MIRA INFORM REPORT

 

 

Report Date :

16.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MOORIM PAPER CO., LTD.

 

 

Registered Office :

281-1, Sangpyong-Dong Chinju-Si, Gyeongsangnam-Do, 135-120 Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.08.1973

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of paper and paperboard

 

 

No. of Employees :

603

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Good

Payment Behaviour :

No Complaints

Litigation :

Clear

 

NOTES :

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

 

ECGC Country Risk Classification List – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

MOORIM PAPER Co., Ltd.

                                                                                                                                                   

 

281-1, Sangpyong-Dong

 

 

Chinju-Si, Gyeongsangnam-Do, 135-120

Korea, Republic of

 

Tel:

82-55-7511234

Fax:

82-2-5114040

 

www.moorim.co.kr

 

Employees:

603

Company Type:

Public Independent

Traded:

Korea Stock Exchange:

009200

Incorporation Date:

29-Aug-1973

Auditor:

KPMG LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

South Korean Won

Annual Sales:

770.5  1

Net Income:

41.3

Total Assets:

1,814.7  2

Market Value:

99.0

 

(29-Dec-2011)

 

  Business Description     

 

MOORIM PAPER Co., Ltd. is a Korea-based company engaged in the paper manufacturing business. The Company's offerings consist of coated paper used for books, magazines, catalogues, brochures, calendars, calendars, text books, shopping bags and labels on beverages containers; uncoated paper used for books, note books and diaries, and board paper used for printing materials such as catalogues, brochures, calendars and books for children. It also provides light-weight coated (LWC) paper for various prints, as well as raw materials. For the fiscal year ended 31 December 2010, MOORIM PAPER Co., Ltd.'s total revenues increased 6% to W890.93B. The Company's net income decreased 2% to W47.71B . Revenues reflect increased sales in white paper finished products in foreign market and merchandises. Net income was offset by decreased gains on foreign exchange transaction, exclusion of recovery on loan loss reserve and increased interest expense.

          

Industry                                                                                                                                      

 

Industry

Paper and Paper Products

ANZSIC 2006:

1510 - Pulp, Paper and Paperboard Manufacturing

NACE 2002:

2112 - Manufacture of paper and paperboard

NAICS 2002:

322121 - Paper (except Newsprint) Mills

UK SIC 2003:

2112 - Manufacture of paper and paperboard

US SIC 1987:

2621 - Paper Mills

                      

Key Executives           

   

 

Name

Title

Yin Jung Kim

President, Chief Executive Officer, Director

Mu Yeong Jung

Internal Auditor

Im Jung Kim

President and Chief Executive Officer

In Jung Kim

President

Seung Seop Hong

Manager-Marketing & Product

 

Significant Developments                                                           

 

Topic

#*

Most Recent Headline

Date

Dividends

1

MOORIM PAPER Co., Ltd. Declares Annual Cash Dividend for FY 2010

17-Feb-2011

* number of significant developments within the last 12 months

 

 

  Financial Summary                                                                                                               

 

As of 31-Dec-2010

Key Ratios

Company

Industry

Sales 5 Year Growth

13.65

1.68

 

 

 

 

Stock Snapshot                                    

 

Traded: Korea Stock Exchange: 009200

 

As of 29-Dec-2011

   Financials in: KRW

Recent Price

2,740.00

 

EPS

1,276.15

52 Week High

4,500.00

 

Price/Sales

0.13

52 Week Low

2,500.00

 

Dividend Rate

250.00

Avg. Volume (mil)

0.09

 

Price/Book

0.28

Market Value (mil)

114,009.50

 

Beta

0.81

 

Price % Change

Rel S&P 500%

4 Week

4.38%

9.55%

13 Week

0.74%

-2.37%

52 Week

-39.11%

-31.84%

Year to Date

-38.15%

-30.52%

 

 

 

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
281-1, Sangpyong-Dong
Chinju-Si, Gyeongsangnam-Do, 135-120
Korea, Republic of

 

Tel:

82-55-7511234

Fax:

