo was
responsible for establishing LG Philips LCD, which eventually became LG
Display, together with a $1.6 billion investment from Phillips. Koo also led
the company to becoming one of the largest TFT-LCD manufacturers, LG said.
LG didn't state
why Nam was replaced, although Reuters and analysts speculated that phones
played a part.
LG ranks second in
the U.S. in terms of overall OEMs for the three-month period ending in July,
according to comScore, which measures the subscriber base. Samsung ranks first.
Worldwide, LG ranks third, according to IDC.
LG shipped 30.6
million phones during the third quarter, good for a 9.6 percent share in the
market, according to IDC. While that represents a 2.7 percent increase in unit
sales, LG's market share slipped from 10.8 percent a year ago, IDC said, and
farther behind second-ranked Samsung, which has seen its share increase from
18.9 to 20.1 percent in a year's time.
The shift means
that LG is now the second major CE manufacturer whose management structure was
roiled by poor phone performance. Last week Nokia revamped its management
structure, asking chief executive Olli-Pekka Kallasvuo to step down, and Anssi
Vanjoki, Nokia's head of its mobile unit, said he would leave the company in
six months to focus on other opportunities.
Like the Nokia
turnover, analysts also said that they expect LG to lose its own head of its
mobile-phone business, incluidng Skott Ahn and other top executives, KB
Investment & Securities analyst Harrison Cho told Reuters.
United States : Augusta inks US$176 million funding agreement with
Korean consortium
TendersInfo News
17 September 2010
[What follows is the full text of the
article.]
Augusta Resource
Corp. became the latest western Canadian company to sign a major investment
agreement with resource-hungry South Korea.
The
Vancouver-based company said Thursday that the deal is worth US$176 million,
and allows a Korean consortium to earn a 20% joint venture interest in the
Rosemont copper-molybdenum project in Pima County, Arizona. The consortium
includes state-owned Korea Resources Corp. and industrial trader LG
International Corp.
The deal comes on
the heels of a June investment that Korea Resources and LG made in Vancouver s
Lithium One Inc. to develop its Sal de Vida lithium project in Argentina.
That deal followed
news in March that Korea Gas Corp., South Korea s state-owned natural gas
company, plans to invest $1.1 billion over the next five years to develop
natural gas projects in northeast B.C.
For Augusta, the
deal means the company has secured approximately 50% of the US$900 million it
needs to build Rosemont, which is expected to be the third largest copper mine
in the U.S. if built.
We are well
advanced in discussions with project finance lenders for the balance of the
funding, said Augusta president and CEO Gil Clausen. The steps taken today have
substantially de-risked the project and will enable timely project construction
upon receipt of final permits.
In February,
Augusta signed a US$230 million deal with another Vancouver-based company,
Silver Wheaton Corp., that will also help fund Rosemont.
The company still
has environmental permitting hurdles to clear before the project can be built,
but construction could begin in 2012.
At press time, the
company s shares were up 12.89% to $3.59 on midday trades.
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Total Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Cost of Revenue, Total |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Gross Profit |
550.9 |
466.0 |
569.5 |
386.9 |
723.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
276.6 |
223.2 |
379.9 |
279.2 |
536.7 |
|
Labor & Related Expense |
85.0 |
73.2 |
- |
- |
- |
|
Advertising Expense |
12.2 |
10.9 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
373.7 |
307.3 |
379.9 |
279.2 |
536.7 |
|
Depreciation |
4.7 |
5.8 |
- |
- |
- |
|
Amortization of Intangibles |
5.1 |
7.2 |
- |
- |
- |
|
Depreciation/Amortization |
9.8 |
13.0 |
- |
- |
- |
|
Total Operating Expense |
11,509.0 |
7,944.1 |
10,058.5 |
9,378.1 |
9,664.2 |
|
|
|
|
|
|
|
|
Operating Income |
167.3 |
145.6 |
189.6 |
107.7 |
186.9 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
Interest Expense, Net Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
Interest Income -
Non-Operating |
17.3 |
19.8 |
24.6 |
21.4 |
16.9 |
|
Investment Income -
Non-Operating |
201.9 |
4.2 |
-59.8 |
29.9 |
25.9 |
|
Interest/Investment Income - Non-Operating |
219.2 |
23.9 |
-35.1 |
51.3 |
42.8 |
|
Interest Income (Expense) - Net Non-Operating Total |
186.2 |
-14.0 |
-82.6 |
5.7 |
-1.2 |
|
Gain (Loss) on Sale of Assets |
-6.4 |
-0.2 |
3.9 |
-1.6 |
-5.0 |
|
Other Non-Operating Income (Expense) |
-17.9 |
-32.4 |
-53.2 |
-47.0 |
-26.2 |
|
Other, Net |
-17.9 |
-32.4 |
-53.2 |
-47.0 |
-26.2 |
|
Income Before Tax |
329.2 |
99.0 |
57.8 |
64.7 |
154.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
72.7 |
23.6 |
23.8 |
16.9 |
46.3 |
|
Income After Tax |
256.5 |
75.5 |
34.0 |
47.8 |
108.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-9.1 |
-2.3 |
6.1 |
3.8 |
-0.6 |
|
Equity In Affiliates |
-0.1 |
- |
- |
- |
- |
|
Net Income Before Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Basic EPS Excl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Basic/Primary EPS Incl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Diluted Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Diluted EPS Excl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Diluted EPS Incl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dividends per Share - Common Stock Primary Issue |
0.30 |
0.16 |
0.18 |
0.38 |
0.52 |
|
Gross Dividends - Common Stock |
11.7 |
6.1 |
7.0 |
14.6 |
20.2 |
|
Interest Expense, Supplemental |
33.0 |
38.0 |
47.4 |
45.6 |
44.0 |
|
Depreciation, Supplemental |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Total Special Items |
11.1 |
3.3 |
-0.1 |
2.9 |
6.5 |
|
Normalized Income Before Tax |
340.3 |
102.4 |
57.7 |
67.5 |
161.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.4 |
0.1 |
-1.6 |
0.4 |
1.5 |
|
Inc Tax Ex Impact of Sp Items |
74.1 |
23.6 |
22.2 |
17.3 |
47.8 |
|
Normalized Income After Tax |
266.1 |
78.8 |
35.5 |
50.2 |
113.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
257.0 |
76.5 |
41.6 |
54.0 |
112.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Diluted Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Amort of Acquisition Costs, Supplemental |
4.6 |
3.1 |
3.8 |
1.2 |
1.5 |
|
Amort of Intangibles, Supplemental |
0.5 |
4.0 |
3.6 |
5.1 |
3.2 |
|
Rental Expenses |
8.6 |
7.0 |
- |
- |
- |
|
Advertising Expense, Supplemental |
12.2 |
10.9 |
- |
- |
- |
|
Normalized EBIT |
167.3 |
145.6 |
189.6 |
107.7 |
186.9 |
|
Normalized EBITDA |
177.1 |
158.7 |
201.0 |
118.6 |
208.8 |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1134.9 |
1164.475 |
1259.55 |
936.05 |
930 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
170.1 |
149.1 |
206.2 |
152.9 |
35.2 |
|
Short Term Investments |
16.9 |
2.5 |
33.0 |
0.8 |
1.1 |
|
Cash and Short Term Investments |
187.0 |
151.6 |
239.2 |
153.6 |
36.3 |
|
Accounts Receivable -
Trade, Gross |
1,047.2 |
1,110.1 |
1,151.6 |
- |
- |
|
Provision for Doubtful
Accounts |
-94.9 |
-87.0 |
-82.9 |
- |
- |
|
Trade Accounts Receivable - Net |
971.9 |
1,039.6 |
1,080.3 |
1,007.4 |
1,131.2 |
|
Other Receivables |
86.8 |
85.1 |
235.7 |
92.7 |
92.1 |
|
Total Receivables, Net |
1,058.7 |
1,124.6 |
1,316.1 |
1,100.1 |
1,223.4 |
|
Inventories - Finished Goods |
674.5 |
363.3 |
440.3 |
331.5 |
378.3 |
|
Inventories - Work In Progress |
- |
0.9 |
1.1 |
1.1 |
- |
|
Inventories - Raw Materials |
12.1 |
0.7 |
5.9 |
19.3 |
- |
|
Inventories - Other |
85.0 |
69.6 |
80.8 |
130.2 |
55.8 |
|
Total Inventory |
771.7 |
434.4 |
528.2 |
482.1 |
434.1 |
|
Prepaid Expenses |
12.6 |
6.5 |
6.5 |
8.1 |
2.8 |
|
Deferred Income Tax - Current Asset |
33.6 |
34.2 |
30.8 |
25.7 |
21.9 |
|
Other Current Assets |
28.0 |
11.9 |
98.6 |
13.5 |
14.6 |
|
Other Current Assets, Total |
61.7 |
46.1 |
129.4 |
39.3 |
36.5 |
|
Total Current Assets |
2,091.7 |
1,763.3 |
2,219.4 |
1,783.2 |
1,733.1 |
|
|
|
|
|
|
|
|
Buildings |
59.5 |
39.2 |
31.7 |
41.8 |
43.4 |
|
Land/Improvements |
24.2 |
18.1 |
15.3 |
20.4 |
19.1 |
|
Machinery/Equipment |
23.0 |
9.2 |
6.5 |
6.5 |
6.0 |
|
Construction in
Progress |
5.3 |
7.7 |
3.5 |
4.4 |
36.1 |
|
Other
Property/Plant/Equipment |
17.1 |
15.6 |
11.4 |
17.9 |
13.6 |
|
Property/Plant/Equipment - Gross |
129.1 |
89.9 |
68.4 |
91.0 |
118.2 |
|
Accumulated Depreciation |
-37.7 |
-26.8 |
-19.6 |
-27.0 |
-24.1 |
|
Property/Plant/Equipment - Net |
91.3 |
63.0 |
48.8 |
64.0 |
94.1 |
|
Goodwill, Net |
7.5 |
7.1 |
9.0 |
18.7 |
3.2 |
|
Intangibles, Net |
37.2 |
32.8 |
25.1 |
25.4 |
25.1 |
|
LT Investment - Affiliate Companies |
675.6 |
456.7 |
361.9 |
306.4 |
283.6 |
|
LT Investments - Other |
182.5 |
178.4 |
158.4 |
127.8 |
99.0 |
|
Long Term Investments |
858.1 |
635.1 |
520.3 |
434.1 |
382.6 |
|
Note Receivable - Long Term |
170.7 |
166.7 |
137.3 |
64.1 |
33.2 |
|
Deferred Income Tax - Long Term Asset |
0.2 |
2.7 |
- |
13.3 |
13.9 |
|
Other Long Term Assets |
39.1 |
36.9 |
22.1 |
33.4 |
20.8 |
|
Other Long Term Assets, Total |
39.3 |
39.6 |
22.1 |
46.7 |
34.7 |
|
Total Assets |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,171.3 |
1,096.4 |
1,041.7 |
758.4 |
896.3 |
|
Accrued Expenses |
19.3 |
17.3 |
19.1 |
19.7 |
11.2 |
|
Notes Payable/Short Term Debt |
388.2 |
252.9 |
629.1 |
626.1 |
524.2 |
|
Current Portion - Long Term Debt/Capital Leases |
115.2 |
163.1 |
99.7 |
25.8 |
48.8 |
|
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Security Deposits |
1.3 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Income Taxes Payable |
12.1 |
4.3 |
18.2 |
5.7 |
22.4 |
|
Other Payables |
157.0 |
161.2 |
256.4 |
93.5 |
61.0 |
|
Other Current Liabilities |
25.4 |
11.7 |
24.3 |
16.1 |
15.6 |
|
Other Current liabilities, Total |
