MIRA INFORM REPORT

 

 

Report Date :           

16.09.2011

 

IDENTIFICATION DETAILS

 

Name :

DOOSAN INFRACORE CO., LTD.

 

 

Registered Office :

7-11 Hwasoo-Dong, Dong-Gu, Incheon, 401-020

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

23.10.2000

 

 

Legal Form :

Public Subsidiary Company

 

 

Line of Business :

producer of construction machinery

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Usually Correct

Litigation :

Clear

 

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

South korea

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name & address 

 

Doosan Infracore Co., Ltd.

7-11 Hwasoo-Dong

Dong-Gu

Incheon, 401-020

Korea, Republic of

 Tel:      82-32-2111114

Fax:      82-2-33988339

 Web:    www.doosaninfracore.com

 

 

Synthesis  

 

Employees:                  4,877

Company Type:            Public Subsidiary

Corporate Family:          598 Companies

Ultimate Parent:             Doosan Corporation

Traded:                         Korea Stock Exchange:  042670

Incorporation Date:         23-Oct-2000

Auditor:                        Deloitte & Touche LLP   

Financials in:                 USD (Millions)

Fiscal Year End:            31-Dec-2010

Reporting Currency:       South Korean Won

Annual Sales:               6,879.1  1

Net Income:                   27.5

Total Assets:                 9,143.4  2

Market Value:                3,726.3

(02-Sep-2011)

 

 

Business Description     

 

Doosan Infracore Co., Ltd. is a Korean producer of construction machinery. The Company's products include construction equipment including compact equipment, crawler excavators, wheel loaders, wheeled excavators, articulated dump trucks, air compressors, light compaction equipment, generators and others; machine tools and factory automation (FA) equipment including turning centers, machining centers, numerical control (NC) boring machines, double column machining centers and others; engine and materials including generator diesel engine, marine diesel engine, automotive diesel engine, industrial diesel engine, generator natural gas engine, automotive natural gas engine and others; forklifts including engine forklift trucks, electric forklift trucks, electric reach trucks, warehouse equipment and others, as well as equipment parts. For the fiscal year ended 31 December 2010, Doosan Infracore Co., Ltd.'s revenues increased 44% to W7.954T. The company's net income totaled W31.84B, vs. a loss of W428.01B. Revenues reflect increased demand for engine & construction equipment. Higher net income also benefited from increased gain on foreign exchange transaction and rental income, decreased interest expense and loss on derivatives transaction.

Industry 

Industry            Construction and Agriculture Machinery

ANZSIC 2006:    2462 - Mining and Construction Machinery Manufacturing

NACE 2002:      2952 - Manufacture of machinery for mining, quarrying and construction

NAICS 2002:     33312 - Construction Machinery Manufacturing

UK SIC 2003:    2952 - Manufacture of machinery for mining, quarrying and construction

US SIC 1987:    3531 - Construction Machinery and Equipment

 

           

Key Executives   

 

Name

Title

Oh Gyu Lee

Co-Chief Executive Officer, Vice President, Director

Seong Hui Lee

Co-President, Director

Jin Geun Choi

Co-Managing Director

Jeong Won Park

Co-Chairman of the Board

Seung Cheol Choi

Vice Chairman of the Board

 

 

Significant Developments

      

Topic

#*

Most Recent Headline

Date

Litigation

1

Doosan Infracore Co., Ltd. Announces Lawsuit Filed by INGERSOLL-RAND COMPANY LIMITED

30-Sep-2010

Mergers / Acquisitions

1

Doosan Infracore Co., Ltd. to Acquire Stake in Doosan Infracore International, Inc (the United States)

28-Apr-2011

Restructuring / Reorganization

1

Doosan Infracore Co., Ltd. to Merge with Subsidiary

24-May-2011

Officer Changes

1

Doosan Infracore Co., Ltd. Announces Resignation of Co-CEO

25-Mar-2011

Expansion / New Markets / New Units

2

Doosan Infracore Co., Ltd. to Invest KRW 60,100 Million in New Factory

2-Mar-2011

 

 

 

* number of significant developments within the last 12 months     

 

 

News   

 

Title

Date

Company celebrates 100 years of watercraft engineering
Torquay Herald Express (690 Words)

4-Aug-2011

CHEP Forms Partnership with Bobcat in US Automotive Sector
Investment Weekly News (247 Words)

27-Jul-2011

S. KOREA'S DOOSAN INFRACORE SWINGS TO BLACK IN Q2
Asia Pulse Businesswire (153 Words)

22-Jul-2011

Asian Shares Mostly Up A Little; BHP Down In Sydney After Petrohawk Deal
Nikkei English News (865 Words)

14-Jul-2011

StanChart's PE unit buys into S Korean Doosan Industrial Vehicle
M&A Navigator (110 Words)

30-Jun-2011

 

 

 

 

financial Summary    

 

 

As of 31-Dec-2010

Key Ratios

Company

Industry

Sales 5 Year Growth

20.75

6.89

 

 

Stock Snapshot

 

 

Traded: Korea Stock Exchange: 042670

 

As of 2-Sep-2011

   Financials in: KRW

Recent Price

23,500.00

 

EPS

1,369.28

52 Week High

31,550.00

 

Price/Sales

0.50

52 Week Low

18,650.00

 

Price/Book

3.04

Avg. Volume (mil)

2.56

 

Beta

1.66

Market Value (mil)

3,961,063.00

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

0.0000%

4.07%

13 Week

1.73%

15.12%

52 Week

15.76%

10.06%

Year to Date

-16.07%

-7.84%

 

 

 

 

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

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

 

 

Corporate Overview

 

Location

7-11 Hwasoo-Dong

Dong-Gu

Incheon, 401-020

Korea, Republic of

Tel:       82-32-2111114

Fax:      82-2-33988339

Web:    www.doosaninfracore.com

           

Quote Symbol - Exchange

042670 - Korea Stock Exchange

Sales KRW(mil):            7,954,144.0

Assets KRW(mil):          10,376,856.0

Employees:                   4,877

Fiscal Year End:            31-Dec-2010

Industry:                        Construction and Agriculture Machinery

Incorporation Date:         23-Oct-2000

Company Type:             Public Subsidiary

Quoted Status:              Quoted

Previous Name:             Daewoo Heavy Industries & Machinery Ltd

President & Chief

Executive Officer:           Sung Chul Choe

 

Company Web Links

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

·         Shareholders

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

2499     -          Other Machinery and Equipment Manufacturing Not Elsewhere Classified

2462     -          Mining and Construction Machinery Manufacturing

 

NACE 2002 Codes:

2911     -          Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

2952     -          Manufacture of machinery for mining, quarrying and construction

2924     -          Manufacture of other general purpose machinery not elsewhere classified

 

NAICS 2002 Codes:

33312   -          Construction Machinery Manufacturing

333618  -          Other Engine Equipment Manufacturing

332999  -          All Other Miscellaneous Fabricated Metal Product Manufacturing

 

US SIC 1987:

3531     -          Construction Machinery and Equipment

3599     -          Industrial and Commercial Machinery and Equipment, Not Elsewhere Classified

3519     -          Internal Combustion Engines, Not Elsewhere Classified

 

UK SIC 2003:

2952     -          Manufacture of machinery for mining, quarrying and construction

2911     -          Manufacture of engines and turbines, except aircraft, vehicle and cycle engines

2924     -          Manufacture of other general purpose machinery not elsewhere classified

 

Business Description

Doosan Infracore Co., Ltd. is a Korean producer of construction machinery. The Company's products include construction equipment including compact equipment, crawler excavators, wheel loaders, wheeled excavators, articulated dump trucks, air compressors, light compaction equipment, generators and others; machine tools and factory automation (FA) equipment including turning centers, machining centers, numerical control (NC) boring machines, double column machining centers and others; engine and materials including generator diesel engine, marine diesel engine, automotive diesel engine, industrial diesel engine, generator natural gas engine, automotive natural gas engine and others; forklifts including engine forklift trucks, electric forklift trucks, electric reach trucks, warehouse equipment and others, as well as equipment parts. For the fiscal year ended 31 December 2010, Doosan Infracore Co., Ltd.'s revenues increased 44% to W7.954T. The company's net income totaled W31.84B, vs. a loss of W428.01B. Revenues reflect increased demand for engine & construction equipment. Higher net income also benefited from increased gain on foreign exchange transaction and rental income, decreased interest expense and loss on derivatives transaction.

 

More Business Descriptions

Manufacture of and trade in heavy machinery including pump trucks and tower cranes

 

Since beginning its business life as Chosun Machine Works in 1937, Doosan Infracore has become a leader in the machinery industry of Korea by constantly developing new technology and improving quality. These continued efforts have helped the company develop a positive reputation worldwide. To become a major enterprise in the 21st century, Doosan is expanding international partnerships by increasing overseas investments and providing first-class products and services in construction equipment, industrial vehicles, machine tools, factory automation systems, diesel engines, and defense systems. The company is focusing management resources to provide the finest products and services available by developing environmentally friendly products, acquiring international certifications such as ISO 9000s, ISO 14000s, and establishing more efficient and convenient service systems.

Financial Data

Financials in:

KRW(mil)

 

Revenue:

7,954,144.0

Net Income:

31,839.7

Assets:

10,376,856.0

Long Term Debt:

3,970,080.8

 

Total Liabilities:

9,070,481.0

 

Working Capital:

401.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

43.6%

NA

-3.4%

 

Market Data

Quote Symbol:

042670

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

23,500.0

Stock Price Date:

09-02-2011

52 Week Price Change %:

15.8

Market Value (mil):

3,961,062,912.0

 

SEDOL:

6211679

ISIN:

KR7042670000

 

 

 

 

Equity and Dept Distribution:

All financials reflect consolidated numbers. FY'04 is reclassified.FY'06 is reclassified.FY'08 is restatement.

 

Subsidiaries

Company

Percentage Owned

Country

Doosan Infracore Europe SA/NV

100%

BELGIUM

 

 

 

Shareholders

 

 

Major Shareholders

Doosan Heavy Industries & Construction Co Ltd (39%)

 

 

 

Key Corporate Relationships

Auditor:

Deloitte & Touche LLP

 

Auditor:

Deloitte & Touche LLP

 

 

 

 

 

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        International Certifications

·        Strong Product Portfolio

·        Geographical diversification

Weaknesses

·        Declining Operating Margin

·        Limited Liquidity Position

·        Low Return on Equity

External Origin
(attributes of the environment)

Opportunities

·        Emerging Markets

·        Growth in Construction Machinery Exports

·        Demand for Cranes

Threats

·        Government Policies

·        Volatile Raw Material Prices

·        Compliance to Environmental Norms

 

Overview

Doosan Infracore Co., Ltd (Doosan) is a leading construction equipment manufacturer and supplier of excavators, wheel loaders, tower cranes and concrete pump trucks used for construction. It also manufactures engines, transmissions systems, hydraulic systems, electric generators and other equipment parts along with machine tools and defense related equipment. A strong product portfolio and international certifications gained over the years serve as the major strength for the company. Compliance to environmental norms and volatile raw material prices pose major threats for the company.

Strengths

 

International Certifications

The international certifications and accreditations gained over the years have resulted in strong brand recognition for the company. Doosan’s portfolio of different lift truck models comprising diesel, gasoline, LPG, and electric engines has been awarded with international certifications including UL, CE, EMC, and EC Noise Directive as well as ISO 9001 and 14001 certifications in the Forklift segment. Further, the CNC boring machines, electric discharge machines, laser-cutting machines, aspheric turning centers, and automation systems manufactured under the Machine Tools division has been accredited with ISO 9001, ISO 14001, CE, UL, EMI, and EMC certifications. These certifications received are a result of established quality standards and processes.

 

Strong Product Portfolio

The company has maintained a strong product portfolio over the years. The company is engaged in the manufacturing and supplying of excavators, wheel loaders, tower cranes and concrete pump trucks. In addition, Doosan is a top manufacturer and supplier of a line of machine tools including turning centers, machining centers, CNC boring machines, electric discharge machines, laser-cutting machines, and aspheric turning centers along with automation systems. Further, the company provides 94 different lift truck models comprising diesel, gasoline, LPG, and electric engines. The company manufactures ultra-low-pollution CNG and LPNG (low-pressure natural gas) engines. Its product portfolio also includes conventional models of diesel engines ranging from 24 to 1000 hp. During fiscal 2009 the company generated KRW 2,276 billion’s from construction and equipment, KRW 520 billion’s from machine tools, KRW 531 billion’s from engines and materials, KRW 352 billion’s from forklifts, KRW 178 billion’s from parts and KRW 1,681 billion’s from compact equipment. Diverse product portfolio enables the company to cater to a wide range of sectors.

 

Geographical diversification

Wide geographic presence has enabled the company to cater to the needs of clients across diverse geographies. Doosan has its sales facilities located in Europe and in China and maintains local sales corporations in the US, UK, Germany and South Africa and branch offices in France, Brazil, and Colombia. Further, it also maintains an extensive dealer network throughout the world. In the Forklift segment, the company maintains its distributors and parts supply bases in the US, Germany, France, Italy, the UK, Belgium, Brazil, and Singapore and a dealer network across 90 countries. In addition, in the Engines & Materials segment, it operates more than 146 parts agents in Korea and parts depots all over the world including in the US, Belgium, the UK, China, South Africa, and Brazil. During the fiscal 2009, The company generated KRW 2,227 billion’s in Europe, KRW 1,067 billion’s in Asia, KRW 939 billion’s in Korea and KRW 47 billion’s in other markets. Diverse geographic presence also enables the company to diversify its operational risk.