82-2-5114040

 

www.moorim.co.kr

Quote Symbol - Exchange

009200 - Korea Stock Exchange

Sales KRW(mil):

890,926.1

Assets KRW(mil):

2,059,526.0

Employees:

603

Fiscal Year End:

31-Dec-2010

 

Industry:

Paper and Paper Products

Incorporation Date:

29-Aug-1973

Company Type:

Public Independent

Quoted Status:

Quoted

Previous Name:

Shinmoorim Paper Mfg Co Ltd

 

President, Chief Executive Officer, Director:

Yin Jung Kim

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

 

Home Page

Investor Relations

 

News Releases

Products/Services

Contents

Industry Codes

Business Description

Financial Data

Market Data

Key Corporate Relationships

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1510

-

Pulp, Paper and Paperboard Manufacturing

1529

-

Other Converted Paper Product Manufacturing

 

NACE 2002 Codes:

2111

-

Manufacture of pulp

2125

-

Manufacture of other articles of paper and paperboard not elsewhere classified

2112

-

Manufacture of paper and paperboard

 

NAICS 2002 Codes:

322299

-

All Other Converted Paper Product Manufacturing

322121

-

Paper (except Newsprint) Mills

322110

-

Pulp Mills

 

US SIC 1987:

2621

-

Paper Mills

2611

-

Pulp Mills

2679

-

Converted Paper and Paperboard Products, Not Elsewhere Classified

 

UK SIC 2003:

2111

-

Manufacture of pulp

2112

-

Manufacture of paper and paperboard

21259

-

Manufacture of other articles of paper and paperboard not elsewhere classified

 

 

Business Description

MOORIM PAPER Co., Ltd. is a Korea-based company engaged in the paper manufacturing business. The Company's offerings consist of coated paper used for books, magazines, catalogues, brochures, calendars, calendars, text books, shopping bags and labels on beverages containers; uncoated paper used for books, note books and diaries, and board paper used for printing materials such as catalogues, brochures, calendars and books for children. It also provides light-weight coated (LWC) paper for various prints, as well as raw materials. For the fiscal year ended 31 December 2010, MOORIM PAPER Co., Ltd.'s total revenues increased 6% to W890.93B. The Company's net income decreased 2% to W47.71B . Revenues reflect increased sales in white paper finished products in foreign market and merchandises. Net income was offset by decreased gains on foreign exchange transaction, exclusion of recovery on loan loss reserve and increased interest expense.

 

 

 

More Business Descriptions

Manufacture of art paper and printing paper

 

Paper Mills

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

890,926.1

Net Income:

47,710.6

Assets:

2,059,526.0

Long Term Debt:

611,739.1

 

Total Liabilities:

1,650,176.9

 

Working Capital:

28.4

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

5.8%

-2.4%

39.8%

 

 

Market Data

Quote Symbol:

009200

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

2,740.0

Stock Price Date:

12-29-2011

52 Week Price Change %:

-39.1

Market Value (mil):

114,009,504.0

 

SEDOL:

6806064

ISIN:

KR7009200007

 

Equity and Dept Distribution:

'98, non-consolidated. '99-'06, consolidated. 08/06, Company name changed from Shinmoorim Paper Manufacturing Co., Ltd. '99, FY end changed from March to December, and 9 mo. numbers as reported. 05/11, share split (F:2.000000).

 

 

 

Key Corporate Relationships

Auditor:

KPMG LLP

 

Auditor:

KPMG LLP

 

 

 

 

 

 

 

 

 

 

The Strategic Initiatives report is created using technology to extract meaningful insights from analyst reports about a company's strategic projects and investments. More about Strategic Initiatives

 

Strategic Initiatives

 

Partnerships

As the company’s operations are spread across various countries, it can capitalize on the growing opportunities, which would improve its revenue.Strategic PartnershipsMoorim’s focus on pursuing strategic alliances complements its business. The company entered into a 'Green Partnership' agreement with its partners for the first time in printing paper industries in Korea. Green Partnership is in collaboration with various government institutions that promotes large enterprises to build eco-friendly, low carbon management systems with the help of partners. Through such agreements, companies can build low carbon, green growth society. Strong partnerships enable the company to provide safe and reliable products and services to its customers with ease.Expansion of OperationsThe expansion of the company’s operations through new product launches and facility expansions would enable it to attain enhanced product base.
 

