MIRA INFORM REPORT

 

 

Report Date :           

17.04.2012

 

IDENTIFICATION DETAILS

 

Name :

HYUNDAI CORPORATION

 

 

Registered Office :

Heung GookSaeng Myung Building, Shinmoonro1-Ga, Jongro-Gu, Seoul, 110-786

 

 

Country :

South korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

08.12.1976

 

 

Legal Form :

Public Parent Company

 

 

Line of Business :

Subject is engaged in five segment includes steel segment, machinery and plant segment, chemical segment, electronics and communication segment & energy resource segment

 

 

No. of Employees :

290

 

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 :

Regular

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

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 

 

Hyundai Corporation

HeungGookSaengMyung Building

Shinmoonro1-Ga

Jongro-Gu

Seoul, 110-786

Korea, Republic of

Tel:       82-2-3901114

Fax:      82-2-3901103

Web:    www.hyundaicorp.com

           

 

Synthesis

 

Employees:                  290

Company Type:            Public Parent

Corporate Family:          25 Companies

Traded:                         Korea Stock Exchange:  011760

Incorporation Date:         08-Dec-1976

Auditor:                        PricewaterhouseCoopers LLP    

Financials in:                 USD (Millions)

Fiscal Year End:                       31-Dec-2010

Reporting Currency:       South Korean Won

Annual Sales:               3,230.2  1

Net Income:                  41.5

Total Assets:                1,285.9  2

Market Value:               536.4

(09-Dec-2011)

 

 

Business Description     

 

HYUNDAI CORPORATION is a multinational trading company based in Korea. The Company operates in five business segments: steel segment, which provides steel plates, steel pipes, section steels and stainless steel products; machinery and plant segment, which provides automobiles, ships and small and mid-sized industrial plants; chemical segment, which provides petroleum, petrochemicals and bunker c-oil products; electronics and communication segment, which is engaged in the export of electronic products, as well as brand loyalty business, and energy resource segment, which invests in natural and industrial resource projects including oil and gas, liquefied natural gas (LNG), coal and mineral resources, lead ore, capacitor, biomass fuel and polysilicon. For the fiscal year ended 31 December 2010, Hyundai Corporation's revenues increased 18% to W3.735T. The Company's net income totaled W47.96B vs. a loss of W54.01B. Revenues reflect increased sales in wholesale & resource development segments. Net income also benefited from increased gain on foreign exchange transaction, increased gain on disposal tangible assets and decreased loss on foreign currency translation.

Industry      

 

Industry            Miscellaneous Capital Goods

ANZSIC 2006:    3322 - Metal and Mineral Wholesaling

NACE 2002:      5152 - Wholesale of metals and ores

NAICS 2002:     42351 - Metal Service Centers and Other Metal Merchant Wholesalers

UK SIC 2003:    5152 - Wholesale of metals and ores

US SIC 1987:    5051 - Metals Service Centers and Offices

 

           

Key Executives   

 

Name

Title

Mong Hyeok Jung

Chairman of the Board, Co-Chief Executive Officer

Yu Beom Kim

Internal Auditor

Bong Jin Yang

Vice President

Young Don Noh

President & Chief Executive Officer

Kwang Joo Kim

Senior Vice President-Finance & Accounts

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Strategic Combinations

2

Hyundai Heavy Industries Co., Ltd. Jointly Establishes New Company

3-May-2011

Expansion / New Markets / New Units

1

Hyundai Corporation to Establish New Subsidiary

16-Feb-2011

Business Deals

1

Hyundai Corporation And PP Win $340 Million Indonesia Hydropower Plant Contract-Reuters

31-May-2011

Equity Investments

2

Hyundai Corporation Announces Changes in Shareholding Structure

25-Nov-2011

Dividends

1

Hyundai Corporation Declares Annual Cash Dividend for FY 2010

16-Feb-2011

 

* number of significant developments within the last 12 months

 

 

News

 

Title

Date

Discussion to attract Korean investment
South Asian Media Network (Pakistan) (530 Words)

2-Dec-2011

Zardari offers Korea to set up economic zone in Pakistan
Frontier Star (Pakistan) (453 Words)

30-Nov-2011

CanAsia Financial Inc.: Pacific Mobile Inc. to Ship New Hyundai M
Associated Press (581 Words)

28-Nov-2011

It's not necessary to buy everything
Toronto Star, The (Ontario, Canada) (712 Words)

19-Nov-2011

Interfax Ukraine Business Daily.
Ukraine Business Report Daily (5998 Words)

16-Nov-2011

 

 

Financial Summary    

 

As of 31-Dec-2010

Key Ratios                   Company         Industry

Sales 5 Year Growth      20.82                6.76

 

 

Stock Snapshot

 

 

Traded: Korea Stock Exchange: 011760

 

As of 9-Dec-2011

   Financials in: KRW

Recent Price

26,600.00

 

EPS

2,443.57

52 Week High

39,100.00

 

Price/Sales

0.16

52 Week Low

22,250.00

 

Dividend Rate

250.00

Avg. Volume (mil)

0.10

 

Price/Book

3.18

Market Value (mil)

615,186.10

 

Beta

1.14

 

Price % Change

Rel S&P 500%

4 Week

0.19%

-0.42%

13 Week

-18.15%

-20.85%

52 Week

13.19%

20.08%

Year to Date

3.70%

13.44%

 

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

HeungGookSaengMyung Building

Shinmoonro1-Ga

Jongro-Gu

Seoul, 110-786

Korea, Republic of

Tel:       82-2-3901114

Fax:      82-2-3901103

Web:    www.hyundaicorp.com   

           

Quote Symbol - Exchange

011760 - Korea Stock Exchange

Sales KRW(mil):            3,734,970.5

Assets KRW(mil):          1,459,347.9

Employees:                   290

Fiscal Year End:            31-Dec-2010

Industry:                        Miscellaneous Capital Goods

Incorporation Date:         08-Dec-1976

Company Type:             Public Parent

Quoted Status:              Quoted

Chairman of the Board,

Co-Chief Executive Officer:          Mong Hyeok Jung

 

Company Web Links

·         Company Contact/E-mail

·         Corporate History/Profile

·         Executives

·         Financial Information

·         Home Page

·         Investor Relations

·         News Releases

·         Products/Services

 

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

·         Subsidiaries

·         Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3323     -          Industrial and Agricultural Chemical Product Wholesaling

0600     -          Coal Mining

3494     -          Other Electrical and Electronic Goods Wholesaling

0700     -          Oil and Gas Extraction

350       -          Motor Vehicle and Motor Vehicle Parts Wholesaling

0807     -          Silver-Lead-Zinc Ore Mining

3321     -          Petroleum Product Wholesaling

3322     -          Metal and Mineral Wholesaling

3419     -          Other Specialised Industrial Machinery and Equipment Wholesaling

 

NACE 2002 Codes:

5010     -          Sale of motor vehicles

5155     -          Wholesale of chemical products

5186     -          Wholesale of other electronic parts and equipment

1010     -          Mining and agglomeration of hard coal

5187     -          Wholesale of other machinery for use in industry, trade and navigation

1110     -          Extraction of crude petroleum and natural gas

1320     -          Mining of non-ferrous metal ores, except uranium and thorium ores

5152     -          Wholesale of metals and ores

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

 

NAICS 2002 Codes:

212112  -          Bituminous Coal Underground Mining

424720  -          Petroleum and Petroleum Products Merchant Wholesalers (except Bulk Stations and Terminals)

42351   -          Metal Service Centers and Other Metal Merchant Wholesalers

423690  -          Other Electronic Parts and Equipment Merchant Wholesalers

423830  -          Industrial Machinery and Equipment Merchant Wholesalers

423860  -          Transportation Equipment and Supplies (except Motor Vehicle) Merchant Wholesalers

211111  -          Crude Petroleum and Natural Gas Extraction

424690  -          Other Chemical and Allied Products Merchant Wholesalers

423110  -          Automobile and Other Motor Vehicle Merchant Wholesalers

212231  -          Lead Ore and Zinc Ore Mining

 

US SIC 1987:

5065     -          Electronic Parts and Equipment, Not Elsewhere Classified

1031     -          Lead and Zinc Ores

5169     -          Chemicals and Allied Products, Not Elsewhere Classified

1222     -          Bituminous Coal Underground Mining

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

1311     -          Crude Petroleum and Natural Gas

5012     -          Automobiles and Other Motor Vehicles

5051     -          Metals Service Centers and Offices

5088     -          Transportation Equipment and Supplies, Except Motor Vehicles

5084     -          Industrial Machinery and Equipment

 

UK SIC 2003:

5186     -          Wholesale of other electronic parts and equipment

1320     -          Mining of non-ferrous metal ores, except uranium and thorium ores

5010     -          Sale of motor vehicles

51511   -          Wholesale of petroleum and petroleum products

5152     -          Wholesale of metals and ores

5155     -          Wholesale of chemical products

1110     -          Extraction of crude petroleum and natural gas

1010     -          Mining and agglomeration of hard coal

5187     -          Wholesale of other machinery for use in industry, trade and navigation

 

Business Description

HYUNDAI CORPORATION is a multinational trading company based in Korea. The Company operates in five business segments: steel segment, which provides steel plates, steel pipes, section steels and stainless steel products; machinery and plant segment, which provides automobiles, ships and small and mid-sized industrial plants; chemical segment, which provides petroleum, petrochemicals and bunker c-oil products; electronics and communication segment, which is engaged in the export of electronic products, as well as brand loyalty business, and energy resource segment, which invests in natural and industrial resource projects including oil and gas, liquefied natural gas (LNG), coal and mineral resources, lead ore, capacitor, biomass fuel and polysilicon. For the fiscal year ended 31 December 2010, Hyundai Corporation's revenues increased 18% to W3.735T. The Company's net income totaled W47.96B vs. a loss of W54.01B. Revenues reflect increased sales in wholesale & resource development segments. Net income also benefited from increased gain on foreign exchange transaction, increased gain on disposal tangible assets and decreased loss on foreign currency translation.

 

More Business Descriptions

·         Trading arm of the Hyundai Group of companies; import and export trade including ships, plant, automobiles, steel, machines, chemical products, electronic products and commodities

 

·         Hyundai Corporation is Korea's largest general trading company and is the trading and marketing arm of the Hyundai Business Group. The company provides a broad array of integrated services that facilitate trade and enhance worldwide commercial development and works in close co-operation with Hyundai's affiliated companies and other business partners.The Hyundai Corporation exports products from the group's core industries, including automobiles, electronics and semiconductors and heavy machinery and ships.

 

·         Trading Companies

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

3,734,970.5

Net Income:

47,962.3

Assets:

1,459,347.9

Long Term Debt:

142,381.9

 

Total Liabilities:

1,266,106.5

 

Working Capital:

-351.1

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

17.6%

NA

21.1%

 

Market Data

Quote Symbol:

011760

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

26,600.0

Stock Price Date:

12-09-2011

52 Week Price Change %:

13.2

Market Value (mil):

615,186,112.0

 

SEDOL:

6450858

ISIN:

KR7011760006

 

Equity and Dept Distribution:

01/06, 1-for-3 complex capital change (Factor: 0.333333). All the financials reflect consolidated data. 09/03, 1-for-8.9 rights share issue. FY'01 & FY'04, financials are RES. FY'02, financial is CLA.

 

 

Subsidiaries

Company

Percentage Owned

Country

Hyundai Corporation USA

100%

USA

Hyundai Motor Company Australia Pty Limited

 

AUSTRALIA

Qingdao Hyundai Shipbuilding

100%

PEOPLE'S REPUBLIC OF CHINA

Hyundai Corporation Europe GmbH

 

GERMANY

 

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

Strengths/Weaknesses (SWOT)

 

 

 

Helpful 
to achieving the objective

Harmful 
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Business Diversity

·        Expanding Market Share

·        Expertise in Trading Operations

Weaknesses

·        Increasing Trade Receivables

External Origin
(attributes of the environment)

Opportunities

·        Growing Ship Building Business

·        Increasing Demand for Korean SME Markets

·        Strategic Initiatives

Threats

·        Environmental Regulations

·        Political Problems

·        Volatility in Fuel Prices

 

Overview

Hyundai Corporation (Hyundai) is a Korea-based general trading company. It principally deals with international trade and distribution services for products ranging from plants, machinery, chemicals, steel, automobiles, ships, electrical products and electronics to general merchandise. The company has its operations in America, South Korea, Middle-East, Europe, Africa, and Asia. The company through its worldwide presence and strong engineering capabilities provides expertise in trading operations. Though the company is concerned about environmental regulations and political problems, its growing ship building business, increasing demand for Korean SME markets and new contracts and agreements provide growth opportunities for the company.

 

Strengths

 

Business Diversity

Hyundai maintains various business activities, in addition to its trading business. The company through its subsidiary Qingdao Hyundai Shipbuilding, is one of the leading shipbuilding company and specializes in the construction of mid-sized commercial vessels. Under Resources segment, Hyundai invests in natural resources projects. The company invests in resource development related to oil and gas, liquified natural gas (LNG), coal and mineral resources. Besides, the segment engages investing in industrial resources such as lead ore, capacitor, biomass fuel and polysilicon. Some of the projects in which the company owns interests include Oman LNG, Qatar LNG, Vietnam gas fields and Yemen LNG project. Hyundai established POS-Hyundai, a joint venture with POSCO and POSTEEL that engages in the import of steel coils and processes and distributes them to automobile and home appliance companies in India. The company through PT. Hyundai Inti. Development, a joint venture company with Lippo Group, supplies cost-effective and strategically located industrial lots to international manufacturers and also to various Korean companies that invests in Indonesia. Such diversified business operations helps the company in securing its revenue generation stream and mitigates the risks of being associated to a single business.

Expanding Market Share

Focused business activities helped Hyundai in the past to record a substantial increase in its overall financial health. The company's compounded annual growth rate (CAGR) for revenue was 30.77% during 2006-2010. The company has been witnessing a steady increase in its revenue generation ability. During the fiscal year ended 2010, total revenue generated by the company increased by 17.62%, to KRW3,734,970.46m, compared to KRW3,175,363.74m in 2009. Its operating income increased 360.25%, to KRW44992.98m, compared to KRW9775.69m in 2009. Due to improvement in operational efficiencies, profit margins reflected an upward trend. Profit margins such as gross margin, operating margin and net profit margin increased from 2.46%, 0.31% and (1.7%) in 2009 to 3.15%, 1.2% and 1.28% in 2010. Besides, return on equity (ROE) increased from (37.23%) in 2009 to 24.82% in 2010. Going further, the company reported a net profit of KRW47,962.35m in 2010, compared to a net loss of (KRW54014.38m) in 2009. Such growth in overall financial performance would help the company in further improving its business in the growing Chinese market.

 

Expertise in Trading Operations

Hyundai is Korea’s leading trading company that offers services related to export and import of a wide range of products In addition, it is engaged in intermediary trade and also provides financing services. The company exports the following items: plant & relevant materials, electric & electronic products, metal and steel products, ships, autos, machines, parts, petrochemicals, and other commodities. Under imports, the company imports petroleum, coal, machines and parts, steel, electronic and auto parts, aluminum, nonferrous metals, other export-use raw materials and facility materials. The company supports its operations across the world through its 36 offices located in various regions across Asia, North America, South America, Africa, Europe and Middle East countries. The operational base comprises seven offices in America, three offices in Europe, seven offices in Middle East & Africa, four offices in Russia and the CIS, and 18 offices in Asia & Oceania. The company's client base includes Posco, Hysco, and INI Steel in the steel industry. The company also exports products of the Hyundai Group, especially export vessels which are manufactured by Hyundai Heavy Industries. The robust trading operations of the company facilitate its growth.