245.2 |
198.1 |
327.3 |
141.1 |
127.7 |
|
Total Current Liabilities |
1,939.2 |
1,727.7 |
2,116.9 |
1,571.2 |
1,608.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
Total Long Term Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
Total Debt |
975.4 |
812.6 |
1,118.4 |
972.2 |
756.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Deferred Income Tax |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Minority Interest |
-2.9 |
-10.9 |
-13.0 |
-7.2 |
-1.7 |
|
Pension Benefits - Underfunded |
1.9 |
5.2 |
5.0 |
9.6 |
6.8 |
|
Other Long Term Liabilities |
22.7 |
3.9 |
3.1 |
4.0 |
4.4 |
|
Other Liabilities, Total |
24.6 |
9.2 |
8.0 |
13.6 |
11.2 |
|
Total Liabilities |
2,469.2 |
2,134.8 |
2,511.6 |
1,902.0 |
1,804.1 |
|
|
|
|
|
|
|
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Additional Paid-In Capital |
91.7 |
89.3 |
82.6 |
111.1 |
111.8 |
|
Retained Earnings (Accumulated Deficit) |
527.8 |
277.9 |
188.4 |
209.6 |
371.2 |
|
Treasury Stock - Common |
-0.9 |
-0.8 |
-0.8 |
-1.0 |
-1.0 |
|
Unrealized Gain (Loss) |
19.9 |
7.8 |
9.0 |
-8.1 |
-8.0 |
|
Translation Adjustment |
17.8 |
32.3 |
37.4 |
3.2 |
-2.2 |
|
Other Equity |
-0.5 |
- |
- |
12.4 |
-178.5 |
|
Other Equity, Total |
17.3 |
32.3 |
37.4 |
15.7 |
-180.7 |
|
Total Equity |
826.6 |
572.9 |
470.4 |
534.3 |
501.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Total Common Shares Outstanding |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
655 |
623 |
651 |
568 |
527 |
|
Number of Common Shareholders |
19,329 |
20,679 |
21,050 |
27,890 |
20,576 |
|
Deferred Revenue - Current |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Total Long Term Debt, Supplemental |
587.5 |
560.1 |
489.4 |
346.3 |
232.9 |
|
Long Term Debt Maturing within 1 Year |
115.2 |
163.1 |
99.7 |
25.8 |
48.9 |
|
Long Term Debt Maturing in Year 2 |
163.6 |
98.8 |
187.1 |
59.6 |
21.3 |
|
Long Term Debt Maturing in Year 3 |
86.0 |
172.5 |
70.7 |
159.2 |
114.9 |
|
Long Term Debt Maturing in Year 4 |
47.5 |
18.0 |
57.1 |
16.1 |
12.9 |
|
Long Term Debt Maturing in Year 5 |
32.1 |
26.9 |
34.6 |
18.8 |
- |
|
Long Term Debt Maturing in 2-3 Years |
249.7 |
271.3 |
257.8 |
218.8 |
136.1 |
|
Long Term Debt Maturing in 4-5 Years |
79.6 |
44.9 |
91.6 |
34.8 |
12.9 |
|
Long Term Debt Matur. in Year 6 & Beyond |
143.0 |
80.7 |
40.2 |
66.8 |
35.0 |
|
Total Operating Leases, Supplemental |
5.3 |
6.8 |
10.2 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
1.7 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
1.6 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
1.2 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.8 |
1.2 |
1.9 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
2.8 |
3.2 |
3.9 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.8 |
1.2 |
1.9 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.8 |
2.4 |
- |
- |
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 |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
256.4 |
75.5 |
34.0 |
47.8 |
108.3 |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Depreciation/Depletion |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amortization of Intangibles |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Amortization |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Deferred Taxes |
27.1 |
-2.2 |
-0.9 |
-3.1 |
-3.7 |
|
Unusual Items |
28.5 |
13.6 |
29.7 |
17.8 |
31.8 |
|
Equity in Net Earnings (Loss) |
-177.9 |
-29.8 |
0.0 |
-0.4 |
-9.8 |
|
Other Non-Cash Items |
7.2 |
10.2 |
73.1 |
10.3 |
19.4 |
|
Non-Cash Items |
-142.3 |
-5.9 |
102.9 |
27.7 |
41.4 |
|
Accounts Receivable |
137.1 |
269.8 |
-160.7 |
142.9 |
12.9 |
|
Inventories |
-348.4 |
201.8 |
-96.2 |
43.6 |
-33.6 |
|
Prepaid Expenses |
6.4 |
0.6 |
-4.0 |
-9.8 |
3.9 |
|
Other Assets |
-10.7 |
2.2 |
-13.8 |
-5.8 |
-1.9 |
|
Accounts Payable |
22.9 |
-133.6 |
253.6 |
-236.0 |
-16.5 |
|
Accrued Expenses |
1.3 |
-3.1 |
1.9 |
14.7 |
-1.5 |
|
Taxes Payable |
5.3 |
-14.0 |
20.4 |
-16.5 |
-16.5 |
|
Other Liabilities |
27.1 |
-18.8 |
-0.1 |
5.3 |
-6.3 |
|
Other Assets & Liabilities, Net |
-0.1 |
0.3 |
0.0 |
-0.2 |
0.4 |
|
Changes in Working Capital |
-159.2 |
305.3 |
1.2 |
-62.0 |
-59.1 |
|
Cash from Operating Activities |
-8.1 |
385.8 |
148.5 |
21.3 |
108.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-46.7 |
-48.5 |
-101.4 |
-63.0 |
-86.7 |
|
Purchase/Acquisition of Intangibles |
-5.4 |
-4.3 |
-6.4 |
-1.6 |
-4.3 |
|
Capital Expenditures |
-52.0 |
-52.8 |
-107.8 |
-64.6 |
-91.0 |
|
Sale of Business |
- |
- |
24.7 |
- |
-46.5 |
|
Sale of Fixed Assets |
1.5 |
1.3 |
11.6 |
8.6 |
4.2 |
|
Sale/Maturity of Investment |
63.2 |
36.5 |
150.2 |
156.4 |
65.2 |
|
Purchase of Investments |
-135.3 |
-44.1 |
-221.6 |
-149.5 |
-56.6 |
|
Sale of Intangible Assets |
- |
0.1 |
0.0 |
- |
- |
|
Other Investing Cash Flow |
76.6 |
-5.9 |
-53.2 |
-23.7 |
-21.3 |
|
Other Investing Cash Flow Items, Total |
6.0 |
-12.0 |
-88.3 |
-8.1 |
-55.0 |
|
Cash from Investing Activities |
-46.1 |
-64.9 |
-196.1 |
-72.7 |
-146.0 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-140.7 |
-147.7 |
-10.6 |
-48.4 |
-67.4 |
|
Financing Cash Flow Items |
-140.7 |
-147.7 |
-10.6 |
-48.4 |
-67.4 |
|
Total Cash Dividends Paid |
-6.7 |
-6.3 |
-13.5 |
-20.8 |
-35.5 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
- |
-0.2 |
|
Common Stock, Net |
- |
- |
- |
- |
-0.2 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
-0.2 |
|
Short Term Debt Issued |
5,340.0 |
- |
- |
562.2 |
232.4 |
|
Short Term Debt
Reduction |
-5,189.7 |
-382.6 |
-81.7 |
-450.6 |
-231.0 |
|
Short Term Debt, Net |
150.3 |
-382.6 |
-81.7 |
111.6 |
1.4 |
|
Long Term Debt Issued |
96.5 |
240.9 |
230.5 |
171.4 |
150.2 |
|
Long Term Debt
Reduction |
-36.4 |
-55.9 |
-10.0 |
-44.6 |
-52.3 |
|
Long Term Debt, Net |
60.1 |
184.9 |
220.5 |
126.8 |
97.8 |
|
Issuance (Retirement) of Debt, Net |
210.5 |
-197.7 |
138.7 |
238.4 |
99.2 |
|
Cash from Financing Activities |
63.1 |
-351.7 |
114.6 |
169.2 |
-3.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-36.7 |
38.9 |
1.0 |
3.1 |
|
Net Change in Cash |
16.8 |
-67.4 |
105.9 |
118.8 |
-38.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
150.1 |
203.4 |
130.0 |
35.2 |
72.3 |
|
Net Cash - Ending Balance |
167.0 |
136.0 |
235.9 |
154.0 |
34.3 |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Total Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Selling/General/Adm. |
- |
- |
379.9 |
279.2 |
536.7 |
|
Salaries & Wages |
67.4 |
57.9 |
- |
- |
- |
|
Retirement Allowance |
5.6 |
4.7 |
- |
- |
- |
|
Employee Benefits |
12.0 |
10.6 |
- |
- |
- |
|
Travel Expense |
7.3 |
5.0 |
- |
- |
- |
|
Communication Expense |
2.1 |
1.7 |
- |
- |
- |
|
Utility Expense |
1.0 |
0.5 |
- |
- |
- |
|
Taxes & Dues |
13.4 |
3.4 |
- |
- |
- |
|
Expense-Consumable Goods |
0.5 |
0.4 |
- |
- |
- |
|
Publishing & Printing Expense |
0.3 |
1.0 |
- |
- |
- |
|
Rent |
8.6 |
7.0 |
- |
- |
- |
|
Vehicles Maintenance Expense |
1.1 |
0.9 |
- |
- |
- |
|
Repair Expense |
0.7 |
3.8 |
- |
- |
- |
|
Insurance Expense |
5.7 |
3.2 |
- |
- |
- |
|
Commission Paid |
45.6 |
41.3 |
- |
- |
- |
|
Sales Commission |
41.9 |
35.3 |
- |
- |
- |
|
Purchase Commission |
1.7 |
1.6 |
- |
- |
- |
|
Storage Expense |
4.4 |
3.1 |
- |
- |
- |
|
Shipping & Handling Expense |
108.1 |
90.3 |
- |
- |
- |
|
Cargo Work Expense |
3.2 |
2.4 |
- |
- |
- |
|
Packaging Expense |
0.0 |
0.0 |
- |
- |
- |
|
Entertainment Expense |
4.3 |
3.1 |
- |
- |
- |
|
Advertising Expense |
12.2 |
10.9 |
- |
- |
- |
|
Education Expense |
2.3 |
1.7 |
- |
- |
- |
|
Overseas Branch Management Expense |
17.5 |
15.6 |
- |
- |
- |
|
Expense-Samples |
0.2 |
0.2 |
- |
- |
- |
|
Customs Expense |
0.5 |
0.5 |
- |
- |
- |
|
Conference Expense |
0.3 |
0.2 |
- |
- |
- |
|
Provision-Bad Debt |
5.9 |
1.0 |
- |
- |
- |
|
Depreciation Expense |
4.7 |
5.8 |
- |
- |
- |
|
Amortization-Intangibles |
5.1 |
7.2 |
- |
- |
- |
|
Other Sales & Administrative Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
11,509.0 |
7,944.1 |
10,058.5 |
9,378.1 |
9,664.2 |
|
|
|
|
|
|
|
|
Interest Income |
17.3 |
19.8 |
24.6 |
21.4 |
16.9 |
|
Dividend Income |
7.8 |
6.6 |
11.6 |
9.4 |
7.2 |
|
Rental Income |
- |
- |
- |
- |
0.3 |
|
Recovery-Sales Guarantee Reserve |
- |
- |
- |
0.1 |
- |
|
G-Tang Asst Disposal |
0.2 |
0.1 |
4.0 |
0.3 |
1.4 |
|
G-Derivatives Trade |
45.6 |
70.0 |
186.5 |
41.9 |
58.0 |
|
G-Derivatives Valuat |
9.6 |
5.2 |
24.7 |
7.6 |
6.4 |
|
G-Inv.Asset Disposal |
1.4 |
1.0 |
0.5 |
3.4 |
- |
|
Gain-Disposal of Other Investment Assets |
0.1 |
- |
- |
- |
- |
|
G-Inv. Secs. Under Equity Method Disp. |
7.7 |
0.7 |
- |
14.6 |
5.1 |
|
G-For Curr Transactn |
316.7 |
262.6 |
443.3 |
104.3 |
90.3 |
|
G-For Exch Translatn |
38.9 |
61.5 |
98.2 |
17.0 |
15.3 |
|
G-Contract Valuation |
7.1 |
7.4 |
107.8 |
3.5 |
12.5 |
|
Revers-Doubtful Acct |
0.0 |
0.1 |
0.0 |
0.3 |
2.2 |
|
Recovery-Sales Guarantee Reserve |
- |
- |
0.0 |
0.0 |
0.0 |
|
Gain-Disposal of Investment Assets |
- |
- |
- |
0.6 |
0.0 |
|
Recovery-Taxes Paid |
- |
- |
- |
0.6 |
0.0 |
|
Other Non-Op. Income |
21.4 |
8.2 |
5.8 |
2.6 |
11.6 |
|
Payment Guarantee Commission Received |
0.0 |
- |
- |
- |
- |
|
Interest Expense, Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
L-Mkt Secs Disposal |
0.0 |
0.0 |
0.0 |
-0.2 |
0.0 |
|
L-Sec for Sale Disp |
- |
- |
-0.6 |
-0.4 |
0.0 |
|
Loss-Reduct. of Sec. Available-Sale |
-0.7 |
- |
- |
- |
- |
|
L-Othr Inv Asst Disp |
0.0 |
-0.5 |
- |
-0.1 |
- |
|
L-Tang.Asst Disposal |
-0.4 |
-0.3 |
-0.2 |
-1.9 |
-6.4 |
|
Loss-Intangible Assets Disposal |
-6.2 |
- |
0.0 |
- |
0.0 |
|
L-Derivatives Trade |
-45.0 |
-126.3 |
-143.7 |
-46.5 |
-57.8 |
|
L-Derivatives Valu |
-10.0 |
-8.4 |
-116.7 |
-5.1 |
-13.4 |
|
L-For Curr Transactn |
-314.0 |
-260.6 |
-539.9 |
-103.5 |
-89.7 |
|
L-For Exch Translatn |
-29.7 |
-44.8 |
-131.5 |
-17.1 |
-13.6 |
|
Loss-Reduction of Overseas Market Invest |
-11.7 |
- |
- |
- |
- |
|
L-Disposal of Trade Receivables |
-16.9 |
-14.5 |
-35.2 |
-35.4 |