 

 

 

STRENGTHS/WEAKNESSES (SWOT)

 

 

Helpful
to achieving the objective

Harmful
to achieving the objective

Internal Origin
(attributes of the organization)

Strengths

·        Cutting Edge Technology

·        Strong Market Presence

·        Environment Friendly Plant

·        Expanding Operating Margin

Weaknesses

·        Increasing Trade Receivables

·        Limited Liquidity Position

External Origin
(attributes of the environment)

Opportunities

·        Growing Demand for Packaging Products

·        Expansion of Operations

·        Strategic Partnerships

Threats

·        Environmental laws and regulations

·        Intense Competition

·        Increasing Raw Material Costs

 

 

Overview

 

Moorim Paper Co., Ltd. (Moorim) focuses on the manufacture and retailing of paper and packaging products. The product portfolio of the company includes coated papers, uncoated papers and board papers. The company’s products find application in various areas such as books, magazines, catalogs, calendars, brochures, and advertising leaflets, note books and diaries and printing materials. Moorim is also a provider of coating papers, release base papers, water transfer base papers, map papers, photosensitive papers and other related products. The R&D spending helps Moorim to bring new solutions to a wide variety of markets and maintain its competitive position.

 

Strengths

 

Cutting Edge Technology

Moorim's research and development (R&D) activities, nurtures the new growth platforms, helping it deliver sustainable growth for the future years. The company focuses on various research activities in order to develop high technology in paper manufacturing. Its Paper Research Institute is one of the leading research institutes that employs state-of-the-art technology in the paper manufacturing industry. The research activities of the company are carried out with help of various units such as paper analysis lab, paper test lab, paper physical chemistry lab, paper making lab, paper coating lab and paper printing lab. Moorim Paper has the latest facilities with cutting-edge technology. The company has patent registrations for various methods which include Fire proof wall base paper manufacturing method, Recycling method of waste paper using Modified Cellulase, Recycling method of waste paper using exclusive ferment for flotation deinking, Enzyme application method to save energy during paper manufacturing process, Polaris paper and manufacturing method, Method for manufacturing security papers and Voting paper and manufacturing method for improving of seal-ink application quality and an auto voting quality. The strong R&D capabilities of the company enable it to implement innovative technologies and deliver advanced products and services that meet its customers' critical needs.

 

Strong Market Presence

Moorim enjoys a leading market position in Korea that helps it attract and serve a diverse customer base. Moorim Paper is one of the leading companies in paper making industry of Korea. It has a strong presence domestic art paper market through its latest facilities in cutting-edge technology. The key products offered by this company include coated woodfree paper (two-side coated); coated woodfree paper (one-side coated); uncoated woodfree paper, and boards. Its products find applications in magazines, catalogues, brochures and calendars, beverages, liquor, ordinary plastic containers, food contact paper board and high quality packaging. Moorim SP has a wide presence in Industry paper; Information paper; and Commodity paper. In Industry paper, the company provides CCP paper, uncoated label paper, green release base paper, linen embossed paper, and release base paper. In Information paper, the company provides misty yellow form base paper, and security paper. In Commodity paper, the company provides fire proof paper, uncoated shooping bag paper, uncoated food packaging paper, and food packaging paper. Diversified end market applications help the company cater to the needs of a substantial customer base and generate significant revenue. It also enables the company to mitigate market volatility for its products in any specific industry.