 

Weaknesses

 

Declining Operating Margin

 

The company's operating margin was -7.14% for the fiscal year 2009. This was below the Construction Equipment sector average of 7.35%. A lower than sector average operating margin may indicate inefficient cost management or a weak pricing strategy by the company. The operating margin has decreased 871 bps over 2008 which may indicate management's low focus on profitability.

Limited Liquidity Position

 

The company's current ratio was 1.04 at the end of fiscal year 2009. This was below the Construction Equipment sector average of 1.92. A lower than sector average current ratio indicates that the company is in a weaker financial position than other companies in the sector

Low Return on Equity

 

The company's return on equity (ROE) was -24.5% at the end of fiscal year 2009. This was below the Construction Equipment sector average of 11.68%. A lower than sector average ROE may indicate that the company may not be using the shareholders' money as efficiently as other companies in the sector and that it is generating low returns for its shareholders compared to other companies in the sector.

Opportunities

 

Emerging Markets

The company could capitalize on the growth of emerging markets like China, the Middle East and Brazil that continue to spend on construction activities. Despite the global economic slowdown, the emerging and developing economies recorded a GDP growth rate of 6.3% in 2008 from 8.3% in the previous year. In 2010, these economies are expected to record a growth of 5.5% (estimated). The Indian construction equipment industry is expected to grow with sustained investments in infrastructure including roads, irrigation and urban infrastructure; and likely recovery in residential real estate and increasing industrial investments from 2010-11 onwards. In China, Doosan has plans to set up diesel engine plants in a joint venture with Xuzhou Construction Machinery Group. The growing economy in these countries has boosted the infrastructure development in the regions, thereby offering new opportunities for construction companies.

 

Growth in Construction Machinery Exports

Growth in construction equipment exports could enable the company to increase its exports to South America and other Asian countries. According to an article in Equipment World, global demand of construction equipment worldwide is expected to increase by 6% annually to reach USD 130 billion in 2011. Continued expansion of emerging markets like Eastern Europe, India and China, growing impetus on infrastructural upliftment, rising population and standard of living worldwide are the major propellants of this demand. The company can leverage its experience across these regions to acquire future contracts.

 

Demand for Cranes

Increasing non-residential construction expenditures offers opportunities to the company. The residential downturn has not had a significant impact on crane demand in the US. This is primarily because their demand in non-residential construction has been extremely strong. In addition, since 2007, the expenditures in the non-residential segment has grown and overtaken the residential segment. As a result, the recent situation for the crane industry in the US has been stronger than it was for much of the housing boom.

Threats

 

Government Policies

 

Many countries have established central banks to regulate monetary systems and influence economic activities, by adjusting interest rates. Interest rate changes affect and alter demand for residential and nonresidential structures. This in turn would impact sales of the company’s products that serve the construction industry. Many countries in Asia have reduced government spending on infrastructure projects with the global downturn. Residential and commercial start-ups have also decreased. In addition, interest rates have an impact on the ability of customers to finance machine purchases. This could impact the financial services segment of the company.

 

Volatile Raw Material Prices

Volatile raw material prices could have a considerable negative impact on the operational efficiency of the company. The input costs of raw materials and material components such as steel materials have been highly volatile off late. It would be difficult for the company to pass off the effect of volatile input costs to the customers on real time basis as competition makes it tougher. High input cost volatility hinders effective pricing strategies to secure and retain business.

 

Compliance to Environmental Norms

The company's facilities and operations are impacted by environmental laws and regulations governing emissions, discharges into water and air, and the generation, transportation, storage, handling, treatment and disposal of non-hazardous and hazardous waste materials. With engines subject to extensive regulations, the company is faced with the challenge of improving product technology and has to make substantial investments for research and development. Furthermore, the company has to comply with emission and noise related regulations of the EPA, state regulatory agencies in the US and various regulatory agencies in the countries of operation. Revamping products or certain manufacturing processes to comply with the regulations could pose a challenge for the company.

 

 

 

 

Corporate Family

Corporate Structure News:

 

Doosan Corporation
Doosan Infracore Co., Ltd.

Total Corporate Family Members: 598 
Excluded Small Branches and/or Trading Addresses: 509 (Available via export) 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Doosan Corporation

Parent

Seoul

Korea, Republic of

Electronic Instruments and Controls

19,929.8

2,782

Doosan Heavy Industry & Construction Co.

Subsidiary

Chahngwon-Si, Gyeongsahngnam-Do

Korea, Republic of

Miscellaneous Capital Goods

17,652.0

6,328

Doosan Engine Co Ltd

Subsidiary

Changwon

Korea, Republic of

Miscellaneous Capital Goods

1,496.2

1,269

Doosan Construction & Engineering Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Construction Services

 

1,242

Doosan Construction & Eng. Co., Ltd.

Subsidiary

Seoul

Korea, Republic of

Construction Services

2,133.9

1,785

Å KODA POWER s.r.o.

Subsidiary

Plzen

Czech Republic

Electronic Instruments and Controls

314.7

990

Doosan IMGB SA

Subsidiary

Bucharest

Romania

Iron and Steel

96.2

752

Doosan Mecatec Co Ltd

Subsidiary

Changwon, Kyongnam-do

Korea, Republic of

Miscellaneous Capital Goods

 

610

Hanjung Indonesia Pt

Subsidiary

Bandarlampung, Lampung

Indonesia

Fish and Livestock

 

 

N.Shaper Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Business Services

 

 

Doosan Infracore Co., Ltd.

Subsidiary

Incheon

Korea, Republic of

Construction and Agriculture Machinery

6,879.1

4,877

Doosan Infracore Europe

Subsidiary

Frameries

Belgium

Construction and Agriculture Machinery

185.0

363

Bobcat Co

Subsidiary

West Fargo, ND

United States

Construction and Agriculture Machinery

 

110

IR Bobcat

Branch

Bismarck, ND

United States

Construction Services

164.0

820

Bobcat Co

Branch

Gwinner, ND

United States

Miscellaneous Capital Goods

164.0

500

Bell's Bobcat Services

Branch

St Louis, MO

United States

Construction Services

60.0

300

Atlas Bobcat Excavating

Branch

Schiller Park, IL

United States

Construction and Agriculture Machinery

183.4

225

Bobcat Co

Branch

Litchfield, MN

United States

Miscellaneous Fabricated Products

35.9

185

Bobcat West

Branch

Eugene, OR

United States

Construction and Agriculture Machinery

122.3

150

Bobcat Co

Branch

Bismarck, ND

United States

Construction and Agriculture Machinery

75.6

150

Bobcat Enterprises Inc

Branch

Hamilton, OH

United States

Construction and Agriculture Machinery

11.9

115

Bobcat Co

Branch

Gwinner, ND

United States

Engineering Consultants

20.7

100

Elite Bobcat Services Inc

Branch

Corona, CA

United States

Construction Services

20.0

100

Perimeter Bobcat Inc

Branch

Doraville, GA

United States

Rental and Leasing

15.7

100

Intermountain Bobcat

Branch

Salt Lake City, UT

United States

Construction and Agriculture Machinery

79.1

97

Bobcat Of Michiana

Branch

Elkhart, IN

United States

Construction Services

16.0

80

Bobcat Of Central New York

Branch

East Syracuse, NY

United States

Construction Services

14.0

70

Bobcat West

Branch

Sacramento, CA

United States

Construction and Agriculture Machinery

53.0

65

Bay Area Bobcat

Branch

Fremont, CA

United States

Construction and Agriculture Machinery

48.9

60

Bobcat West

Branch

Fremont, CA

United States

Rental and Leasing

9.4

60

Bobcat Of Dallas

Branch

Irving, TX

United States

Construction Services

11.4

57

Big Valley Tractor LLC

Branch

Stockton, CA

United States

Construction and Agriculture Machinery

24.9

50

Bobcat Of Akron

Branch

Tallmadge, OH

United States

Rental and Leasing

7.9

50

Bobcat West

Branch

Eugene, OR

United States

Construction and Agriculture Machinery

36.7

45

Bobcat Central

Branch

Stockton, CA

United States

Construction and Agriculture Machinery

35.0

43

Bobcat Of Boston

Branch

North Reading, MA

United States

Construction Services

8.6

43

Bobcat West

Branch

Central Point, OR

United States

Construction and Agriculture Machinery

32.6

40

Bobcat West

Branch

Yakima, WA

United States

Construction and Agriculture Machinery

20.2

40

Bobcat Of Dayton Inc

Branch

Moraine, OH

United States

Construction Services

8.0

40

Bobcat Of The Mountain Empire

Branch

Johnson City, TN

United States

Construction and Agriculture Machinery

31.0

38

Bobcat Of Houston

Branch

Houston, TX

United States

Construction and Agriculture Machinery

28.5

35

Bobcat Of Knoxville

Branch

Knoxville, TN

United States

Construction Services

10.8

35

Bobcat Of The Rockies

Branch

Commerce City, CO

United States

Construction Services

7.0

35

KC Bobcat

Branch

Blue Springs, MO

United States

Construction Services

7.0

35

Stewart Concrete & Bobcat

Branch

Fort Mohave, AZ

United States

Construction Services

5.4

32

Bobcat Of Tampa Bay

Branch

Tampa, FL

United States

Construction Services

6.0

30

Bobcat Of Broward

Branch

Pompano Beach, FL

United States

Construction Services

6.0

30

Metro Bobcat Sales

Branch

Gaithersburg, MD

United States

Construction Services

6.0

30

Bobcat Of Omaha

Branch

Omaha, NE

United States

Construction Services

5.6

28

Bobcat Of Hayden Steamboat

Branch

Hayden, CO

United States

Construction and Agriculture Machinery

21.2

26

Bobcat Enterprises

Branch

Hilliard, OH

United States

Construction and Agriculture Machinery

20.4

25

Bobcat Of Cedar Rapids

Branch

Cedar Rapids, IA

United States

Construction and Agriculture Machinery

20.4

25

Bobcats For Hire Excavation

Branch

Fairfield, NJ

United States

Construction and Agriculture Machinery

20.4

25

Simich Demolition & Bobcat Services

Branch

San Pedro, CA

United States

Construction Services

8.6

25

Bobcat Loaders

Branch

O Fallon, MO

United States

Retail (Home Improvement)

6.8

25

Bobcat Of Connecticut Inc

Branch

East Hartford, CT

United States

Construction Services

5.0

25

Bobcat Of Metro Dade

Branch

Hialeah, FL

United States

Construction Services

5.0

25

Bobcat Of San Antonio

Branch

San Antonio, TX

United States

Construction Services

5.0

25

Bobcat Of Michiana

Branch

Benton Harbor, MI

United States

Construction Services

5.0

25

South Coast Bobcat

Branch

Orange, CA

United States

Construction Services

5.0

25

Miramar Bobcat Inc

Branch

San Diego, CA

United States

Construction Services

4.8

24

Bobcat Of Portland

Branch

Portland, OR

United States

Construction Services

4.8

24

Bobcat Of Houston

Branch

Houston, TX

United States

Construction and Agriculture Machinery

17.9

22

Bobcat Of Springfield

Branch

Springfield, IL

United States

Construction Services

4.4

22

Bobcat Of Indy

Branch

Indianapolis, IN

United States

Construction Services

4.4

22

Bobcat Of Champaign

Branch

Mahomet, IL

United States

Construction and Agriculture Machinery

16.3

20

Bobcat Of The Finger Lakes

Branch

Fairport, NY

United States

Construction and Agriculture Machinery

16.3

20

Perimeter Bobcat Inc

Branch

Gainesville, GA

United States

Construction and Agriculture Machinery

10.1

20

Bobcat Of New Hampshire

Branch

Chichester, NH

United States

Construction and Agriculture Machinery

10.1

20

Bobcat Of Pittsburgh

Branch

Cranberry Twp, PA

United States

Construction Services

4.0

20

Bobcat Of Palm Beach

Branch

West Palm Beach, FL

United States

Construction Services

4.0

20

Bobcat Of Saint Louis

Branch

Fairview Heights, IL

United States

Construction Services

4.0

20

Bobcat Of Connecticut Inc

Branch

Stratford, CT

United States

Construction Services

4.0

20

Doosan Infracore America Corp

Subsidiary

Suwanee, GA

United States

Miscellaneous Capital Goods

54.4

4

Doosan Infracore

Branch

Statesville, NC

United States

Construction and Agriculture Machinery

166.0

400

Doosan Infracore

Branch

Pine Brook, NJ

United States

Miscellaneous Capital Goods

19.0

35

Doosan Dong-A Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Paper and Paper Products

 

1,230

Samhwa Crown & Closure Co., Ltd.

Subsidiary

Ansan-Si, Gyeonggi-Do

Korea, Republic of

Containers and Packaging

71.6

174

Doosan Electro-Materials Singapore Pte Ltd

Subsidiary

Singapore

Singapore

Miscellaneous Fabricated Products

1.0

100

Doosan Tower Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Retail (Department and Discount)

 

70

Doosan Construction & Engineering

Subsidiary

Seoul

Korea, Republic of

Construction Services

13,905.3

 

Doosan Heavy Industries

Subsidiary

Changwon

Korea, Republic of

Miscellaneous Fabricated Products

2,986.3

 

Skoda Power a.s.

Subsidiary

Plzen

Czech Republic

Electric Utilities

 

 

Doosan Mecatec Company Limited

Subsidiary

Changwon

Korea, Republic of

Miscellaneous Capital Goods

771.9

 

Doosan Techpack BG Inc.

Subsidiary

Seoul

Korea, Republic of

Personal and Household Products

320.5

 

Doosan Electro-Materials Co., Ltd.