-27.4 |
|
Bad Debt Expense |
-1.1 |
-16.7 |
-7.6 |
-6.0 |
- |
|
L-Contract Valuation |
-8.8 |
-4.3 |
-14.1 |
-4.7 |
-5.8 |
|
Donations Paid |
-2.4 |
-1.3 |
-1.0 |
-2.3 |
-1.3 |
|
Additional Tax Paid |
- |
- |
- |
- |
-0.3 |
|
Miscellaneous Loss, Non-Operating |
-10.1 |
-3.8 |
-1.0 |
-2.2 |
-5.1 |
|
Other Non-Op Expense |
- |
- |
- |
- |
-0.4 |
|
L-Affil Stock Disp |
- |
- |
- |
- |
-0.3 |
|
L-Affil Stock Reduction |
- |
- |
- |
- |
-3.8 |
|
G-Equity Method Valu |
204.8 |
44.3 |
24.4 |
19.2 |
25.9 |
|
L-Equity Method Valu |
-26.8 |
-14.5 |
-24.4 |
-18.8 |
-16.1 |
|
Net Income Before Taxes |
329.2 |
99.0 |
57.8 |
64.7 |
154.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
72.7 |
23.6 |
23.8 |
16.9 |
46.3 |
|
Net Income After Taxes |
256.5 |
75.5 |
34.0 |
47.8 |
108.3 |
|
|
|
|
|
|
|
|
Earning Before Acquisition of Subsidiary |
-0.1 |
- |
- |
- |
- |
|
Minority Interest Gain |
-9.1 |
-2.3 |
6.1 |
3.8 |
-0.6 |
|
Net Income Before Extra. Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl E |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Basic EPS Excluding ExtraOrdin |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Basic EPS Including ExtraOrdin |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Diluted Weighted Average Share |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Diluted EPS Excluding ExtraOrd |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Diluted EPS Including ExtraOrd |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
DPS-Common Stock |
0.30 |
0.16 |
0.18 |
0.38 |
0.52 |
|
Gross Dividends - Common Stock |
11.7 |
6.1 |
7.0 |
14.6 |
20.2 |
|
Normalized Income Before Taxes |
340.3 |
102.4 |
57.7 |
67.5 |
161.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
74.1 |
23.6 |
22.2 |
17.3 |
47.8 |
|
Normalized Income After Taxes |
266.1 |
78.8 |
35.5 |
50.2 |
113.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
257.0 |
76.5 |
41.6 |
54.0 |
112.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Diluted Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Interest Expense |
33.0 |
38.0 |
47.4 |
45.6 |
44.0 |
|
Advertising Expense, Supplemental |
12.2 |
10.9 |
- |
- |
- |
|
Rental Expense, Supplemental |
8.6 |
7.0 |
- |
- |
- |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amort of Intangibles, Suppleme |
0.5 |
4.0 |
3.6 |
5.1 |
3.2 |
|
Amort of Goodwill |
4.6 |
3.1 |
3.8 |
1.2 |
1.5 |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1134.9 |
1164.475 |
1259.55 |
936.05 |
930 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Equivalents |
170.1 |
149.1 |
206.2 |
152.9 |
35.2 |
|
ST Finl Assets |
16.9 |
2.5 |
33.0 |
0.8 |
1.1 |
|
Trade Receivable |
- |
- |
- |
995.7 |
1,123.5 |
|
Trade Receivable |
1,047.2 |
1,110.1 |
1,151.6 |
- |
- |
|
Reserve-Doubtful
Account |
-94.9 |
-87.0 |
-82.9 |
- |
- |
|
Other Rcvbls |
86.8 |
85.1 |
235.7 |
92.7 |
92.1 |
|
Advance Payments |
85.0 |
69.6 |
80.8 |
130.2 |
55.8 |
|
Prepaid Expenses |
12.6 |
6.5 |
6.5 |
8.1 |
2.8 |
|
Accrued Income |
19.5 |
16.4 |
11.6 |
11.7 |
7.8 |
|
Settlement-Contract |
7.2 |
7.7 |
94.2 |
3.5 |
12.8 |
|
Deferred Taxes |
33.6 |
34.2 |
30.8 |
25.7 |
21.9 |
|
Other Quick Asst |
20.8 |
4.2 |
4.4 |
10.0 |
1.8 |
|
Merchandise |
639.1 |
307.9 |
384.3 |
242.4 |
301.1 |
|
Finished Goods |
3.8 |
0.4 |
4.0 |
2.3 |
4.5 |
|
Raw Materials |
12.1 |
0.7 |
5.9 |
19.3 |
- |
|
Work in Progress |
- |
0.9 |
1.1 |
1.1 |
- |
|
Stored Goods |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Merch in Transit |
31.7 |
55.0 |
52.0 |
86.8 |
72.7 |
|
Total Current
Assets |
2,091.7 |
1,763.3 |
2,219.4 |
1,783.2 |
1,733.1 |
|
|
|
|
|
|
|
|
Securities Held to
Maturities |
0.1 |
- |
- |
- |
- |
|
LT Finl Assets |
0.3 |
0.0 |
0.1 |
0.2 |
0.0 |
|
LT Invest Secs. |
27.5 |
25.3 |
19.3 |
- |
- |
|
Overseas Invest. |
154.6 |
153.1 |
139.0 |
106.1 |
73.6 |
|
Other Inv Assets |
- |
- |
0.0 |
0.0 |
0.5 |
|
LT Loan |
168.4 |
163.2 |
134.4 |
64.1 |
33.2 |
|
Secs for Sale |
- |
- |
- |
21.5 |
24.9 |
|
Investment-Affil |
675.6 |
456.7 |
361.9 |
306.4 |
283.6 |
|
LT Guarantee Dep |
35.2 |
33.7 |
19.0 |
33.4 |
20.8 |
|
LT Prepaid Expense |
3.9 |
3.2 |
3.1 |
- |
- |
|
LT Trade
Receivable |
2.3 |
3.6 |
2.8 |
- |
- |
|
LA Deferred Tax |
0.2 |
2.7 |
- |
13.3 |
13.9 |
|
Land |
24.2 |
18.1 |
15.3 |
20.4 |
19.1 |
|
Buildings |
41.0 |
35.2 |
30.7 |
34.2 |
35.6 |
|
Deprec-Buildings |
-14.6 |
-12.8 |
-8.9 |
-7.7 |
-6.6 |
|
Attach to Bldg |
- |
- |
- |
6.4 |
6.6 |
|
Deprec-Attach |
- |
- |
- |
-2.7 |
-3.2 |
|
Structures |
18.5 |
4.1 |
1.1 |
1.2 |
1.2 |
|
Deprec-Structure |
-3.0 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Machinery/Equip. |
18.7 |
5.2 |
2.9 |
3.7 |
3.5 |
|
Depr-Mach/Equip. |
-6.5 |
-2.4 |
-1.8 |
-2.6 |
-2.6 |
|
Transport Equip. |
4.3 |
4.0 |
3.6 |
2.8 |
2.5 |
|
Deprec-Transport |
-1.8 |
-1.6 |
-1.3 |
-2.0 |
-1.7 |
|
Construc in Prog |
5.3 |
7.7 |
3.5 |
4.4 |
36.1 |
|
Other Tangibles |
17.1 |
15.6 |
11.4 |
17.9 |
13.6 |
|
Other
Tangibles-Depreciation |
-11.8 |
-9.7 |
-7.4 |
-11.8 |
-9.8 |
|
Industrial
Patnt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other
Intangible |
37.2 |
32.8 |
25.1 |
25.4 |
25.0 |
|
Goodwill |
7.5 |
7.1 |
9.0 |
18.7 |
3.2 |
|
Total Assets |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Trade Payable |
1,171.3 |
1,096.4 |
1,041.7 |
758.4 |
896.1 |
|
ST Borrowings |
388.2 |
252.9 |
629.1 |
626.1 |
524.2 |
|
Dividend Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
157.0 |
161.2 |
256.4 |
93.5 |
61.0 |
|
Inc Tax Payable |
12.1 |
4.3 |
18.2 |
5.7 |
22.4 |
|
Accrued Expenses |
19.3 |
17.3 |
19.1 |
19.7 |
11.2 |
|
Advances Receivd |
49.3 |
19.4 |
28.4 |
25.7 |
28.6 |
|
Unearned Income |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Sec Dep Withheld |
1.3 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Deposit Withheld |
16.5 |
7.0 |
11.4 |
11.4 |
9.6 |
|
Current LT Liab. |
115.2 |
163.1 |
99.7 |
25.8 |
48.8 |
|
Settlement
Contract |
8.9 |
4.8 |
12.9 |
4.7 |
6.0 |
|
Gift Cert Pay. |
- |
- |
- |
- |
0.1 |
|
Total Current
Liability |
1,939.2 |
1,727.7 |
2,116.9 |
1,571.2 |
1,608.2 |
|
|
|
|
|
|
|
|
Bonds |
116.3 |
77.0 |
31.7 |
85.3 |
43.0 |
|
Discount on
Debentures Issuance |
-0.3 |
- |
- |
- |
- |
|
LT Borrowings |
27.9 |
32.5 |
48.2 |
36.9 |
15.5 |
|
Foreign Curr LTB |
328.1 |
287.1 |
309.6 |
198.1 |
125.5 |
|
Total Long Term
Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
|
|
|
|
|
|
|
LL Security Dep |
7.7 |
3.7 |
2.9 |
3.8 |
3.9 |
|
Other LT Liabs. |
15.0 |
0.2 |
0.2 |
0.2 |
0.5 |
|
Deferred Tax-Cr |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Retirement Resrv |
19.9 |
21.3 |
18.4 |
9.6 |
6.8 |
|
Minority Interest |
-2.9 |
-10.9 |
-13.0 |
-7.2 |
-1.7 |
|
Deposit-Retirement
Insurance |
-17.9 |
-16.0 |
-13.3 |
- |
- |
|
Transfer to
National Pension Fund |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Total
Liabilities |
2,469.2 |
2,134.8 |
2,511.6 |
1,902.0 |
1,804.1 |
|
|
|
|
|
|
|
|
Voluntary Reserve |
13.4 |
13.1 |
12.1 |
16.2 |
16.3 |
|
Legal Reserve |
21.9 |
20.7 |
18.5 |
23.5 |
21.6 |
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Capital Surplus |
41.5 |
40.5 |
37.4 |
50.3 |
50.7 |
|
Other Capital
Surplus |
15.6 |
15.2 |
14.1 |
18.9 |
19.1 |
|
Reserve for Assets
Revaluation |
34.5 |
33.6 |
31.1 |
41.9 |
42.1 |
|
Retained Earning |
492.5 |
244.1 |
157.7 |
169.8 |
333.3 |
|
Othr Capital Adj |
-0.5 |
- |
- |
12.4 |
12.5 |
|
Loss on Capital
Discount |
- |
- |
- |
- |
-191.0 |
|
Gain-Revaluation |
-0.5 |
- |
- |
- |
- |
|
L-Sec for Sale V |
3.9 |
2.7 |
1.8 |
4.1 |
1.4 |
|
Positive Capital
Change U/ Equity Mtd. |
29.8 |
27.0 |
19.4 |
8.7 |
3.7 |
|
Negative Capital
Change U/ Equity Mtd. |
-13.3 |
-21.9 |
-12.2 |
-21.0 |
-13.1 |
|
Treasury Stock |
-0.9 |
-0.8 |
-0.8 |
-1.0 |
-1.0 |
|
Oversea Op Trans |
17.8 |
32.3 |
37.4 |
3.2 |
-2.2 |
|
Total Equity |
826.6 |
572.9 |
470.4 |
534.3 |
501.7 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholde |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Total Common
Shares Outstandin |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
T/S-Common Stock |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Revenue, Current |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Full-Time Employees |
655 |
623 |
651 |
568 |
527 |
|
Number of Common Shareholders |
19,329 |
20,679 |
21,050 |
27,890 |
20,576 |
|
Long-Term Debts Due in 1 Year |
115.2 |
163.1 |
99.7 |
25.8 |
48.9 |
|
Long-Term Debts Due in 2 Years |
163.6 |
98.8 |
187.1 |
59.6 |
21.3 |
|
Long-Term Debts Due in 3 Years |
86.0 |
172.5 |
70.7 |
159.2 |
114.9 |
|
Long-Term Debts Due in 4 Years |
47.5 |
18.0 |
57.1 |
16.1 |
12.9 |
|
Long-Term Debts Due in 5 Years |
32.1 |
26.9 |
34.6 |
18.8 |
- |
|
Long-Term Debts Due Remaining |
143.0 |
80.7 |
40.2 |
66.8 |
35.0 |
|
Total Long Term Debt, Supplemental |
587.5 |
560.1 |
489.4 |
346.3 |
232.9 |
|
Operating Leases due in Year 1 |
1.7 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 2 |
1.6 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 3 |
1.2 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 4 |
0.8 |
1.2 |
1.9 |
- |
- |
|
Operating Leases Remaining |
- |
0.8 |
2.4 |
- |
- |
|
Total Operating Leases |
5.3 |
6.8 |
10.2 |
- |
- |
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 |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period
Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
256.4 |
75.5 |
34.0 |
47.8 |
108.3 |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amort.-Intangible |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Amort-Bad Debt Exp |
5.9 |
1.0 |
26.3 |
3.2 |
12.0 |
|
Amort-Otr Bad Debt
E |
1.1 |
16.7 |
7.6 |
6.0 |
- |
|
Amort-Bond
Discount |
0.2 |
0.1 |
0.1 |
0.2 |
0.9 |
|
Retirement
Allowance |
5.6 |
4.6 |
5.9 |
5.8 |
8.4 |
|
L-For Exch
Translatn |
24.3 |
41.6 |
131.4 |
15.9 |
13.5 |
|
Loss-Disp. of
Trade Receivables |
16.9 |
14.5 |
35.2 |
35.4 |
27.4 |
|
L-Mkt Secs
Disposal |
0.0 |
0.0 |
0.0 |
0.2 |
0.0 |
|
L-Contract
Valuation |
8.8 |
4.3 |
14.1 |