 

Environment Friendly Plant

Moorim grows honestly with the nature, it has Moorim paper and Moorim SP. Moorim paper provides smokeless plant, three step wastewater treatment system, and environment related activites. In smokeless plant, the company supplied steam from own cogeneration plant, and they took complete step to make chimneyless mill, causing no air pollution. In three step wastewater treatment system, the company conducts three different purifiaction steps before the last sewage treatment facility. In environment related activites, the company participated in water cleanup activities to protect the Nam river, which is the main water source of Jinju. It also has the certifiaction of Eco-label from the Korea environment labeling association. Moorim SP provides green campaign and forestation and preventing air and water pollution. In green campaign and forestation, the company participated in environment protection efforts such as cleaning Schincheon river and Geumho river, two main streams of the regional eco system. In preventing air and water pollution, the comapny air pollution through use of liquefied natural gas and prevents water pollution through wastewater treatment system in three stages.

 

Expanding Operating Margin

The company's operating margin was 10.62% for fiscal year 2009. This was above the S&P 500 companies average* of 7.26%. A higher than S&P 500 companies average* operating margin may indicate efficient cost management or a strong pricing strategy by the company. The operating margin has increased 82 basis points (bps) over 2008, which may indicate management's high focus on improving profitability.

 

Weaknesses

 

Increasing Trade Receivables

Moorim reported increase in revenues by 3.2% in 2010 over that in 2009. The company's inventories have also gone up to KRW 184217.3m in 2010 from KRW 101383.3m in 2009. However, trade receivables have increased to KRW 270832.2m in 2010 from KRW 156672.8m in 2009, indicating possible credit sales. In the backdrop of volatile macro environment default by any customer would affect the company business and financial condition adversely.

 

Limited Liquidity Position

Moorim's current ratio was 1.16 at the end of fiscal year 2010. Current ratio indicates that the company is in a weaker financial position. For the fiscal year ended March 2010, the company’s cash ratio decreased to 0.39 from 0.57in 2009. Its Quick ratio decreased to 0.85 from 1.02 in 2009. In 2010, the company’s current liabilities increased to KRW 59,8733m, representing an increase of 58% over 2009. Weak liquidity position will hamper the financial stability and restricts the company from meeting its short-term obligations.

 

 

Opportunities

 

Growing Demand for Packaging Products

The packaging industry is expected to have a high growth in the coming years, which may enhance the company’s top line performance. The growth is expected to be much faster from the emerging markets like India and China. The consumption of paper and paperboard in China has been growing in recent years and the total consumption is expected to exceed 90 million tons per year and by 2015, the demand is expected to expand further, to about 130 million tons per year. In addition, the Central and Eastern European markets are also growing much rapidly. As the company’s operations are spread across various countries, it can capitalize on the growing opportunities, which would improve its revenue.

 

Expansion of Operations

The expansion of the company’s operations through new product launches and facility expansions would enable it to attain enhanced product base. The company launched a new item shopping bags paper, namely Neo-Coated Shopping Bag HB. ‘HB’ of Neo-Coated Shopping Bag HB signifies that it has High bulk. The coating on this product helps prevent curling at the back of the sheet during the process and after the production. Through such new product launches, the company increases it product portfolio. Moorim intends to conduct an active product marketing in major markets of Asia, the US and Europe, besides its existing domestic market for art shopping bag. The company completed the construction of a Pulp-Paper integrated mill of Korea in May 2011 at its operating location, Donghae Pulp. This integrated mill is the Korea’s first and the only mill. The company established Moorim International and signed for the plan of internatinal plantation.

 

 

Strategic Partnerships

Moorim’s focus on pursuing strategic alliances complements its business. The company entered into a 'Green Partnership' agreement with its partners for the first time in printing paper industries in Korea. Green Partnership is in collaboration with various government institutions that promotes large enterprises to build eco-friendly, low carbon management systems with the help of partners. Through such agreements, companies can build low carbon, green growth society. Strong partnerships enable the company to provide safe and reliable products and services to its customers with ease.