Subsidiary

Seoul

Korea, Republic of

Electronic Instruments and Controls

1.0

 

Doosan Hong Kong Co Ltd

Subsidiary

Kowloon, Kowloon

Hong Kong

Auto and Truck Parts

 

 

Neoplux Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Investment Services

 

 

Wilus Inc

Subsidiary

Seoul, Seoul

Korea, Republic of

Computer Hardware

 

 

 

 

Executive report

 

 

Board of Directors

 

Name

Title

Function

 

Jeong Won Park

 

Co-Chairman of the Board

Chairman

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Park Jeong Won is Co-Chairman of the Board of Doosan Infracore Co., Ltd. Currently, Park is also serving as Chairman and Chief Executive Officer at DooSan Construction co., Ltd. Previously, Park served as President and Chief Executive Officer at Doosan Co., Ltd. Park received a Master of Business Administration from Boston University, the United States, and a Bachelor's degree in Business Administration from Korea University.



MBA , Boston University
B Business Administration, Korea University

Seung Cheol Choi

 

Vice Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Choi Seung Cheol has been Vice Chairman of the Board of Doosan Infracore Co., Ltd. Previously, Choi served as Co-Chief Executive Officer of the Company as well as President and Chief Executive Officer of Doosan Mekatec. Choi holds a Bachelor's degree in Mechanical Engineering from Seoul National University, Korea.



B Mechanical Engineering, Seoul National University

Jae Gyeong Lee

 

Vice Chairman of the Board

Vice-Chairman

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Jae Gyeong has been Vice Chairman of the Board of Doosan Infracore Co., Ltd. since March 27, 2009. Currently, Lee is also serving as Vice Chairman and Chief Executive Officer at Doosan Co., Ltd. Previously, Lee served as Assistant Managing Director at a Korea-based company. Lee receiced a Bachelor's degree in Business Administration from Seoul National University, Korea.



B Business Administration, Seoul National University

Yong Maan Park

 

Vice-Chairman

Vice-Chairman

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Park Yong Man is Co-Chairman of the Board of Doosan Infracore Co., Ltd. Park is also Chairman and Chief Executive Officer of DOOSAN CO.,LTD. Previously, Park served the Company as Vice Chairman of the Board and Co-Chief Executive Officer. Park received a Bachelor's degree in Business Administration and a Master of Business Administration from Seoul National University, Korea, and Boston University, the United States, respectively.



MBA , Boston University
B Business Administration, Seoul National University

Gi Jong Hong

 

Non-Executive Independent Director

Director/Board Member

 

 



B Law, Korea University

Jong Seok Kim

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Kim Jong Seok has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 21, 2008. Kim currently is President of Korea Economic Research Institute and a professor at Department of Business Administration, Hongik University, Korea. Kim obtained a Doctorate's degree in Economics from Princeton University, the United States.



PHD Economics, Princeton University

Gil Won Kim

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Kim Gil Won has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 26, 2010. Kim is also Head of Merger and Acquistion Business of NEXIA-SAMDUK, where Kim used to be Chief Executive Officer. Kim holds a Bachelor's degree in Commerce and a Master's defgree in Business Administration from Korea University.



M Business Administration, Korea University
B Commerce, Korea University

Oh Gyu Lee

 

Co-Chief Executive Officer, Vice President, Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Oh Gyu has been Co-Chief Executive Officer, Vice President and Director of Doosan Infracore Co., Ltd. since March 27, 2009. Previously, Lee worked for Doosan Co., Ltd. Lee received a Bachelor's degree in Business Administration from Korea University.



B Business Administration, Korea University

Yeong Tak Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Yeong Tak has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 27, 2009. Lee is currently President of INSTITUTE FOR GLOBAL ECONOMICS and Director of World Federation of Exchanges. Previously, Lee served as Chiarman at Korea Exchange. Lee received a Doctorate's degree in Economics from Sungkyunkwan University, Korea.



PHD Economics, Sungkyunkwan University

Seong Hui Lee

 

Co-President, Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Seong Hui is Co-President and Director at Doosan Infracore Co., Ltd. Lee also serves as President and Chief Executive Officer of Doosan Engine Co., Ltd. Previously, Lee was Vice President of Doosan Heavy Industry & Construction Co. Lee holds a Bachelor's degree in International Trade from Seoul National University, Korea.



B International Trade, Seoul National University

Myeong Jae Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Myeong Jae has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 27, 2009. Lee is currently a consultative lawyer of a Korea-based law firm. Previously, Lee worked for SUPREME PROSECUTORS' OFFICE, Korea. Lee received a Bachelor of Law from Seoul National University, Korea.



LLB , Seoul National University

Ho Yang

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Yang Ho has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 27, 2009. Currently, Yang is also an adjunct professor of Economics of Sogang University, Korea. Previously, Yang served as President of Korea and Japan regions at The Bank of New York and Chief Executive Officer at NARA BANK. Yang received a Bachelor's degree in Economics from Sogang University, Korea.



B Economics, Sogang University

Yong Suk Yoon

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Yoon Yong Seok has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 27, 2009. Currently, Yoon is a lawyer at Lee & Ko and also working for Seoul High Court. Previously, Yoon was a lawyer of HANMI. Yoon received a Master's degree in Law from University of Washington, the United States.



M Law, University of Washington

Jong Hyeon Yoon

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Yoon Jong Hyeon has been Non-Executive Independent Director of Doosan Infracore Co., Ltd. since March 21, 2008. Yoon also serves as a lawyer in a Korea-based law firm. Previously, Yoon was a lawyer of ACE LEGAL CORP. Yoon holds a Bachelor of Law and a Doctorate's degree from Seoul National University, Korea.



PHD , Seoul National University
LLB , Seoul National University

 

Executives

 

Name

Title

Function

 

Sung Chul Choe

 

President & Chief Executive Officer

Chief Executive Officer

 

Oh Gyu Lee

 

Co-Chief Executive Officer, Vice President, Director

Chief Executive Officer

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Oh Gyu has been Co-Chief Executive Officer, Vice President and Director of Doosan Infracore Co., Ltd. since March 27, 2009. Previously, Lee worked for Doosan Co., Ltd. Lee received a Bachelor's degree in Business Administration from Korea University.



B Business Administration, Korea University

Young Sung Kim

 

President & Chief Strategic Officer

President

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Kim Yong Seong is Co-President, Co-Chief Executive Officer and Director of Doosan Infracore Co., Ltd. Previously, Kim was with Seoul branch of McKinsey & Company as Partner. Kim holds a Master of Business Administration from University of Pennsylvania, the United States and another Master of Business Administration from Seoul National University, Korea.

Seong Hui Lee

 

Co-President, Director

President

 

 

Reuters Biography (Doosan Infracore Co., Ltd.)

Lee Seong Hui is Co-President and Director at Doosan Infracore Co., Ltd. Lee also serves as President and Chief Executive Officer of Doosan Engine Co., Ltd. Previously, Lee was Vice President of Doosan Heavy Industry & Construction Co. Lee holds a Bachelor's degree in International Trade from Seoul National University, Korea.



B International Trade, Seoul National University

Jin Geun Choi

 

Co-Managing Director

Managing Director

 

 

Byeong Ju Kim

 

Co-Managing Director

Managing Director

 

 

Duk Joo Nah

 

Co-Managing Director

Managing Director

 

 

 

Significant Developments

 

Doosan Infracore Co., Ltd. to Merge with Subsidiary May 24, 2011

 

Doosan Infracore Co., Ltd. announced that it will merge with its wholly owned subsidiary, which is mainly engaged in the distribution of construction equipments, to reduce its costs and improve efficiency. The merger effective date is October 27, 2011.

 

Doosan Infracore Co., Ltd. to Acquire Stake in Doosan Infracore International, Inc (the United States) Apr 28, 2011

 

Doosan Infracore Co., Ltd. announced that it will acquire 7,460 shares of Doosan Infracore International, Inc (the United States), for KRW 183,694,143,308. After the transaction, the Company holds 27,096 shares, or 64.41% of Doosan Infracore International, Inc (the United States).

 

Doosan Infracore Co., Ltd. Announces Resignation of Co-CEO Mar 25, 2011

 

Doosan Infracore Co., Ltd. announced that its Co-Chief Executive Officer (Co-CEO), Choi Seung Cheol, resigned from the Company, effective March 25, 2011. The current Co-CEOs, Kim Yong Seong and Lee Oh Gyu, continue their duties as Co-CEOs.

 

Doosan Infracore Co., Ltd. to Invest KRW 60,100 Million in New Factory Mar 02, 2011

 

Doosan Infracore Co., Ltd. announced that it will invest KRW 60,100 million building new factory, during the period of March 2, 2011 to December 31, 2018, to secure continuous growth of machine business.

 

Doosan Infracore Co., Ltd. Issues FY 2011 Outlook Above Analysts' Estimates Jan 28, 2011

 

Doosan Infracore Co., Ltd. announced that it expects its fiscal year revenue and operating profit to record KRW 9,213.4 billion and KRW 910 billion, respectively. According to Reuters Estimates, analysts on average are expecting the Company to report revenue of KRW 4,763.50 billion for fiscal year 2011.

 

Doosan Heavy Industry & Construction Co Acquires Stake in Doosan Infracore Co., Ltd. Dec 28, 2010

 

Doosan Heavy Industry & Construction Co announced that it has acquired 10,148,899 shares of Doosan Infracore Co., Ltd., for KRW 273,005,383,100. After the transaction, Doosan Heavy Industry & Construction Co holds 75,509,366 shares, or 44.83% of Doosan Infracore Co., Ltd.

 

Doosan Infracore Co., Ltd. to Invest KRW 116.9 Billion in New Factory Oct 28, 2010

 

Doosan Infracore Co., Ltd. announced that it will invest KRW 116.9 billion in new engine factory during the period of November 1, 2010 to January 31, 2015, to expand its production ability.

 

Doosan Infracore Co., Ltd. Announces Lawsuit Filed by INGERSOLL-RAND COMPANY LIMITED Sep 30, 2010

 

Doosan Infracore Co., Ltd. announced that INGERSOLL-RAND COMPANY LIMITED has filed a lawsuit against the Company, claiming for KRW 36,352,009,244 in return of construction equipment fee.

 

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

Total Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

 

 

 

 

 

 

    Cost of Revenue

5,152.5

3,555.8

5,242.1

3,428.8

2,901.0

Cost of Revenue, Total

5,152.5

3,555.8

5,242.1

3,428.8

2,901.0

Gross Profit

1,726.6

783.2

1,455.7

1,177.5

983.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

586.2

463.2

547.9

387.8

348.3

    Labor & Related Expense

350.8

272.4

391.5

229.3

186.8

    Advertising Expense

44.1

35.3

71.9

47.7

40.2

Total Selling/General/Administrative Expenses

981.2

770.8

1,011.2

664.9

575.3

Research & Development

74.0

52.7

76.9

84.1

68.9

    Depreciation

20.7

19.4

21.3

10.1

10.1

    Amortization of Intangibles

257.6

249.9

241.3

3.5

11.8

Depreciation/Amortization

278.2

269.4

262.6

13.6

21.9

Total Operating Expense

6,485.9

4,648.7

6,592.8

4,191.4

3,567.1

 

 

 

 

 

 

Operating Income

393.1

-309.7

105.0

414.9

317.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

    Interest Expense, Net Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

        Interest Income - Non-Operating

29.6

51.8

105.3

10.8

10.2

        Investment Income - Non-Operating

76.8

463.6

-78.0

-19.0

-58.0

    Interest/Investment Income - Non-Operating

106.4

515.3

27.3

-8.1

-47.8

Interest Income (Expense) - Net Non-Operating Total

-124.6

211.3

-343.1

-64.4

-94.6

Gain (Loss) on Sale of Assets

-5.9

-10.9

-17.0

-7.2

-5.7

    Other Non-Operating Income (Expense)

-250.1

-533.8

-64.7

-4.9

-2.4

Other, Net

-250.1

-533.8

-64.7

-4.9

-2.4

Income Before Tax

12.6

-643.1

-319.9

338.4

214.8

 

 

 

 

 

 

Total Income Tax

93.3

-46.1

39.6

123.9

75.8

Income After Tax

-80.6

-596.9

-359.5

214.5

138.9

 

 

 

 

 

 

    Minority Interest

108.2

261.6

239.3

-6.2

0.0

Net Income Before Extraord Items

27.5

-335.3

-120.2

208.2

138.9

    Discontinued Operations

-

89.7

8.4

-

-

Total Extraord Items

-

89.7

8.4

-

-

Net Income

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

27.5

-335.3

-120.2

208.2

138.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

168.4

157.0

156.4

156.4

154.0

Basic EPS Excl Extraord Items

0.16

-2.14

-0.77

1.33

0.90

Basic/Primary EPS Incl Extraord Items

0.16

-1.56

-0.72

1.33

0.90

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

27.5

-245.6

-111.8

208.2

138.9

Diluted Weighted Average Shares

168.4

157.0

156.4

156.6

154.2

Diluted EPS Excl Extraord Items

0.16

-2.14

-0.77

1.33

0.90

Diluted EPS Incl Extraord Items

0.16

-1.56

-0.72

1.33

0.90

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.14

0.38

0.37

Gross Dividends - Common Stock

0.0

0.0

21.3

58.9

57.3

Interest Expense, Supplemental

231.0

304.0

370.4

56.3

46.8

Depreciation, Supplemental

159.5

147.4

102.1

67.0

85.9

Total Special Items

173.9

180.0

181.4

7.2

5.7

Normalized Income Before Tax

186.5

-463.1

-138.5

345.6

220.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.1

3.8

6.0

2.6

2.0

Inc Tax Ex Impact of Sp Items

95.3

-42.4

45.6

126.5

77.8

Normalized Income After Tax

91.2

-420.7

-184.0

219.1

142.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

199.4

-159.1

55.2

212.8

142.6

 