4.7 |
5.8 |
|
L-Derivatives Valu |
10.0 |
8.4 |
116.7 |
5.1 |
13.4 |
|
L-Sec for Sale
Disp |
- |
- |
0.6 |
0.4 |
0.0 |
|
L-Affil Stock
Disp. |
- |
- |
- |
- |
0.3 |
|
L-Affil Stock
Reduction |
- |
- |
- |
- |
3.8 |
|
Loss-Disposal of
Other Assets |
- |
- |
- |
0.1 |
- |
|
Loss-Reduction of
Investment Securities |
0.7 |
- |
- |
- |
- |
|
Loss-Reduction of
Overseas Investment As |
11.7 |
- |
- |
- |
- |
|
L-Tangible Asst
Disp |
0.4 |
0.3 |
0.2 |
1.9 |
6.4 |
|
L-Intangible Asst
Disp |
6.2 |
- |
0.0 |
- |
0.0 |
|
Transfer-Point
Credit Reserve |
- |
- |
- |
- |
2.5 |
|
L-Equity Method
Valu |
26.8 |
14.5 |
24.4 |
18.8 |
16.1 |
|
Miscellaneous Loss |
0.9 |
0.7 |
0.0 |
- |
- |
|
Interest Income |
-0.4 |
-0.1 |
- |
-4.8 |
- |
|
G-Derivatives Valu |
-9.6 |
-5.2 |
-24.7 |
-7.6 |
-6.4 |
|
Gain-Settlement
Contract |
-7.1 |
-7.4 |
-107.8 |
-3.5 |
-12.5 |
|
G-Inv.Asset Disp |
-1.4 |
-1.0 |
-0.5 |
-3.4 |
- |
|
Gain-Disposal of
Other Investment Assets |
-0.1 |
- |
- |
- |
- |
|
Gain-Disp. of
Securities/Equity Method |
-7.7 |
-0.7 |
- |
-14.6 |
-5.1 |
|
G-Tangible Asst
Disp |
-0.2 |
-0.1 |
-4.0 |
-0.3 |
-1.4 |
|
G-Equity Method
Valu |
-204.8 |
-44.3 |
-24.4 |
-19.2 |
-25.9 |
|
Gain-Disposal of
Investment Assets |
- |
- |
- |
-0.6 |
0.0 |
|
Reversal of
Doubtful Accounts |
0.0 |
-0.1 |
0.0 |
-0.3 |
-2.2 |
|
Recovery-Inventories
Valuation Loss |
- |
- |
- |
- |
-0.5 |
|
G-For Exch
Translatn |
-30.4 |
-54.1 |
-98.2 |
-15.7 |
-15.2 |
|
Trade Receivables |
101.0 |
118.3 |
-23.3 |
114.8 |
-12.1 |
|
LT Trade
Receivable |
1.1 |
- |
- |
- |
- |
|
Accrued Income |
-5.5 |
-3.5 |
-4.3 |
-4.9 |
-1.9 |
|
Account
Receivables |
40.4 |
155.0 |
-133.1 |
33.0 |
26.9 |
|
Prepaid Expenses |
6.4 |
0.6 |
-4.0 |
-9.8 |
3.9 |
|
Advance Payments |
-7.6 |
16.3 |
40.3 |
-39.6 |
-14.9 |
|
Other Quick Assets |
-10.7 |
2.2 |
-13.8 |
-5.8 |
-1.9 |
|
Inventories |
-340.8 |
185.5 |
-136.6 |
83.2 |
-18.7 |
|
Deferred
Taxes-Asset |
27.1 |
-3.3 |
1.5 |
-4.4 |
-3.7 |
|
Trade Payables |
50.2 |
-27.7 |
175.2 |
-229.6 |
-8.0 |
|
Account Payables |
-27.3 |
-105.9 |
78.4 |
-6.4 |
-8.5 |
|
Accrued Expenses |
1.3 |
-3.1 |
1.9 |
14.7 |
-1.5 |
|
Accrued Inc Tax |
5.3 |
-14.0 |
20.4 |
-16.5 |
-16.5 |
|
Unearned Income |
-2.6 |
0.0 |
0.1 |
-0.4 |
0.4 |
|
Advances Received |
30.3 |
-10.3 |
13.1 |
7.6 |
-4.7 |
|
Deposits Withheld |
8.7 |
-4.9 |
-4.5 |
1.6 |
2.8 |
|
Security Deposits |
0.0 |
1.2 |
0.0 |
0.0 |
0.0 |
|
Gift Certificates |
- |
- |
- |
-0.1 |
1.4 |
|
Deferred Income
Tax Credit, A/L |
0.0 |
1.1 |
-2.4 |
1.2 |
- |
|
Other LT
Liabilities |
-0.1 |
0.3 |
0.0 |
-0.2 |
0.4 |
|
Nation Pension Fnd |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Payment-Retirement
Bonus |
-4.0 |
-2.9 |
-5.7 |
-5.0 |
-6.9 |
|
Retirement
Insurance |
-1.4 |
-1.4 |
-2.8 |
-1.5 |
0.5 |
|
Retirement Allw
Rsrv |
-3.8 |
-0.5 |
-0.3 |
3.0 |
0.1 |
|
Loss-Disposal of
Other Investment Assets |
0.0 |
0.5 |
- |
- |
- |
|
Miscellaneous Gain |
- |
-0.2 |
- |
- |
- |
|
Cash from
Operating Activities |
-8.1 |
385.8 |
148.5 |
21.3 |
108.7 |
|
|
|
|
|
|
|
|
Disposal-ST
Investment Assets |
11.8 |
32.2 |
148.3 |
134.7 |
43.8 |
|
Dec-LT Loans |
33.6 |
69.7 |
64.9 |
40.1 |
32.3 |
|
Decrease-LT
Financial Assets |
0.0 |
0.1 |
0.3 |
- |
- |
|
Decrease-Guarantee
Deposit |
3.3 |
4.0 |
0.8 |
1.6 |
4.1 |
|
Dec-Investment
Secs |
5.8 |
1.5 |
1.7 |
3.8 |
0.9 |
|
Dividend
Income-Equity Method Affiliates |
7.8 |
2.5 |
3.7 |
2.7 |
3.4 |
|
Dec-Affil.
Investmnt |
45.6 |
0.8 |
- |
17.3 |
17.3 |
|
Disposal-Investment
Assets |
- |
2.0 |
- |
0.6 |
3.2 |
|
Decrease-Overseas
Investment |
71.8 |
35.9 |
14.7 |
20.6 |
10.9 |
|
Disp-Land |
- |
0.5 |
0.0 |
3.2 |
0.3 |
|
Disposal of
Building |
- |
- |
- |
5.3 |
0.1 |
|
Disposal-Structure |
1.1 |
- |
- |
- |
- |
|
Disp-Machinery |
0.2 |
0.2 |
0.4 |
0.0 |
0.0 |
|
Disp-Vehicles |
0.1 |
0.1 |
10.2 |
0.1 |
3.3 |
|
Disposal-Construction
in Progress |
- |
0.4 |
0.0 |
- |
- |
|
Disp-Othr
Tang.Asset |
0.0 |
0.1 |
1.0 |
0.0 |
0.5 |
|
Disposal-Other
Intangible Assets |
- |
0.1 |
0.0 |
- |
- |
|
Disposal-Business
Segment |
- |
- |
24.7 |
- |
- |
|
Increase-ST
Investment Assets |
-24.5 |
-7.6 |
-105.3 |
-125.5 |
-1.0 |
|
Inc-LT Loans |
-36.2 |
-113.5 |
-132.4 |
-73.6 |
-58.5 |
|
Inc-Guarantee Dep |
-3.6 |
-4.5 |
-5.0 |
-15.1 |
-13.5 |
|
Increase-LT
Financial Assets |
-0.5 |
0.0 |
0.0 |
- |
- |
|
Inc-Investment
Secs |
-4.6 |
-4.4 |
-8.0 |
-3.1 |
-6.6 |
|
Inc-Affil. Stocks |
-105.7 |
-32.1 |
-108.2 |
-21.0 |
-49.0 |
|
Inc-Other Invt
Asset |
- |
- |
-0.1 |
- |
0.0 |
|
Inc-Natural
Resources Develop. Cost |
-36.9 |
-38.4 |
-83.5 |
-45.1 |
-48.5 |
|
Acq-Land |
- |
- |
0.0 |
-0.8 |
-6.3 |
|
Acq-Building |
-0.1 |
-0.1 |
-0.2 |
-1.5 |
-0.2 |
|
Acq-Building Parts |
- |
- |
- |
0.0 |
0.0 |
|
Acq-Structures |
-0.3 |
-0.4 |
- |
- |
-0.1 |
|
Acq-Machinery |
-0.1 |
-1.0 |
0.0 |
-0.2 |
-1.1 |
|
Acq-Vehicles |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.4 |
|
Acq-Other
Tang.Asset |
-0.9 |
-1.1 |
-2.7 |
-4.7 |
-20.7 |
|
Acq-Constructn
Prog |
-8.2 |
-7.2 |
-14.7 |
-10.4 |
-9.5 |
|
Inc-Goodwill |
-0.7 |
- |
- |
-0.1 |
- |
|
Acq-Industr.Patent |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Acq-Other
Intangible |
-4.7 |
-4.3 |
-6.4 |
-1.5 |
-4.3 |
|
Outflow-Spin-Off
IN |
- |
- |
- |
- |
-46.5 |
|
Cash from
Investing Activities |
-46.1 |
-64.9 |
-196.1 |
-72.7 |
-146.0 |
|
|
|
|
|
|
|
|
Inc-ST Borrowings |
5,340.0 |
- |
- |
562.2 |
232.4 |
|
Inc-LT Borrowing |
62.1 |
170.7 |
230.5 |
128.5 |
108.3 |
|
Inc-Bonds |
34.4 |
70.2 |
- |
42.8 |
41.9 |
|
Increase-Security
Deposit Received |
5.9 |
- |
0.4 |
0.0 |
0.7 |
|
Cash Inflow-Other
Financing Activities |
0.0 |
0.0 |
1.2 |
0.1 |
2.4 |
|
Dec-Curr LT Liabs |
-147.6 |
-146.1 |
-10.7 |
-49.7 |
-49.4 |
|
Dec-ST Borrowings |
-5,189.7 |
-382.6 |
-81.7 |
-450.6 |
-231.0 |
|
Dec-LT Borrowings |
-36.4 |
-55.9 |
-10.0 |
-44.6 |
-52.3 |
|
Decrease-Security
Deposit |
-2.0 |
- |
-0.3 |
-0.2 |
-21.1 |
|
Acq-Treasury Stock |
- |
- |
- |
- |
-0.2 |
|
Payment-Dividends |
-6.7 |
-6.3 |
-13.5 |
-20.8 |
-35.5 |
|
Cash Outflow-Other
Financing Activities |
- |
- |
-1.2 |
- |
- |
|
Consolid Scope Adj |
3.0 |
0.7 |
- |
1.4 |
- |
|
Cash Outflow
Financing Activities Adj. |
- |
-2.3 |
- |
- |
- |
|
Cash from
Financing Activities |
63.1 |
-351.7 |
114.6 |
169.2 |
-3.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-36.7 |
38.9 |
1.0 |
3.1 |
|
Net Change in
Cash |
16.8 |
-67.4 |
105.9 |
118.8 |
-38.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
150.1 |
203.4 |
130.0 |
35.2 |
72.3 |
|
Net Cash - Ending Balance |
167.0 |
136.0 |
235.9 |
154.0 |
34.3 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
|
Financials in:
USD (mil) Except for share
items (millions) and per share items (actual units) |
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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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 |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Total Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Cost of Revenue,
Total |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Gross Profit |
550.9 |
466.0 |
569.5 |
386.9 |
723.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
276.6 |
223.2 |
379.9 |
279.2 |
536.7 |
|
Labor &
Related Expense |
85.0 |
73.2 |
- |
- |
- |
|
Advertising
Expense |
12.2 |
10.9 |
- |
- |
- |
|
Total
Selling/General/Administrative Expenses |
373.7 |
307.3 |
379.9 |
279.2 |
536.7 |
|
Depreciation |
4.7 |
5.8 |
- |
- |
- |
|
Amortization of
Intangibles |
5.1 |
7.2 |
- |
- |
- |
|
Depreciation/Amortization |
9.8 |
13.0 |
- |
- |
- |
|
Total Operating
Expense |
11,509.0 |
7,944.1 |
10,058.5 |
9,378.1 |
9,664.2 |
|
|
|
|
|
|
|
|
Operating Income |
167.3 |
145.6 |
189.6 |
107.7 |
186.9 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
Interest Expense,
Net Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
Interest
Income - Non-Operating |
17.3 |
19.8 |
24.6 |
21.4 |
16.9 |
|
Investment
Income - Non-Operating |
201.9 |
4.2 |
-59.8 |
29.9 |
25.9 |
|
Interest/Investment
Income - Non-Operating |
219.2 |
23.9 |
-35.1 |
51.3 |
42.8 |
|
Interest Income
(Expense) - Net Non-Operating Total |
186.2 |
-14.0 |
-82.6 |
5.7 |
-1.2 |
|
Gain (Loss) on Sale of Assets |
-6.4 |
-0.2 |
3.9 |
-1.6 |
-5.0 |
|
Other
Non-Operating Income (Expense) |
-17.9 |
-32.4 |
-53.2 |
-47.0 |
-26.2 |
|
Other, Net |
-17.9 |
-32.4 |
-53.2 |
-47.0 |
-26.2 |
|
Income Before
Tax |
329.2 |
99.0 |
57.8 |
64.7 |
154.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
72.7 |
23.6 |
23.8 |
16.9 |
46.3 |
|
Income After Tax |
256.5 |
75.5 |
34.0 |
47.8 |
108.3 |
|
|
|
|
|
|
|
|
Minority Interest |
-9.1 |
-2.3 |
6.1 |
3.8 |
-0.6 |
|
Equity In
Affiliates |
-0.1 |
- |
- |
- |
- |
|
Net Income
Before Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available
to Common Excl Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available
to Common Incl Extraord Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Basic EPS Excl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Basic/Primary EPS Incl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Diluted Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Diluted EPS Excl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Diluted EPS Incl Extraord Items |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dividends per Share - Common Stock Primary
Issue |
0.30 |
0.16 |
0.18 |
0.38 |
0.52 |
|
Gross Dividends - Common Stock |
11.7 |
6.1 |
7.0 |
14.6 |
20.2 |
|
Interest Expense, Supplemental |
33.0 |
38.0 |
47.4 |
45.6 |
44.0 |
|
Depreciation, Supplemental |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Total Special Items |
11.1 |
3.3 |
-0.1 |
2.9 |
6.5 |
|
Normalized
Income Before Tax |
340.3 |
102.4 |
57.7 |
67.5 |
161.0 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.4 |
0.1 |
-1.6 |
0.4 |
1.5 |
|
Inc Tax Ex Impact of Sp Items |
74.1 |
23.6 |
22.2 |
17.3 |
47.8 |
|
Normalized Income
After Tax |
266.1 |
78.8 |
35.5 |
50.2 |
113.3 |
|
|
|
|
|
|
|
|
Normalized Inc.