 

Threats

 

Environmental laws and regulations

Moorim is subject to various environmental laws and regulations. Failure to comply with existing regulations would adversely affect the company's profits as it may lead to the impositions of fines. Its environmental processes and management are based on full compliance with such laws and regulations, and environmental investments, audits and measurements are carried out on a continuing basis. The company is liable under environmental laws, including air emissions, wastewater discharge, timber harvesting, the storage, management and disposal of hazardous substances and waste, the clean-up of contaminated sites, landfill operation and closure, forestry operations, endangered species habitat, and health and safety. Although the company has been implementing strong environmental policy, any new government regulations or utility policies related to the company’s products may result in significant additional expenses, hampering its business and overall growth.

 

 

Intense Competition

Moorim faces a strong competition in the paper and packaging industry. Pulp and paper markets are highly competitive markets in which producers compete mainly on the basis of price. Its competitors vary in size and the breadth of their product offerings and some of them have significantly greater financial, technical and marketing resources. Regardless of the continuing quality of primary products, the company faces the challenge of maintaining the prices or margins due to variations in demand for, or pricing of, paper and pulp products; increasing manufacturing costs; increasing competition in international markets or from domestic or foreign producers and declining general economic conditions. The company’s inability to compete effectively or to maintain its prices and margins, in future, could have a material adverse effect on earnings and cash flow.

 

 

Increasing Raw Material Costs

Moorim uses raw materials in its production process. Higher raw material costs increase the company’s production costs, which forces it to either raise the prices of its products by placing the burden on the consumer, or bear the burden by absorbing the higher costs and decreasing profit margins. Further, production plants and their machines are powered by oil and natural gas, both of which have become expensive. Thus, the price fluctuations and non-availability of these raw materials may have a material effect on the product cost and the operations of the company.

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Dong Wuk Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chairman

 

Lee Dong Wuk is Chairman of the Board and Co-Chief Executive Officer of MOORIM PAPER Co., Ltd. Lee is also Chairman cum Chief Executive Officer of MOORIM SP CO., LTD. and DONGHAEPULP CO.,LTD. Lee holds a Bachelor's degree in Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Yin Jung Kim

 

President, Chief Executive Officer, Director

Director/Board Member

 

 

 

Kim Yin Jung has been President, Chief Executive Officer (CEO) and Director of MOORIM PAPER Co., Ltd. since November 24, 2006. Kim is also Chief Executive Officer cum President of DONGHAEPULP CO.,LTD, MOORIM P&P and MOORIM SP CO., LTD. Previously, Kim served as CEO of Daejong Corporation, and worked for Samsung Group. Kim holds a Bachelor's degree in Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Yeong Sik Kim

 

Managing Director

Director/Board Member

 

 

 

Kim Yeong Sik has been Managing Director of MOORIM PAPER Co., Ltd. since March 20, 2008. Kim was previously Chief Executive Officer of MOORIM OFFICEWAY. Kim holds a Bachelor's degree in Business Administration from Hanyang University, Korea.


Education

B Business Administration, Hanyang University

Do Gyun Lee

 

Assistant Managing Director

Director/Board Member

 

 


Education

B , New York University

Gyu Hyeon Lee

 

Vice President, Director

Director/Board Member

 

 

 

Lee Gyu Hyeon is Vice President and Director of MOORIM PAPER Co., Ltd. Prior to the current position, Lee served as Head of Operations at the Company. Lee also worked for Korea Development Corporation and Construction. Lee holds a Master's degree in Business Administration from Sogang University, Korea.


Education

M Business Administration, Sogang University

Jang Hwa Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Lee Jang Hwa has been Non-Executive Independent Director of MOORIM PAPEE Co., Ltd. since March 17, 2005. Prior to joining the Company, Lee served as Vice President of Sewang Metal Ind. Co., Ltd. Lee holds a Doctorate's degree in Business Administration from Kyungwon University, Korea.


Education

PHD Business Administration, Kyungwon University

Jong Dae Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Lee Jong Dae has been Non-Executive Independent Director of MOORIM PAPER Co., Ltd. since March 16, 2006. Previously, Lee served as Chairman of Kimberly-Clark Worldwide Inc. Lee also worked for Yuhan-Kimberly. Lee received a Bachelor's degree in Physics from Kyungpook National University, Korea.