 

 

 

 

 

Basic Normalized EPS

1.18

-1.01

0.35

1.36

0.93

Diluted Normalized EPS

1.18

-1.01

0.35

1.36

0.92

Amort of Acquisition Costs, Supplemental

168.1

169.2

164.3

0.0

-

Amort of Intangibles, Supplemental

100.0

97.2

94.5

17.6

12.0

Rental Expenses

27.5

26.9

20.7

9.5

9.5

Advertising Expense, Supplemental

44.1

35.3

71.9

47.7

40.2

Research & Development Exp, Supplemental

74.0

52.7

76.9

84.1

68.9

Normalized EBIT

393.1

-309.7

105.0

414.9

317.5

Normalized EBITDA

820.7

104.0

466.0

499.5

415.4

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

420.1

343.3

252.0

27.2

58.2

    Short Term Investments

60.1

30.3

44.1

1.4

1.9

Cash and Short Term Investments

480.3

373.6

296.2

28.6

60.1

        Accounts Receivable - Trade, Gross

1,264.9

1,020.7

1,019.7

907.4

815.5

        Provision for Doubtful Accounts

-55.0

-64.3

-89.8

-59.7

-56.8

    Trade Accounts Receivable - Net

1,218.8

961.9

932.7

849.7

759.8

    Other Receivables

92.8

54.4

148.5

139.6

68.7

Total Receivables, Net

1,311.6

1,016.3

1,081.2

989.2

828.5

    Inventories - Finished Goods

722.5

450.2

613.4

558.6

479.1

    Inventories - Work In Progress

72.3

163.0

252.6

114.7

119.8

    Inventories - Raw Materials

451.0

373.3

480.8

208.6

180.6

    Inventories - Other

49.2

98.3

57.3

77.3

130.7

Total Inventory

1,295.1

1,084.7

1,404.0

959.2

910.2

Prepaid Expenses

21.9

18.1

22.9

9.0

19.9

    Deferred Income Tax - Current Asset

39.3

37.5

22.4

43.8

21.0

    Other Current Assets

139.6

365.7

696.1

31.4

48.5

Other Current Assets, Total

179.0

403.2

718.4

75.2

69.5

Total Current Assets

3,287.8

2,895.9

3,522.7

2,061.1

1,888.2

 

 

 

 

 

 

        Buildings

567.3

516.6

490.3

394.5

387.7

        Land/Improvements

711.8

699.8

766.6

370.4

355.7

        Machinery/Equipment

966.9

872.1

737.5

673.7

602.7

        Construction in Progress

69.6

65.5

124.7

23.6

23.0

    Property/Plant/Equipment - Gross

2,315.5

2,153.9

2,119.1

1,462.2

1,369.1

    Accumulated Depreciation

-702.2

-595.0

-467.5

-580.8

-519.0

Property/Plant/Equipment - Net

1,613.2

1,558.8

1,651.6

881.4

850.0

Goodwill, Net

2,816.3

3,045.0

3,139.4

-

-

Intangibles, Net

1,221.5

1,338.8

1,335.8

103.4

91.7

    LT Investment - Affiliate Companies

68.0

65.1

157.8

886.0

174.1

    LT Investments - Other

86.1

27.1

14.5

9.5

40.6

Long Term Investments

154.1

92.2

172.2

895.5

214.6

Note Receivable - Long Term

4.9

228.6

101.0

0.1

0.0

    Deferred Income Tax - Long Term Asset

27.9

43.7

31.8

10.9

-

    Other Long Term Assets

17.8

18.4

10.0

41.2

28.6

Other Long Term Assets, Total

45.7

62.1

41.8

52.2

28.6

Total Assets

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

Accounts Payable

1,038.3

650.5

536.0

562.9

514.9

Accrued Expenses

225.8

213.5

168.3

54.6

40.2

Notes Payable/Short Term Debt

410.1

785.6

692.0

350.3

389.6

Current Portion - Long Term Debt/Capital Leases

529.7

549.0

185.5

75.5

118.7

    Customer Advances

29.0

41.1

92.4

105.0

189.3

    Security Deposits

17.7

17.3

20.5

6.6

10.9

    Income Taxes Payable

48.3

64.5

48.5

108.4

35.5

    Other Payables

267.9

201.7

252.5

283.8

211.8

    Deferred Income Tax - Current Liability

2.6

0.9

1.2

-

-

    Other Current Liabilities

205.6

252.0

845.4

152.5

120.7

Other Current liabilities, Total

571.2

577.5

1,260.6

656.2

568.2

Total Current Liabilities

2,775.0

2,776.0

2,842.4

1,699.6

1,631.6

 

 

 

 

 

 

    Long Term Debt

3,498.2

3,479.9

3,745.0

948.4

194.4

Total Long Term Debt

3,498.2

3,479.9

3,745.0

948.4

194.4

Total Debt

4,437.9

4,814.6

4,622.5

1,374.2

702.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

131.3

190.5

214.7

33.4

40.0

Deferred Income Tax

131.3

190.5

214.7

33.4

40.0

Minority Interest

966.6

1,085.9

1,253.1

24.6

0.4

    Reserves

0.2

4.8

13.5

-

0.2

    Pension Benefits - Underfunded

504.5

494.2

537.8

60.0

59.3

    Other Long Term Liabilities

116.5

91.9

133.2

31.0

9.4

Other Liabilities, Total

621.2

590.9

684.4

91.0

68.8

Total Liabilities

7,992.3

8,123.3

8,739.6

2,797.1

1,935.1

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

4.0

1.4

0.5

35.1

15.5

Preferred Stock - Non Redeemable, Net

4.0

1.4

0.5

35.1

15.5

    Common Stock

742.1

722.7

667.7

898.2

904.1

Common Stock

742.1

722.7

667.7

898.2

904.1

Additional Paid-In Capital

12.6

10.1

6.9

4.3

1.6

Retained Earnings (Accumulated Deficit)

14.1

-13.6

258.9

541.2

449.3

Treasury Stock - Common

-

-

-158.7

-213.6

-214.8

Unrealized Gain (Loss)

310.1

284.8

340.6

-34.7

21.4

    Translation Adjustment

105.8

132.1

112.4

-33.9

-38.9

    Other Equity

-37.6

-39.6

-3.3

-

-

Other Equity, Total

68.2

92.5

109.2

-33.9

-38.9

Total Equity

1,151.1

1,098.0

1,225.0

1,196.7

1,138.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

168.4

168.3

156.4

156.4

156.4

Total Common Shares Outstanding

168.4

168.3

156.4

156.4

156.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

11.8

11.8

11.8

Employees

4,877

4,529

4,684

5,141

4,814

Number of Common Shareholders

98,835

105,797

108,444

91,106

36,907

Deferred Revenue - Current

29.0

41.1

92.4

105.0

189.3

Total Long Term Debt, Supplemental

4,029.9

4,030.4

3,930.5

1,023.9

313.1

Long Term Debt Maturing within 1 Year

529.7

549.3

185.5

75.5

118.7

Long Term Debt Maturing in Year 2

1,289.5

519.5

278.9

115.1

74.9

Long Term Debt Maturing in Year 3

1,340.2

1,257.5

141.0

264.4

105.2

Long Term Debt Maturing in Year 4

863.4

847.6

1,638.6

141.6

-

Long Term Debt Maturing in Year 5

0.9

-

-

-

-

Long Term Debt Maturing in 2-3 Years

2,629.7

1,777.0

419.9

379.4

180.0

Long Term Debt Maturing in 4-5 Years

864.3

847.6

1,638.6

141.6

-

Long Term Debt Matur. in Year 6 & Beyond

6.2

856.6

1,686.4

427.5

14.4

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-80.6

-507.2

-351.1

214.5

138.9

    Depreciation

159.5

147.4

102.1

67.0

85.9

Depreciation/Depletion

159.5

147.4

102.1

67.0

85.9

    Amortization of Intangibles

268.0

266.4

258.8

17.6

12.0

Amortization

268.0

266.4

258.8

17.6

12.0

Deferred Taxes

-47.4

-50.7

-42.6

-5.3

8.7

    Unusual Items

268.5

-26.3

67.0

-55.0

25.2

    Equity in Net Earnings (Loss)

13.5

-2.5

7.5

47.3

26.9

    Other Non-Cash Items

107.4

14.1

252.7

32.1

16.7

Non-Cash Items

389.4

-14.7

327.2

24.3

68.9

    Accounts Receivable

-129.2

22.1

-192.7

-66.5

-158.4

    Inventories

-178.7

389.2

-156.8

-10.0

-22.1

    Prepaid Expenses

-3.2

41.9

-21.7

5.2

0.0

    Other Assets

212.8

161.8

163.4

9.0

2.7

    Accounts Payable

518.5

93.1

58.5

34.2

179.9

    Accrued Expenses

6.7

26.8

-38.2

18.2

-2.1

    Taxes Payable

-17.6

-5.6

-23.0

71.4

11.3

    Other Liabilities

-88.9

-718.5

-133.7

-126.4

-83.2

    Other Operating Cash Flow

1.3

0.6

1.5

1.6

1.9

Changes in Working Capital

321.6

11.5

-342.8

-63.3

-70.0

Cash from Operating Activities

1,010.4

-147.4

-48.2

254.8

244.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-278.1

-267.2

-278.2

-80.3

-62.4

    Purchase/Acquisition of Intangibles

-68.6

-93.2

-48.3

-27.4

-23.8

Capital Expenditures

-346.7

-360.4

-326.5

-107.7

-86.2

    Sale of Business

-

-

-

-75.9

-

    Sale of Fixed Assets

49.2

98.0

29.2

10.8

92.7

    Sale/Maturity of Investment

3,263.2

2,338.7

2,122.6

64.0

106.9

    Purchase of Investments

-3,331.3

-2,236.4

-2,210.7

-783.1

-114.6

    Sale of Intangible Assets

1.9

21.3

1.2

5.2

2.6

    Other Investing Cash Flow

-7.0

9.3

18.2

-8.8

-7.3

Other Investing Cash Flow Items, Total

-24.0

231.0

-39.5

-787.8

80.4

Cash from Investing Activities

-370.7

-129.4

-366.0

-895.5

-5.8

 

 

 

 

 

 

    Other Financing Cash Flow

-152.1

-99.2

100.7

-95.7

-95.4

Financing Cash Flow Items

-152.1

-99.2

100.7

-95.7

-95.4

Total Cash Dividends Paid

-

-18.4

-49.7

-58.9

-42.9

        Sale/Issuance of Common

-

148.5

-

-

1.0

        Repurchase/Retirement of Common

-

-

-

-0.2

-129.3

    Common Stock, Net

-

148.5

-

-0.2

-128.2

    Options Exercised

2.1

0.8

0.2

-

-

Issuance (Retirement) of Stock, Net

2.1

149.3

0.2

-0.2

-128.2

        Short Term Debt Issued

2,836.8

1,256.1

1,169.8

3,212.8

442.8

        Short Term Debt Reduction

-3,219.1

-1,260.5

-771.7

-3,269.1

-461.2

    Short Term Debt, Net

-382.3

-4.5

398.1

-56.3

-18.4

        Long Term Debt Issued

2,946.3

861.0

190.6

827.5

125.6

        Long Term Debt Reduction

-2,983.4

-579.8

-11.0

-5.0

-158.3

    Long Term Debt, Net

-37.1

281.2

179.6

822.4

-32.6

Issuance (Retirement) of Debt, Net

-419.4

276.7

577.7

766.1

-51.0

Cash from Financing Activities

-569.4

308.4

628.9

611.4

-317.5

 

 

 

 

 

 

Foreign Exchange Effects

-3.7

32.9

50.6

-1.5

8.6

Net Change in Cash

66.6

64.5

265.3

-30.8

-70.4

 

 

 

 

 

 

Net Cash - Beginning Balance

345.7

248.7

23.1

58.2

127.1

Net Cash - Ending Balance

412.3

313.2

288.4

27.4

56.6

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

6,879.1

4,339.0

-

-

-

    Finished Products

-

-

5,386.4

3,229.7

3,275.0

    Merchandise Revenues

-

-

1,311.4

1,376.6

609.6

Total Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

 

 

 

 

 

 

    Cost-Revenue

5,152.5

3,555.8

-

-

-

    Finished Good Cost

-

-

4,582.8

2,837.6

2,458.7

    Merchandise Cost

-

-

659.2

591.2

442.2

    Salaries

259.2

218.0

264.2

180.4

142.8

    Retirement Allowance

9.2

5.7

11.0

15.3

13.6

    Employee Benefits

82.5

48.6

116.3

33.7

30.3

    Consumable Expense

-

-

23.2

2.8

2.1

    Printing Expenses

-

-

3.3

2.1

1.5

    Shipping & Storage

93.0

53.2

128.4

124.3

95.3

    Communication Exp.