Avail to Com. |
257.0 |
76.5 |
41.6 |
54.0 |
112.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Diluted Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Amort of Acquisition Costs, Supplemental |
4.6 |
3.1 |
3.8 |
1.2 |
1.5 |
|
Amort of Intangibles, Supplemental |
0.5 |
4.0 |
3.6 |
5.1 |
3.2 |
|
Rental Expenses |
8.6 |
7.0 |
- |
- |
- |
|
Advertising Expense, Supplemental |
12.2 |
10.9 |
- |
- |
- |
|
Normalized EBIT |
167.3 |
145.6 |
189.6 |
107.7 |
186.9 |
|
Normalized EBITDA |
177.1 |
158.7 |
201.0 |
118.6 |
208.8 |
Interim
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
No Financial Data for LG International Corp.
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1134.9 |
1164.475 |
1259.55 |
936.05 |
930 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
170.1 |
149.1 |
206.2 |
152.9 |
35.2 |
|
Short Term
Investments |
16.9 |
2.5 |
33.0 |
0.8 |
1.1 |
|
Cash and Short
Term Investments |
187.0 |
151.6 |
239.2 |
153.6 |
36.3 |
|
Accounts
Receivable - Trade, Gross |
1,047.2 |
1,110.1 |
1,151.6 |
- |
- |
|
Provision
for Doubtful Accounts |
-94.9 |
-87.0 |
-82.9 |
- |
- |
|
Trade Accounts
Receivable - Net |
971.9 |
1,039.6 |
1,080.3 |
1,007.4 |
1,131.2 |
|
Other Receivables |
86.8 |
85.1 |
235.7 |
92.7 |
92.1 |
|
Total
Receivables, Net |
1,058.7 |
1,124.6 |
1,316.1 |
1,100.1 |
1,223.4 |
|
Inventories -
Finished Goods |
674.5 |
363.3 |
440.3 |
331.5 |
378.3 |
|
Inventories - Work
In Progress |
- |
0.9 |
1.1 |
1.1 |
- |
|
Inventories - Raw
Materials |
12.1 |
0.7 |
5.9 |
19.3 |
- |
|
Inventories -
Other |
85.0 |
69.6 |
80.8 |
130.2 |
55.8 |
|
Total Inventory |
771.7 |
434.4 |
528.2 |
482.1 |
434.1 |
|
Prepaid Expenses |
12.6 |
6.5 |
6.5 |
8.1 |
2.8 |
|
Deferred Income
Tax - Current Asset |
33.6 |
34.2 |
30.8 |
25.7 |
21.9 |
|
Other Current
Assets |
28.0 |
11.9 |
98.6 |
13.5 |
14.6 |
|
Other Current
Assets, Total |
61.7 |
46.1 |
129.4 |
39.3 |
36.5 |
|
Total Current
Assets |
2,091.7 |
1,763.3 |
2,219.4 |
1,783.2 |
1,733.1 |
|
|
|
|
|
|
|
|
Buildings |
59.5 |
39.2 |
31.7 |
41.8 |
43.4 |
|
Land/Improvements |
24.2 |
18.1 |
15.3 |
20.4 |
19.1 |
|
Machinery/Equipment |
23.0 |
9.2 |
6.5 |
6.5 |
6.0 |
|
Construction
in Progress |
5.3 |
7.7 |
3.5 |
4.4 |
36.1 |
|
Other
Property/Plant/Equipment |
17.1 |
15.6 |
11.4 |
17.9 |
13.6 |
|
Property/Plant/Equipment
- Gross |
129.1 |
89.9 |
68.4 |
91.0 |
118.2 |
|
Accumulated
Depreciation |
-37.7 |
-26.8 |
-19.6 |
-27.0 |
-24.1 |
|
Property/Plant/Equipment
- Net |
91.3 |
63.0 |
48.8 |
64.0 |
94.1 |
|
Goodwill, Net |
7.5 |
7.1 |
9.0 |
18.7 |
3.2 |
|
Intangibles, Net |
37.2 |
32.8 |
25.1 |
25.4 |
25.1 |
|
LT Investment -
Affiliate Companies |
675.6 |
456.7 |
361.9 |
306.4 |
283.6 |
|
LT Investments -
Other |
182.5 |
178.4 |
158.4 |
127.8 |
99.0 |
|
Long Term
Investments |
858.1 |
635.1 |
520.3 |
434.1 |
382.6 |
|
Note Receivable - Long Term |
170.7 |
166.7 |
137.3 |
64.1 |
33.2 |
|
Deferred Income
Tax - Long Term Asset |
0.2 |
2.7 |
- |
13.3 |
13.9 |
|
Other Long Term
Assets |
39.1 |
36.9 |
22.1 |
33.4 |
20.8 |
|
Other Long Term
Assets, Total |
39.3 |
39.6 |
22.1 |
46.7 |
34.7 |
|
Total Assets |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,171.3 |
1,096.4 |
1,041.7 |
758.4 |
896.3 |
|
Accrued Expenses |
19.3 |
17.3 |
19.1 |
19.7 |
11.2 |
|
Notes Payable/Short Term Debt |
388.2 |
252.9 |
629.1 |
626.1 |
524.2 |
|
Current Portion - Long Term Debt/Capital
Leases |
115.2 |
163.1 |
99.7 |
25.8 |
48.8 |
|
Dividends Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Security Deposits |
1.3 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Income Taxes
Payable |
12.1 |
4.3 |
18.2 |
5.7 |
22.4 |
|
Other Payables |
157.0 |
161.2 |
256.4 |
93.5 |
61.0 |
|
Other Current
Liabilities |
25.4 |
11.7 |
24.3 |
16.1 |
15.6 |
|
Other Current
liabilities, Total |
245.2 |
198.1 |
327.3 |
141.1 |
127.7 |
|
Total Current
Liabilities |
1,939.2 |
1,727.7 |
2,116.9 |
1,571.2 |
1,608.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
Total Long Term
Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
Total Debt |
975.4 |
812.6 |
1,118.4 |
972.2 |
756.9 |
|
|
|
|
|
|
|
|
Deferred Income
Tax - LT Liability |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Deferred Income
Tax |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Minority Interest |
-2.9 |
-10.9 |
-13.0 |
-7.2 |
-1.7 |
|
Pension Benefits -
Underfunded |
1.9 |
5.2 |
5.0 |
9.6 |
6.8 |
|
Other Long Term
Liabilities |
22.7 |
3.9 |
3.1 |
4.0 |
4.4 |
|
Other
Liabilities, Total |
24.6 |
9.2 |
8.0 |
13.6 |
11.2 |
|
Total
Liabilities |
2,469.2 |
2,134.8 |
2,511.6 |
1,902.0 |
1,804.1 |
|
|
|
|
|
|
|
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Additional Paid-In Capital |
91.7 |
89.3 |
82.6 |
111.1 |
111.8 |
|
Retained Earnings (Accumulated Deficit) |
527.8 |
277.9 |
188.4 |
209.6 |
371.2 |
|
Treasury Stock - Common |
-0.9 |
-0.8 |
-0.8 |
-1.0 |
-1.0 |
|
Unrealized Gain (Loss) |
19.9 |
7.8 |
9.0 |
-8.1 |
-8.0 |
|
Translation
Adjustment |
17.8 |
32.3 |
37.4 |
3.2 |
-2.2 |
|
Other Equity |
-0.5 |
- |
- |
12.4 |
-178.5 |
|
Other Equity,
Total |
17.3 |
32.3 |
37.4 |
15.7 |
-180.7 |
|
Total Equity |
826.6 |
572.9 |
470.4 |
534.3 |
501.7 |
|
|
|
|
|
|
|
|
Total
Liabilities & Shareholders’ Equity |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Total Common
Shares Outstanding |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Treasury Shares - Common Stock Primary
Issue |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Employees |
655 |
623 |
651 |
568 |
527 |
|
Number of Common Shareholders |
19,329 |
20,679 |
21,050 |
27,890 |
20,576 |
|
Deferred Revenue - Current |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Total Long Term Debt, Supplemental |
587.5 |
560.1 |
489.4 |
346.3 |
232.9 |
|
Long Term Debt Maturing within 1 Year |
115.2 |
163.1 |
99.7 |
25.8 |
48.9 |
|
Long Term Debt Maturing in Year 2 |
163.6 |
98.8 |
187.1 |
59.6 |
21.3 |
|
Long Term Debt Maturing in Year 3 |
86.0 |
172.5 |
70.7 |
159.2 |
114.9 |
|
Long Term Debt Maturing in Year 4 |
47.5 |
18.0 |
57.1 |
16.1 |
12.9 |
|
Long Term Debt Maturing in Year 5 |
32.1 |
26.9 |
34.6 |
18.8 |
- |
|
Long Term Debt Maturing in 2-3 Years |
249.7 |
271.3 |
257.8 |
218.8 |
136.1 |
|
Long Term Debt Maturing in 4-5 Years |
79.6 |
44.9 |
91.6 |
34.8 |
12.9 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
143.0 |
80.7 |
40.2 |
66.8 |
35.0 |
|
Total Operating Leases, Supplemental |
5.3 |
6.8 |
10.2 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
1.7 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
1.6 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
1.2 |
1.6 |
2.0 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.8 |
1.2 |
1.9 |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
2.8 |
3.2 |
3.9 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.8 |
1.2 |
1.9 |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 &
Beyond |
0.0 |
0.8 |
2.4 |
- |
- |
Annual Cash Flows Standardized
|
|
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 |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
256.4 |
75.5 |
34.0 |
47.8 |
108.3 |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Depreciation/Depletion |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amortization of
Intangibles |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Amortization |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Deferred Taxes |
27.1 |
-2.2 |
-0.9 |
-3.1 |
-3.7 |
|
Unusual Items |
28.5 |
13.6 |
29.7 |
17.8 |
31.8 |
|
Equity in Net
Earnings (Loss) |
-177.9 |
-29.8 |
0.0 |
-0.4 |
-9.8 |
|
Other Non-Cash
Items |
7.2 |
10.2 |
73.1 |
10.3 |
19.4 |
|
Non-Cash Items |
-142.3 |
-5.9 |
102.9 |
27.7 |
41.4 |
|
Accounts
Receivable |
137.1 |
269.8 |
-160.7 |
142.9 |
12.9 |
|
Inventories |
-348.4 |
201.8 |
-96.2 |
43.6 |
-33.6 |
|
Prepaid Expenses |