 

Weaknesses

 

Increasing Trade Receivables

Hyundai reported increase in revenues from KRW3,175,363.74m in 2009 to KRW3,734,970.46m in 2010. Further, inventories have gone up from KRW302,457.14m in 2009 to KRW419,994.29m in 2010. Besides, trade receivables have increased from KRW287,204.18m to KRW383,252.35m in 2010, indicating possible credit sales. The company's working capital growth was (102.35). The increasing doubtful debts, along with accounts receivables, reflect the inefficient credit management by the company. In the backdrop of volatile economic conditions, the probability of defaults by any of creditors increased, which may impact the overall financial position as well as profitability of the company.

 

Opportunities

 

Growing Ship Building Business

Hyundai has established its operations in ship building business. By acquiring Qingdao Lingshan Shipyard, a 30 year old shipyard, located in Jiaonan City (China), it consequently formed a joint venture named Qingdao Hyundai Shipbuilding. As the company acquired interest in building 10,000-20,000 ton multipurpose cargo ships which can be used as container ships and oil product cargo ships. The company’s rapid growth in the Chinese market is expected to position it in the list of top 3 shipbuilders by 2015. Hyundai Shipbuilding, in the first six months of its launch, secured large-scale shipbuilding contracts and also received 3 years of work load. Existing presence and further expansion of the company in the shipbuilding business limits its business risks and could drive up its financial performance.

Increasing Demand for Korean SME Markets

The small and medium sized enterprises (SMEs) of Korea offer high scope for growth. These companies provide high quality products but lack trading efficiencies. After the recovery from the Asian financial crisis, these companies are focusing on international trade. Hyundai Corporation can provide its expertise to these SMEs through its established international networks and substantial proficiency in international trade. This focus of the company might stabilize its financial performance in the long term.

 

Strategic Initiatives

Strategic initiatives such as acquisitions and contracts provides growth opportunities for the company. In February 2011, Hyundai declared to establish a new subsidiary in Singapore. The new entity would require KRW11,225m for establishment and would be engaged in the synthesize trade. The same month, it signed an agreement with Shenzhen Coship Electronics Co., Ltd.'s electronic product subsidiary to use certain agreements, including Hyundai trademark in Mainland China. Earlier in December 2010, the company singed a contract with South Railways to supply electric trainsets at an amount of KRW 353,418,400,000. In June 2010, the company along with Hyundai Engineering & Construction Co. received a contract worth $400m for construction of two combined cycle power plants in India. Such growth drivers would help the company in diversifying its revenue generation ability.

 

Threats

 

Environmental Regulations

Hyundai’s operations are subject to several rules and regulations. The company is required to comply with Kyoto Protocol, which is an international agreement linked to the United Nations Framework Convention on climate change and which calls on 37 industrialized countries and the European community for reducing greenhouse gas emissions to an average of 5% annually over the period 2008-2012, relative to their emission levels in 1990. The US Environmental Protection Agency (EPA) has passed the 'Clean Air Interstate Rule' (CAIR) in which US states are responsible to reduce their SO2 and NOX emissions by 70% and 60%, respectively, by 2015, against 2003 levels. Many countries, specifically those with low greenhouse gas polluting industries and high prevailing environmental standards are required to purchase carbon credits to comply with the Kyoto regulations. While compliance to these regulations could increase operating costs, failing to do so could result in imposition of fines, which could hamper the company’s growth.

 

Political Problems

There have always been conflicts and problems between North Korea and South Korea. The relationships between these regions have undergone strain over the years. As a major part of the operations of Hyundai's are concentrated in Korea, any outbreak in military hostilities or a break down in contacts resulting from the conflicts could have an adverse impact on the company’s business performance. The increase in conflicts in the region would not only affect its exports but also affects the company’s financial performance.

 

Volatility in Fuel Prices

Hyundai’s business is highly dependent on the price and availability of fuel, and its performance could be adversely affects by high volatility in fuel costs. As of March 31, 2011, the crude oil price increased 2.35% to reach $106.72 per barrel. During 2010, prices for crude oil and related products increased significantly. The average daily spot price of crude oil during 2010 was $79.48 per barrel compared to $61.95 per barrel in 2009. Crude oil prices were volatile, with daily spot prices fluctuating between a low of $64.78 per barrel in May 2010 to a high of $91.48 per barrel in December 2010. The volatility in fuel prices could affect the profit margin of the company, as they would find it difficult to pass on the increased fuel prices to customers in the form of price hike or surcharge.

 

Corporate Family

Corporate Structure News:

 

Hyundai Corporation

Hyundai Corporation 
Total Corporate Family Members: 25 

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Hyundai Corporation

Parent

Seoul

Korea, Republic of

Miscellaneous Capital Goods

3,230.2

290

 

Hyundai Engineering & Construction Co.

Subsidiary

Seoul

Korea, Republic of

Construction Services

9,700.9

4,014

 

Hyundai Engineering Co Ltd

Subsidiary

Seoul, Seoul

Korea, Republic of

Miscellaneous Capital Goods

630.0

1,639

 

Hyundai Engineering & Construction Co Ltd

Subsidiary

Riyadh

Saudi Arabia

Engineering Consultants

 

240

 

Hyundai Engineering & Construction Company Ltd

Subsidiary

Jakarta, Jakarta

Indonesia

Metal Mining

 

100

 

Hyundai Engineering & Construction Co Ltd Co

Subsidiary

Taipei City, Taipei City

Taiwan

Construction Services

 

23

 

Hyundai Mipo Dockyard Co., Ltd.

Subsidiary

Ulsan-si

Korea, Republic of

Water Transportation

3,561.7

3,635

 

Hyundai Mipo Dockyard Co. Ltd

Subsidiary

Singapore

Singapore

Construction Services

 

2

 

Hyundai Heavy Industries Co Bulgaria

Subsidiary

Sofia

Bulgaria

Construction Services

75.0

650

 

Hyundai Elevator Co

Subsidiary

Jakarta Pusat

Indonesia

Miscellaneous Capital Goods

 

350

 

Hyundai Merchant Marine, PT

Subsidiary

Jakarta Pusat

Indonesia

Miscellaneous Transportation

 

200

 

Hyundai Hellas P & R Davari SA

Subsidiary

Athens

Greece

Retail (Specialty)

208.9

185

 

Hyundai Corporation

Subsidiary

Dubai

United Arab Emirates

Construction Services

150.0

100

 

Hyundai INTI Development, PT

Subsidiary

Bekasi, Jawa Barat

Indonesia

Real Estate Operations

18.0

100

 

Hyundai Heavy Industries Company Ltd (HHI)

Subsidiary

Wanchai, Wanchai

Hong Kong

Miscellaneous Capital Goods

 

100

 

Hyundai Corporation

Subsidiary

Makati , Metro Manila

Philippines

Chemical Manufacturing

 

100

 

Hyundai Corporation Turkiye Irtibat Burosu

Subsidiary

Maslak, Istanbul

Turkey

Chemical Manufacturing

 

50

 

Hyundai Japan Co Ltd

Subsidiary

Chiyoda-ku, Tokyo

Japan

Auto and Truck Manufacturers

 

41

 

Hyundai Corp

Subsidiary

Bangkok, Bangkok

Thailand

Office Equipment

 

9

 

Hyundai Corporation Europe GmbH

Subsidiary

Eschborn

Germany

Computer Hardware

35.1

5

 

Hyundai Corporation Vietnam

Subsidiary

Ho Chi Minh City

Viet Nam

Miscellaneous Capital Goods

 

 

 

Hyundai Wood Industry Co Ltd

Subsidiary

Jakarta Pusat, Jakarta Pusat

Indonesia

Forestry and Wood Products

 

 

 

Hyundai Sangsa Hk Ltd

Subsidiary

Hong Kong, Hong Kong

Hong Kong

Business Services

 

 

 

Hyundai Heavy Industries Co Ltd

Subsidiary

Faliro

Greece

Construction Services

 

 

 

Hyundai Corporation

Subsidiary

Amman

Jordan

Miscellaneous Capital Goods

 

 

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Mong Hyeok Jung

 

Chairman of the Board, Co-Chief Executive Officer

Chairman

 

Reuters Biography (Hyundai Corporation)

Jung Mong Hyeok has been Chairman of the Board and Co-Chief Executive Officer of Hyundai Corporation since January 20, 2010. Previously, Jung was Chief Executive Officer of Hyundai oil Refinery Co., ltd. and METIA CORPORATION. Jung received a Bachelor's degree in Mathematics and Economics from University of California, Los Angeles, the United States.



B Mathematics and Economics, University of California, Los Angeles

Young-Il Kim

 

Director

Director/Board Member

 

 

Yeong Nam Kim

 

President, Co-Chief Executive Officer, Director

Director/Board Member

 

 

Reuters Biography (Hyundai Corporation)

Kim Yeong Nam has been President, Co-Chief Executive Officer and Director of Hyundai Corporation since January 20, 2010. Previously, Kim was Vice President and Head of Electronic System Business Division of Hyundai Heavy Industries Co., Ltd. Kim received a Bachelor's degree in Electronics from Seoul National University, Korea.



B Electronics, Seoul National University

Geun Byeong Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Hyundai Corporation)

Lee Geun Byeong has been Non-Executive Independent Director of Hyundai Corporation since March 5, 2010. Currently, Lee is also a lawyer of BAE,KIM&LEE LLC. Previously, Lee was with Seoul Central District Court. Lee received a Master's degree in Securities Law from New York University, the United States.



M Law, New York University

Won Heum Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Reuters Biography (Hyundai Corporation)

Lee Won Heum has been Non-Executive Independent Director of Hyundai Corporation since March 5, 2010. Lee is also a professor of Business Administration of Hongik University, Korea. Previously, Lee was Vice Chairman of Korean Securities Association and Korean Finance Association. Lee received a Doctorate's degree in Business Administration from University of California, Los Angeles, the United States.



PHD Business Administration, University of California, Los Angeles

Keun Byung Lee

 

Outside Director

Director/Board Member

 

 

Ock-Sup Noh

 

Director

Director/Board Member

 

 

Sea-Hun Oh

 

Director

Director/Board Member

 

 

 

Executives

 

Name

Title

Function

 

Mong Hyuck Chung

 

Chairman and Chief Executive Officer

Chief Executive Officer

 

Mong Hyeok Jung

 

Chairman of the Board, Co-Chief Executive Officer

Chief Executive Officer

 

Reuters Biography (Hyundai Corporation)

Jung Mong Hyeok has been Chairman of the Board and Co-Chief Executive Officer of Hyundai Corporation since January 20, 2010. Previously, Jung was Chief Executive Officer of Hyundai oil Refinery Co., ltd. and METIA CORPORATION. Jung received a Bachelor's degree in Mathematics and Economics from University of California, Los Angeles, the United States.



B Mathematics and Economics, University of California, Los Angeles

Yeong Nam Kim

 

President, Co-Chief Executive Officer, Director

Chief Executive Officer

RT 

 

Reuters Biography (Hyundai Corporation)

Kim Yeong Nam has been President, Co-Chief Executive Officer and Director of Hyundai Corporation since January 20, 2010. Previously, Kim was Vice President and Head of Electronic System Business Division of Hyundai Heavy Industries Co., Ltd. Kim received a Bachelor's degree in Electronics from Seoul National University, Korea.



B Electronics, Seoul National University

Young Don Noh

 

President & Chief Executive Officer

Chief Executive Officer

 

 

Yeong Seok Gwon

 

Assistant Managing Director

Managing Director

 

 



B Business Administration, ChungNam National University

Myeong Ho Ha

 

Managing Director

Managing Director

 

 



MBA , Fairleigh Dickinson University
B Economics, Sungkyunkwan University

Jung Gwon Ha

 

Assistant Managing Director

Managing Director

 

 



B Chemical Engineering, Hanyang University

Seong Su Jeon

 

Assistant Managing Director

Managing Director

 

 



B Chinese, Korea University

Chang Beom Lee

 

Assistant Managing Director

Managing Director

 

 



B Mechanical Engineering, Chung-Ang University

Gyu Myeon Lee

 

Assistant Managing Director

Managing Director

 

 



B Economics, Yonsei University

Seung Gwon Lee

 

Assistant Managing Director

Managing Director

 

 



B Public Administration, Inha University

Kwang Joo Kim

 

Senior Vice President-Finance & Accounts

Finance Executive

 

 

Yu Beom Kim

 

Internal Auditor

Accounting Executive

 

 

Reuters Biography (Hyundai Corporation)

Kim Yu Beom has been Internal Auditor of Hyundai Corporation since March 6, 2009. Previously, Kim worked for Korea Exchange Bank as Head of Operations for business in Busan. Kim holds a Bachelor's degree.



B Economics, Dong-A University

Sung Soo Jun

 

Senior Vice President-Ship & Machinery

Other

 

 

Jong Won Kim

 

Executive Vice President, Corporate Strategic Management Division

Other

 

 



B Oceanography, Seoul National University

S. H. Kim

 

Manager-Resource Development

Other

 

 

Young Suk Kwon

 

Senior Vice President-Steel

Other

 

 

Ik Hee Oh

 

Vice President-Steel

Other

 

 

Kyung-Hwan Shin

 

Outside Director

Other

 

 

Bong Jin Yang

 

Vice President

Other

 

 



M Accounting, Kansas State University
B Forestry, Seoul National University

 

 

Significant Developments

 

Hyundai Corporation Announces Changes in Shareholding Structure Nov 25, 2011

 

Hyundai Corporation announced that Shinhan BNP Paribas ITMC Co.,Ltd. has acquired 1,121,100 shares of the Company, representing a 5.02% stake.

 

Hyundai Corporation Announces Changes in Shareholding Structure Oct 04, 2011

 

Hyundai Corporation announced that Samsung Investment Trust Management Co., Ltd has acquired a total of 1,130,143 shares of the Company, representing a 5.06% stake.

 

Hyundai Corporation And PP Win $340 Million Indonesia Hydropower Plant Contract-Reuters May 31, 2011

 

Reuters reported that Indonesian state utility PLN said that South Korea's Hyundai Corp and Indonesia's PP have won a IDR2.9 trillion ($339.4 million) contract to build an 88-megawatt hydropower plant in Sumatra's Aceh province.

 

Hyundai Heavy Industries Co., Ltd. Jointly Establishes New Company May 03, 2011

 

Hyundai Heavy Industries Co., Ltd. announced that it has jointly established a new company on May 2, 2011. The new entity, capitalized at KRW 50 billion, is mainly engaged in the development of mine, energy and renewable energy. Hyundai Heavy Industries Co., Ltd. holds a 40% stake in the new venture with HYUNDAI MIPO DOCKYARD CO.,LTD holding 35% stake, Hyundai oil Refinery Co., ltd. holding 15% stake and HYUNDAI CORPORATION holding 10% stake, respectively.

 

Hyundai Corporation to Establish New Subsidiary Feb 16, 2011

 

Hyundai Corporation announced that it will establish a new wholly owned subsidiary in Singapore. The new entity, to be capitalized at KRW 11,225 million, will be mainly engaged in the synthesize trade.

 

Hyundai Corporation Declares Annual Cash Dividend for FY 2010 Feb 16, 2011

 

Hyundai Corporation announced that it has declared an annual cash dividend of KRW 250 per share of common stock to shareholders of record on December 31, 2010, for the fiscal year 2010. The dividend rate of market price is 1.0% and the total amount of the cash dividend is KRW 5,582,450,500. The dividend payment date is April 11, 2011.

 

Shenzhen Coship Electronics Co., Ltd. Subsidiary Signs Trademark Authorization Agreement with Hyundai Corporation Feb 15, 2011

 

Shenzhen Coship Electronics Co., Ltd. announced that its wholly owned subsidiary, a Nantong-based electronic company, has signed an agreement with Hyundai Corporation, to be authorized to use trademarks (No. 981731 and No. 517321) including "Hyundai" in Mainland China and special technology for a digital television, for production and sale of the televisions.