Education

B Physics, Kyungpook National University

Yin Gyu Park

 

Vice President, Director

Director/Board Member

 

 

 

Park Yin Gyu is Vice President and Director of MOORIM PAPER Co., Ltd. Previously, Park worked for Hyundai Heavy Industries and hanil development co., ltd. Park holds a Bachelor's degree in International Trade from Seoul National University, Korea.

 

B International Trade, Seoul National University

 

Executives

 

Name

Title

Function

Yin Jung Kim

 

President, Chief Executive Officer, Director

Chief Executive Officer

 

Kim Yin Jung has been President, Chief Executive Officer (CEO) and Director of MOORIM PAPER Co., Ltd. since November 24, 2006. Kim is also Chief Executive Officer cum President of DONGHAEPULP CO.,LTD, MOORIM P&P and MOORIM SP CO., LTD. Previously, Kim served as CEO of Daejong Corporation, and worked for Samsung Group. Kim holds a Bachelor's degree in Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Im Jung Kim

 

President and Chief Executive Officer

Chief Executive Officer

 

 

Dong Wuk Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chief Executive Officer

 

 

 

Lee Dong Wuk is Chairman of the Board and Co-Chief Executive Officer of MOORIM PAPER Co., Ltd. Lee is also Chairman cum Chief Executive Officer of MOORIM SP CO., LTD. and DONGHAEPULP CO.,LTD. Lee holds a Bachelor's degree in Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

In Jung Kim

 

President

President

 

 

Hong Seok Ahn

 

Assistant Managing Director

Managing Director

 

 


Education

B Business Administration, Korea University

Yeong Sik Kim

 

Managing Director

Managing Director

 

 

 

Kim Yeong Sik has been Managing Director of MOORIM PAPER Co., Ltd. since March 20, 2008. Kim was previously Chief Executive Officer of MOORIM OFFICEWAY. Kim holds a Bachelor's degree in Business Administration from Hanyang University, Korea.


Education

B Business Administration, Hanyang University

Hyeon Chang Kim

 

Assistant Managing Director

Managing Director

 

 


Education

B Business Administration, Kookmin University

Gyeong Rae Kim

 

Assistant Managing Director

Managing Director

 

 


Education

B Chemistry, Kyungpook National University

Do Gyun Lee

 

Assistant Managing Director

Managing Director

 

 


Education

B , New York University

Mu Yeong Jung

 

Internal Auditor

Accounting Executive

 

 

 

Jung Mu Yeong is Internal Auditor of MOORIM PAPER Co., Ltd. Prior to joining the Company, Jung served as Chief Executive Officer at DONGHAEPULP CO.,LTD. Jung holds a Bachelor's degree in Commerce from Kookmin University, Korea.


Education

B Commerce, Kookmin University

Young Hwang Park

 

Manager-Investment

Investment Executive

 

 

Sang Jin Ahn

 

Manager-Customer Services

Customer Service Executive

 

 

Seung Seop Hong

 

Manager-Marketing & Product

Marketing Executive

 

 

Robin Jeong

 

Manager-Marketing-China & Oceania

Marketing Executive

 

 

Jeremy Jin

 

Manager-Marketing-East Asia & Hongkong

Marketing Executive

 

 

Seok Man Kim

 

Vice President

Marketing Executive

 

 

Jay R. Kim

 

Manager-Marketing-UK & Europe

Marketing Executive

 

 

Bryan Kim

 

Manager-Marketing-Middle East, Japan & Africa

Marketing Executive

 

 

Eun Young Kim

 

Manager-Public Relations

Public Relations Executive

 

 

Sang Cheol Ahn

 

Manager-Privacy Policy

Other

 

 

In Kyu Park

 

Vice President

Other

 

 

 

 

Significant Developments

 

 

 

 

MOORIM PAPER Co., Ltd. Declares Annual Cash Dividend for FY 2010

Feb 17, 2011


MOORIM PAPER Co., Ltd. announced that it has declared an annual cash dividend of KRW 500 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 5.3% and the total amount of the cash dividend is KRW 10,402,327,500. The Company's annual cash dividend for the fiscal year 2009 was KRW 600 per share.