-

-

8.2

3.3

2.7

    Utility Expenses

-

-

2.8

3.1

2.5

    Rent

27.5

26.9

20.7

9.5

9.5

    Repair & Maintenance

9.8

9.3

10.2

2.4

3.4

    Insurance Expenses

-

-

13.1

4.4

4.5

    Vehicle Expenses

-

-

3.1

2.9

2.4

    Service Expense

-

-

1.4

-

-

    Depreciation Expense

20.7

19.4

21.3

10.1

10.1

    Amort of Intangibles

257.6

249.9

241.3

3.5

11.8

    Research & Development Expense

74.0

52.7

76.9

84.1

68.9

    Advertising Expenses

44.1

35.3

63.1

39.8

33.8

    Sales Commissions

84.7

46.5

57.9

66.1

71.0

    Marketing Expenses

-

-

8.8

7.9

6.4

    Taxes and Dues

-

-

7.5

5.8

5.6

    Travel Expenses

33.4

33.0

46.5

18.3

13.2

    Commissions

105.5

90.9

90.0

44.1

54.1

    Entertainment

-

-

5.2

5.6

4.8

    Education & Training

-

-

6.5

4.3

6.0

    Provision-Bad Debt

-

-

11.2

-

-

    After-Serv Expense

119.8

93.7

74.5

76.0

62.9

    Packaging Expenses

5.0

3.2

3.2

3.5

2.9

    Lease Expenses

-

-

0.1

0.2

0.1

    General Mainten. Exp

-

-

-

1.6

4.0

    Office Maintenance Expenses

-

-

4.3

4.9

-

    Misc. Selling & Adm

107.6

106.4

26.5

2.6

-

    Adjustment

0.0

0.0

-

-

-

Total Operating Expense

6,485.9

4,648.7

6,592.8

4,191.4

3,567.1

 

 

 

 

 

 

    Interest Income

29.6

51.8

105.3

10.8

10.2

    Dividend Income

0.0

0.0

0.0

0.0

0.0

    Rental Income

0.2

0.1

0.0

2.5

2.2

    G-Foreign Currency Transactions

91.9

67.7

158.8

29.6

24.4

    G-Foreign Exchange Translations

11.1

31.2

66.0

19.3

16.6

    Gain-Valuation of Contracts-Settlement

36.9

315.3

35.1

-

-

    Recapture Doubt Acct

0.2

13.6

-

5.6

6.8

    G-disp LT Investment Secs

0.2

-

-

36.4

0.8

    Gain-Disposal of Other LT Assets

-

-

0.5

1.2

3.1

    Gain Disposal Tang. Assets

4.5

5.5

2.2

3.9

2.1

    Gain-Derivatives Transactions

148.2

221.3

26.3

22.7

20.4

    Gain-Derivatives Valuations

22.7

167.1

36.4

11.7

2.9

    Gain-Exemption of Debts

-

0.0

0.1

0.1

0.1

    Recovery-Tangible Assets Reduction Loss

-

0.6

0.5

19.7

9.9

    Other Non-Op Income

90.1

47.2

16.7

22.3

17.1

    Gain on Disposal of Inventories

-

-

-

0.2

-

    Interest Expense, Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

    L-Foreign Currency Transations

-90.7

-75.8

-99.9

-22.2

-33.1

    L-Foreign Exchagne Translations

-41.2

-21.3

-131.8

-17.2

-5.9

    Loss-Disposal of Other LT Assets

-

-

0.0

-

-

    Loss on Disp of AR

-6.5

-6.1

-10.3

-7.6

-7.1

    Loss-Disposal of ST Investment Assets

-

-0.1

-

-

-

    L-Dispose LT Investment Securities

-

-0.1

-

0.0

0.0

    Loss Reduce ST Investment Securities

-

-

-

-0.3

-

    Other Amortization

-

-

-

-

0.0

    Loss Disp Tang. Ast

-1.3

-4.4

-6.5

-1.7

-0.8

    Guarantee Fee Paid

-0.4

-0.1

-0.1

-

-

    Loss-Valuation of Confirmed Contracts

-276.1

-501.1

-14.2

-

-

    Bad Debt Expense

0.0

-

-3.7

-

-

    L-Intang Asset Valuations

-36.8

-0.4

-60.8

-0.2

-1.4

    L-Debt Redemption

-

-

-

-

-10.2

    L-Derivatives Trade

-33.4

-287.7

-41.0

-37.1

-17.2

    L-Derivatives Valuations

-18.5

-24.2

-61.5

-15.6

-31.5

    Loss-Reduction of Tangible Assets

-

-

-1.5

-

-

    Loss on Disposal of Inventories

-2.5

-5.9

-2.5

-2.0

-

    Donations Paid

-9.7

-5.2

-37.7

-10.6

-6.2

    Other Non-Op Expenses

-54.3

-88.9

-26.2

-44.3

-32.2

    Gain-Disposal of Equity Method Sec.

-

68.1

2.7

-

-

    G-Equity Method Valu

1.3

8.6

2.1

10.0

-

    Equity Value Losses

-14.8

-6.1

-9.5

-57.3

-26.9

Net Income Before Taxes

12.6

-643.1

-319.9

338.4

214.8

 

 

 

 

 

 

Provision for Income Taxes

93.3

-46.1

39.6

123.9

75.8

Net Income After Taxes

-80.6

-596.9

-359.5

214.5

138.9

 

 

 

 

 

 

    Minority Interest Loss

108.2

261.6

239.3

-6.2

0.0

Net Income Before Extra. Items

27.5

-335.3

-120.2

208.2

138.9

    Loss on Discontinued Operations

-

89.7

8.4

-

-

Net Income

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

27.5

-335.3

-120.2

208.2

138.9

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Basic Weighted Average Shares

168.4

157.0

156.4

156.4

154.0

Basic EPS Excluding ExtraOrdinary Items

0.16

-2.14

-0.77

1.33

0.90

Basic EPS Including ExtraOrdinary Item

0.16

-1.56

-0.72

1.33

0.90

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

27.5

-245.6

-111.8

208.2

138.9

Diluted Weighted Average Shares

168.4

157.0

156.4

156.6

154.2

Diluted EPS Excluding ExtraOrd Items

0.16

-2.14

-0.77

1.33

0.90

Diluted EPS Including ExtraOrd Items

0.16

-1.56

-0.72

1.33

0.90

DPS-Common Stock

0.00

0.00

0.14

0.38

0.37

Gross Dividends - Common Stock

0.0

0.0

21.3

58.9

57.3

Normalized Income Before Taxes

186.5

-463.1

-138.5

345.6

220.5

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

95.3

-42.4

45.6

126.5

77.8

Normalized Income After Taxes

91.2

-420.7

-184.0

219.1

142.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

199.4

-159.1

55.2

212.8

142.6

 

 

 

 

 

 

Basic Normalized EPS

1.18

-1.01

0.35

1.36

0.93

Diluted Normalized EPS

1.18

-1.01

0.35

1.36

0.92

Interest Expense, Supplemental

231.0

304.0

370.4

56.3

46.8

Rental Expense, Supplemental

27.5

26.9

20.7

9.5

9.5

Advertising Expense

44.1

35.3

71.9

47.7

40.2

R&D Expense, Supplemental

74.0

52.7

76.9

84.1

68.9

Depreciation, Supplemental

159.5

147.4

102.1

67.0

85.9

Amort of Intangibles, Supplemental

100.0

97.2

94.5

17.6

12.0

Amort of Goodwill, Supplemental

168.1

169.2

164.3

0.0

-

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

420.1

343.3

252.0

27.2

58.2

    ST Finl Assets

38.0

30.3

43.7

0.5

1.2

    ST Investment Assets

22.2

-

0.4

0.8

0.7

    Trade Rcvb Gross

1,264.9

1,020.7

1,019.7

907.4

815.5

    Doubtful Account

-55.0

-64.3

-89.8

-59.7

-56.8

    ST Loans, Net

6.1

0.7

11.8

0.1

0.0

    Other Rcvbl, Net

86.7

53.6

98.8

139.4

68.7

    Receivable-Recovery of Taxes

-

-

37.9

0.1

-

    Accrued Income

8.9

5.5

2.8

2.0

1.1

    Contracts on Settlement

112.3

199.1

673.7

-

-

    Advance Payments

46.7

95.2

53.8

75.7

129.7

    Prepaid Expenses

21.9

18.1

22.9

9.0

9.9

    Prepaid VAT

-

-

-

-

5.6

    Prepaid Inc Tax

-

-

-

-

4.5

    Derivatives, assets

23.8

163.6

21.1

30.9

46.6

    Dfrd Taxes

39.3

37.5

22.4

43.8

21.0

    Other Quick Assets

3.6

3.0

1.2

0.5

1.9

    Merchandise

28.2

127.3

204.4

233.5

263.2

    Finished Goods

538.7

219.2

290.8

144.7

162.0

    Work in Progress

72.3

163.0

252.6

114.7

119.8

    Raw Materials

451.0

373.3

480.8

208.6

180.6

    Stored Goods

2.5

3.0

3.5

1.7

0.9

    Goods in Transit

155.7

103.7

118.2

180.4

53.9

Total Current Assets

3,287.8

2,895.9

3,522.7

2,061.1

1,888.2

 

 

 

 

 

 

    LT Finl Assets

15.1

0.0

0.0

0.0

0.2

    LT Loan

0.3

0.1

0.0

0.1

-

    LT Invest Secs.

28.7

27.1

14.5

9.5

40.4

    Derivatives, assets

-

-

0.0

2.2

-

    LT Trade Receivable

4.5

1.5

1.2

-

-

    Securities under Equity Method

68.0

65.1

157.8

886.0

174.1

    LT Trade Rcvbls.

-

-

-

-

0.0

    Guarantee Dep.

17.8

18.4

10.0

39.1

28.6

    Contracts on Settlement,LT

-

227.0

99.7

-

-

    Membership Right

23.2

48.7

41.6

18.9

18.6

    LA Defer Tax Dbt

27.9

43.7

31.8

10.9

-

    Other Inv Assets

42.3

-

-

-

-

    Land

711.9

699.9

766.7

371.0

375.9

    Land-Reduction

-0.1

-0.1

-0.1

-0.6

-20.3

    Buildings

503.0

462.3

438.2

333.8

332.3

    Buildings Depre.

-125.8

-94.8

-81.6

-87.7

-77.1

    Buildings-Reduction

-3.9

-3.8

-3.5

-4.7

-4.7

    Buildings-Government Subsidy

-4.4

-3.6

-

-

-

    Structures

72.6

61.6

55.5

65.4

60.1

    Structure Depre.

-24.4

-22.1

-19.2

-26.5

-23.0

    Machinery/Equip.

720.0

659.7

508.7

473.8

426.7

    Mach/Equip Depre

-388.7

-338.0

-256.1

-328.1

-301.4

    Machinery/Equip.-Reduction

-

-

-

-

0.0

    Machinery & Equipment-Government Subsidy

-0.8

-0.6

-

-

-

    Transport Equip.

24.0

20.0

16.7

15.1

13.2

    Transport Deprec

-13.3

-12.2

-9.6

-10.5

-9.0

    Tools/Equipments

116.7

99.1

74.5

108.4

102.3

    Tool/Equip Depr.

-78.1

-67.6

-55.2

-78.3

-70.4

    Fixtures

106.9

93.8

137.5

76.4

60.4

    Deprec. Fixtures

-68.5

-57.6

-45.9

-49.7

-38.2

    Construction

69.6

65.5

124.7

23.6

23.0

    Construction in Progress-Government Subs

-3.4

-2.7

-

-

-

    Indust.-Patent

987.1

1,088.8

1,168.8

3.1

4.2

    Development Cost

121.3

95.4

43.5

61.3

55.2

    Development Cost-Government

-

-0.1

-

-

-

    Other Intangible

89.9

106.0

82.0

20.2

13.7

    Goodwill

2,816.3

3,045.0

3,139.4

-

-

Total Assets

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

    Trade Acct. Pay.

1,038.3

650.5

536.0

562.9

514.9

    ST Borrowings

410.1

785.6

692.0

350.3

389.6

    Deferred Income Tax Credits

2.6

0.9

1.2

-

-

    Accounts Payable

268.0

201.8

252.5

283.8

211.8

    Present Value Discount-account payable

-0.1

-0.2

-

-

-

    Advance Received

29.0

41.1

92.4

105.0

189.3

    Deposit Withheld

15.9

35.8

14.4

5.5

6.9

    Accrued Expenses

225.8

213.5

168.3

54.6

34.3

    Accrued VAT

-

-

-

-

5.8

    Inc. Taxes Pay.

48.3

64.5

48.5

108.4

35.5

    Current Portion of Bonds

383.3

396.7

-

-

-

    Present Value Discount-Current portion o

-

0.0

-

-

-

    Discount on Debentures Issuance, Current

-0.1

-0.2

-

-

-

    Sec Dep Withheld

17.7

17.3

20.5

6.6

10.9

    Derivative Product in Liability, Current

13.7

101.6

673.0

85.2

69.7

    Current LT Liabs.

146.4

152.5

185.5

75.5

118.7

    Reserve-Sales Guarantee

151.0

99.5

92.2

45.7

28.0

    Advances on Confirmed Contracts

-

-

47.4

-

-

    Reserve-Sales Return

0.3

0.3

0.4

-

-

    Other Cur Liabs.

24.6

14.7

18.1

16.1

16.1

Total Current Liabilities

2,775.0

2,776.0

2,842.4

1,699.6

1,631.6

 

 

 

 

 

 

    Bonds

623.7

577.9

127.0

192.3

129.0

    LT Borrowings

2,876.5

2,903.2

3,617.9

756.1

65.4

    Discount on Issuance of Debentures

-2.0

-1.2

-

-

-

Total Long Term Debt

3,498.2

3,479.9

3,745.0

948.4

194.4

 

 

 

 

 

 

    LT Accounts Pay

42.5

32.3

15.2

7.7

7.4

    Retire Reserve

577.1

564.4

537.8

60.0

59.3

    Reserve-Construction Loss

-

4.8

13.5

-

-

    Rsrv-Construction Loss

-

-

-

-

0.2

    Deferred Tax-Cr

131.3

190.5

214.7

33.4

40.0

    Other LT Liabilities

70.0

46.4

4.4

2.0

1.9

    Rent Deposit

0.5

0.5

0.4

0.0

0.0

    Derivative Products in Liabilities

3.3

12.8

113.1

21.2

-

    Minority Int.