6.4 |
0.6 |
-4.0 |
-9.8 |
3.9 |
|
Other Assets |
-10.7 |
2.2 |
-13.8 |
-5.8 |
-1.9 |
|
Accounts Payable |
22.9 |
-133.6 |
253.6 |
-236.0 |
-16.5 |
|
Accrued Expenses |
1.3 |
-3.1 |
1.9 |
14.7 |
-1.5 |
|
Taxes Payable |
5.3 |
-14.0 |
20.4 |
-16.5 |
-16.5 |
|
Other Liabilities |
27.1 |
-18.8 |
-0.1 |
5.3 |
-6.3 |
|
Other Assets &
Liabilities, Net |
-0.1 |
0.3 |
0.0 |
-0.2 |
0.4 |
|
Changes in
Working Capital |
-159.2 |
305.3 |
1.2 |
-62.0 |
-59.1 |
|
Cash from Operating
Activities |
-8.1 |
385.8 |
148.5 |
21.3 |
108.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-46.7 |
-48.5 |
-101.4 |
-63.0 |
-86.7 |
|
Purchase/Acquisition
of Intangibles |
-5.4 |
-4.3 |
-6.4 |
-1.6 |
-4.3 |
|
Capital
Expenditures |
-52.0 |
-52.8 |
-107.8 |
-64.6 |
-91.0 |
|
Sale of Business |
- |
- |
24.7 |
- |
-46.5 |
|
Sale of Fixed
Assets |
1.5 |
1.3 |
11.6 |
8.6 |
4.2 |
|
Sale/Maturity of
Investment |
63.2 |
36.5 |
150.2 |
156.4 |
65.2 |
|
Purchase of
Investments |
-135.3 |
-44.1 |
-221.6 |
-149.5 |
-56.6 |
|
Sale of Intangible
Assets |
- |
0.1 |
0.0 |
- |
- |
|
Other Investing
Cash Flow |
76.6 |
-5.9 |
-53.2 |
-23.7 |
-21.3 |
|
Other Investing
Cash Flow Items, Total |
6.0 |
-12.0 |
-88.3 |
-8.1 |
-55.0 |
|
Cash from
Investing Activities |
-46.1 |
-64.9 |
-196.1 |
-72.7 |
-146.0 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
-140.7 |
-147.7 |
-10.6 |
-48.4 |
-67.4 |
|
Financing Cash
Flow Items |
-140.7 |
-147.7 |
-10.6 |
-48.4 |
-67.4 |
|
Total Cash
Dividends Paid |
-6.7 |
-6.3 |
-13.5 |
-20.8 |
-35.5 |
|
Repurchase/Retirement
of Common |
- |
- |
- |
- |
-0.2 |
|
Common Stock, Net |
- |
- |
- |
- |
-0.2 |
|
Issuance
(Retirement) of Stock, Net |
- |
- |
- |
- |
-0.2 |
|
Short
Term Debt Issued |
5,340.0 |
- |
- |
562.2 |
232.4 |
|
Short
Term Debt Reduction |
-5,189.7 |
-382.6 |
-81.7 |
-450.6 |
-231.0 |
|
Short Term Debt,
Net |
150.3 |
-382.6 |
-81.7 |
111.6 |
1.4 |
|
Long
Term Debt Issued |
96.5 |
240.9 |
230.5 |
171.4 |
150.2 |
|
Long
Term Debt Reduction |
-36.4 |
-55.9 |
-10.0 |
-44.6 |
-52.3 |
|
Long Term Debt,
Net |
60.1 |
184.9 |
220.5 |
126.8 |
97.8 |
|
Issuance
(Retirement) of Debt, Net |
210.5 |
-197.7 |
138.7 |
238.4 |
99.2 |
|
Cash from
Financing Activities |
63.1 |
-351.7 |
114.6 |
169.2 |
-3.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-36.7 |
38.9 |
1.0 |
3.1 |
|
Net Change in
Cash |
16.8 |
-67.4 |
105.9 |
118.8 |
-38.1 |
|
et Cash - Beginning Balance |
150.1 |
203.4 |
130.0 |
35.2 |
72.3 |
|
Net Cash - Ending Balance |
167.0 |
136.0 |
235.9 |
154.0 |
34.3 |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
Total Revenue |
11,676.3 |
8,089.7 |
10,248.1 |
9,485.8 |
9,851.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
11,125.4 |
7,623.7 |
9,678.6 |
9,098.9 |
9,127.5 |
|
Selling/General/Adm. |
- |
- |
379.9 |
279.2 |
536.7 |
|
Salaries & Wages |
67.4 |
57.9 |
- |
- |
- |
|
Retirement Allowance |
5.6 |
4.7 |
- |
- |
- |
|
Employee Benefits |
12.0 |
10.6 |
- |
- |
- |
|
Travel Expense |
7.3 |
5.0 |
- |
- |
- |
|
Communication Expense |
2.1 |
1.7 |
- |
- |
- |
|
Utility Expense |
1.0 |
0.5 |
- |
- |
- |
|
Taxes & Dues |
13.4 |
3.4 |
- |
- |
- |
|
Expense-Consumable Goods |
0.5 |
0.4 |
- |
- |
- |
|
Publishing & Printing Expense |
0.3 |
1.0 |
- |
- |
- |
|
Rent |
8.6 |
7.0 |
- |
- |
- |
|
Vehicles Maintenance Expense |
1.1 |
0.9 |
- |
- |
- |
|
Repair Expense |
0.7 |
3.8 |
- |
- |
- |
|
Insurance Expense |
5.7 |
3.2 |
- |
- |
- |
|
Commission Paid |
45.6 |
41.3 |
- |
- |
- |
|
Sales Commission |
41.9 |
35.3 |
- |
- |
- |
|
Purchase Commission |
1.7 |
1.6 |
- |
- |
- |
|
Storage Expense |
4.4 |
3.1 |
- |
- |
- |
|
Shipping & Handling Expense |
108.1 |
90.3 |
- |
- |
- |
|
Cargo Work Expense |
3.2 |
2.4 |
- |
- |
- |
|
Packaging Expense |
0.0 |
0.0 |
- |
- |
- |
|
Entertainment Expense |
4.3 |
3.1 |
- |
- |
- |
|
Advertising Expense |
12.2 |
10.9 |
- |
- |
- |
|
Education Expense |
2.3 |
1.7 |
- |
- |
- |
|
Overseas Branch Management Expense |
17.5 |
15.6 |
- |
- |
- |
|
Expense-Samples |
0.2 |
0.2 |
- |
- |
- |
|
Customs Expense |
0.5 |
0.5 |
- |
- |
- |
|
Conference Expense |
0.3 |
0.2 |
- |
- |
- |
|
Provision-Bad Debt |
5.9 |
1.0 |
- |
- |
- |
|
Depreciation Expense |
4.7 |
5.8 |
- |
- |
- |
|
Amortization-Intangibles |
5.1 |
7.2 |
- |
- |
- |
|
Other Sales & Administrative Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
11,509.0 |
7,944.1 |
10,058.5 |
9,378.1 |
9,664.2 |
|
|
|
|
|
|
|
|
Interest Income |
17.3 |
19.8 |
24.6 |
21.4 |
16.9 |
|
Dividend Income |
7.8 |
6.6 |
11.6 |
9.4 |
7.2 |
|
Rental Income |
- |
- |
- |
- |
0.3 |
|
Recovery-Sales Guarantee Reserve |
- |
- |
- |
0.1 |
- |
|
G-Tang Asst Disposal |
0.2 |
0.1 |
4.0 |
0.3 |
1.4 |
|
G-Derivatives Trade |
45.6 |
70.0 |
186.5 |
41.9 |
58.0 |
|
G-Derivatives Valuat |
9.6 |
5.2 |
24.7 |
7.6 |
6.4 |
|
G-Inv.Asset Disposal |
1.4 |
1.0 |
0.5 |
3.4 |
- |
|
Gain-Disposal of Other Investment Assets |
0.1 |
- |
- |
- |
- |
|
G-Inv. Secs. Under Equity Method Disp. |
7.7 |
0.7 |
- |
14.6 |
5.1 |
|
G-For Curr Transactn |
316.7 |
262.6 |
443.3 |
104.3 |
90.3 |
|
G-For Exch Translatn |
38.9 |
61.5 |
98.2 |
17.0 |
15.3 |
|
G-Contract Valuation |
7.1 |
7.4 |
107.8 |
3.5 |
12.5 |
|
Revers-Doubtful Acct |
0.0 |
0.1 |
0.0 |
0.3 |
2.2 |
|
Recovery-Sales Guarantee Reserve |
- |
- |
0.0 |
0.0 |
0.0 |
|
Gain-Disposal of Investment Assets |
- |
- |
- |
0.6 |
0.0 |
|
Recovery-Taxes Paid |
- |
- |
- |
0.6 |
0.0 |
|
Other Non-Op. Income |
21.4 |
8.2 |
5.8 |
2.6 |
11.6 |
|
Payment Guarantee Commission Received |
0.0 |
- |
- |
- |
- |
|
Interest Expense, Non-Operating |
-33.0 |
-38.0 |
-47.4 |
-45.6 |
-44.0 |
|
L-Mkt Secs Disposal |
0.0 |
0.0 |
0.0 |
-0.2 |
0.0 |
|
L-Sec for Sale Disp |
- |
- |
-0.6 |
-0.4 |
0.0 |
|
Loss-Reduct. of Sec. Available-Sale |
-0.7 |
- |
- |
- |
- |
|
L-Othr Inv Asst Disp |
0.0 |
-0.5 |
- |
-0.1 |
- |
|
L-Tang.Asst Disposal |
-0.4 |
-0.3 |
-0.2 |
-1.9 |
-6.4 |
|
Loss-Intangible Assets Disposal |
-6.2 |
- |
0.0 |
- |
0.0 |
|
L-Derivatives Trade |
-45.0 |
-126.3 |
-143.7 |
-46.5 |
-57.8 |
|
L-Derivatives Valu |
-10.0 |
-8.4 |
-116.7 |
-5.1 |
-13.4 |
|
L-For Curr Transactn |
-314.0 |
-260.6 |
-539.9 |
-103.5 |
-89.7 |
|
L-For Exch Translatn |
-29.7 |
-44.8 |
-131.5 |
-17.1 |
-13.6 |
|
Loss-Reduction of Overseas Market Invest |
-11.7 |
- |
- |
- |
- |
|
L-Disposal of Trade Receivables |
-16.9 |
-14.5 |
-35.2 |
-35.4 |
-27.4 |
|
Bad Debt Expense |
-1.1 |
-16.7 |
-7.6 |
-6.0 |
- |
|
L-Contract Valuation |
-8.8 |
-4.3 |
-14.1 |
-4.7 |
-5.8 |
|
Donations Paid |
-2.4 |
-1.3 |
-1.0 |
-2.3 |
-1.3 |
|
Additional Tax Paid |
- |
- |
- |
- |
-0.3 |
|
Miscellaneous Loss, Non-Operating |
-10.1 |
-3.8 |
-1.0 |
-2.2 |
-5.1 |
|
Other Non-Op Expense |
- |
- |
- |
- |
-0.4 |
|
L-Affil Stock Disp |
- |
- |
- |
- |
-0.3 |
|
L-Affil Stock Reduction |
- |
- |
- |
- |
-3.8 |
|
G-Equity Method Valu |
204.8 |
44.3 |
24.4 |
19.2 |
25.9 |
|
L-Equity Method Valu |
-26.8 |
-14.5 |
-24.4 |
-18.8 |
-16.1 |
|
Net Income Before Taxes |
329.2 |
99.0 |
57.8 |
64.7 |
154.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
72.7 |
23.6 |
23.8 |
16.9 |
46.3 |
|
Net Income After Taxes |
256.5 |
75.5 |
34.0 |
47.8 |
108.3 |
|
|
|
|
|
|
|
|
Earning Before Acquisition of Subsidiary |
-0.1 |
- |
- |
- |
- |
|
Minority Interest Gain |
-9.1 |
-2.3 |
6.1 |
3.8 |
-0.6 |
|
Net Income Before Extra. Items |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Income Available to Com Incl E |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Basic EPS Excluding ExtraOrdin |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Basic EPS Including ExtraOrdin |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Dilution Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Diluted Net Income |
247.3 |
73.2 |
40.1 |
51.6 |
107.7 |
|
Diluted Weighted Average Share |
38.7 |
38.7 |
38.7 |
38.7 |
63.0 |
|