 

 Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

745.0

653.9

832.8

559.4

442.0

Revenue

745.0

653.9

832.8

559.4

442.0

    Other Revenue

25.5

5.6

7.5

-

-

Other Revenue, Total

25.5

5.6

7.5

-

-

Total Revenue

770.5

659.5

840.2

559.4

442.0

 

 

 

 

 

 

    Cost of Revenue

612.4

522.9

679.8

461.5

359.2

Cost of Revenue, Total

612.4

522.9

679.8

461.5

359.2

Gross Profit

132.7

131.0

153.0

97.9

82.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

52.5

42.6

55.5

55.1

38.6

    Labor & Related Expense

20.2

18.2

17.2

12.8

13.0

    Advertising Expense

0.6

0.4

0.6

0.7

1.1

Total Selling/General/Administrative Expenses

73.4

61.2

73.4

68.6

52.8

Research & Development

0.7

1.1

1.3

1.3

1.3

    Depreciation

1.3

0.6

0.4

0.5

0.6

    Amortization of Intangibles

3.8

3.7

3.1

1.9

0.9

Depreciation/Amortization

5.1

4.2

3.5

2.4

1.4

Total Operating Expense

691.6

589.5

757.9

533.8

414.7

 

 

 

 

 

 

Operating Income

78.9

70.0

82.3

25.6

27.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-19.2

-16.5

-26.5

-12.1

-11.1

    Interest Expense, Net Non-Operating

-19.2

-16.5

-26.5

-12.1

-11.1

        Interest Income - Non-Operating

5.1

4.4

10.0

1.5

1.4

        Investment Income - Non-Operating

23.9

-6.3

-80.2

-0.7

3.9

    Interest/Investment Income - Non-Operating

29.0

-1.8

-70.2

0.8

5.2

Interest Income (Expense) - Net Non-Operating Total

9.8

-18.3

-96.7

-11.3

-5.8

Gain (Loss) on Sale of Assets

-2.8

-0.1

-1.8

-0.3

-0.2

    Other Non-Operating Income (Expense)

-0.2

-4.3

1.7

0.3

1.5

Other, Net

-0.2

-4.3

1.7

0.3

1.5

Income Before Tax

85.6

47.2

-14.4

14.4

22.7

 

 

 

 

 

 

Total Income Tax

16.6

6.3

-5.9

4.7

7.6

Income After Tax

69.0

41.0

-8.6

9.6

15.1

 

 

 

 

 

 

    Minority Interest

-27.7

-2.7

-0.4

-1.0

-1.1

    Equity In Affiliates

-

0.0

-13.1

-

-

Net Income Before Extraord Items

41.3

38.3

-22.0

8.6

14.0

Net Income

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

41.6

41.6

41.6

38.6

38.6

Basic EPS Excl Extraord Items

0.99

0.92

-0.53

0.22

0.36

Basic/Primary EPS Incl Extraord Items

0.99

0.92

-0.53

0.22

0.36

Dilution Adjustment

-

0.0

0.0

0.4

0.4

Diluted Net Income

41.3

38.3

-22.0

9.1

14.3

Diluted Weighted Average Shares

41.6

41.6

41.6

41.6

41.6

Diluted EPS Excl Extraord Items

0.99

0.92

-0.53

0.22

0.34

Diluted EPS Incl Extraord Items

0.99

0.92

-0.53

0.22

0.34

Dividends per Share - Common Stock Primary Issue

0.22

0.24

0.18

0.22

0.21

Gross Dividends - Common Stock

9.0

9.8

7.6

8.3

8.1

Interest Expense, Supplemental

19.2

16.5

21.5

12.1

11.1

Depreciation, Supplemental

28.9

25.2

29.5

21.5

20.4

Total Special Items

5.2

2.6

3.4

0.3

0.2

Normalized Income Before Tax

90.8

49.8

-11.0

14.6

22.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.6

0.0

0.6

0.1

0.1

Inc Tax Ex Impact of Sp Items

17.2

6.3

-5.3

4.8

7.7

Normalized Income After Tax

73.7

43.5

-5.7

9.8

15.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

45.9

40.8

-19.2

8.8

14.1

 