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

Total Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

 

 

 

 

 

 

    Cost of Revenue

3,128.3

2,426.6

3,069.2

1,800.8

1,274.2

Cost of Revenue, Total

3,128.3

2,426.6

3,069.2

1,800.8

1,274.2

Gross Profit

101.9

61.2

98.2

82.8

63.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

31.8

30.1

35.9

30.6

20.9

    Labor & Related Expense

28.5

21.2

22.9

24.4

19.8

    Advertising Expense

0.7

0.1

0.2

-

-

Total Selling/General/Administrative Expenses

60.9

51.4

58.9

55.0

40.7

    Depreciation

0.9

1.0

0.9

0.5

1.6

    Amortization of Intangibles

1.1

1.2

1.3

-

-

Depreciation/Amortization

2.0

2.2

2.2

0.5

1.6

Total Operating Expense

3,191.2

2,480.1

3,130.4

1,856.3

1,316.6

 

 

 

 

 

 

Operating Income

38.9

7.7

37.1

27.3

20.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-14.9

-15.0

-17.5

-13.8

-18.1

    Interest Expense, Net Non-Operating

-14.9

-15.0

-17.5

-13.8

-18.1

        Interest Income - Non-Operating

5.9

3.5

6.4

9.4

5.9

        Investment Income - Non-Operating

30.5

21.4

-0.3

39.0

11.0

    Interest/Investment Income - Non-Operating

36.3

24.9

6.2

48.4

16.8

Interest Income (Expense) - Net Non-Operating Total

21.4

9.9

-11.3

34.7

-1.3

Gain (Loss) on Sale of Assets

-6.6

-7.5

-17.1

-11.2

0.8

    Other Non-Operating Income (Expense)

-6.9

-47.6

-0.7

-9.3

10.4

Other, Net

-6.9

-47.6

-0.7

-9.3

10.4

Income Before Tax

46.9

-37.5

7.9

41.4

30.9

 

 

 

 

 

 

Total Income Tax

6.3

9.9

6.2

-6.4

-19.1

Income After Tax

40.5

-47.4

1.7

47.8

50.0

 

 

 

 

 

 

    Minority Interest

0.9

5.1

7.8

-0.9

1.0

Net Income Before Extraord Items

41.5

-42.3

9.5

46.9

51.0

Net Income

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Basic EPS Excl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Basic/Primary EPS Incl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

41.5

-42.3

9.5

46.9

51.0

Diluted Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Diluted EPS Excl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Diluted EPS Incl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Dividends per Share - Common Stock Primary Issue

0.22

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

4.8

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

14.9

15.0

17.5

13.8

18.1

Depreciation, Supplemental

4.4

4.4

3.9

2.9

1.6

Total Special Items

6.6

7.6

17.3

11.4

-0.7

Normalized Income Before Tax

53.5

-29.9

25.2

52.8

30.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.9

2.6

6.0

3.9

-0.3

Inc Tax Ex Impact of Sp Items

7.2

12.5

12.2

-2.5

-19.4

Normalized Income After Tax

46.2

-42.4

13.0

55.3

49.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

47.2

-37.3

20.8

54.4

50.6

 

 

 

 

 

 

Basic Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Diluted Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Amort of Acquisition Costs, Supplemental

-

0.1

0.2

0.2

0.2

Amort of Intangibles, Supplemental

3.5

2.9

2.6

1.7

3.3

Rental Expenses

2.4

2.6

2.9

3.2

3.0

Advertising Expense, Supplemental

0.7

0.1

0.2

-

-

Normalized EBIT

38.9

7.7

37.1

27.3

20.9

Normalized EBITDA

46.8

15.1

43.8

32.1

26.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

137.8

168.1

146.1

81.4

115.9

    Short Term Investments

59.2

5.8

13.7

64.1

49.2

Cash and Short Term Investments

197.0

173.9

159.9

145.4

165.0

        Accounts Receivable - Trade, Gross

331.9

266.5

215.3

202.2

171.3

        Provision for Doubtful Accounts

-11.3

-31.3

-23.2

-28.6

-28.5

    Trade Accounts Receivable - Net

325.3

241.0

197.8

179.9

143.8

    Other Receivables

12.4

5.7

37.5

19.8

6.5

Total Receivables, Net

337.7

246.6

235.2

199.7

150.3

    Inventories - Finished Goods

340.7

202.0

234.7

193.8

125.4

    Inventories - Work In Progress

0.0

0.0

0.0

0.0

18.5

    Inventories - Other

29.4

57.7

187.2

33.2

36.0

Total Inventory

370.1

259.7

421.9

227.0

179.9

Prepaid Expenses

1.1

1.2

1.5

1.7

1.7

    Deferred Income Tax - Current Asset

0.6

2.2

6.3

8.1

7.1

    Other Current Assets

3.3

3.3

6.2

5.1

4.9

Other Current Assets, Total

3.9

5.5

12.5

13.2

12.0

Total Current Assets

909.8

687.0

831.1

587.0

508.9

 

 

 

 

 

 

        Buildings

36.5

38.4

31.2

15.5

13.5

        Land/Improvements

0.2

0.2

0.2

0.3

0.2

        Machinery/Equipment

39.1

32.6

35.2

32.6

23.1

        Construction in Progress

0.0

0.3

2.2

15.0

5.4

        Leases

-

0.1

-

0.5

5.4

    Property/Plant/Equipment - Gross

75.9

71.6

68.9

63.9

47.6

    Accumulated Depreciation

-28.9

-23.9

-18.7

-18.4

-16.2

Property/Plant/Equipment - Net

46.9

47.7

50.2

45.5

31.4

Goodwill, Net

-

-

0.1

0.4

0.5

Intangibles, Net

48.8

46.1

45.5

38.1

6.5

    LT Investment - Affiliate Companies

4.5

4.1

4.0

9.2

4.6

    LT Investments - Other

7.5

8.3

5.0

205.5

114.2

Long Term Investments

12.0

12.4

9.1

214.7

118.8

Note Receivable - Long Term

75.9

64.8

64.6

73.2

35.1

    Deferred Income Tax - Long Term Asset

8.4

10.6

13.8

22.3

14.2

    Other Long Term Assets

184.1

166.1

32.4

13.3

5.5

Other Long Term Assets, Total

192.4

176.7

46.2

35.5

19.8

Total Assets

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

Accounts Payable

577.2

353.7

392.4

337.0

300.6

Accrued Expenses

4.6

5.2

14.9

5.8

6.8

Notes Payable/Short Term Debt

131.2

106.7

54.2

46.0

15.7

Current Portion - Long Term Debt/Capital Leases

42.3

114.8

-

-

0.0

    Dividends Payable

0.0

0.0

0.0

0.0

0.0

    Customer Advances

104.4

92.2

116.6

59.0

65.7

    Security Deposits

0.3

0.3

0.3

0.1

0.1

    Income Taxes Payable

1.4

1.2

2.0

1.9

1.5

    Other Payables

28.4

63.4

42.0

19.1

15.0

    Other Current Liabilities

18.6

9.4

5.0

7.0

3.5

Other Current liabilities, Total

153.0

166.5

165.9

87.1

85.9

Total Current Liabilities

908.3

746.8

627.4

476.0

408.9

 

 

 

 

 

 

    Long Term Debt

125.5

86.7

197.2

217.9

149.1

Total Long Term Debt

125.5

86.7

197.2

217.9

149.1

Total Debt

298.9

308.1

251.4

263.9

164.8

 

 

 

 

 

 

Minority Interest

0.7

1.6

2.9

7.6

6.7

    Pension Benefits - Underfunded

2.6

2.2

2.4

2.9

3.1

    Other Long Term Liabilities

78.5

72.8

56.4

90.5

0.0

Other Liabilities, Total

81.1

75.0

58.9

93.4

3.1

Total Liabilities

1,115.6

910.1

886.5

794.8

567.9

 

 

 

 

 

 

    Common Stock

98.4

95.9

88.6

119.3

120.1

Common Stock

98.4

95.9

88.6

119.3

120.1

Additional Paid-In Capital

-13.4

-13.0

-7.2

-

0.0

Retained Earnings (Accumulated Deficit)

78.0

34.8

75.1

89.3

52.4

Treasury Stock - Common

-

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

-0.8

-1.2

-1.2

-3.2

1.7

    Translation Adjustment

8.0

8.2

4.9

-5.8

-11.7

    Other Equity

0.0

-

-

-

-9.4

Other Equity, Total

8.0

8.2

4.9

-5.8

-21.1

Total Equity

170.3

124.6

160.3

199.5

153.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.3

22.3

22.3

22.3

22.3

Total Common Shares Outstanding

22.3

22.3

22.3

22.3

22.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

290

236

241

271

267

Number of Common Shareholders

11,810

10,422

8,912

9,864

10,930

Deferred Revenue - Current

104.4

92.2

116.6

59.0

65.7

Total Long Term Debt, Supplemental

123.9

149.4

346.4

217.9

-

Long Term Debt Maturing within 1 Year

42.3

62.8

197.2

70.0

-

Long Term Debt Maturing in Year 2

9.1

9.5

64.0

70.0

-

Long Term Debt Maturing in Year 3

10.9

9.5

6.3

19.5

-

Long Term Debt Maturing in Year 4

10.9

9.5

9.5

19.5

-

Long Term Debt Maturing in Year 5

10.9

9.5

9.6

19.5

-

Long Term Debt Maturing in Year 6

39.7

48.8

59.6

19.5

-

Long Term Debt Maturing in 2-3 Years

20.0

19.0

70.4

89.5

-

Long Term Debt Maturing in 4-5 Years

21.8

19.0

19.2

39.0

-

Long Term Debt Matur. in Year 6 & Beyond

39.7

48.8

59.6

19.5

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

40.5

-47.4

1.7

47.8

51.0

    Depreciation

4.4

4.4

3.9

2.9

1.6

Depreciation/Depletion

4.4

4.4

3.9

2.9

1.6

    Amortization of Intangibles

3.5

2.9

2.8

1.8

3.5

Amortization

3.5

2.9

2.8

1.8

3.5

Deferred Taxes

3.8

8.3

3.7

-9.2

-20.8

    Unusual Items

6.9

7.3

44.3

1.7

8.6

    Equity in Net Earnings (Loss)

-14.0

-12.6

-23.8

-10.4

-14.1

    Other Non-Cash Items

9.4

6.1

2.3

7.7

-9.1

Non-Cash Items

2.3

0.7

22.8

-1.0

-14.6

    Accounts Receivable

10.2

-10.7

19.1

-56.9

21.8

    Inventories

-102.3

41.2

-70.4

-48.5

-70.8

    Prepaid Expenses

3.0

0.8

-0.4

-6.0

-0.3

    Other Assets

0.5

3.6

-1.6

-0.2

2.1

    Accounts Payable

41.5

-7.5

12.5

42.9

55.6

    Accrued Expenses

-0.7

-20.7

8.2

3.1

2.0

    Taxes Payable

0.2

-1.0

0.4

0.4

-0.3

    Other Liabilities

-2.6

-28.7

56.6

-5.7

46.1

    Other Operating Cash Flow

14.0

13.2

23.5

-

-

Changes in Working Capital

-36.2

-9.7

48.0

-71.1

56.1

Cash from Operating Activities

18.4

-40.8

83.0

-28.7

76.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.2

-1.5

-8.2

-21.9

-6.9

    Purchase/Acquisition of Intangibles

-4.1

-0.2

-20.6

-0.7

-4.8

Capital Expenditures

-6.3

-1.8

-28.7

-22.6

-11.8

    Sale of Fixed Assets

0.1

0.0

0.7

5.1

8.4

    Sale/Maturity of Investment

1.1

8.3

45.7

31.4

15.4

    Purchase of Investments

-52.4

-1.9

-1.8

-17.0

-40.1

    Sale of Intangible Assets

-

-

0.0

-

-

    Other Investing Cash Flow

-34.6

1.2

18.8

-193.0

-21.6

Other Investing Cash Flow Items, Total

-85.9

7.6

63.4

-173.5

-37.9

Cash from Investing Activities

-92.2

5.8

34.7

-196.1

-49.7

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.0

-25.3

-3.0

1.1

Financing Cash Flow Items

-

0.0

-25.3

-3.0

1.1

Total Cash Dividends Paid

-

-0.6

-

-

-

        Sale/Issuance of Common

0.0

-

-

-

0.2

        Repurchase/Retirement of Common

-

-

-

-

-0.1

    Common Stock, Net

0.0

-

-

-

0.0

Issuance (Retirement) of Stock, Net

0.0

-

-

-

0.0

        Short Term Debt Issued

68.8

55.6

4.3

30.7

-

        Short Term Debt Reduction

-

-8.6

-

-

-4.1

    Short Term Debt, Net

68.8

47.0

4.3

30.7

-4.1

        Long Term Debt Issued

55.2

41.7

23.1

159.9

-

        Long Term Debt Reduction

-85.1

-42.5

-34.5

-2.6

-4.8

    Long Term Debt, Net

-29.9

-0.9

-11.3

157.4

-4.8

Issuance (Retirement) of Debt, Net

38.9

46.1

-7.0

188.0

-8.9

Cash from Financing Activities

38.9

45.4

-32.3

185.0

-7.8

 

 

 

 

 

 

Foreign Exchange Effects

1.0

-1.2

-

-

-

Net Change in Cash

-34.0

9.1

85.3

-39.8

19.4

 

 

 

 

 

 

Net Cash - Beginning Balance

169.3

144.2

69.2

116.0

93.4

Net Cash - Ending Balance

135.3

153.4

167.3

82.0

112.8

 

 

Annual Income Statement

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

3,167.4

1,883.6

1,337.5

    General Revenues

3,181.0

2,445.7

-

-

-

    Revenue from Resource Development

19.0

15.1

-

-

-

    Income from Fee & Charges

30.1

27.0

-

-

-

Total Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

 

 

 

 

 

 

    Cost of Revenues

-

-

3,069.2

1,800.8

1,274.2

    Cost of General Rev.

3,110.7

2,410.1

-

-

-

    Cost-Resource Development

13.2

12.2

-

-

-

    Cost-Fee & Commission

4.3

4.2

-

-

-

    Salaries

23.6

17.4

18.6

19.2

15.7

    Retirement Allowance

1.9

1.4

1.9

2.9

1.9

    Employee Benefits

2.9

2.3

2.4

2.3

2.2

    Communication Expense

0.7

0.6

0.7

-

-

    Utility Expense

0.6

0.7

0.7

-

-

    Expense-Consumable Goods

0.1

0.0

0.1

-

-

    Publishing & Printing Expense

0.4

0.3

0.2

-

-

    Office Supplies Expense

0.1

0.1

0.1

-

-

    Travel Expenses

3.1

2.1

2.2

2.0

1.6

    Taxes and Dues

1.6

1.3

1.3

1.2

0.8

    Vehicles Maintenance Expense

0.5

0.4

0.4

-

-

    Repair Expense

0.3

0.0

0.1

-

-

    Insurance Expense

0.5

0.5

0.5

-

-

    Shipping & Handling Expense

0.6

0.4

0.6

-

-

    Entertainment Expense

1.6

1.2

1.3

-

-

    Rent

2.4

2.8

2.9

3.2

3.0

    Depreciation

0.9

1.0

0.9

0.5

1.6

    Advertising Expense

0.7

0.1

0.2

-

-

    Amortization-Intangibles

1.1

1.2

1.3

-

-

    Education & Training Expense

0.2

0.1

0.2

-

-

    Overseas Residence Expense

11.1

9.6

7.7

-

-

    Overseas Market Development Expense

1.0

0.8

1.1

-

-

    Expense-Samples

0.1

0.0

0.1

-

-

    Activity Expense

0.2

0.1

0.2

-

-

    Safety Training Expense

0.0

0.0

0.0

-

-

    Provision-Bad Debt

-

2.0

7.6

-

-

    Commissions

4.4

4.4

5.6

7.0

3.2

    Computing Expenses

1.9

1.9

2.2

2.7

2.5

    Other

0.5

0.9

0.2

14.4

9.7

Total Operating Expense

3,191.2

2,480.1

3,130.4

1,856.3

1,316.6

 

 

 

 

 

 

    Interest Income

5.9

3.5

6.4

9.4

5.9

    Dividend Income

10.9

9.4

15.5

13.2

10.1

    Recov. of Contingency Loss Reserve

-

-

-

-

0.5

    Revers-Doubtful Acct

3.0

4.4

0.1

0.1

8.0

    Other Non-Operating Income

3.0

1.2

3.1

1.3

2.0

    G-For Curr Transactn

85.0

74.6

115.0

18.0

13.0

    G-For Exch Translatn

8.0

12.8

57.8

4.2

8.5

    G-Currency Futr Trad

7.5

7.6

10.8

1.4

0.9

    G-Currency Futr Val.