Diluted EPS Excluding ExtraOrd |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
Diluted EPS Including ExtraOrd |
6.40 |
1.89 |
1.04 |
1.33 |
1.71 |
|
DPS-Common Stock |
0.30 |
0.16 |
0.18 |
0.38 |
0.52 |
|
Gross Dividends - Common Stock |
11.7 |
6.1 |
7.0 |
14.6 |
20.2 |
|
Normalized Income Before Taxes |
340.3 |
102.4 |
57.7 |
67.5 |
161.0 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
74.1 |
23.6 |
22.2 |
17.3 |
47.8 |
|
Normalized Income After Taxes |
266.1 |
78.8 |
35.5 |
50.2 |
113.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
257.0 |
76.5 |
41.6 |
54.0 |
112.7 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Diluted Normalized EPS |
6.65 |
1.98 |
1.08 |
1.40 |
1.79 |
|
Interest Expense |
33.0 |
38.0 |
47.4 |
45.6 |
44.0 |
|
Advertising Expense, Supplemental |
12.2 |
10.9 |
- |
- |
- |
|
Rental Expense, Supplemental |
8.6 |
7.0 |
- |
- |
- |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amort of Intangibles, Suppleme |
0.5 |
4.0 |
3.6 |
5.1 |
3.2 |
|
Amort of Goodwill |
4.6 |
3.1 |
3.8 |
1.2 |
1.5 |
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 |
Updated Normal |
Restated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1134.9 |
1164.475 |
1259.55 |
936.05 |
930 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash/Equivalents |
170.1 |
149.1 |
206.2 |
152.9 |
35.2 |
|
ST Finl Assets |
16.9 |
2.5 |
33.0 |
0.8 |
1.1 |
|
Trade Receivable |
- |
- |
- |
995.7 |
1,123.5 |
|
Trade Receivable |
1,047.2 |
1,110.1 |
1,151.6 |
- |
- |
|
Reserve-Doubtful Account |
-94.9 |
-87.0 |
-82.9 |
- |
- |
|
Other Rcvbls |
86.8 |
85.1 |
235.7 |
92.7 |
92.1 |
|
Advance Payments |
85.0 |
69.6 |
80.8 |
130.2 |
55.8 |
|
Prepaid Expenses |
12.6 |
6.5 |
6.5 |
8.1 |
2.8 |
|
Accrued Income |
19.5 |
16.4 |
11.6 |
11.7 |
7.8 |
|
Settlement-Contract |
7.2 |
7.7 |
94.2 |
3.5 |
12.8 |
|
Deferred Taxes |
33.6 |
34.2 |
30.8 |
25.7 |
21.9 |
|
Other Quick Asst |
20.8 |
4.2 |
4.4 |
10.0 |
1.8 |
|
Merchandise |
639.1 |
307.9 |
384.3 |
242.4 |
301.1 |
|
Finished Goods |
3.8 |
0.4 |
4.0 |
2.3 |
4.5 |
|
Raw Materials |
12.1 |
0.7 |
5.9 |
19.3 |
- |
|
Work in Progress |
- |
0.9 |
1.1 |
1.1 |
- |
|
Stored Goods |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Merch in Transit |
31.7 |
55.0 |
52.0 |
86.8 |
72.7 |
|
Total Current Assets |
2,091.7 |
1,763.3 |
2,219.4 |
1,783.2 |
1,733.1 |
|
|
|
|
|
|
|
|
Securities Held to Maturities |
0.1 |
- |
- |
- |
- |
|
LT Finl Assets |
0.3 |
0.0 |
0.1 |
0.2 |
0.0 |
|
LT Invest Secs. |
27.5 |
25.3 |
19.3 |
- |
- |
|
Overseas Invest. |
154.6 |
153.1 |
139.0 |
106.1 |
73.6 |
|
Other Inv Assets |
- |
- |
0.0 |
0.0 |
0.5 |
|
LT Loan |
168.4 |
163.2 |
134.4 |
64.1 |
33.2 |
|
Secs for Sale |
- |
- |
- |
21.5 |
24.9 |
|
Investment-Affil |
675.6 |
456.7 |
361.9 |
306.4 |
283.6 |
|
LT Guarantee Dep |
35.2 |
33.7 |
19.0 |
33.4 |
20.8 |
|
LT Prepaid Expense |
3.9 |
3.2 |
3.1 |
- |
- |
|
LT Trade Receivable |
2.3 |
3.6 |
2.8 |
- |
- |
|
LA Deferred Tax |
0.2 |
2.7 |
- |
13.3 |
13.9 |
|
Land |
24.2 |
18.1 |
15.3 |
20.4 |
19.1 |
|
Buildings |
41.0 |
35.2 |
30.7 |
34.2 |
35.6 |
|
Deprec-Buildings |
-14.6 |
-12.8 |
-8.9 |
-7.7 |
-6.6 |
|
Attach to Bldg |
- |
- |
- |
6.4 |
6.6 |
|
Deprec-Attach |
- |
- |
- |
-2.7 |
-3.2 |
|
Structures |
18.5 |
4.1 |
1.1 |
1.2 |
1.2 |
|
Deprec-Structure |
-3.0 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Machinery/Equip. |
18.7 |
5.2 |
2.9 |
3.7 |
3.5 |
|
Depr-Mach/Equip. |
-6.5 |
-2.4 |
-1.8 |
-2.6 |
-2.6 |
|
Transport Equip. |
4.3 |
4.0 |
3.6 |
2.8 |
2.5 |
|
Deprec-Transport |
-1.8 |
-1.6 |
-1.3 |
-2.0 |
-1.7 |
|
Construc in Prog |
5.3 |
7.7 |
3.5 |
4.4 |
36.1 |
|
Other Tangibles |
17.1 |
15.6 |
11.4 |
17.9 |
13.6 |
|
Other Tangibles-Depreciation |
-11.8 |
-9.7 |
-7.4 |
-11.8 |
-9.8 |
|
Industrial Patnt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Intangible |
37.2 |
32.8 |
25.1 |
25.4 |
25.0 |
|
Goodwill |
7.5 |
7.1 |
9.0 |
18.7 |
3.2 |
|
Total Assets |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
Trade Payable |
1,171.3 |
1,096.4 |
1,041.7 |
758.4 |
896.1 |
|
ST Borrowings |
388.2 |
252.9 |
629.1 |
626.1 |
524.2 |
|
Dividend Payable |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Accounts Payable |
157.0 |
161.2 |
256.4 |
93.5 |
61.0 |
|
Inc Tax Payable |
12.1 |
4.3 |
18.2 |
5.7 |
22.4 |
|
Accrued Expenses |
19.3 |
17.3 |
19.1 |
19.7 |
11.2 |
|
Advances Receivd |
49.3 |
19.4 |
28.4 |
25.7 |
28.6 |
|
Unearned Income |
0.1 |
0.1 |
0.1 |
0.0 |
0.1 |
|
Sec Dep Withheld |
1.3 |
1.3 |
0.0 |
0.0 |
0.0 |
|
Deposit Withheld |
16.5 |
7.0 |
11.4 |
11.4 |
9.6 |
|
Current LT Liab. |
115.2 |
163.1 |
99.7 |
25.8 |
48.8 |
|
Settlement Contract |
8.9 |
4.8 |
12.9 |
4.7 |
6.0 |
|
Gift Cert Pay. |
- |
- |
- |
- |
0.1 |
|
Total Current Liability |
1,939.2 |
1,727.7 |
2,116.9 |
1,571.2 |
1,608.2 |
|
|
|
|
|
|
|
|
Bonds |
116.3 |
77.0 |
31.7 |
85.3 |
43.0 |
|
Discount on Debentures Issuance |
-0.3 |
- |
- |
- |
- |
|
LT Borrowings |
27.9 |
32.5 |
48.2 |
36.9 |
15.5 |
|
Foreign Curr LTB |
328.1 |
287.1 |
309.6 |
198.1 |
125.5 |
|
Total Long Term Debt |
472.0 |
396.7 |
389.6 |
320.3 |
184.0 |
|
|
|
|
|
|
|
|
LL Security Dep |
7.7 |
3.7 |
2.9 |
3.8 |
3.9 |
|
Other LT Liabs. |
15.0 |
0.2 |
0.2 |
0.2 |
0.5 |
|
Deferred Tax-Cr |
36.3 |
12.1 |
10.1 |
4.1 |
2.5 |
|
Retirement Resrv |
19.9 |
21.3 |
18.4 |
9.6 |
6.8 |
|
Minority Interest |
-2.9 |
-10.9 |
-13.0 |
-7.2 |
-1.7 |
|
Deposit-Retirement Insurance |
-17.9 |
-16.0 |
-13.3 |
- |
- |
|
Transfer to National Pension Fund |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Total Liabilities |
2,469.2 |
2,134.8 |
2,511.6 |
1,902.0 |
1,804.1 |
|
|
|
|
|
|
|
|
Voluntary Reserve |
13.4 |
13.1 |
12.1 |
16.2 |
16.3 |
|
Legal Reserve |
21.9 |
20.7 |
18.5 |
23.5 |
21.6 |
|
Common Stock |
170.8 |
166.4 |
153.9 |
207.0 |
208.4 |
|
Capital Surplus |
41.5 |
40.5 |
37.4 |
50.3 |
50.7 |
|
Other Capital Surplus |
15.6 |
15.2 |
14.1 |
18.9 |
19.1 |
|
Reserve for Assets Revaluation |
34.5 |
33.6 |
31.1 |
41.9 |
42.1 |
|
Retained Earning |
492.5 |
244.1 |
157.7 |
169.8 |
333.3 |
|
Othr Capital Adj |
-0.5 |
- |
- |
12.4 |
12.5 |
|
Loss on Capital Discount |
- |
- |
- |
- |
-191.0 |
|
Gain-Revaluation |
-0.5 |
- |
- |
- |
- |
|
L-Sec for Sale V |
3.9 |
2.7 |
1.8 |
4.1 |
1.4 |
|
Positive Capital Change U/ Equity Mtd. |
29.8 |
27.0 |
19.4 |
8.7 |
3.7 |
|
Negative Capital Change U/ Equity Mtd. |
-13.3 |
-21.9 |
-12.2 |
-21.0 |
-13.1 |
|
Treasury Stock |
-0.9 |
-0.8 |
-0.8 |
-1.0 |
-1.0 |
|
Oversea Op Trans |
17.8 |
32.3 |
37.4 |
3.2 |
-2.2 |
|
Total Equity |
826.6 |
572.9 |
470.4 |
534.3 |
501.7 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
3,295.8 |
2,707.7 |
2,982.0 |
2,436.3 |
2,305.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
Total Common Shares Outstandin |
38.7 |
38.7 |
38.7 |
38.7 |
38.7 |
|
T/S-Common Stock |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Deferred Revenue, Current |
49.4 |
19.5 |
28.5 |
25.8 |
28.7 |
|
Full-Time Employees |
655 |
623 |
651 |
568 |
527 |
|
Number of Common Shareholders |
19,329 |
20,679 |
21,050 |
27,890 |
20,576 |
|
Long-Term Debts Due in 1 Year |
115.2 |
163.1 |
99.7 |
25.8 |
48.9 |
|
Long-Term Debts Due in 2 Years |
163.6 |
98.8 |
187.1 |
59.6 |
21.3 |
|
Long-Term Debts Due in 3 Years |
86.0 |
172.5 |
70.7 |
159.2 |
114.9 |
|
Long-Term Debts Due in 4 Years |
47.5 |
18.0 |
57.1 |
16.1 |
12.9 |
|
Long-Term Debts Due in 5 Years |
32.1 |
26.9 |
34.6 |
18.8 |
- |
|
Long-Term Debts Due Remaining |
143.0 |
80.7 |
40.2 |
66.8 |
35.0 |
|
Total Long Term Debt, Supplemental |
587.5 |
560.1 |
489.4 |
346.3 |
232.9 |
|
Operating Leases due in Year 1 |
1.7 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 2 |
1.6 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 3 |
1.2 |
1.6 |
2.0 |
- |
- |
|
Operating Leases due in Year 4 |
0.8 |
1.2 |
1.9 |
- |
- |
|
Operating Leases Remaining |