966.6

1,085.9

1,253.1

24.6

0.4

    Deposit-Retirement Insurance

-71.8

-69.2

-

-

-

    Transfer to National Pension Fund

-0.8

-0.9

-

-

-

    Long-term Provision for Other Estimated

0.2

-

-

-

-

    Present Value Discount

-

-0.1

-

-

-

Total Liabilities

7,992.3

8,123.3

8,739.6

2,797.1

1,935.1

 

 

 

 

 

 

    Common Stock

742.1

722.7

667.7

898.2

904.1

    Consolidated Capital Surplus

4.0

1.4

0.5

35.1

15.5

    Retained Earning

14.1

-13.6

258.9

541.2

449.3

    Other Capital Adjustment

-30.6

-32.8

-3.3

-

-

    L-Valuation LT Investment Securities

0.2

0.3

-

0.4

17.4

    Loss-Valuation of Investment Securities

-

-

-0.1

-

-

    Capital Change, Equity Method

-

-

-

9.8

0.0

    Capital Changes under Equity Method (

-0.3

-2.0

-2.4

-7.3

-

    Value-Secs under Equity Method

-

-

-

-

0.0

    Oversea Op Trans

-3.9

-

-0.4

-33.9

-38.9

    Overseas Business Translation Credit

146.2

189.7

205.7

-

-

    Foreign Currency Translation Debit

-36.5

-57.6

-92.8

-

-

    Gain-Revaluation of Land

313.6

307.7

351.8

-

-

    Stock Options

11.9

9.9

6.9

4.3

1.6

    G-Derivatives Valuation

2.8

1.8

20.7

17.5

31.6

    L-Derivatives Valuation

-6.2

-22.9

-29.3

-55.0

-27.6

    Treasury Stock

-

-

-158.7

-213.6

-214.8

    Loss on Disposal of Treasury Stocks

-7.0

-6.8

-

-

-

    Other Capital Surplus

0.7

0.3

-

-

-

Total Equity

1,151.1

1,098.0

1,225.0

1,196.7

1,138.0

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

    S/O-Common Stock

168.4

168.3

156.4

156.4

156.4

Total Common Shares Outstanding

168.4

168.3

156.4

156.4

156.4

T/S-Common Stock

0.0

0.0

11.8

11.8

11.8

Deferred Revenue, Current

29.0

41.1

92.4

105.0

189.3

Full-Time Employees

4,877

4,529

4,684

5,141

4,814

Number of Common Shareholders

98,835

105,797

108,444

91,106

36,907

LT Debt 1 yr

529.7

549.3

185.5

75.5

118.7

LT Debt 2 yrs

1,289.5

519.5

278.9

115.1

74.9

LT Debt 3 yrs

1,340.2

1,257.5

141.0

264.4

105.2

LT Debt 4 yrs

863.4

847.6

1,638.6

141.6

-

LT Debt 5 yrs

0.9

-

-

-

-

LT Debt thereafter

6.2

856.6

1,686.4

427.5

14.4

Total Long Term Debt, Supplemental

4,029.9

4,030.4

3,930.5

1,023.9

313.1

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

-80.6

-507.2

-351.1

214.5

138.9

    Depreciation

159.5

147.4

102.1

67.0

85.9

    Amort. Intangible

268.0

266.4

258.8

17.6

12.0

    Stock Compensation

3.1

2.9

4.2

2.8

1.1

    Retirement Allowance

74.8

45.5

169.4

38.7

33.8

    Provision-Doubtful Account

-

-

11.1

-

-

    Accrued Interest Expense

1.3

0.6

0.6

0.5

1.9

    Translation Loss

40.5

20.7

130.4

16.9

5.8

    Loss-Valuation of Contract on Settlement

276.1

501.1

14.2

-

-

    L-Dispose LT Investment Securities

-

0.1

-

0.0

0.0

    L-Reduce LT Investment Secs

-

-

-

0.3

-

    L-Equity Method Valu

14.8

6.1

9.5

57.3

26.9

    Loss-Investment Assets Disposal

-

0.1

-

-

-

    Disp Tang Asst Loss

1.3

4.4

6.7

1.7

0.8

    Loss-Disposal of Other LT Assets

-

-

0.0

-

-

    Loss-Reduction of Tangible Assets

-

-

1.5

-

-

    L-Intang Asset Valuation

36.8

0.4

60.8

0.2

1.4

    L-Liability Redemption

-

-

-

-

10.2

    L-Value Derivatives

18.5

24.2

61.5

15.6

31.5

    Other Provisions-Doubtful Account

-

-

3.7

-

0.0

    Interest Received

-

-

-

-

-0.6

    Translation Gain

-10.7

-30.5

-66.1

-19.0

-16.5

    Gain-Valuation of Contract on Settlement

-36.9

-315.3

-35.1

-

-

    Reverse-Doubtful Account

-0.2

-13.6

-

-5.6

-6.8

    G-Equity Method Valu

-1.3

-8.6

-2.1

-10.0

-

    Gain Disp of Inv Ast

-

-

-

-1.2

-3.1

    Gain Disp Tang. Ast

-4.5

-5.5

-2.3

-3.9

-2.1

    Gain-Disposal of Other LT Assets

-

-

-0.5

-

-

    G-Value Derivatives

-22.7

-167.1

-36.4

-11.7

-2.9

    Gain-Disp. of Securities/Equity Method

-

-68.1

-2.7

-

-

    Recovery-Tangible Assets Reduction Loss

-

-0.6

-0.5

-19.7

-9.9

    Miscellaneous Gains

-

-11.0

-

-1.7

-

    G-Debt Redemption

-

0.0

-0.1

-0.1

-

    Gain Disp. Inv. Secs

-0.2

-

-

-36.4

-0.8

    Dec in Trade Rcvbls

-92.0

-17.6

-171.9

-8.0

-172.1

    Increase Acct Rcvbl

-31.6

41.9

-20.5

-57.6

7.3

    Inc in Accrued Inc

-3.2

-2.2

-0.2

-0.9

0.5

    Inc Advanced Payment

50.1

-28.7

11.9

53.9

-6.4

    Dec In Prepaid Exp

-3.2

4.5

-4.0

1.0

0.3

    Prepaid Value Added Taxes

-

-

-

-

2.2

    Inc in Prepaid Tax

-

37.4

-17.7

4.2

-2.5

    Derivatives Assets

132.4

-6.1

105.2

5.7

3.7

    Curr. Dfrd Taxes

-0.9

-10.9

-3.3

-23.0

-9.6

    Other Quick Assets

-0.5

-13.5

23.0

3.3

-1.0

    Decrease Inventory

-228.8

417.9

-168.7

-63.8

-15.7

    LT Trade Rcvbls

-2.5

-

-

-

5.9

    Deferred Taxes-Asset

16.6

-11.8

-21.3

-2.6

-

    Contracts on Settlement Assets

79.8

188.7

35.1

-

-

    Inc in Trade Pay

364.6

6.7

73.3

-16.8

161.1

    Account Payable

144.7

88.7

-13.0

49.0

18.8

    Long-Term Accounts Payable

9.2

-2.2

-1.8

2.0

0.0

    Inc in Advances Rcvd

-12.9

8.9

4.4

-87.5

-52.4

    Deposits Withheld

-20.5

7.9

-0.1

-1.3

-1.5

    Dec in Accrued Exp

6.7

26.8

-38.2

18.2

-2.1

    Dividend Income

-

-

0.9

1.1

-

    Dec In Accrd Inc Tax

-17.6

-5.6

-23.0

71.4

11.3

    Security Deposits

-0.1

5.0

28.1

-4.3

0.0

    Derivatives Liab.

-63.4

-657.7

-125.8

-16.5

-1.1

    Reserve for Sales Guarantee

48.0

3.4

13.5

15.4

13.5

    Dec Other Curr Liab

9.3

-3.6

-6.1

11.5

-11.4

    Payment-Retirement Bonus

-66.8

-77.0

-46.1

-21.4

-18.8

    Dec in Natl Pension

0.1

0.3

0.2

0.4

0.4

    Contracts on Settlement Libilities

-

-46.8

-14.2

-

-

    Reserve-Sales Return

0.0

1.8

0.5

-

-

    Inc-Dep for Ret Ins

-0.8

5.6

9.2

-24.1

-9.3

    Reserve-Severance & Retirement Benefit

-

-

0.4

1.8

1.0

    Provision for Construction Loss

-4.8

-8.7

1.4

-0.2

-0.8

    Deferred Income Tax Credit, Current, A/L

1.7

0.8

-

-

-

    Deferred Taxes-Liab.

-64.9

-28.8

-18.0

20.2

18.3

    Increased-Other LT Assets

22.0

41.7

1.0

-0.1

-2.9

    LT Rental Security Deposit

0.1

0.1

-

-

-

    Guarantee Deposit

1.1

-7.3

-

-

-

    Provision for Other

0.2

-

-

-

-

    Provison for Retirement Allowance

0.6

0.5

-

-

-

Cash from Operating Activities

1,010.4

-147.4

-48.2

254.8

244.4

 

 

 

 

 

 

    Dec-ST Finl Assets

3,262.8

2,189.0

2,114.7

19.0

103.4

    Dec-ST Investment Assets

-

1.0

4.3

0.7

0.0

    Disposal-Securities under Equity Method

-

148.1

2.8

-

-

    Dec in ST Loans

0.3

203.8

-

0.0

-

    Dec-LT Finl Assets

-

-

0.2

0.2

-

    Dispose-LT Investment Securities

0.3

0.7

0.5

44.0

3.5

    Decrease in LT Loans

-

-

0.0

0.0

-

    Dec-Guarantee Dep

-

-

29.6

1.6

2.0

    Dispose/Member Right

0.0

21.2

1.2

2.6

2.6

    Dispose-Intangible Assets

1.9

-

-

0.0

-

    Increase-Government Subsidy

-

-

-

0.3

0.7

    Increase-LT Rent Deposit

-

-

-

-

0.0

    Disposal of Land

6.5

0.7

2.2

4.2

84.0

    Disposal of Building

3.1

25.6

4.3

3.9

6.2

    Disp-Structure

0.1

0.2

0.1

0.0

0.8

    Disposal Mach./Equip

31.4

49.4

17.7

2.2

0.9

    Disposal Trans Equip

1.6

0.7

0.8

0.1

0.1

    Disp Tools/Supplies

1.4

0.2

0.2

0.1

0.0

    Disposal of Supplies

1.5

2.1

0.3

0.0

0.0

    Disposal-Construction in Progress

3.7

19.2

3.5

-

-

    Decrease in Industrial Property Right

-

-

-

1.0

-

    Decrease in Development Costs

-

0.1

-

1.6

-

    Inc-ST Finl Asset

-3,269.6

-2,210.7

-2,163.4

-18.3

-

    Incr-ST loans

-6.4

-192.0

-8.3

0.0

0.0

    Acq-ST Investment Assets

-21.7

-

-

-

-

    Inc-LT Finl Asset

-14.8

-0.8

-

0.0

-0.2

    Increase in LT Loans

-1.0

-2.5

-

-0.1

-

    Acq-LT Investment Securities

-1.2

-14.0

-10.6

-1.5

0.0

    Acq-Securities under Equity Method

-13.1

-10.9

-36.7

-763.3

-114.4

    Acq-Membership Rgt

-4.4

-28.0

-28.5

-1.8

-0.6

    Inc Other Invt Ast

-10.9

-

-

-

-

    Inc in Guarant Depos

-

-

-3.1

-10.4

-9.3

    Acquisition of Land

-2.6

-3.5

-26.8

0.0

-0.4

    Acquis. of Building

-50.0

-11.5

-24.2

-0.7

-1.5

    Purch. of Structure

-2.9

-4.0

-1.8

-1.9

-3.4

    Purch. of Mach/Equip

-94.4

-162.8

-32.8

-14.3

-9.0

    Increase in Fixtures

-20.9

-13.0

-21.9

-15.0

-9.0

    Acq. of Trans Equip

-9.9

-2.7

-3.9

-2.3

-1.9

    Acq. in Tools/Suppl.