0.3

0.4

2.3

-

0.0

    Gain-Valuation of Contracts-Settlement

0.1

0.1

-

-

-

    G-Inv Asset Disposal

-

-

-

-

0.5

    G-Dispose LT Investment Securities

0.3

0.0

0.0

13.5

0.7

    G-Reduction of LT Investment Securities

-

0.5

1.4

2.9

-

    G-Tang Asset Disp.

0.0

0.0

0.1

0.8

1.8

    G-Disp. of Trande Receivable

-

-

-

1.8

8.3

    Interest Expenses

-14.9

-15.0

-17.5

-13.8

-18.1

    Other Amortization

0.0

0.0

-0.6

-4.5

0.0

    Donations Paid

-0.5

0.0

0.0

0.0

0.0

    Other Non-Op Expense

-12.3

-53.2

-3.2

-6.3

-0.1

    L-For Curr Transactn

-79.3

-77.1

-119.1

-15.5

-12.3

    L-for Exch Translatn

-9.9

-15.0

-50.5

-3.3

-4.7

    Loss-Curr Fut. Trade

-5.2

-4.0

-26.3

-0.7

-1.4

    L-Currency Future Valuation

-0.1

-

0.0

0.0

0.0

    Loss Value Inventory

-

-

-23.6

-

-8.7

    L-LT Inv Secs Valuation

-

-

-

-0.1

0.0

    Loss-Valuation of Derivatives

-0.3

-0.1

-

-

-6.9

    L-Inv Asset Disposal

-

-

-

-0.1

-1.8

    Loss-Disposal of Investment Securities

0.0

0.0

0.0

-

-

    Loss-Disposal of Equity Method Sec.

-

-

-0.3

-0.1

-

    Recovery-Invest. Asset Reduction Loss

-

-

-6.4

-

-0.3

    Loss-Reduction of Investment Securities

-0.9

-0.4

-0.6

-4.8

-0.8

    L-Trade Rcv Disposal

-6.4

-7.5

-17.2

-13.6

-9.2

    L-Tang Asset Disp.

-0.2

0.0

0.0

-0.2

-0.2

    Gain under Equity Method

14.1

12.6

23.8

10.4

14.1

    Loss under Equity Method

-0.2

-

-

-

-

Net Income Before Taxes

46.9

-37.5

7.9

41.4

30.9

 

 

 

 

 

 

Provision for Income Taxes

6.3

9.9

6.2

-6.4

-19.1

Net Income After Taxes

40.5

-47.4

1.7

47.8

50.0

 

 

 

 

 

 

    Minority Interest Gain

0.9

5.1

7.8

-0.9

1.0

Net Income Before Extra. Items

41.5

-42.3

9.5

46.9

51.0

Net Income

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Com Excl E

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Com Incl E

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Basic Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Basic EPS Excluding ExtraOrdin

1.86

-1.90

0.43

2.10

2.28

Basic EPS Including ExtraOrdin

1.86

-1.90

0.43

2.10

2.28

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

41.5

-42.3

9.5

46.9

51.0

Diluted Weighted Average Share

22.3

22.3

22.3

22.3

22.3

Diluted EPS Excluding ExtraOrd

1.86

-1.90

0.43

2.10

2.28

Diluted EPS Including ExtraOrd

1.86

-1.90

0.43

2.10

2.28

DPS-Common Stock

0.22

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

4.8

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

53.5

-29.9

25.2

52.8

30.2

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

7.2

12.5

12.2

-2.5

-19.4

Normalized Income After Taxes

46.2

-42.4

13.0

55.3

49.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

47.2

-37.3

20.8

54.4

50.6

 

 

 

 

 

 

Basic Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Diluted Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Interest Expense

14.9

15.0

17.5

13.8

18.1

Advertising Expense, Supplemental

0.7

0.1

0.2

-

-

Rental Expense, Supplemental

2.4

2.6

2.9

3.2

3.0

Amort of Acquisition Costs, Su

-

0.1

0.2

0.2

0.2

Amort of Intangibles, Suppleme

3.5

2.9

2.6

1.7

3.3

Depreciation

4.4

4.4

3.9

2.9

1.6

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

137.8

168.1

146.1

81.4

115.9

    ST Finl Assets

59.2

5.8

13.7

64.1

49.1

    ST Investment Securities

0.0

0.0

0.0

0.0

0.1

    Trade Rcvb Gross

331.9

266.5

215.3

202.2

171.3

    Doubtful Account

-11.3

-31.3

-23.2

-28.6

-28.5

    ST Loans

-

-

0.6

-

0.0

    Other Rcvbl

11.6

5.3

36.3

19.8

6.5

    Receivable-Recovery of Taxes

0.7

0.4

0.6

-

-

    Accrued Income

4.8

5.8

5.7

6.3

1.0

    Advance Payments

29.2

57.7

187.2

33.2

32.2

    Prepaid Expenses

1.1

1.2

1.5

1.1

1.1

    Prepaid Inc Tax

-

-

-

0.6

0.6

    Derivatives

0.3

0.5

2.0

-

-

    Security Deposit

1.4

2.7

3.7

2.1

1.4

    Currency Futures

-

-

-

-

0.0

    Other Quick Asst

1.5

0.0

0.6

2.9

3.5

    Contracts on Settlement

0.1

0.1

-

-

-

    Deferred Income Tax, Current

0.6

2.2

6.3

8.1

7.1

    Import Merchand.

-

9.2

10.3

2.8

0.8

    Merchandise

316.2

0.3

0.0

0.3

1.9

    Export Merchand.

-

137.5

65.3

67.0

45.1

    Finished Goods

1.5

0.6

49.2

2.7

0.2

    Raw Material

18.7

10.3

14.3

34.8

-

    Goods in Transit

4.3

44.0

95.6

86.2

77.5

    Work in Progress

0.0

0.0

0.0

0.0

18.5

    Miscellaneous Inventory

0.1

0.1

0.0

0.1

3.8

Total Current Assets

909.8

687.0

831.1

587.0

508.9

 

 

 

 

 

 

    LT Finl Assets

0.2

0.1

0.1

0.0

0.0

    LT Invest Secs.

7.4

8.1

5.0

8.3

20.8

    Invest-Oil Dev't

-

-

-

196.1

90.1

    Other Inv Assets

-

-

-

1.0

3.3

    Secs under Equity Method

4.5

4.1

4.0

9.2

4.6

    LT Loans

72.6

61.7

61.4

73.0

22.7

    LT Account Receivable

3.3

3.2

3.2

0.1

12.3

    LT Guarantee Dep

6.5

5.7

5.4

6.3

5.5

    Natural Resource Development Fund

175.8

155.4

22.9

-

-

    LT Prepaid Expen

1.8

5.0

4.1

5.9

0.0

    LA Deferred Tax

8.4

10.6

13.8

22.3

14.2

    LT Accrued Incom

-

-

-

1.0

-

    Land

0.2

0.2

0.2

0.3

0.2

    Buildings

6.9

6.6

6.3

17.2

15.2

    Buildings Depre.

-1.9

-1.6

-1.4

-2.7

-1.9

    Buildings Reduce

-1.6

-1.6

-1.5

-2.0

-2.0

    Structures

30.1

28.7

26.1

-

0.0

    Structure Depre.

-5.1

-3.6

-2.2

-

0.0

    Transport Equip.

1.8

1.4

1.3

1.3

1.4

    Transport Deprec

-1.0

-1.1

-0.8

-0.9

-1.0

    Tools/Equip./Fix

13.9

13.1

12.4

11.8

11.3

    Tool/Equip Depr.

-10.6

-9.7

-8.6

-10.6

-10.6

    Tool/Equip Reduce

-

-

-

-

0.0

    Rent Building Impr.

1.2

4.6

0.3

0.3

0.3

    Rent Build Depr.

-0.4

-3.0

-0.2

-0.2

-0.2

    Rent Build Reduce

-

-

-

-

0.0

    Machinery/Equip.

23.4

18.1

21.6

19.5

10.3

    Mach/Equip Depre

-9.9

-4.9

-5.5

-3.9

-2.5

    Mach/Equip Reduce

-

-

-

-

0.0

    Lease Assets

-

0.1

-

0.5

5.4

    Lease Assets-Depreciation

-

0.0

-

-

-

    Construc in Prog

0.0

0.3

2.2

15.0

5.4

    Goodwill

-

-

0.1

0.4

0.5

    Other Intangible

20.9

20.7

21.1

4.6

4.4

    Mining Rights

27.9

25.4

24.4

33.5

2.1

Total Assets

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    Trade Payables

577.2

353.7

392.4

337.0

300.6

    ST Borrowings

131.2

106.7

54.2

46.0

15.7

    Accounts Payable

28.4

63.4

42.0

19.1

15.0

    Advances Receivd

101.1

92.2

116.6

59.0

65.5

    Unearned Income

3.3

-

-

-

0.2

    Sec Dep Withheld

0.3

0.3

0.3

0.1

0.1

    Accrued Expenses

4.6

5.2

14.9

5.8

6.8

    Dividend Payable

0.0

0.0

0.0

0.0

0.0

    Inc. Taxes Pay.

1.4

1.2

2.0

1.9

1.5

    Deposit Withheld

4.2

4.4

4.5

6.5

2.7

    Reserve-Sales Guarantee

0.7

0.8

-

0.0

0.4

    Provisions for Other Estimated Liabiliti

8.4

-

-

-

-

    Other Cur Liabs.

4.9

4.1

0.5

0.4

0.4

    Currency Futures, Liab.

0.1

-

0.0

0.0

0.0

    Derivatives

0.3

0.2

-

-

-

    Current Portion of LT Debt

42.3

114.8

-

-

0.0

Total Current Liability

908.3

746.8

627.4

476.0

408.9

 

 

 

 

 

 

    Bonds

43.9

-

48.0

66.9

67.3

    LT Borrowings

81.6

86.7

149.2

39.5

-

    Foreign Curr LTD

-

-

-

111.4

81.9

Total Long Term Debt

125.5

86.7

197.2

217.9

149.1

 

 

 

 

 

 

    LT Trade Payable

78.5

72.8

56.4

90.5

-

    Other LT Liabs.

-

-

-

-

0.0

    Minority Int.

0.7

1.6

2.9

7.6

6.7

    Retire Reserve

9.9

8.1

2.4

2.9

3.1

    Plan Assets

-7.2

-5.9

-

-

-

    Transfer to National Pension Fund

-0.1

-0.1

-

-

-

Total Liabilities

1,115.6

910.1

886.5

794.8

567.9

 

 

 

 

 

 

    Common Stock

98.4

95.9

88.6

119.3

120.1

    Treasury Stock

-

0.0

0.0

0.0

0.0

    Loss on Disposal of Treasury Stocks

0.0

-

-

-

-7.8

    G-Capital Reduction

-13.4

-13.0

-7.2

-

0.0

    Retained Earning

78.0

34.8

75.1

89.3

52.4

    L-LT Inv Secs Val.

-

-

-

-

7.1

    Gain-Valuation of Investment Securities

0.5

0.0

-

-

-

    Discount Stk Iss

-

-

-

-

-1.6

    Capital Change, Equity Method

0.4

0.4

0.2

-

-

    Value-Secs under Equity Method

-1.7

-1.7

-1.4

-3.2

-5.4

    Oversea Op Trans

8.0

8.2

4.9

-5.8

-11.7

Total Equity

170.3

124.6

160.3

199.5

153.0

 

 

 

 

 

 

Total Liabilities & Shareholde

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    S/O-Common Stock

22.3

22.3

22.3

22.3

22.3

Total Common Shares Outstandin

22.3

22.3

22.3

22.3

22.3

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

104.4

92.2

116.6

59.0

65.7

Full-Time Employees

290

236

241

271

267

Number of Common Shareholders

11,810

10,422

8,912

9,864

10,930

Long Term Debt Maturing within 1 Year

42.3

62.8

197.2

-

-

Long Term Debt Maturing within 2 Years

9.1

9.5

64.0

140.0

-

Long Term Debt Maturing within 3 Years

10.9

9.5

6.3

-

-

Long Term Debt Maturing within 4 Years

10.9

9.5

9.5

-

-

Long Term Debt Maturing within 5 Years

10.9

9.5

9.6

-

-

Long Term Debt Remaining Maturities

39.7

48.8

59.6

77.9

-

Total Long Term Debt, Supplemental

123.9

149.4

346.4

217.9

-

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

40.5

-47.4

1.7

47.8

51.0

    Depreciation

4.4

4.4

3.9

2.9

1.6

    Amort. Intangible

3.5

2.9

2.8

1.8

3.5

    Retirement Allowance

1.9

1.4

1.9

2.9

1.9

    Amort-Bad Debt Exp.

-

2.0

7.6

1.3

0.0

    Amort-Othr Bad Debt

0.0

0.0

0.6

4.5

0.0

    Accrued Interest Expense

0.1

0.1

0.1

0.1

2.1

    Provision-Construction Loss

-

4.6

-

-

-

    Others

8.2

-

-

-

-

    L-For Exch Translatn

9.8

15.0

49.9

3.3

4.1

    Loss-Valuation of Contract on Settlement

0.1

-

0.0

-

-

    L-Inventory Valuation

-

0.5

23.6

-

8.7

    Loss-Valuation of Derivatives

0.3

0.1

-

0.0

0.0

    L-LT Investment Securities Valuation

-

-

0.3

0.1

-

    L-Reduct. of Inv. Assets

-

-

6.4

-

0.3

    L-Reduct. of LT Inv. Secs.

0.9

0.4

0.6

4.8

0.8

    L-Trade Receivable Disposal

6.4

7.5

17.2

13.6

-

    L-Tang Asset Disp.

0.2

0.0

0.0

0.2

0.2

    L-Inv Asset Disp.

-

-

-

0.1

1.8

    L-LT Inv Secs Disposal

0.0

0.0

0.0

0.1

0.0

    Loss under Equity Method

0.2

-

-

-

-

    Revers-Doubtful Acct

-3.0

-4.4

-0.1

-0.1

-8.0

    Recov. of Contingency Loss Reserve

-

-

-

-

-0.5

    Loss Minority Int.

-

-

-

-

-1.0

    Contract on Settlement

0.1

0.0

-

-

-

    G-For Exch Translatn

-8.0

-12.8

-57.8

-4.2

-8.4

    G-Currency Futr Val.

-0.3

-0.4

-2.3

-

-

    Gain-Valuation of Contract on Settlement

-0.1

-0.1

-

-

-

    G-Reduction LT Investment Securities

-

-0.5

-

-2.9

-

    G-Tang Asset Disp.

0.0

0.0

-0.1

-0.8

-1.8

    G-Inv Asset Disp.

-

-

-

-

-0.5

    G-Dispose ST Investment Securities

-

-

-1.4

-

-

    G-Dispose LT Investment Securities

-0.3

0.0

0.0

-13.5

-0.7

    G-Equity Method Val.

-14.1

-12.6

-23.8

-10.4

-14.1

    Trade Receivables

-24.6

-44.0

30.0

-48.4

-4.8

    LT Trade Rcvbls.