- |
0.8 |
2.4 |
- |
- |
|
Total Operating Leases |
5.3 |
6.8 |
10.2 |
- |
- |
Interim Balance Sheet
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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 |
Updated Normal |
Reclassified
Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
955.035724 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Samil Accounting
Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
256.4 |
75.5 |
34.0 |
47.8 |
108.3 |
|
Depreciation |
4.7 |
5.9 |
4.0 |
4.7 |
17.2 |
|
Amort.-Intangible |
5.1 |
7.2 |
7.4 |
6.3 |
4.7 |
|
Amort-Bad Debt Exp |
5.9 |
1.0 |
26.3 |
3.2 |
12.0 |
|
Amort-Otr Bad Debt E |
1.1 |
16.7 |
7.6 |
6.0 |
- |
|
Amort-Bond Discount |
0.2 |
0.1 |
0.1 |
0.2 |
0.9 |
|
Retirement Allowance |
5.6 |
4.6 |
5.9 |
5.8 |
8.4 |
|
L-For Exch Translatn |
24.3 |
41.6 |
131.4 |
15.9 |
13.5 |
|
Loss-Disp. of Trade Receivables |
16.9 |
14.5 |
35.2 |
35.4 |
27.4 |
|
L-Mkt Secs Disposal |
0.0 |
0.0 |
0.0 |
0.2 |
0.0 |
|
L-Contract Valuation |
8.8 |
4.3 |
14.1 |
4.7 |
5.8 |
|
L-Derivatives Valu |
10.0 |
8.4 |
116.7 |
5.1 |
13.4 |
|
L-Sec for Sale Disp |
- |
- |
0.6 |
0.4 |
0.0 |
|
L-Affil Stock Disp. |
- |
- |
- |
- |
0.3 |
|
L-Affil Stock Reduction |
- |
- |
- |
- |
3.8 |
|
Loss-Disposal of Other Assets |
- |
- |
- |
0.1 |
- |
|
Loss-Reduction of Investment Securities |
0.7 |
- |
- |
- |
- |
|
Loss-Reduction of Overseas Investment As |
11.7 |
- |
- |
- |
- |
|
L-Tangible Asst Disp |
0.4 |
0.3 |
0.2 |
1.9 |
6.4 |
|
L-Intangible Asst Disp |
6.2 |
- |
0.0 |
- |
0.0 |
|
Transfer-Point Credit Reserve |
- |
- |
- |
- |
2.5 |
|
L-Equity Method Valu |
26.8 |
14.5 |
24.4 |
18.8 |
16.1 |
|
Miscellaneous Loss |
0.9 |
0.7 |
0.0 |
- |
- |
|
Interest Income |
-0.4 |
-0.1 |
- |
-4.8 |
- |
|
G-Derivatives Valu |
-9.6 |
-5.2 |
-24.7 |
-7.6 |
-6.4 |
|
Gain-Settlement Contract |
-7.1 |
-7.4 |
-107.8 |
-3.5 |
-12.5 |
|
G-Inv.Asset Disp |
-1.4 |
-1.0 |
-0.5 |
-3.4 |
- |
|
Gain-Disposal of Other Investment Assets |
-0.1 |
- |
- |
- |
- |
|
Gain-Disp. of Securities/Equity Method |
-7.7 |
-0.7 |
- |
-14.6 |
-5.1 |
|
G-Tangible Asst Disp |
-0.2 |
-0.1 |
-4.0 |
-0.3 |
-1.4 |
|
G-Equity Method Valu |
-204.8 |
-44.3 |
-24.4 |
-19.2 |
-25.9 |
|
Gain-Disposal of Investment Assets |
- |
- |
- |
-0.6 |
0.0 |
|
Reversal of Doubtful Accounts |
0.0 |
-0.1 |
0.0 |
-0.3 |
-2.2 |
|
Recovery-Inventories Valuation Loss |
- |
- |
- |
- |
-0.5 |
|
G-For Exch Translatn |
-30.4 |
-54.1 |
-98.2 |
-15.7 |
-15.2 |
|
Trade Receivables |
101.0 |
118.3 |
-23.3 |
114.8 |
-12.1 |
|
LT Trade Receivable |
1.1 |
- |
- |
- |
- |
|
Accrued Income |
-5.5 |
-3.5 |
-4.3 |
-4.9 |
-1.9 |
|
Account Receivables |
40.4 |
155.0 |
-133.1 |
33.0 |
26.9 |
|
Prepaid Expenses |
6.4 |
0.6 |
-4.0 |
-9.8 |
3.9 |
|
Advance Payments |
-7.6 |
16.3 |
40.3 |
-39.6 |
-14.9 |
|
Other Quick Assets |
-10.7 |
2.2 |
-13.8 |
-5.8 |
-1.9 |
|
Inventories |
-340.8 |
185.5 |
-136.6 |
83.2 |
-18.7 |
|
Deferred Taxes-Asset |
27.1 |
-3.3 |
1.5 |
-4.4 |
-3.7 |
|
Trade Payables |
50.2 |
-27.7 |
175.2 |
-229.6 |
-8.0 |
|
Account Payables |
-27.3 |
-105.9 |
78.4 |
-6.4 |
-8.5 |
|
Accrued Expenses |
1.3 |
-3.1 |
1.9 |
14.7 |
-1.5 |
|
Accrued Inc Tax |
5.3 |
-14.0 |
20.4 |
-16.5 |
-16.5 |
|
Unearned Income |
-2.6 |
0.0 |
0.1 |
-0.4 |
0.4 |
|
Advances Received |
30.3 |
-10.3 |
13.1 |
7.6 |
-4.7 |
|
Deposits Withheld |
8.7 |
-4.9 |
-4.5 |
1.6 |
2.8 |
|
Security Deposits |
0.0 |
1.2 |
0.0 |
0.0 |
0.0 |
|
Gift Certificates |
- |
- |
- |
-0.1 |
1.4 |
|
Deferred Income Tax Credit, A/L |
0.0 |
1.1 |
-2.4 |
1.2 |
- |
|
Other LT Liabilities |
-0.1 |
0.3 |
0.0 |
-0.2 |
0.4 |
|
Nation Pension Fnd |
0.0 |
0.0 |
0.1 |
0.1 |
0.1 |
|
Payment-Retirement Bonus |
-4.0 |
-2.9 |
-5.7 |
-5.0 |
-6.9 |
|
Retirement Insurance |
-1.4 |
-1.4 |
-2.8 |
-1.5 |
0.5 |
|
Retirement Allw Rsrv |
-3.8 |
-0.5 |
-0.3 |
3.0 |
0.1 |
|
Loss-Disposal of Other Investment Assets |
0.0 |
0.5 |
- |
- |
- |
|
Miscellaneous Gain |
- |
-0.2 |
- |
- |
- |
|
Cash from Operating Activities |
-8.1 |
385.8 |
148.5 |
21.3 |
108.7 |
|
|
|
|
|
|
|
|
Disposal-ST Investment Assets |
11.8 |
32.2 |
148.3 |
134.7 |
43.8 |
|
Dec-LT Loans |
33.6 |
69.7 |
64.9 |
40.1 |
32.3 |
|
Decrease-LT Financial Assets |
0.0 |
0.1 |
0.3 |
- |
- |
|
Decrease-Guarantee Deposit |
3.3 |
4.0 |
0.8 |
1.6 |
4.1 |
|
Dec-Investment Secs |
5.8 |
1.5 |
1.7 |
3.8 |
0.9 |
|
Dividend Income-Equity Method Affiliates |
7.8 |
2.5 |
3.7 |
2.7 |
3.4 |
|
Dec-Affil. Investmnt |
45.6 |
0.8 |
- |
17.3 |
17.3 |
|
Disposal-Investment Assets |
- |
2.0 |
- |
0.6 |
3.2 |
|
Decrease-Overseas Investment |
71.8 |
35.9 |
14.7 |
20.6 |
10.9 |
|
Disp-Land |
- |
0.5 |
0.0 |
3.2 |
0.3 |
|
Disposal of Building |
- |
- |
- |
5.3 |
0.1 |
|
Disposal-Structure |
1.1 |
- |
- |
- |
- |
|
Disp-Machinery |
0.2 |
0.2 |
0.4 |
0.0 |
0.0 |
|
Disp-Vehicles |
0.1 |
0.1 |
10.2 |
0.1 |
3.3 |
|
Disposal-Construction in Progress |
- |
0.4 |
0.0 |
- |
- |
|
Disp-Othr Tang.Asset |
0.0 |
0.1 |
1.0 |
0.0 |
0.5 |
|
Disposal-Other Intangible Assets |
- |
0.1 |
0.0 |
- |
- |
|
Disposal-Business Segment |
- |
- |
24.7 |
- |
- |
|
Increase-ST Investment Assets |
-24.5 |
-7.6 |
-105.3 |
-125.5 |
-1.0 |
|
Inc-LT Loans |
-36.2 |
-113.5 |
-132.4 |
-73.6 |
-58.5 |
|
Inc-Guarantee Dep |
-3.6 |
-4.5 |
-5.0 |
-15.1 |
-13.5 |
|
Increase-LT Financial Assets |
-0.5 |
0.0 |
0.0 |
- |
- |
|
Inc-Investment Secs |
-4.6 |
-4.4 |
-8.0 |
-3.1 |
-6.6 |
|
Inc-Affil. Stocks |
-105.7 |
-32.1 |
-108.2 |
-21.0 |
-49.0 |
|
Inc-Other Invt Asset |
- |
- |
-0.1 |
- |
0.0 |
|
Inc-Natural Resources Develop. Cost |
-36.9 |
-38.4 |
-83.5 |
-45.1 |
-48.5 |
|
Acq-Land |
- |
- |
0.0 |
-0.8 |
-6.3 |
|
Acq-Building |
-0.1 |
-0.1 |
-0.2 |
-1.5 |
-0.2 |
|
Acq-Building Parts |
- |
- |
- |
0.0 |
0.0 |
|
Acq-Structures |
-0.3 |
-0.4 |
- |
- |
-0.1 |
|
Acq-Machinery |
-0.1 |
-1.0 |
0.0 |
-0.2 |
-1.1 |
|
Acq-Vehicles |
-0.2 |
-0.3 |
-0.2 |
-0.3 |
-0.4 |
|
Acq-Other Tang.Asset |
-0.9 |
-1.1 |
-2.7 |
-4.7 |
-20.7 |
|
Acq-Constructn Prog |
-8.2 |
-7.2 |
-14.7 |
-10.4 |
-9.5 |
|
Inc-Goodwill |
-0.7 |
- |
- |
-0.1 |
- |
|
Acq-Industr.Patent |
0.0 |
0.0 |
- |
0.0 |
0.0 |
|
Acq-Other Intangible |
-4.7 |
-4.3 |
-6.4 |
-1.5 |
-4.3 |
|
Outflow-Spin-Off IN |
- |
- |
- |
- |
-46.5 |
|
Cash from Investing Activities |
-46.1 |
-64.9 |
-196.1 |
-72.7 |
-146.0 |
|
|
|
|
|
|
|
|
Inc-ST Borrowings |
5,340.0 |
- |
- |
562.2 |
232.4 |
|
Inc-LT Borrowing |
62.1 |
170.7 |
230.5 |
128.5 |
108.3 |
|
Inc-Bonds |
34.4 |
70.2 |
- |
42.8 |
41.9 |
|
Increase-Security Deposit Received |
5.9 |
- |
0.4 |
0.0 |
0.7 |
|
Cash Inflow-Other Financing Activities |
0.0 |
0.0 |
1.2 |
0.1 |
2.4 |
|
Dec-Curr LT Liabs |
-147.6 |
-146.1 |
-10.7 |
-49.7 |
-49.4 |
|
Dec-ST Borrowings |
-5,189.7 |
-382.6 |
-81.7 |
-450.6 |
-231.0 |
|
Dec-LT Borrowings |
-36.4 |
-55.9 |
-10.0 |
-44.6 |
-52.3 |
|
Decrease-Security Deposit |
-2.0 |
- |
-0.3 |
-0.2 |
-21.1 |
|
Acq-Treasury Stock |
- |
- |
- |
- |
-0.2 |
|
Payment-Dividends |
-6.7 |
-6.3 |
-13.5 |
-20.8 |
-35.5 |
|
Cash Outflow-Other Financing Activities |
- |
- |
-1.2 |
- |
- |
|
Consolid Scope Adj |
3.0 |
0.7 |
- |
1.4 |
- |
|
Cash Outflow Financing Activities Adj. |
- |
-2.3 |
- |
- |
- |
|
Cash from Financing Activities |
63.1 |
-351.7 |
114.6 |
169.2 |
-3.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
8.0 |
-36.7 |
38.9 |
1.0 |
3.1 |
|
Net Change in Cash |
16.8 |
-67.4 |
105.9 |
118.8 |
-38.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
150.1 |
203.4 |
130.0 |
35.2 |
72.3 |
|
Net Cash - Ending Balance |
167.0 |
136.0 |
235.9 |
154.0 |
34.3 |
Geographic Segments
Financials
in: As Reported (mil)
|
Annual |
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Business Segments
Financials
in: As Reported (mil)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.81 |
|
UK Pound |
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.