-19.5

-8.9

-5.9

-8.5

-11.7

    Inc. Const. In Prog

-77.8

-60.8

-160.8

-37.6

-25.6

    Inc Industrial Ptnt

-0.4

-1.2

-0.4

-0.6

-0.7

    Inc Other Intangible

-13.6

-18.5

-8.6

-8.2

-5.9

    Cash Outflow from Business Acquisitio

-

-

-

-75.9

-

    Inc. in Develop.Cost

-50.1

-45.4

-10.8

-16.9

-16.6

Cash from Investing Activities

-370.7

-129.4

-366.0

-895.5

-5.8

 

 

 

 

 

 

    Inc in ST Borrowings

2,836.8

1,256.1

1,169.8

3,212.8

442.8

    Inc-LT Borrowings

2,541.5

63.7

136.1

719.8

-

    Increase-Bond

404.8

664.8

54.5

107.6

125.6

    Increase-Current Portion of Bond

-

132.5

-

-

-

    Exercise-Stock Options

2.1

0.8

0.2

-

-

    Disposal-Treasury Stock

-

148.5

-

-

-

    Capital Increase

-

-

-

-

1.0

    Repay ST Borrowings

-3,219.1

-1,260.5

-771.7

-3,269.1

-461.2

    Repay Curr LT Liabs

-153.2

-85.3

-63.9

-116.6

-95.6

    Dec in LT Borrowings

-2,583.9

-579.8

-11.0

-5.0

-158.3

    Acquisition of Treasury Stock

-

-

-

-0.2

-129.3

    Dividends Paid

-

-18.4

-49.7

-58.9

-42.9

    Cash Inflow-Consol. Scope Change, FN

-

-13.9

114.3

-0.6

0.2

    Cash Inflow from Consolidated Capital

1.1

-

50.4

21.6

-

    Redemption-Bond

-399.6

-

-

-

-

Cash from Financing Activities

-569.4

308.4

628.9

611.4

-317.5

 

 

 

 

 

 

Foreign Exchange Effects

-3.7

32.9

50.6

-1.5

8.6

Net Change in Cash

66.6

64.5

265.3

-30.8

-70.4

 

 

 

 

 

 

Net Cash - Beginning Balance

345.7

248.7

23.1

58.2

127.1

Net Cash - Ending Balance

412.3

313.2

288.4

27.4

56.6

 

 

Financial Health

 

Financials in: USD (mil)

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

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

-

-

6,879.1

43.62%

22.95%

20.75%

Research & Development1

-

-

74.0

27.12%

3.07%

10.96%

Operating Income1

-

-

393.1

-

5.65%

16.01%

Income Available to Common Excl Extraord Items1

-

-

27.5

-

-45.20%

-24.83%

Basic EPS Excl Extraord Items1

-

-

0.16

-

-46.54%

-24.90%

Capital Expenditures2

-

-

346.7

-12.86%

58.82%

26.58%

Cash from Operating Activities2

-

-

1,010.4

-

70.25%

42.25%

Free Cash Flow

-

-

676.2

-

77.74%

58.30%

Total Assets3

-

-

9,143.4

-3.36%

40.54%

29.64%

Total Liabilities3

-

-

7,992.3

-4.11%

51.31%

39.22%

Total Long Term Debt3

-

-

3,498.2

-2.03%

64.75%

65.23%

Employees3

-

-

4877

7.68%

-1.74%

1.34%

Total Common Shares Outstanding3

-

-

168.4

0.08%

2.51%

0.64%

1-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

 

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

 

 

1134.900000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

25.10%

18.05%

21.73%

25.56%

25.32%

Operating Margin

5.72%

-7.14%

1.57%

9.01%

8.17%

Pretax Margin

0.18%

-14.82%

-4.78%

7.35%

5.53%

Net Profit Margin

0.40%

-7.73%

-1.79%

4.52%

3.58%

Financial Strength

Current Ratio

1.18

1.04

1.24

1.21

1.16

Long Term Debt/Equity

3.04

3.17

3.06

0.79

0.17

Total Debt/Equity

3.86

4.38

3.77

1.15

0.62

Management Effectiveness

Return on Assets

-0.88%

-6.54%

-4.86%

6.04%

4.66%

Return on Equity

2.47%

-30.36%

-10.06%

18.16%

12.44%

Efficiency

Receivables Turnover

5.95

4.35

6.44

5.05

5.32

Inventory Turnover

4.36

2.99

4.33

3.65

3.31

Asset Turnover

0.75

0.48

0.91

1.30

1.30

Market Valuation USD (mil)

Enterprise Value2

8,988.0

.

Enterprise Value/Revenue (TTM)

1.20

Enterprise Value/EBITDA (TTM)

10.07

.

Market Cap1

3,726.3

1-ExchangeRate: KRW to USD on 2-Sep-2011

1063.000000

 

 

 

2-ExchangeRate: KRW to USD on 2-Sep-2011

1063.000000

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

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

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.18

1.04

1.24

1.21

1.16

Quick/Acid Test Ratio

0.65

0.50

0.48

0.60

0.54

Working Capital1

512.8

119.9

680.3

361.5

256.7

Long Term Debt/Equity

3.04

3.17

3.06

0.79

0.17

Total Debt/Equity

3.86

4.38

3.77

1.15

0.62

Long Term Debt/Total Capital

0.63

0.59

0.64

0.37

0.11

Total Debt/Total Capital

0.79

0.81

0.79

0.53

0.38

Payout Ratio

0.00%

0.00%

-17.73%

28.28%

40.64%

Effective Tax Rate

738.90%

-

-

36.61%

35.30%

Total Capital1

5,589.0

5,912.6

5,847.5

2,570.9

1,840.7

 

 

 

 

 

 

Efficiency

Asset Turnover

0.75

0.48

0.91

1.30

1.30

Inventory Turnover

4.36

2.99

4.33

3.65

3.31

Days In Inventory

83.72

121.90

84.34

99.92

110.13

Receivables Turnover

5.95

4.35

6.44

5.05

5.32

Days Receivables Outstanding

61.30

83.87

56.64

72.34

68.62

Revenue/Employee2

1,437,087

1,050,115

1,249,434

889,429

828,667

Operating Income/Employee2

82,131

-74,952

19,583

80,115

67,728

EBITDA/Employee2

136,341

-15,769

56,266

96,448

88,616

 

 

 

 

 

 

Profitability

Gross Margin

25.10%

18.05%

21.73%

25.56%

25.32%

Operating Margin

5.72%

-7.14%

1.57%

9.01%

8.17%

EBITDA Margin

9.49%

-1.50%

4.50%

10.84%

10.69%

EBIT Margin

5.72%

-7.14%

1.57%

9.01%

8.17%

Pretax Margin

0.18%

-14.82%

-4.78%

7.35%

5.53%

Net Profit Margin

0.40%

-7.73%

-1.79%

4.52%

3.58%

R&D Expense/Revenue

1.08%

1.22%

1.15%

1.83%

1.77%

COGS/Revenue

74.90%

81.95%

78.27%

74.44%

74.68%

SG&A Expense/Revenue

14.26%

17.76%

15.10%

14.43%

14.81%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

-0.88%

-6.54%

-4.86%

6.04%

4.66%

Return on Equity

2.47%

-30.36%

-10.06%

18.16%

12.44%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

4.01

-3.31

-2.09

0.93

1.04

Operating Cash Flow/Share 2

6.11

-0.96

-0.27

1.62

1.61

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

 

Annual Income Statement

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

Total Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

 

 

 

 

 

 

    Cost of Revenue

5,152.5

3,555.8

5,242.1

3,428.8

2,901.0

Cost of Revenue, Total

5,152.5

3,555.8

5,242.1

3,428.8

2,901.0

Gross Profit

1,726.6

783.2

1,455.7

1,177.5

983.7

 

 

 

 

 

 

    Selling/General/Administrative Expense

586.2

463.2

547.9

387.8

348.3

    Labor & Related Expense

350.8

272.4

391.5

229.3

186.8

    Advertising Expense

44.1

35.3

71.9

47.7

40.2

Total Selling/General/Administrative Expenses

981.2

770.8

1,011.2

664.9

575.3

Research & Development

74.0

52.7

76.9

84.1

68.9

    Depreciation

20.7

19.4

21.3

10.1

10.1

    Amortization of Intangibles

257.6

249.9

241.3

3.5

11.8

Depreciation/Amortization

278.2

269.4

262.6

13.6

21.9

Total Operating Expense

6,485.9

4,648.7

6,592.8

4,191.4

3,567.1

 

 

 

 

 

 

Operating Income

393.1

-309.7

105.0

414.9

317.5

 

 

 

 

 

 

        Interest Expense - Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

    Interest Expense, Net Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

        Interest Income - Non-Operating

29.6

51.8

105.3

10.8

10.2

        Investment Income - Non-Operating

76.8

463.6

-78.0

-19.0

-58.0

    Interest/Investment Income - Non-Operating

106.4

515.3

27.3

-8.1

-47.8

Interest Income (Expense) - Net Non-Operating Total

-124.6

211.3

-343.1

-64.4

-94.6

Gain (Loss) on Sale of Assets

-5.9

-10.9

-17.0

-7.2

-5.7

    Other Non-Operating Income (Expense)

-250.1

-533.8

-64.7

-4.9

-2.4

Other, Net

-250.1

-533.8

-64.7

-4.9

-2.4

Income Before Tax

12.6

-643.1

-319.9

338.4

214.8

 

 

 

 

 

 

Total Income Tax

93.3

-46.1

39.6

123.9

75.8

Income After Tax

-80.6

-596.9

-359.5

214.5

138.9

 

 

 

 

 

 

    Minority Interest

108.2

261.6

239.3

-6.2

0.0

Net Income Before Extraord Items

27.5

-335.3

-120.2

208.2

138.9

    Discontinued Operations

-

89.7

8.4

-

-

Total Extraord Items

-

89.7

8.4

-

-

Net Income

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

27.5

-335.3

-120.2

208.2

138.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

27.5

-245.6

-111.8

208.2

138.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

168.4

157.0

156.4

156.4

154.0

Basic EPS Excl Extraord Items

0.16

-2.14

-0.77

1.33

0.90

Basic/Primary EPS Incl Extraord Items

0.16

-1.56

-0.72

1.33

0.90

Dilution Adjustment

0.0

0.0

0.0

0.0

-

Diluted Net Income

27.5

-245.6

-111.8

208.2

138.9

Diluted Weighted Average Shares

168.4

157.0

156.4

156.6

154.2

Diluted EPS Excl Extraord Items

0.16

-2.14

-0.77

1.33

0.90

Diluted EPS Incl Extraord Items

0.16

-1.56

-0.72

1.33

0.90

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.14

0.38

0.37

Gross Dividends - Common Stock

0.0

0.0

21.3

58.9

57.3

Interest Expense, Supplemental

231.0

304.0

370.4

56.3

46.8

Depreciation, Supplemental

159.5

147.4

102.1

67.0

85.9

Total Special Items

173.9

180.0

181.4

7.2

5.7

Normalized Income Before Tax

186.5

-463.1

-138.5

345.6

220.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

2.1

3.8

6.0

2.6

2.0

Inc Tax Ex Impact of Sp Items

95.3

-42.4

45.6

126.5

77.8

Normalized Income After Tax

91.2

-420.7

-184.0

219.1

142.7

 

 

 

 

 

 

Normalized Inc. Avail to Com.

199.4

-159.1

55.2

212.8

142.6

 

 

 

 

 

 

Basic Normalized EPS

1.18

-1.01

0.35

1.36

0.93

Diluted Normalized EPS

1.18

-1.01

0.35

1.36

0.92

Amort of Acquisition Costs, Supplemental

168.1

169.2

164.3

0.0

-

Amort of Intangibles, Supplemental

100.0

97.2

94.5

17.6

12.0

Rental Expenses

27.5

26.9

20.7

9.5

9.5

Advertising Expense, Supplemental

44.1

35.3

71.9

47.7

40.2

Research & Development Exp, Supplemental

74.0

52.7

76.9

84.1

68.9

Normalized EBIT

393.1

-309.7

105.0

414.9

317.5

Normalized EBITDA

820.7

104.0

466.0

499.5

415.4

 

Interim Income Statement

 

Financials in: USD (mil)          

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

 

 

No Financial Data for Doosan Infracore Co., Ltd.

 

 

Annual Balance Sheet

Standardized

 

Financials in: USD (mil)

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Reclassified Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

420.1

343.3

252.0

27.2

58.2

    Short Term Investments

60.1

30.3

44.1

1.4

1.9

Cash and Short Term Investments

480.3

373.6

296.2

28.6

60.1

        Accounts Receivable - Trade, Gross

1,264.9

1,020.7

1,019.7

907.4

815.5

        Provision for Doubtful Accounts

-55.0

-64.3

-89.8

-59.7

-56.8

    Trade Accounts Receivable - Net

1,218.8

961.9

932.7

849.7

759.8

    Other Receivables

92.8

54.4

148.5

139.6

68.7

Total Receivables, Net

1,311.6

1,016.3

1,081.2

989.2

828.5

    Inventories - Finished Goods

722.5

450.2

613.4

558.6

479.1

    Inventories - Work In Progress

72.3

163.0

252.6

114.7

119.8

    Inventories - Raw Materials

451.0

373.3

480.8

208.6

180.6

    Inventories - Other

49.2

98.3

57.3

77.3

130.7

Total Inventory

1,295.1

1,084.7

1,404.0

959.2

910.2

Prepaid Expenses

21.9

18.1

22.9

9.0

19.9

    Deferred Income Tax - Current Asset

39.3

37.5

22.4

43.8

21.0

    Other Current Assets

139.6

365.7

696.1

31.4

48.5

Other Current Assets, Total

179.0

403.2

718.4

75.2

69.5

Total Current Assets

3,287.8

2,895.9

3,522.7

2,061.1

1,888.2

 

 

 

 

 

 

        Buildings

567.3

516.6

490.3

394.5

387.7

        Land/Improvements

711.8

699.8

766.6

370.4

355.7

        Machinery/Equipment

966.9

872.1

737.5

673.7

602.7

        Construction in Progress

69.6

65.5

124.7

23.6

23.0

    Property/Plant/Equipment - Gross

2,315.5

2,153.9

2,119.1

1,462.2

1,369.1

    Accumulated Depreciation

-702.2

-595.0

-467.5

-580.8

-519.0

Property/Plant/Equipment - Net

1,613.2

1,558.8

1,651.6

881.4

850.0

Goodwill, Net

2,816.3

3,045.0

3,139.4

-

-

Intangibles, Net

1,221.5

1,338.8

1,335.8

103.4

91.7

    LT Investment - Affiliate Companies

68.0

65.1

157.8

886.0

174.1

    LT Investments - Other

86.1

27.1

14.5

9.5

40.6

Long Term Investments

154.1

92.2

172.2

895.5

214.6

Note Receivable - Long Term

4.9

228.6

101.0

0.1

0.0

    Deferred Income Tax - Long Term Asset

27.9

43.7

31.8

10.9

-

    Other Long Term Assets

17.8

18.4

10.0

41.2

28.6

Other Long Term Assets, Total

45.7

62.1

41.8

52.2

28.6

Total Assets

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

Accounts Payable

1,038.3

650.5

536.0

562.9

514.9

Accrued Expenses

225.8

213.5

168.3

54.6

40.2

Notes Payable/Short Term Debt

410.1

785.6

692.0

350.3

389.6

Current Portion - Long Term Debt/Capital Leases

529.7

549.0

185.5

75.5

118.7

    Customer Advances

29.0

41.1

92.4

105.0

189.3

    Security Deposits

17.7

17.3

20.5

6.6

10.9

    Income Taxes Payable

48.3

64.5

48.5

108.4

35.5

    Other Payables

267.9

201.7

252.5

283.8

211.8

    Deferred Income Tax - Current Liability

2.6

0.9

1.2

-

-

    Other Current Liabilities

205.6

252.0

845.4

152.5

120.7

Other Current liabilities, Total

571.2

577.5

1,260.6

656.2

568.2

Total Current Liabilities

2,775.0

2,776.0

2,842.4

1,699.6

1,631.6

 