-

-

0.7

14.0

6.7

    Account Receivables

33.7

33.6

-12.2

-17.3

18.7

    Accrued Income

1.2

-0.3

0.7

-5.3

1.1

    Inventories

-142.5

41.2

-93.2

-47.4

-47.2

    Advanced Payments

40.3

0.0

22.8

-1.1

-23.6

    Prepaid Expenses

0.3

0.6

-0.5

0.0

-0.1

    LT Prepaid Expenses

3.0

-

0.4

-5.9

0.0

    Prepaid Taxes

-0.3

0.3

-0.2

0.0

-0.2

    Security Deposits

1.5

1.0

-1.9

-0.7

0.3

    Other Quick Assets

-1.4

0.6

0.4

0.5

1.8

    Derivatives in Assets

0.5

2.0

0.0

0.0

-

    Deferred Taxes-Asset

3.8

8.3

3.7

-9.2

-20.8

    Trade Payables

112.6

-36.8

-2.0

38.7

49.9

    Account Payables

-71.2

29.3

14.4

4.2

5.7

    Accrued Expenses

-0.7

-20.7

8.2

3.1

2.0

    LT Accrued Expense

0.0

-

-

-

-

    Accrued Income Tax

0.2

-1.0

0.4

0.4

-0.3

    Advances Received

-3.8

-26.0

58.4

-6.1

49.9

    Currency Future Loss

-

-

-

-

0.0

    Deposits Withheld

0.3

-0.3

-1.1

3.9

-1.6

    Security Deposit

-0.1

0.0

0.2

0.0

-0.2

    Unearned Income

2.6

-

0.7

-0.2

-0.2

    Other Current Liab.

0.3

-0.3

0.1

0.2

0.3

    Other Non-Current Liabilities

-

-0.2

-

0.0

-0.5

    Nation Pension Fund

0.0

0.0

0.0

0.0

0.0

    Reserve for Sales Guarantee

-0.1

0.7

0.0

-0.4

0.0

    Retirement Pension Operating Fund

-1.2

-1.0

-0.9

-1.4

-

    Reserve-Severance & Retirement Benefit

1.9

-

0.4

-0.1

-

    Payment-Retirement Bonus

-2.2

-0.8

-1.2

-1.6

-1.7

    Derivatives in Liabilities

-0.2

-

-

-

-

    Reserve-Construction Loss

-0.1

-0.8

-

-

-

    Overseas Business Translation Credit

-

-

-

-

0.6

    Dividend Income, A/L

14.0

13.2

23.5

-

-

Cash from Operating Activities

18.4

-40.8

83.0

-28.7

76.9

 

 

 

 

 

 

    Dispose-ST Investment Securities

0.0

0.0

0.0

0.1

0.0

    Disp of LT Invest Secs.

1.1

0.0

2.5

16.8

1.3

    Dec-LT Finl Assets

-

8.2

38.8

-

0.0

    Decr-Secs under Equity Method

-

-

4.4

12.1

14.0

    Dec. Other Inv Asset

-

-

-

2.4

-

    Decrease-ST Loans

-

1.2

-

-

9.8

    Decrease in LT Loans

0.1

0.0

27.1

-

-

    Dec-Dep for Grp Ret

-

-

-

-

0.9

    Dec-Guarantee Dep

1.9

0.1

0.0

-

1.4

    LT Account Receivable

-

-

-

-1.0

-

    Disp-Tangible Assets

0.1

0.0

0.7

5.1

8.4

    Dispose-Intangibles

-

-

0.0

-

-

    Inc-ST Finl Assets

-52.0

-

-

-17.0

-33.2

    Inc-LT Finl Assets

0.0

0.0

-0.1

0.0

-

    Acq-ST Investment Securities

-

-1.8

-1.8

-

0.0

    Acquis in Lt Invest Sec

-

-

-

-

-4.9

    Inc Other Invt Ast

-

-

-

-

-2.0

    Increase-Securities under Equity Method

-0.4

-

-

-

-

    Increase in ST Loans

-

-

-0.6

-

-

    Inc Oil Develop Fund

-22.2

0.0

-7.3

-140.2

-23.8

    Increase in LT Loans

-11.9

0.0

-0.1

-50.8

-9.8

    Inc in Guarant Depos

-2.4

-0.2

-0.3

-0.9

-

    Acq-Tangible Assets

-2.2

-1.5

-8.2

-21.9

-6.9

    Acq-Intangibles

-4.1

-0.2

-20.6

-0.7

-4.8

Cash from Investing Activities

-92.2

5.8

34.7

-196.1

-49.7

 

 

 

 

 

 

    Increase-Bond

43.1

41.1

-

-

-

    Inc in LT Borrowings

4.6

0.6

23.1

68.8

-

    Inc in ST Borrowings

68.8

55.6

4.3

30.7

-

    Inc LT Account Payable

7.6

-

0.0

91.1

-

    Disposal-Treasury Stock

0.0

-

-

-

0.2

    Inc in Minority Int.

-

-

-

-

1.1

    Decrease-ST Borrowings

-

-8.6

-

-

-4.1

    Acquis of Treas Stck

-

-

-

-

-0.1

    Dec-Current Portion of LT Liabilities

-82.2

-

-

-

-2.2

    Repayment of Bonds

-

-41.1

-2.0

-

-

    Decrease-LT Borrowings

-2.9

-1.4

-32.5

-2.6

-2.5

    Decrease-LT Accrued Payment

-

0.0

-22.8

-

-

    Consolidated Scope Adjustment

-

-

-2.5

-3.0

-

    Dividends Paid

-

-0.6

-

-

-

Cash from Financing Activities

38.9

45.4

-32.3

185.0

-7.8

 

 

 

 

 

 

Foreign Exchange Effects

1.0

-1.2

-

-

-

Net Change in Cash

-34.0

9.1

85.3

-39.8

19.4

 

 

 

 

 

 

Net Cash - Beginning Balance

169.3

144.2

69.2

116.0

93.4

Net Cash - Ending Balance

135.3

153.4

167.3

82.0

112.8

 

 

Financial Health

 

Financials in: USD (mil) 

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

Key Indicators USD (mil)

 

Quarter
Ending

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 

-

-

3,230.2

17.62%

28.74%

20.82%

Operating Income1 

-

-

38.9

360.25%

21.05%

13.19%

Income Available to Common Excl Extraord Items1 

-

-

41.5

-

3.25%

15.20%

Basic EPS Excl Extraord Items1 

-

-

1.86

-

3.25%

2.47%

Capital Expenditures2 

-

-

6.3

222.33%

-29.61%

-19.08%

Cash from Operating Activities2 

-

-

18.4

-

-

11.73%

Free Cash Flow 

-

-

12.2

-

-

-

Total Assets3 

-

-

1,285.9

21.12%

16.17%

22.34%

Total Liabilities3 

-

-

1,115.6

19.47%

19.39%

23.42%

Total Long Term Debt3 

-

-

125.5

41.04%

-11.29%

-0.45%

Employees3 

-

-

290

22.88%

2.28%

-9.28%

Total Common Shares Outstanding3 

-

-

22.3

0.00%

0.00%

0.00%

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 

3.15%

2.46%

3.10%

4.40%

4.73%

Operating Margin 

1.20%

0.31%

1.17%

1.45%

1.56%

Pretax Margin 

1.45%

-1.51%

0.25%

2.20%

2.31%

Net Profit Margin 

1.28%

-1.70%

0.30%

2.49%

3.81%

Financial Strength

Current Ratio 

1.00

0.92

1.32

1.23

1.24

Long Term Debt/Equity 

0.74

0.70

1.23

1.09

0.97

Total Debt/Equity 

1.76

2.47

1.57

1.32

1.08

Management Effectiveness

Return on Assets 

3.52%

-4.79%

0.17%

5.55%

7.94%

Return on Equity 

28.35%

-31.14%

5.39%

26.48%

41.84%

Efficiency

Receivables Turnover 

11.14

10.88

14.43

10.71

8.37

Inventory Turnover 

10.01

7.43

9.08

8.81

8.84

Asset Turnover 

2.80

2.52

3.10

2.19

2.12

Market Valuation USD (mil)

Enterprise Value2 

638.0

.

Enterprise Value/Revenue (TTM) 

0.20

Enterprise Value/EBITDA (TTM) 

13.51

.

Market Cap1 

536.4

1-ExchangeRate: KRW to USD on 9-Dec-2011

1146.800000

 

 

 

2-ExchangeRate: KRW to USD on 9-Dec-2011

1146.800000

 

 

 

 

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 javascript:void(0);

1.00

0.92

1.32

1.23

1.24

Quick/Acid Test Ratio javascript:void(0);

0.59

0.56

0.63

0.73

0.77

Working Capital1 javascript:void(0);

1.4

-59.8

203.6

111.1

100.0

Long Term Debt/Equity javascript:void(0);

0.74

0.70

1.23

1.09

0.97

Total Debt/Equity javascript:void(0);

1.76

2.47

1.57

1.32

1.08

Long Term Debt/Total Capital javascript:void(0);

0.27

0.20

0.48

0.47

0.47

Total Debt/Total Capital javascript:void(0);

0.64

0.71

0.61

0.57

0.52

Payout Ratio javascript:void(0);

11.64%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate javascript:void(0);

13.53%

-

77.99%

-15.52%

-61.98%

Total Capital1 javascript:void(0);

469.2

432.7

411.7

463.4

317.9

 

 

 

 

 

 

Efficiency

Asset Turnover javascript:void(0);

2.80

2.52

3.10

2.19

2.12

Inventory Turnover javascript:void(0);

10.01

7.43

9.08

8.81

8.84

Days In Inventory javascript:void(0);

36.45

49.14

40.19

41.42

41.30

Receivables Turnover javascript:void(0);

11.14

10.88

14.43

10.71

8.37

Days Receivables Outstanding javascript:void(0);

32.76

33.54

25.30

34.07

43.58

Revenue/Employee2 javascript:void(0);

11,348,320

11,554,504

11,483,947

6,899,725

5,144,189

Operating Income/Employee2 javascript:void(0);

136,707

35,572

134,431

99,986

80,414

EBITDA/Employee2 javascript:void(0);

164,512

69,388

158,125

116,810

99,472

 

 

 

 

 

 

Profitability

Gross Margin javascript:void(0);

3.15%

2.46%

3.10%

4.40%

4.73%

Operating Margin javascript:void(0);

1.20%

0.31%

1.17%

1.45%

1.56%

EBITDA Margin javascript:void(0);

1.45%

0.60%

1.38%

1.69%

1.93%

EBIT Margin javascript:void(0);

1.20%

0.31%

1.17%

1.45%

1.56%

Pretax Margin javascript:void(0);

1.45%

-1.51%

0.25%

2.20%

2.31%

Net Profit Margin javascript:void(0);

1.28%

-1.70%

0.30%

2.49%

3.81%

COGS/Revenue javascript:void(0);

96.85%

97.54%

96.90%

95.60%

95.27%

SG&A Expense/Revenue javascript:void(0);

1.89%

2.07%

1.86%

2.92%

3.04%

 

 

 

 

 

 

Management Effectiveness

Return on Assets javascript:void(0);

3.52%

-4.79%

0.17%

5.55%

7.94%

Return on Equity javascript:void(0);

28.35%

-31.14%

5.39%

26.48%

41.84%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 javascript:void(0);

0.55

-2.09

2.12

-2.28

2.99

Operating Cash Flow/Share 2 javascript:void(0);

0.84

-2.01

3.25

-1.28

3.53

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

Total Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

 

 

 

 

 

 

    Cost of Revenue

3,128.3

2,426.6

3,069.2

1,800.8

1,274.2

Cost of Revenue, Total

3,128.3

2,426.6

3,069.2

1,800.8

1,274.2

Gross Profit

101.9

61.2

98.2

82.8

63.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

31.8

30.1

35.9

30.6

20.9

    Labor & Related Expense

28.5

21.2

22.9

24.4

19.8

    Advertising Expense

0.7

0.1

0.2

-

-

Total Selling/General/Administrative Expenses

60.9

51.4

58.9

55.0

40.7

    Depreciation

0.9

1.0

0.9

0.5

1.6

    Amortization of Intangibles

1.1

1.2

1.3

-

-

Depreciation/Amortization

2.0

2.2

2.2

0.5

1.6

Total Operating Expense

3,191.2

2,480.1

3,130.4

1,856.3

1,316.6

 

 

 

 

 

 

Operating Income

38.9

7.7

37.1

27.3

20.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-14.9

-15.0

-17.5

-13.8

-18.1

    Interest Expense, Net Non-Operating

-14.9

-15.0

-17.5

-13.8

-18.1

        Interest Income - Non-Operating

5.9

3.5

6.4

9.4

5.9

        Investment Income - Non-Operating

30.5

21.4

-0.3

39.0

11.0

    Interest/Investment Income - Non-Operating

36.3

24.9

6.2

48.4

16.8

Interest Income (Expense) - Net Non-Operating Total

21.4

9.9

-11.3

34.7

-1.3

Gain (Loss) on Sale of Assets

-6.6

-7.5

-17.1

-11.2

0.8

    Other Non-Operating Income (Expense)

-6.9

-47.6

-0.7

-9.3

10.4

Other, Net

-6.9

-47.6

-0.7

-9.3

10.4

Income Before Tax

46.9

-37.5

7.9

41.4

30.9

 

 

 

 

 

 

Total Income Tax

6.3

9.9

6.2

-6.4

-19.1

Income After Tax

40.5

-47.4

1.7

47.8

50.0

 

 

 

 

 

 

    Minority Interest

0.9

5.1

7.8

-0.9

1.0

Net Income Before Extraord Items

41.5

-42.3

9.5

46.9

51.0

Net Income

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Basic EPS Excl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Basic/Primary EPS Incl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

41.5

-42.3

9.5

46.9

51.0

Diluted Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Diluted EPS Excl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Diluted EPS Incl Extraord Items

1.86

-1.90

0.43

2.10

2.28

Dividends per Share - Common Stock Primary Issue

0.22

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

4.8

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

14.9

15.0

17.5

13.8

18.1

Depreciation, Supplemental

4.4

4.4

3.9

2.9

1.6

Total Special Items

6.6

7.6

17.3

11.4

-0.7

Normalized Income Before Tax

53.5

-29.9

25.2

52.8

30.2

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.9

2.6

6.0

3.9

-0.3

Inc Tax Ex Impact of Sp Items

7.2

12.5

12.2

-2.5

-19.4

Normalized Income After Tax

46.2

-42.4

13.0

55.3

49.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

47.2

-37.3

20.8

54.4

50.6

 

 

 

 

 

 

Basic Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Diluted Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Amort of Acquisition Costs, Supplemental

-

0.1

0.2

0.2

0.2

Amort of Intangibles, Supplemental

3.5

2.9

2.6

1.7

3.3

Rental Expenses

2.4

2.6

2.9

3.2

3.0

Advertising Expense, Supplemental

0.7

0.1

0.2

-

-

Normalized EBIT

38.9

7.7

37.1

27.3

20.9

Normalized EBITDA

46.8

15.1

43.8

32.1

26.0

 

 

 

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

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

137.8

168.1

146.1

81.4

115.9

    Short Term Investments

59.2

5.8

13.7

64.1

49.2

Cash and Short Term Investments

197.0

173.9

159.9

145.4

165.0

        Accounts Receivable - Trade, Gross

331.9

266.5

215.3

202.2

171.3

        Provision for Doubtful Accounts

-11.3

-31.3

-23.2

-28.6

-28.5

    Trade Accounts Receivable - Net

325.3

241.0

197.8

179.9

143.8

    Other Receivables

12.4

5.7

37.5

19.8

6.5

Total Receivables, Net

337.7

246.6

235.2

199.7

150.3

    Inventories - Finished Goods

340.7

202.0

234.7

193.8

125.4

    Inventories - Work In Progress

0.0

0.0

0.0

0.0

18.5

    Inventories - Other

29.4

57.7

187.2

33.2

36.0

Total Inventory

370.1

259.7

421.9

227.0

179.9

Prepaid Expenses

1.1

1.2

1.5

1.7

1.7

    Deferred Income Tax - Current Asset

0.6

2.2

6.3

8.1

7.1

    Other Current Assets

3.3

3.3

6.2

5.1

4.9

Other Current Assets, Total

3.9

5.5

12.5

13.2

12.0

Total Current Assets

909.8

687.0

831.1

587.0

508.9

 