 

 

 

 

 

    Long Term Debt

3,498.2

3,479.9

3,745.0

948.4

194.4

Total Long Term Debt

3,498.2

3,479.9

3,745.0

948.4

194.4

Total Debt

4,437.9

4,814.6

4,622.5

1,374.2

702.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

131.3

190.5

214.7

33.4

40.0

Deferred Income Tax

131.3

190.5

214.7

33.4

40.0

Minority Interest

966.6

1,085.9

1,253.1

24.6

0.4

    Reserves

0.2

4.8

13.5

-

0.2

    Pension Benefits - Underfunded

504.5

494.2

537.8

60.0

59.3

    Other Long Term Liabilities

116.5

91.9

133.2

31.0

9.4

Other Liabilities, Total

621.2

590.9

684.4

91.0

68.8

Total Liabilities

7,992.3

8,123.3

8,739.6

2,797.1

1,935.1

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

4.0

1.4

0.5

35.1

15.5

Preferred Stock - Non Redeemable, Net

4.0

1.4

0.5

35.1

15.5

    Common Stock

742.1

722.7

667.7

898.2

904.1

Common Stock

742.1

722.7

667.7

898.2

904.1

Additional Paid-In Capital

12.6

10.1

6.9

4.3

1.6

Retained Earnings (Accumulated Deficit)

14.1

-13.6

258.9

541.2

449.3

Treasury Stock - Common

-

-

-158.7

-213.6

-214.8

Unrealized Gain (Loss)

310.1

284.8

340.6

-34.7

21.4

    Translation Adjustment

105.8

132.1

112.4

-33.9

-38.9

    Other Equity

-37.6

-39.6

-3.3

-

-

Other Equity, Total

68.2

92.5

109.2

-33.9

-38.9

Total Equity

1,151.1

1,098.0

1,225.0

1,196.7

1,138.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

9,143.4

9,221.3

9,964.6

3,993.8

3,073.1

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

168.4

168.3

156.4

156.4

156.4

Total Common Shares Outstanding

168.4

168.3

156.4

156.4

156.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

11.8

11.8

11.8

Employees

4,877

4,529

4,684

5,141

4,814

Number of Common Shareholders

98,835

105,797

108,444

91,106

36,907

Deferred Revenue - Current

29.0

41.1

92.4

105.0

189.3

Total Long Term Debt, Supplemental

4,029.9

4,030.4

3,930.5

1,023.9

313.1

Long Term Debt Maturing within 1 Year

529.7

549.3

185.5

75.5

118.7

Long Term Debt Maturing in Year 2

1,289.5

519.5

278.9

115.1

74.9

Long Term Debt Maturing in Year 3

1,340.2

1,257.5

141.0

264.4

105.2

Long Term Debt Maturing in Year 4

863.4

847.6

1,638.6

141.6

-

Long Term Debt Maturing in Year 5

0.9

-

-

-

-

Long Term Debt Maturing in 2-3 Years

2,629.7

1,777.0

419.9

379.4

180.0

Long Term Debt Maturing in 4-5 Years

864.3

847.6

1,638.6

141.6

-

Long Term Debt Matur. in Year 6 & Beyond

6.2

856.6

1,686.4

427.5

14.4

 

 

 

Interim Balance Sheet

 

Financials in: USD (mil)          

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

 

 

No Financial Data for Doosan Infracore Co., Ltd.

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-80.6

-507.2

-351.1

214.5

138.9

    Depreciation

159.5

147.4

102.1

67.0

85.9

Depreciation/Depletion

159.5

147.4

102.1

67.0

85.9

    Amortization of Intangibles

268.0

266.4

258.8

17.6

12.0

Amortization

268.0

266.4

258.8

17.6

12.0

Deferred Taxes

-47.4

-50.7

-42.6

-5.3

8.7

    Unusual Items

268.5

-26.3

67.0

-55.0

25.2

    Equity in Net Earnings (Loss)

13.5

-2.5

7.5

47.3

26.9

    Other Non-Cash Items

107.4

14.1

252.7

32.1

16.7

Non-Cash Items

389.4

-14.7

327.2

24.3

68.9

    Accounts Receivable

-129.2

22.1

-192.7

-66.5

-158.4

    Inventories

-178.7

389.2

-156.8

-10.0

-22.1

    Prepaid Expenses

-3.2

41.9

-21.7

5.2

0.0

    Other Assets

212.8

161.8

163.4

9.0

2.7

    Accounts Payable

518.5

93.1

58.5

34.2

179.9

    Accrued Expenses

6.7

26.8

-38.2

18.2

-2.1

    Taxes Payable

-17.6

-5.6

-23.0

71.4

11.3

    Other Liabilities

-88.9

-718.5

-133.7

-126.4

-83.2

    Other Operating Cash Flow

1.3

0.6

1.5

1.6

1.9

Changes in Working Capital

321.6

11.5

-342.8

-63.3

-70.0

Cash from Operating Activities

1,010.4

-147.4

-48.2

254.8

244.4

 

 

 

 

 

 

    Purchase of Fixed Assets

-278.1

-267.2

-278.2

-80.3

-62.4

    Purchase/Acquisition of Intangibles

-68.6

-93.2

-48.3

-27.4

-23.8

Capital Expenditures

-346.7

-360.4

-326.5

-107.7

-86.2

    Sale of Business

-

-

-

-75.9

-

    Sale of Fixed Assets

49.2

98.0

29.2

10.8

92.7

    Sale/Maturity of Investment

3,263.2

2,338.7

2,122.6

64.0

106.9

    Purchase of Investments

-3,331.3

-2,236.4

-2,210.7

-783.1

-114.6

    Sale of Intangible Assets

1.9

21.3

1.2

5.2

2.6

    Other Investing Cash Flow

-7.0

9.3

18.2

-8.8

-7.3

Other Investing Cash Flow Items, Total

-24.0

231.0

-39.5

-787.8

80.4

Cash from Investing Activities

-370.7

-129.4

-366.0

-895.5

-5.8

 

 

 

 

 

 

    Other Financing Cash Flow

-152.1

-99.2

100.7

-95.7

-95.4

Financing Cash Flow Items

-152.1

-99.2

100.7

-95.7

-95.4

Total Cash Dividends Paid

-

-18.4

-49.7

-58.9

-42.9

        Sale/Issuance of Common

-

148.5

-

-

1.0

        Repurchase/Retirement of Common

-

-

-

-0.2

-129.3

    Common Stock, Net

-

148.5

-

-0.2

-128.2

    Options Exercised

2.1

0.8

0.2

-

-

Issuance (Retirement) of Stock, Net

2.1

149.3

0.2

-0.2

-128.2

        Short Term Debt Issued

2,836.8

1,256.1

1,169.8

3,212.8

442.8

        Short Term Debt Reduction

-3,219.1

-1,260.5

-771.7

-3,269.1

-461.2

    Short Term Debt, Net

-382.3

-4.5

398.1

-56.3

-18.4

        Long Term Debt Issued

2,946.3

861.0

190.6

827.5

125.6

        Long Term Debt Reduction

-2,983.4

-579.8

-11.0

-5.0

-158.3

    Long Term Debt, Net

-37.1

281.2

179.6

822.4

-32.6

Issuance (Retirement) of Debt, Net

-419.4

276.7

577.7

766.1

-51.0

Cash from Financing Activities

-569.4

308.4

628.9

611.4

-317.5

 

 

 

 

 

 

Foreign Exchange Effects

-3.7

32.9

50.6

-1.5

8.6

Net Change in Cash

66.6

64.5

265.3

-30.8

-70.4

 

 

 

 

 

 

Net Cash - Beginning Balance

345.7

248.7

23.1

58.2

127.1

Net Cash - Ending Balance

412.3

313.2

288.4

27.4

56.6

 

 

Interim Cash Flows

 

Financials in: USD (mil) 

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

 

No Financial Data for Doosan Infracore Co., Ltd.

 

 

Annual Income Statement

 

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Reclassified Normal 
31-Dec-2010

Restated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2007

Reclassified Normal 
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

Deloitte & Touche LLP

KPMG LLP

KPMG LLP

KPMG LLP

KPMG LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

6,879.1

4,339.0

-

-

-

    Finished Products

-

-

5,386.4

3,229.7

3,275.0

    Merchandise Revenues

-

-

1,311.4

1,376.6

609.6

Total Revenue

6,879.1

4,339.0

6,697.8

4,606.3

3,884.6

 

 

 

 

 

 

    Cost-Revenue

5,152.5

3,555.8

-

-

-

    Finished Good Cost

-

-

4,582.8

2,837.6

2,458.7

    Merchandise Cost

-

-

659.2

591.2

442.2

    Salaries

259.2

218.0

264.2

180.4

142.8

    Retirement Allowance

9.2

5.7

11.0

15.3

13.6

    Employee Benefits

82.5

48.6

116.3

33.7

30.3

    Consumable Expense

-

-

23.2

2.8

2.1

    Printing Expenses

-

-

3.3

2.1

1.5

    Shipping & Storage

93.0

53.2

128.4

124.3

95.3

    Communication Exp.

-

-

8.2

3.3

2.7

    Utility Expenses

-

-

2.8

3.1

2.5

    Rent

27.5

26.9

20.7

9.5

9.5

    Repair & Maintenance

9.8

9.3

10.2

2.4

3.4

    Insurance Expenses

-

-

13.1

4.4

4.5

    Vehicle Expenses

-

-

3.1

2.9

2.4

    Service Expense

-

-

1.4

-

-

    Depreciation Expense

20.7

19.4

21.3

10.1

10.1

    Amort of Intangibles

257.6

249.9

241.3

3.5

11.8

    Research & Development Expense

74.0

52.7

76.9

84.1

68.9

    Advertising Expenses

44.1

35.3

63.1

39.8

33.8

    Sales Commissions

84.7

46.5

57.9

66.1

71.0

    Marketing Expenses

-

-

8.8

7.9

6.4

    Taxes and Dues

-

-

7.5

5.8

5.6

    Travel Expenses

33.4

33.0

46.5

18.3

13.2

    Commissions

105.5

90.9

90.0

44.1

54.1

    Entertainment

-

-

5.2

5.6

4.8

    Education & Training

-

-

6.5

4.3

6.0

    Provision-Bad Debt

-

-

11.2

-

-

    After-Serv Expense

119.8

93.7

74.5

76.0

62.9

    Packaging Expenses

5.0

3.2

3.2

3.5

2.9

    Lease Expenses

-

-

0.1

0.2

0.1

    General Mainten. Exp

-

-

-

1.6

4.0

    Office Maintenance Expenses

-

-

4.3

4.9

-

    Misc. Selling & Adm

107.6

106.4

26.5

2.6

-

    Adjustment

0.0

0.0

-

-

-

Total Operating Expense

6,485.9

4,648.7

6,592.8

4,191.4

3,567.1

 

 

 

 

 

 

    Interest Income

29.6

51.8

105.3

10.8

10.2

    Dividend Income

0.0

0.0

0.0

0.0

0.0

    Rental Income

0.2

0.1

0.0

2.5

2.2

    G-Foreign Currency Transactions

91.9

67.7

158.8

29.6

24.4

    G-Foreign Exchange Translations

11.1

31.2

66.0

19.3

16.6

    Gain-Valuation of Contracts-Settlement

36.9

315.3

35.1

-

-

    Recapture Doubt Acct

0.2

13.6

-

5.6

6.8

    G-disp LT Investment Secs

0.2

-

-

36.4

0.8

    Gain-Disposal of Other LT Assets

-

-

0.5

1.2

3.1

    Gain Disposal Tang. Assets

4.5

5.5

2.2

3.9

2.1

    Gain-Derivatives Transactions

148.2

221.3

26.3

22.7

20.4

    Gain-Derivatives Valuations

22.7

167.1

36.4

11.7

2.9

    Gain-Exemption of Debts

-

0.0

0.1

0.1

0.1

    Recovery-Tangible Assets Reduction Loss

-

0.6

0.5

19.7

9.9

    Other Non-Op Income

90.1

47.2

16.7

22.3

17.1

    Gain on Disposal of Inventories

-

-

-

0.2

-

    Interest Expense, Non-Operating

-231.0

-304.0

-370.4

-56.3

-46.8

    L-Foreign Currency Transations

-90.7

-75.8

-99.9

-22.2

-33.1

    L-Foreign Exchagne Translations

-41.2

-21.3

-131.8

-17.2

-5.9

    Loss-Disposal of Other LT Assets

-

-

0.0

-

-

    Loss on Disp of AR

-6.5

-6.1

-10.3

-7.6

-7.1

    Loss-Disposal of ST Investment Assets

-

-0.1

-

-

-

    L-Dispose LT In