 

 

 

 

 

        Buildings

36.5

38.4

31.2

15.5

13.5

        Land/Improvements

0.2

0.2

0.2

0.3

0.2

        Machinery/Equipment

39.1

32.6

35.2

32.6

23.1

        Construction in Progress

0.0

0.3

2.2

15.0

5.4

        Leases

-

0.1

-

0.5

5.4

    Property/Plant/Equipment - Gross

75.9

71.6

68.9

63.9

47.6

    Accumulated Depreciation

-28.9

-23.9

-18.7

-18.4

-16.2

Property/Plant/Equipment - Net

46.9

47.7

50.2

45.5

31.4

Goodwill, Net

-

-

0.1

0.4

0.5

Intangibles, Net

48.8

46.1

45.5

38.1

6.5

    LT Investment - Affiliate Companies

4.5

4.1

4.0

9.2

4.6

    LT Investments - Other

7.5

8.3

5.0

205.5

114.2

Long Term Investments

12.0

12.4

9.1

214.7

118.8

Note Receivable - Long Term

75.9

64.8

64.6

73.2

35.1

    Deferred Income Tax - Long Term Asset

8.4

10.6

13.8

22.3

14.2

    Other Long Term Assets

184.1

166.1

32.4

13.3

5.5

Other Long Term Assets, Total

192.4

176.7

46.2

35.5

19.8

Total Assets

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

Accounts Payable

577.2

353.7

392.4

337.0

300.6

Accrued Expenses

4.6

5.2

14.9

5.8

6.8

Notes Payable/Short Term Debt

131.2

106.7

54.2

46.0

15.7

Current Portion - Long Term Debt/Capital Leases

42.3

114.8

-

-

0.0

    Dividends Payable

0.0

0.0

0.0

0.0

0.0

    Customer Advances

104.4

92.2

116.6

59.0

65.7

    Security Deposits

0.3

0.3

0.3

0.1

0.1

    Income Taxes Payable

1.4

1.2

2.0

1.9

1.5

    Other Payables

28.4

63.4

42.0

19.1

15.0

    Other Current Liabilities

18.6

9.4

5.0

7.0

3.5

Other Current liabilities, Total

153.0

166.5

165.9

87.1

85.9

Total Current Liabilities

908.3

746.8

627.4

476.0

408.9

 

 

 

 

 

 

    Long Term Debt

125.5

86.7

197.2

217.9

149.1

Total Long Term Debt

125.5

86.7

197.2

217.9

149.1

Total Debt

298.9

308.1

251.4

263.9

164.8

 

 

 

 

 

 

Minority Interest

0.7

1.6

2.9

7.6

6.7

    Pension Benefits - Underfunded

2.6

2.2

2.4

2.9

3.1

    Other Long Term Liabilities

78.5

72.8

56.4

90.5

0.0

Other Liabilities, Total

81.1

75.0

58.9

93.4

3.1

Total Liabilities

1,115.6

910.1

886.5

794.8

567.9

 

 

 

 

 

 

    Common Stock

98.4

95.9

88.6

119.3

120.1

Common Stock

98.4

95.9

88.6

119.3

120.1

Additional Paid-In Capital

-13.4

-13.0

-7.2

-

0.0

Retained Earnings (Accumulated Deficit)

78.0

34.8

75.1

89.3

52.4

Treasury Stock - Common

-

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

-0.8

-1.2

-1.2

-3.2

1.7

    Translation Adjustment

8.0

8.2

4.9

-5.8

-11.7

    Other Equity

0.0

-

-

-

-9.4

Other Equity, Total

8.0

8.2

4.9

-5.8

-21.1

Total Equity

170.3

124.6

160.3

199.5

153.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

22.3

22.3

22.3

22.3

22.3

Total Common Shares Outstanding

22.3

22.3

22.3

22.3

22.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

290

236

241

271

267

Number of Common Shareholders

11,810

10,422

8,912

9,864

10,930

Deferred Revenue - Current

104.4

92.2

116.6

59.0

65.7

Total Long Term Debt, Supplemental

123.9

149.4

346.4

217.9

-

Long Term Debt Maturing within 1 Year

42.3

62.8

197.2

70.0

-

Long Term Debt Maturing in Year 2

9.1

9.5

64.0

70.0

-

Long Term Debt Maturing in Year 3

10.9

9.5

6.3

19.5

-

Long Term Debt Maturing in Year 4

10.9

9.5

9.5

19.5

-

Long Term Debt Maturing in Year 5

10.9

9.5

9.6

19.5

-

Long Term Debt Maturing in Year 6

39.7

48.8

59.6

19.5

-

Long Term Debt Maturing in 2-3 Years

20.0

19.0

70.4

89.5

-

Long Term Debt Maturing in 4-5 Years

21.8

19.0

19.2

39.0

-

Long Term Debt Matur. in Year 6 & Beyond

39.7

48.8

59.6

19.5

-

 

 

 

Annual Cash Flows

Standardized

 

Financials in: USD (mil)                                                                

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

40.5

-47.4

1.7

47.8

51.0

    Depreciation

4.4

4.4

3.9

2.9

1.6

Depreciation/Depletion

4.4

4.4

3.9

2.9

1.6

    Amortization of Intangibles

3.5

2.9

2.8

1.8

3.5

Amortization

3.5

2.9

2.8

1.8

3.5

Deferred Taxes

3.8

8.3

3.7

-9.2

-20.8

    Unusual Items

6.9

7.3

44.3

1.7

8.6

    Equity in Net Earnings (Loss)

-14.0

-12.6

-23.8

-10.4

-14.1

    Other Non-Cash Items

9.4

6.1

2.3

7.7

-9.1

Non-Cash Items

2.3

0.7

22.8

-1.0

-14.6

    Accounts Receivable

10.2

-10.7

19.1

-56.9

21.8

    Inventories

-102.3

41.2

-70.4

-48.5

-70.8

    Prepaid Expenses

3.0

0.8

-0.4

-6.0

-0.3

    Other Assets

0.5

3.6

-1.6

-0.2

2.1

    Accounts Payable

41.5

-7.5

12.5

42.9

55.6

    Accrued Expenses

-0.7

-20.7

8.2

3.1

2.0

    Taxes Payable

0.2

-1.0

0.4

0.4

-0.3

    Other Liabilities

-2.6

-28.7

56.6

-5.7

46.1

    Other Operating Cash Flow

14.0

13.2

23.5

-

-

Changes in Working Capital

-36.2

-9.7

48.0

-71.1

56.1

Cash from Operating Activities

18.4

-40.8

83.0

-28.7

76.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-2.2

-1.5

-8.2

-21.9

-6.9

    Purchase/Acquisition of Intangibles

-4.1

-0.2

-20.6

-0.7

-4.8

Capital Expenditures

-6.3

-1.8

-28.7

-22.6

-11.8

    Sale of Fixed Assets

0.1

0.0

0.7

5.1

8.4

    Sale/Maturity of Investment

1.1

8.3

45.7

31.4

15.4

    Purchase of Investments

-52.4

-1.9

-1.8

-17.0

-40.1

    Sale of Intangible Assets

-

-

0.0

-

-

    Other Investing Cash Flow

-34.6

1.2

18.8

-193.0

-21.6

Other Investing Cash Flow Items, Total

-85.9

7.6

63.4

-173.5

-37.9

Cash from Investing Activities

-92.2

5.8

34.7

-196.1

-49.7

 

 

 

 

 

 

    Other Financing Cash Flow

-

0.0

-25.3

-3.0

1.1

Financing Cash Flow Items

-

0.0

-25.3

-3.0

1.1

Total Cash Dividends Paid

-

-0.6

-

-

-

        Sale/Issuance of Common

0.0

-

-

-

0.2

        Repurchase/Retirement of Common

-

-

-

-

-0.1

    Common Stock, Net

0.0

-

-

-

0.0

Issuance (Retirement) of Stock, Net

0.0

-

-

-

0.0

        Short Term Debt Issued

68.8

55.6

4.3

30.7

-

        Short Term Debt Reduction

-

-8.6

-

-

-4.1

    Short Term Debt, Net

68.8

47.0

4.3

30.7

-4.1

        Long Term Debt Issued

55.2

41.7

23.1

159.9

-

        Long Term Debt Reduction

-85.1

-42.5

-34.5

-2.6

-4.8

    Long Term Debt, Net

-29.9

-0.9

-11.3

157.4

-4.8

Issuance (Retirement) of Debt, Net

38.9

46.1

-7.0

188.0

-8.9

Cash from Financing Activities

38.9

45.4

-32.3

185.0

-7.8

Foreign Exchange Effects

1.0

-1.2

-

-

-

Net Change in Cash

-34.0

9.1

85.3

-39.8

19.4

Net Cash - Beginning Balance

169.3

144.2

69.2

116.0

93.4

Net Cash - Ending Balance

135.3

153.4

167.3

82.0

112.8

 

 

Annual Income Statement

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

-

-

3,167.4

1,883.6

1,337.5

    General Revenues

3,181.0

2,445.7

-

-

-

    Revenue from Resource Development

19.0

15.1

-

-

-

    Income from Fee & Charges

30.1

27.0

-

-

-

Total Revenue

3,230.2

2,487.8

3,167.4

1,883.6

1,337.5

 

 

 

 

 

 

    Cost of Revenues

-

-

3,069.2

1,800.8

1,274.2

    Cost of General Rev.

3,110.7

2,410.1

-

-

-

    Cost-Resource Development

13.2

12.2

-

-

-

    Cost-Fee & Commission

4.3

4.2

-

-

-

    Salaries

23.6

17.4

18.6

19.2

15.7

    Retirement Allowance

1.9

1.4

1.9

2.9

1.9

    Employee Benefits

2.9

2.3

2.4

2.3

2.2

    Communication Expense

0.7

0.6

0.7

-

-

    Utility Expense

0.6

0.7

0.7

-

-

    Expense-Consumable Goods

0.1

0.0

0.1

-

-

    Publishing & Printing Expense

0.4

0.3

0.2

-

-

    Office Supplies Expense

0.1

0.1

0.1

-

-

    Travel Expenses

3.1

2.1

2.2

2.0

1.6

    Taxes and Dues

1.6

1.3

1.3

1.2

0.8

    Vehicles Maintenance Expense

0.5

0.4

0.4

-

-

    Repair Expense

0.3

0.0

0.1

-

-

    Insurance Expense

0.5

0.5

0.5

-

-

    Shipping & Handling Expense

0.6

0.4

0.6

-

-

    Entertainment Expense

1.6

1.2

1.3

-

-

    Rent

2.4

2.8

2.9

3.2

3.0

    Depreciation

0.9

1.0

0.9

0.5

1.6

    Advertising Expense

0.7

0.1

0.2

-

-

    Amortization-Intangibles

1.1

1.2

1.3

-

-

    Education & Training Expense

0.2

0.1

0.2

-

-

    Overseas Residence Expense

11.1

9.6

7.7

-

-

    Overseas Market Development Expense

1.0

0.8

1.1

-

-

    Expense-Samples

0.1

0.0

0.1

-

-

    Activity Expense

0.2

0.1

0.2

-

-

    Safety Training Expense

0.0

0.0

0.0

-

-

    Provision-Bad Debt

-

2.0

7.6

-

-

    Commissions

4.4

4.4

5.6

7.0

3.2

    Computing Expenses

1.9

1.9

2.2

2.7

2.5

    Other

0.5

0.9

0.2

14.4

9.7

Total Operating Expense

3,191.2

2,480.1

3,130.4

1,856.3

1,316.6

 

 

 

 

 

 

    Interest Income

5.9

3.5

6.4

9.4

5.9

    Dividend Income

10.9

9.4

15.5

13.2

10.1

    Recov. of Contingency Loss Reserve

-

-

-

-

0.5

    Revers-Doubtful Acct

3.0

4.4

0.1

0.1

8.0

    Other Non-Operating Income

3.0

1.2

3.1

1.3

2.0

    G-For Curr Transactn

85.0

74.6

115.0

18.0

13.0

    G-For Exch Translatn

8.0

12.8

57.8

4.2

8.5

    G-Currency Futr Trad

7.5

7.6

10.8

1.4

0.9

    G-Currency Futr Val.

0.3

0.4

2.3

-

0.0

    Gain-Valuation of Contracts-Settlement

0.1

0.1

-

-

-

    G-Inv Asset Disposal

-

-

-

-

0.5

    G-Dispose LT Investment Securities

0.3

0.0

0.0

13.5

0.7

    G-Reduction of LT Investment Securities

-

0.5

1.4

2.9

-

    G-Tang Asset Disp.

0.0

0.0

0.1

0.8

1.8

    G-Disp. of Trande Receivable

-

-

-

1.8

8.3

    Interest Expenses

-14.9

-15.0

-17.5

-13.8

-18.1

    Other Amortization

0.0

0.0

-0.6

-4.5

0.0

    Donations Paid

-0.5

0.0

0.0

0.0

0.0

    Other Non-Op Expense

-12.3

-53.2

-3.2

-6.3

-0.1

    L-For Curr Transactn

-79.3

-77.1

-119.1

-15.5

-12.3

    L-for Exch Translatn

-9.9

-15.0

-50.5

-3.3

-4.7

    Loss-Curr Fut. Trade

-5.2

-4.0

-26.3

-0.7

-1.4

    L-Currency Future Valuation

-0.1

-

0.0

0.0

0.0

    Loss Value Inventory

-

-

-23.6

-

-8.7

    L-LT Inv Secs Valuation

-

-

-

-0.1

0.0

    Loss-Valuation of Derivatives

-0.3

-0.1

-

-

-6.9

    L-Inv Asset Disposal

-

-

-

-0.1

-1.8

    Loss-Disposal of Investment Securities

0.0

0.0

0.0

-

-

    Loss-Disposal of Equity Method Sec.

-

-

-0.3

-0.1

-

    Recovery-Invest. Asset Reduction Loss

-

-

-6.4

-

-0.3

    Loss-Reduction of Investment Securities

-0.9

-0.4

-0.6

-4.8

-0.8

    L-Trade Rcv Disposal

-6.4

-7.5

-17.2

-13.6

-9.2

    L-Tang Asset Disp.

-0.2

0.0

0.0

-0.2

-0.2

    Gain under Equity Method

14.1

12.6

23.8

10.4

14.1

    Loss under Equity Method

-0.2

-

-

-

-

Net Income Before Taxes

46.9

-37.5

7.9

41.4

30.9

 

 

 

 

 

 

Provision for Income Taxes

6.3

9.9

6.2

-6.4

-19.1

Net Income After Taxes

40.5

-47.4

1.7

47.8

50.0

 

 

 

 

 

 

    Minority Interest Gain

0.9

5.1

7.8

-0.9

1.0

Net Income Before Extra. Items

41.5

-42.3

9.5

46.9

51.0

Net Income

41.5

-42.3

9.5

46.9

51.0

Income Available to Com Excl E

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Income Available to Com Incl E

41.5

-42.3

9.5

46.9

51.0

 

 

 

 

 

 

Basic Weighted Average Shares

22.3

22.3

22.3

22.3

22.3

Basic EPS Excluding ExtraOrdin

1.86

-1.90

0.43

2.10

2.28

Basic EPS Including ExtraOrdin

1.86

-1.90

0.43

2.10

2.28

Dilution Adjustment

0.0

0.0

0.0

-

-

Diluted Net Income

41.5

-42.3

9.5

46.9

51.0

Diluted Weighted Average Share

22.3

22.3

22.3

22.3

22.3

Diluted EPS Excluding ExtraOrd

1.86

-1.90

0.43

2.10

2.28

Diluted EPS Including ExtraOrd

1.86

-1.90

0.43

2.10

2.28

DPS-Common Stock

0.22

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

4.8

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

53.5

-29.9

25.2

52.8

30.2

Inc Tax Ex. Impact of Sp Items

7.2

12.5

12.2

-2.5

-19.4

Normalized Income After Taxes

46.2

-42.4

13.0

55.3

49.6

Normalized Inc. Avail to Com.

47.2

-37.3

20.8

54.4

50.6

Basic Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Diluted Normalized EPS

2.11

-1.67

0.93

2.43

2.27

Interest Expense

14.9

15.0

17.5

13.8

18.1

Advertising Expense, Supplemental

0.7

0.1

0.2

-

-

Rental Expense, Supplemental

2.4

2.6

2.9

3.2

3.0

Amort of Acquisition Costs, Su

-

0.1

0.2

0.2

0.2

Amort of Intangibles, Suppleme

3.5

2.9

2.6

1.7

3.3

Depreciation

4.4

4.4

3.9

2.9

1.6

 

Annual Balance Sheet

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2007

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

137.8

168.1

146.1

81.4

115.9

    ST Finl Assets

59.2

5.8

13.7

64.1

49.1

    ST Investment Securities

0.0

0.0

0.0

0.0

0.1

    Trade Rcvb Gross

331.9

266.5

215.3

202.2

171.3

    Doubtful Account

-11.3

-31.3

-23.2

-28.6

-28.5

    ST Loans

-

-

0.6

-

0.0

    Other Rcvbl

11.6

5.3

36.3

19.8

6.5

    Receivable-Recovery of Taxes

0.7

0.4

0.6

-

-

    Accrued Income

4.8

5.8

5.7

6.3

1.0

    Advance Payments

29.2

57.7

187.2

33.2

32.2

    Prepaid Expenses

1.1

1.2

1.5

1.1

1.1

    Prepaid Inc Tax

-

-

-

0.6

0.6

    Derivatives

0.3

0.5

2.0

-

-

    Security Deposit

1.4

2.7

3.7

2.1

1.4

    Currency Futures

-

-

-

-

0.0

    Other Quick Asst

1.5

0.0

0.6

2.9

3.5

    Contracts on Settlement

0.1

0.1

-

-

-

    Deferred Income Tax, Current

0.6

2.2

6.3

8.1

7.1

    Import Merchand.

-

9.2

10.3

2.8

0.8

    Merchandise

316.2

0.3

0.0

0.3

1.9

    Export Merchand.

-

137.5

65.3

67.0

45.1

    Finished Goods

1.5

0.6

49.2

2.7

0.2

    Raw Material

18.7

10.3

14.3

34.8

-

    Goods in Transit

4.3

44.0

95.6

86.2

77.5

    Work in Progress

0.0

0.0

0.0

0.0

18.5

    Miscellaneous Inventory

0.1

0.1

0.0

0.1

3.8

Total Current Assets

909.8

687.0

831.1

587.0

508.9

 

 

 

 

 

 

    LT Finl Assets

0.2

0.1

0.1

0.0

0.0

    LT Invest Secs.

7.4

8.1

5.0

8.3

20.8

    Invest-Oil Dev't

-

-

-

196.1

90.1

    Other Inv Assets

-

-

-

1.0

3.3

    Secs under Equity Method

4.5

4.1

4.0

9.2

4.6

    LT Loans

72.6

61.7

61.4

73.0

22.7

    LT Account Receivable

3.3

3.2

3.2

0.1

12.3

    LT Guarantee Dep

6.5

5.7

5.4

6.3

5.5

    Natural Resource Development Fund

175.8

155.4

22.9

-

-

    LT Prepaid Expen

1.8

5.0

4.1

5.9

0.0

    LA Deferred Tax

8.4

10.6

13.8

22.3

14.2

    LT Accrued Incom

-

-

-

1.0

-

    Land

0.2

0.2

0.2

0.3

0.2

    Buildings

6.9

6.6

6.3

17.2

15.2

    Buildings Depre.

-1.9

-1.6

-1.4

-2.7

-1.9

    Buildings Reduce

-1.6

-1.6

-1.5

-2.0

-2.0

    Structures

30.1

28.7

26.1

-

0.0

    Structure Depre.

-5.1

-3.6

-2.2

-

0.0

    Transport Equip.

1.8

1.4

1.3

1.3

1.4

    Transport Deprec

-1.0

-1.1

-0.8

-0.9

-1.0

    Tools/Equip./Fix

13.9

13.1

12.4

11.8

11.3

    Tool/Equip Depr.

-10.6

-9.7

-8.6

-10.6

-10.6

    Tool/Equip Reduce

-

-

-

-

0.0

    Rent Building Impr.

1.2

4.6

0.3

0.3

0.3

    Rent Build Depr.

-0.4

-3.0

-0.2

-0.2

-0.2

    Rent Build Reduce

-

-

-

-

0.0

    Machinery/Equip.

23.4

18.1

21.6

19.5

10.3

    Mach/Equip Depre

-9.9

-4.9

-5.5

-3.9

-2.5

    Mach/Equip Reduce

-

-

-

-

0.0

    Lease Assets

-

0.1

-

0.5

5.4

    Lease Assets-Depreciation

-

0.0

-

-

-

    Construc in Prog

0.0

0.3

2.2

15.0

5.4

    Goodwill

-

-

0.1

0.4

0.5

    Other Intangible

20.9

20.7

21.1

4.6

4.4

    Mining Rights

27.9

25.4

24.4

33.5

2.1

Total Assets

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    Trade Payables

577.2

353.7

392.4

337.0

300.6

    ST Borrowings

131.2

106.7

54.2

46.0

15.7

    Accounts Payable

28.4

63.4

42.0

19.1

15.0

    Advances Receivd

101.1

92.2

116.6

59.0

65.5

    Unearned Income

3.3

-

-

-

0.2

    Sec Dep Withheld

0.3

0.3

0.3

0.1

0.1

    Accrued Expenses

4.6

5.2

14.9

5.8

6.8

    Dividend Payable

0.0

0.0

0.0

0.0

0.0

    Inc. Taxes Pay.

1.4

1.2

2.0

1.9

1.5

    Deposit Withheld

4.2

4.4

4.5

6.5

2.7

    Reserve-Sales Guarantee

0.7

0.8

-

0.0

0.4

    Provisions for Other Estimated Liabiliti

8.4

-

-

-

-

    Other Cur Liabs.

4.9

4.1

0.5

0.4

0.4

    Currency Futures, Liab.

0.1

-

0.0

0.0

0.0

    Derivatives

0.3

0.2

-

-

-

    Current Portion of LT Debt

42.3

114.8

-

-

0.0

Total Current Liability

908.3

746.8

627.4

476.0

408.9

 

 

 

 

 

 

    Bonds

43.9

-

48.0

66.9

67.3

    LT Borrowings

81.6

86.7

149.2

39.5

-

    Foreign Curr LTD

-

-

-

111.4

81.9

Total Long Term Debt

125.5

86.7

197.2

217.9

149.1

 

 

 

 

 

 

    LT Trade Payable

78.5

72.8

56.4

90.5

-

    Other LT Liabs.

-

-

-

-

0.0

    Minority Int.

0.7

1.6

2.9

7.6

6.7

    Retire Reserve

9.9

8.1

2.4

2.9

3.1

    Plan Assets

-7.2

-5.9

-

-

-

    Transfer to National Pension Fund

-0.1

-0.1

-

-

-

Total Liabilities

1,115.6

910.1

886.5

794.8

567.9

 

 

 

 

 

 

    Common Stock

98.4

95.9

88.6

119.3

120.1

    Treasury Stock

-

0.0

0.0

0.0

0.0

    Loss on Disposal of Treasury Stocks

0.0

-

-

-

-7.8

    G-Capital Reduction

-13.4

-13.0

-7.2

-

0.0

    Retained Earning

78.0

34.8

75.1

89.3

52.4

    L-LT Inv Secs Val.

-

-

-

-

7.1

    Gain-Valuation of Investment Securities

0.5

0.0

-

-

-

    Discount Stk Iss

-

-

-

-

-1.6

    Capital Change, Equity Method

0.4

0.4

0.2

-

-

    Value-Secs under Equity Method

-1.7

-1.7

-1.4

-3.2

-5.4

    Oversea Op Trans

8.0

8.2

4.9

-5.8

-11.7

Total Equity

170.3

124.6

160.3

199.5

153.0

 

 

 

 

 

 

Total Liabilities & Shareholde

1,285.9

1,034.7

1,046.7

994.4

720.9

 

 

 

 

 

 

    S/O-Common Stock

22.3

22.3

22.3

22.3

22.3

Total Common Shares Outstandin

22.3

22.3

22.3

22.3

22.3

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

104.4

92.2

116.6

59.0

65.7

Full-Time Employees

290

236

241

271

267

Number of Common Shareholders

11,810

10,422

8,912

9,864

10,930

Long Term Debt Maturing within 1 Year

42.3

62.8

197.2

-

-

Long Term Debt Maturing within 2 Years

9.1

9.5

64.0

140.0

-

Long Term Debt Maturing within 3 Years

10.9

9.5

6.3

-

-

Long Term Debt Maturing within 4 Years

10.9

9.5

9.5

-

-

Long Term Debt Maturing within 5 Years

10.9

9.5

9.6

-

-

Long Term Debt Remaining Maturities

39.7

48.8

59.6

77.9

-

Total Long Term Debt, Supplemental

123.9

149.4

346.4

217.9

-

 

 

Annual Cash Flows

As Reported

 

Financials in: USD (mil) 

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

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Dec-2010

Updated Normal 
31-Dec-2009

Updated Normal 
31-Dec-2008

Restated Normal 
31-Dec-2008

Updated Normal 
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Sahmgyung Accounting Corp.

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

40.5

-47.4

1.7

47.8

51.0

    Depreciation

4.4

4.4

3.9

2.9

1.6

    Amort. Intangible

3.5

2.9

2.8

1.8

3.5

    Retirement Allowance

1.9

1.4

1.9

2.9

1.9

    Amort-Bad Debt Exp.

-

2.0

7.6

1.3

0.0

    Amort-Othr Bad Debt

0.0

0.0

0.6

4.5

0.0

    Accrued Interest Expense

0.1

0.1

0.1

0.1

2.1

    Provision-Construction Loss

-

4.6

-

-

-

    Others

8.2

-

-

-

-

    L-For Exch Translatn

9.8

15.0

49.9

3.3

4.1

    Loss-Valuation of Contract on Settlement

0.1

-

0.0

-

-

    L-Inventory Valuation

-

0.5

23.6

-

8.7

    Loss-Valuation of Derivatives

0.3

0.1

-

0.0

0.0

    L-LT Investment Securities Valuation

-

-

0.3

0.1

-

    L-Reduct. of Inv. Assets

-

-

6.4

-

0.3

    L-Reduct. of LT Inv. Secs.

0.9

0.4

0.6

4.8

0.8

    L-Trade Receivable Disposal

6.4

7.5

17.2

13.6

-

    L-Tang Asset Disp.

0.2

0.0

0.0

0.2

0.2

    L-Inv Asset Disp.

-

-

-

0.1

1.8

    L-LT Inv Secs Disposal

0.0

0.0

0.0

0.1

0.0

    Loss under Equity Method

0.2

-

-

-

-

    Revers-Doubtful Acct

-3.0

-4.4

-0.1

-0.1

-8.0

    Recov. of Contingency Loss Reserve

-

-

-

-

-0.5

    Loss Minority Int.

-

-

-

-

-1.0

    Contract on Settlement

0.1

0.0

-

-

-

    G-For Exch Translatn

-8.0

-12.8

-57.8

-4.2

-8.4

    G-Currency Futr Val.

-0.3

-0.4

-2.3

-

-

    Gain-Valuation of Contract on Settlement

-0.1

-0.1

-

-

-

    G-Reduction LT Investment Securities

-

-0.5

-

-2.9

-

    G-Tang Asset Disp.

0.0

0.0

-0.1

-0.8

-1.8

    G-Inv Asset Disp.

-

-

-

-

-0.5

    G-Dispose ST Investment Securities

-

-

-1.4

-

-

    G-Dispose LT Investment Securities

-0.3

0.0

0.0

-13.5

-0.7

    G-Equity Method Val.

-14.1

-12.6

-23.8

-10.4

-14.1

    Trade Receivables

-24.6

-44.0

30.0

-48.4

-4.8

    LT Trade Rcvbls.

-

-

0.7

14.0

6.7

    Account Receivables

33.7

33.6

-12.2

-17.3

18.7

    Accrued Income

1.2

-0.3

0.7

-5.3

1.1

    Inventories

-142.5

41.2

-93.2

-47.4

-47.2

    Advanced Payments

40.3

0.0

22.8

-1.1

-23.6

    Prepaid Expenses

0.3

0.6

-0.5

0.0

-0.1

    LT Prepaid Expenses

3.0

-

0.4

-5.9

0.0

    Prepaid Taxes

-0.3

0.3

-0.2

0.0

-0.2

    Security Deposits

1.5

1.0

-1.9

-0.7

0.3

    Other Quick Assets

-1.4

0.6

0.4

0.5

1.8

    Derivatives in Assets

0.5

2.0

0.0

0.0

-

    Deferred Taxes-Asset

3.8

8.3

3.7

-9.2

-20.8

    Trade Payables

112.6

-36.8

-2.0

38.7

49.9

    Account Payables

-71.2

29.3

14.4

4.2

5.7

    Accrued Expenses

-0.7

-20.7

8.2

3.1

2.0

    LT Accrued Expense

0.0

-

-

-

-

    Accrued Income Tax

0.2

-1.0

0.4

0.4

-0.3

    Advances Received

-3.8

-26.0

58.4

-6.1

49.9

    Currency Future Loss

-

-

-

-

0.0

    Deposits Withheld

0.3

-0.3

-1.1

3.9

-1.6

    Security Deposit

-0.1

0.0

0.2

0.0

-0.2

    Unearned Income

2.6

-

0.7

-0.2

-0.2

    Other Current Liab.

0.3

-0.3

0.1

0.2

0.3

    Other Non-Current Liabilities

-

-0.2

-

0.0

-0.5

    Nation Pension Fund

0.0

0.0

0.0

0.0

0.0

    Reserve for Sales Guarantee

-0.1

0.7

0.0

-0.4

0.0

    Retirement Pension Operating Fund

-1.2

-1.0

-0.9

-1.4

-

    Reserve-Severance & Retirement Benefit

1.9

-

0.4

-0.1

-

    Payment-Retirement Bonus

-2.2

-0.8

-1.2

-1.6

-1.7

    Derivatives in Liabilities

-0.2

-

-

-

-

    Reserve-Construction Loss

-0.1

-0.8

-

-

-

    Overseas Business Translation Credit

-

-

-

-

0.6

    Dividend Income, A/L

14.0

13.2

23.5

-

-

Cash from Operating Activities

18.4

-40.8

83.0

-28.7

76.9

 

 

 

 

 

 

    Dispose-ST Investment Securities

0.0

0.0

0.0

0.1

0.0

    Disp of LT Invest Secs.

1.1

0.0

2.5

16.8

1.3

    Dec-LT Finl Assets

-

8.2

38.8

-

0.0

    Decr-Secs under Equity Method

-

-

4.4

12.1

14.0

    Dec. Other Inv Asset

-

-

-

2.4

-

    Decrease-ST Loans

-

1.2

-

-

9.8

    Decrease in LT Loans

0.1

0.0

27.1

-

-

    Dec-Dep for Grp Ret

-

-

-

-

0.9

    Dec-Guarantee Dep

1.9

0.1

0.0

-

1.4

    LT Account Receivable

-

-

-

-1.0

-

    Disp-Tangible Assets

0.1

0.0

0.7

5.1

8.4

    Dispose-Intangibles

-

-

0.0

-

-

    Inc-ST Finl Assets

-52.0

-

-

-17.0

-33.2

    Inc-LT Finl Assets

0.0

0.0

-0.1

0.0

-

    Acq-ST Investment Securities

-

-1.8

-1.8

-

0.0

    Acquis in Lt Invest Sec

-

-

-

-

-4.9

    Inc Other Invt Ast

-

-

-

-

-2.0

    Increase-Securities under Equity Method

-0.4

-

-

-

-

    Increase in ST Loans

-

-

-0.6

-

-

    Inc Oil Develop Fund

-22.2

0.0

-7.3

-140.2

-23.8

    Increase in LT Loans

-11.9

0.0

-0.1

-50.8

-9.8

    Inc in Guarant Depos

-2.4

-0.2

-0.3

-0.9

-

    Acq-Tangible Assets

-2.2

-1.5

-8.2

-21.9

-6.9

    Acq-Intangibles

-4.1

-0.2

-20.6

-0.7

-4.8

Cash from Investing Activities

-92.2

5.8

34.7

-196.1

-49.7

 

 

 

 

 

 

    Increase-Bond

43.1

41.1

-

-

-

    Inc in LT Borrowings

4.6

0.6

23.1

68.8

-

    Inc in ST Borrowings

68.8

55.6

4.3

30.7

-

    Inc LT Account Payable

7.6

-

0.0

91.1

-

    Disposal-Treasury Stock

0.0

-

-

-

0.2

    Inc in Minority Int.

-

-

-

-

1.1

    Decrease-ST Borrowings

-

-8.6

-

-

-4.1

    Acquis of Treas Stck

-

-

-

-

-0.1

    Dec-Current Portion of LT Liabilities

-82.2

-

-

-

-2.2

    Repayment of Bonds

-

-41.1

-2.0

-

-

    Decrease-LT Borrowings

-2.9

-1.4

-32.5

-2.6

-2.5

    Decrease-LT Accrued Payment

-

0.0

-22.8

-

-

    Consolidated Scope Adjustment

-

-

-2.5

-3.0

-

    Dividends Paid

-

-0.6

-

-

-

Cash from Financing Activities

38.9

45.4

-32.3

185.0

-7.8

 

 

 

 

 

 

Foreign Exchange Effects

1.0

-1.2

-

-

-

Net Change in Cash

-34.0

9.1

85.3

-39.8

19.4

 

 

 

 

 

 

Net Cash - Beginning Balance

169.3

144.2

69.2

116.0

93.4

Net Cash - Ending Balance

135.3

153.4

167.3

82.0

112.8

 

 

  

Geographic Segments

 

Financials in: As Reported (mil)

Annual  

           

             

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

3,142.7

82.8 %

1,709.5

68.7 %

2,578.0

69.1 %

1,795.6

75.2 %

1,160.1

68.8 %

Asia

232.3

6.1 %

237.9

9.6 %

317.7

8.5 %

319.3

13.4 %

311.1

18.5 %

Americas

377.4

9.9 %

489.0

19.7 %

807.7

21.6 %

251.8

10.5 %

178.0

10.6 %

Europe

22.8

0.6 %

32.2

1.3 %

8.2

0.2 %

3.1

0.1 %

16.0

0.9 %

Other Foreign

20.7

0.5 %

19.2

0.8 %

20.6

0.6 %

19.0

0.8 %

19.9

1.2 %

Segment Total

3,795.8

100 %

2,487.8

100 %

3,732.1

100 %

2,388.7

100 %

1,685.0

100 %

Consolidation Adjustment

-565.7

-14.9 %

-

-

-564.7

-15.1 %

-505.1

-21.1 %

-347.5

-20.6 %

Consolidated Total

3,230.2

85.1 %

2,487.8

100 %

3,167.4

84.9 %

1,883.6

78.9 %

1,337.5

79.4 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

-560.5

99.1 %

309.9

98.7 %

562.5

99.6 %

502.6

99.5 %

347.5

100 %

Asia

-4.2

0.7 %

1.9

0.6 %

0.6

0.1 %

1.1

0.2 %

0.0

0 %

Americas

-

-

1.1

0.3 %

0.1

0 %

0.2

0 %

0.0

0 %

Europe

-1.0

0.2 %

1.2

0.4 %

1.4

0.3 %

1.1

0.2 %

0.0

0 %

Other Foreign

-

-

-

-

0.1

0 %

0.1

0 %

0.0

0 %

Segment Total

-565.7

100 %

314.0

100 %

564.7

100 %

505.1

100 %

347.5

100 %

Consolidation Adjustment

565.7

-100 %

-314.0

-100 %

-564.7

-100 %

-505.1

-100 %

-347.5

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

2,582.2

79.9 %

2,019.4

72.1 %

3,140.5

73.1 %

2,298.2

79.4 %

1,507.6

74.2 %

Asia

228.1

7.1 %

239.8

8.6 %

318.3

7.4 %

320.4

11.1 %

311.1

15.3 %

Americas

377.4

11.7 %

490.0

17.5 %

807.7

18.8 %

252.0

8.7 %

178.0

8.8 %

Europe

21.8

0.7 %

33.3

1.2 %

9.7

0.2 %

4.1

0.1 %

16.0

0.8 %

Other Foreign

20.7

0.6 %

19.2

0.7 %

20.6

0.5 %

19.1

0.7 %

19.9

1 %

Segment Total

3,230.2

100 %

2,801.8

100 %

4,296.8

100 %

2,893.8

100 %

2,032.6

100 %

Consolidation Adjustment

0.0

0 %

-314.0

-11.2 %

-1,129.4

-26.3 %

-1,010.1

-34.9 %

-695.1

-34.2 %

Consolidated Total

3,230.2

100 %

2,487.8

88.8 %

3,167.4

73.7 %

1,883.6

65.1 %

1,337.5

65.8 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

46.8

119.3 %

48.5

743.7 %

47.0

142.4 %

22.8

84.8 %

19.1

86.3 %

Asia

-11.7

-29.9 %

-44.1

-677.2 %

-17.8

-54 %

2.2

8 %

1.8

8.2 %

Americas

3.3

8.5 %

1.9

29.5 %

2.9

8.9 %

2.1

7.7 %

1.0

4.5 %

Europe

-0.5

-1.3 %

0.1

0.9 %

0.2

0.6 %

0.1

0.2 %

-0.5

-2.1 %

Other Foreign

1.4

3.5 %

0.2

3.1 %

0.7

2.2 %

-0.2

-0.8 %

0.7

3.1 %

Segment Total

39.2

100 %

6.5

100 %

33.0

100 %

26.9

100 %

22.2

100 %

Consolidation Adjustment

-0.3

-0.8 %

1.1

17.6 %

4.1

12.4 %

0.4

1.6 %

-1.3

-5.7 %

Consolidated Total

38.9

99.2 %

7.7

117.6 %

37.1

112.4 %

27.3

101.6 %

20.9

94.3 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

1.8

-

2.4

-

1.5

-

1.0

-

1.3

-

Asia

-5.1

-

-18.4

-

-5.6

-

0.7

-

0.6

-

Americas

0.9

-

0.4

-

0.4

-

0.8

-

0.6

-

Europe

-2.4

-

0.2

-

2.0

-

1.6

-

-2.9

-

Other Foreign

6.7

-

1.1

-

3.5

-

-1.1

-

3.5

-

Segment Total

1.2

-

0.2

-

0.8

-

0.9

-

1.1

-

Consolidation Adjustment

-

-

-0.4

-

-0.4

-

0.0

-

0.2

-

Consolidated Total

1.2

-

0.3

-

1.2

-

1.4

-

1.6

-

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

897.1

55.8 %

694.5

54.2 %

597.8

45.3 %

621.2

47.6 %

460.2

55.3 %

Asia

210.0

13.1 %

170.3

13.3 %

240.2

18.2 %

208.3

15.9 %

169.5

20.4 %

Americas

232.3

14.5 %

162.6

12.7 %

229.2

17.4 %

179.3

13.7 %

180.5

21.7 %

Europe

23.4

1.5 %

31.0

2.4 %

27.6

2.1 %

17.2

1.3 %

17.1

2.1 %

Other Foreign

243.5

15.2 %

222.9

17.4 %

223.5

17 %

280.4

21.5 %

4.4

0.5 %

Segment Total

1,606.3

100 %

1,281.3

100 %

1,318.4

100 %

1,306.4

100 %

831.6

100 %

Consolidation Adjustment

-320.4

-19.9 %

-246.6

-19.2 %

-271.7

-20.6 %

-312.0

-23.9 %

-110.7

-13.3 %

Consolidated Total

1,285.9

80.1 %

1,034.7

80.8 %

1,046.7

79.4 %

994.4

76.1 %

720.9

86.7 %

Exchange Rate: KRW to USD

1,134.900000

 

1,164.475000

 

1,259.550000

 

936.050000

 

930.000000

 

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

South Korea

5.3

-

7.6

-

6.9

-

3.6

-

4.3

-

Asia

-5.7

-

-28.4

-

-6.5

-

1.0

-

1.1

-

Americas

1.5

-

1.3

-

1.1

-

1.1

-

0.6

-

Europe

-2.3

-

0.2

-

0.6

-

0.4

-

-2.8

-

Other Foreign

0.6

-

0.1

-

0.3

-

-0.1

-

16.4

-

Segment Total

2.5

-

0.6

-

2.2

-

2.0

-

2.7

-

Consolidation Adjustment

0.1

-

-0.5

-

-1.3

-

-0.1

-

1.2

-

Consolidated Total

3.1

-

0.8

-

3.1

-

2.7

-

3.0

-

 

 

Business Segments

Financials in: As Reported (mil)

Annual  

 

External Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

3,688.2

97.2 %

2,338.0

94 %

3,622.3

97.1 %

2,239.4

93.7 %

1,599.7

94.9 %

Resource Development Segment

19.0

0.5 %

15.1

0.6 %

19.4

0.5 %

14.6

0.6 %

5.1

0.3 %

Manufacturing Segment

88.7

2.3 %

134.7

5.4 %

90.4

2.4 %

134.7

5.6 %

80.2

4.8 %

Segment Total

3,795.8

100 %

2,487.8

100 %

3,732.1

100 %

2,388.7

100 %

1,685.0

100 %

Consolidation Adjustment

-565.7

-14.9 %

-

-

-564.7

-15.1 %

-505.1

-21.1 %

-347.5

-20.6 %

Consolidated Total

3,230.2

85.1 %

2,487.8

100 %

3,167.4

84.9 %

1,883.6

78.9 %

1,337.5

79.4 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

Intersegment Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

-565.2

99.9 %

313.1

99.7 %

564.6

100 %

505.1

100 %

347.5

100 %

Resource Development Segment

-

-

-

-

-

-

-

-

0.0

0 %

Manufacturing Segment

-0.5

0.1 %

0.9

0.3 %

0.1

0 %

-

-

0.0

0 %

Segment Total

-565.7

100 %

314.0

100 %

564.7

100 %

505.1

100 %

347.5

100 %

Consolidation Adjustment

565.7

-100 %

-314.0

-100 %

-564.7

-100 %

-505.1

-100 %

-347.5

-100 %

Consolidated Total

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

0.0

0 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

 

Total Revenue   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

3,123.0

96.7 %

2,651.1

94.6 %

4,187.0

97.4 %

2,744.4

94.8 %

1,947.2

95.8 %

Resource Development Segment

19.0

0.6 %

15.1

0.5 %

19.4

0.5 %

14.6

0.5 %

5.1

0.3 %

Manufacturing Segment

88.2

2.7 %

135.6

4.8 %

90.5

2.1 %

134.7

4.7 %

80.2

3.9 %

Segment Total

3,230.2

100 %

2,801.8

100 %

4,296.8

100 %

2,893.8

100 %

2,032.6

100 %

Consolidation Adjustment

0.0

0 %

-314.0

-11.2 %

-1,129.4

-26.3 %

-1,010.1

-34.9 %

-695.1

-34.2 %

Consolidated Total

3,230.2

100 %

2,487.8

88.8 %

3,167.4

73.7 %

1,883.6

65.1 %

1,337.5

65.8 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

Operating Income/Loss   USD (mil)

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

47.2

120.4 %

48.0

736.2 %

45.9

139 %

22.0

81.9 %

19.9

89.8 %

Resource Development Segment

5.3

13.5 %

2.5

38.8 %

5.7

17.4 %

2.9

10.7 %

1.0

4.4 %

Manufacturing Segment

-13.3

-33.8 %

-44.0

-675 %

-18.6

-56.4 %

2.0

7.4 %

1.3

5.8 %

Segment Total

39.2

100 %

6.5

100 %

33.0

100 %

26.9

100 %

22.2

100 %

Consolidation Adjustment

-0.3

-0.8 %

1.1

17.6 %

4.1

12.4 %

0.4

1.6 %

-1.3

-5.7 %

Consolidated Total

38.9

99.2 %

7.7

117.6 %

37.1

112.4 %

27.3

101.6 %

20.9

94.3 %

Exchange Rate: KRW to USD

1,156.281981

 

1,276.385219

 

1,100.562842

 

929.183333

 

955.035724

 

 

Operating Margin (%)  

 

31-Dec-10

31-Dec-09

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

1.5

-

1.8

-

1.1

-

0.8

-

1.0

-

Resource Development Segment

27.8

-

16.7

-

29.6

-

19.6

-

19.0

-

Manufacturing Segment

-15.1

-

-32.4

-

-20.6

-

1.5

-

1.6

-

Segment Total

1.2

-

0.2

-

0.8

-

0.9

-

1.1

-

Consolidation Adjustment

-

-

-0.4

-

-0.4

-

0.0

-

0.2

-

Consolidated Total

1.2

-

0.3

-

1.2

-

1.4

-

1.6

-

Long Lived Assets   USD (mil)

 

31-Dec-09

Wholesale Segment

553.7

52.7 %

Resource Development Segment

367.2

34.9 %

Manufacturing Segment

130.0

12.4 %

Segment Total

1,050.9

100 %

Consolidation Adjustment

-246.6

-23.5 %

Consolidated Total

804.3

76.5 %

Exchange Rate: KRW to USD

1,164.475000

 

 

Total Assets   USD (mil)

 

31-Dec-10

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

851.4

60.5 %

616.4

53.8 %

184.2

27.5 %

251.0

30.2 %

Resource Development Segment

409.0

29.1 %

359.6

31.4 %

328.0

49 %

2.1

0.3 %

Manufacturing Segment

146.7

10.4 %

170.1

14.8 %

156.7

23.4 %

113.9

13.7 %

Other Consolidated Assets

-

-

-

-

-

-

464.6

55.9 %

Segment Total

1,407.2

100 %

1,146.0

100 %

668.9

100 %

831.6

100 %

Consolidation Adjustment

-320.4

-22.8 %

-271.7

-23.7 %

-312.0

-46.6 %

-110.7

-13.3 %

Consolidated Total

1,086.8

77.2 %

874.3

76.3 %

356.9

53.4 %

720.9

86.7 %

Exchange Rate: KRW to USD

1,134.900000

 

1,259.550000

 

936.050000

 

930.000000

 

Operating Return on Assets (%)  

 

31-Dec-10

31-Dec-08

31-Dec-07

31-Dec-06

Wholesale Segment

5.7

-

6.5

-

11.9

-

8.1

-

Resource Development Segment

1.3

-

1.4

-

0.9

-

47.4

-

Manufacturing Segment

-9.2

-

-9.6

-

1.3

-

1.2

-

Segment Total

2.8

-

2.5

-

4.0

-

2.7

-

Consolidation Adjustment

0.1

-

-1.3

-

-0.1

-

1.2

-

Consolidated Total

3.6

-

3.7

-

7.6

-

3.0

-

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.66

UK Pound

1

Rs.81.80

Euro

1

Rs.67.18

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.