 

 

 

 

 

Basic Normalized EPS

1.10

0.98

-0.46

0.23

0.37

Diluted Normalized EPS

1.10

0.98

-0.46

0.22

0.35

Amort of Acquisition Costs, Supplemental

2.4

2.4

1.7

-

-

Amort of Intangibles, Supplemental

1.9

1.6

1.9

2.4

1.3

Rental Expenses

4.6

3.6

3.6

3.1

1.4

Advertising Expense, Supplemental

0.6

0.4

0.6

0.7

1.1

Research & Development Exp, Supplemental

0.7

1.1

1.3

1.3

1.3

Normalized EBIT

78.9

70.0

82.3

25.6

27.3

Normalized EBITDA

112.0

99.3

115.4

49.5

49.0

 

 

 

 

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

156.2

164.9

103.0

53.5

20.6

    Short Term Investments

51.1

20.6

64.8

0.1

0.1

Cash and Short Term Investments

207.3

185.5

167.8

53.6

20.6

        Accounts Receivable - Trade, Gross

136.2

132.6

129.3

121.3

95.6

        Provision for Doubtful Accounts

-1.6

-1.3

-1.5

-0.9

-0.7

    Trade Accounts Receivable - Net

135.8

132.0

130.0

120.5

94.8

    Other Receivables

102.9

2.6

6.6

2.5

3.3

Total Receivables, Net

238.6

134.5

136.6

123.1

98.2

    Inventories - Finished Goods

104.5

47.3

85.0

50.1

62.1

    Inventories - Work In Progress

4.1

4.4

3.6

3.2

2.4

    Inventories - Raw Materials

34.0

17.6

26.4

9.0

6.3

    Inventories - Other

19.7

17.8

14.9

5.3

5.5

Total Inventory

162.3

87.1

129.9

67.7

76.3

Prepaid Expenses

1.1

1.9

1.2

0.9

0.9

    Deferred Income Tax - Current Asset

4.3

4.7

0.7

0.5

1.0

    Other Current Assets

0.0

4.1

1.5

-

-

Other Current Assets, Total

4.4

8.8

2.3

0.5

1.0

Total Current Assets

613.7

417.8

437.8

245.7

197.0

 

 

 

 

 

 

        Buildings

147.4

139.6

128.9

93.1

93.5

        Land/Improvements

250.4

237.6

137.5

38.4

38.6

        Machinery/Equipment

514.9

494.8

450.7

403.2

405.2

        Construction in Progress

414.2

89.1

4.7

4.7

0.2

        Leases

5.0

6.2

-

-

-

        Natural Resources

6.0

6.2

4.7

0.2

0.2

    Property/Plant/Equipment - Gross

1,338.0

973.6

726.3

539.7

537.7

    Accumulated Depreciation

-313.3

-281.6

-235.3

-164.2

-147.1

Property/Plant/Equipment - Net

1,024.7

692.0

491.0

375.4

390.6

Goodwill, Net

42.2

43.5

71.1

0.1

0.2

Intangibles, Net

3.4

4.2

5.5

9.7

12.0

    LT Investment - Affiliate Companies

19.1

17.3

16.9

16.4

14.9

    LT Investments - Other

31.5

11.7

7.1

8.8

9.0

Long Term Investments

50.6

29.0

24.0

25.2

23.9

Note Receivable - Long Term

75.8

74.8

2.4

-

-

    Other Long Term Assets

4.2

3.9

8.4

3.3

2.6

Other Long Term Assets, Total

4.2

3.9

8.4

3.3

2.6

Total Assets

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

Accounts Payable

52.4

63.5

92.9

80.3

69.5

Accrued Expenses

7.7

5.4

5.6

3.7

3.1

Notes Payable/Short Term Debt

248.8

144.7

161.9

75.4

27.1

Current Portion - Long Term Debt/Capital Leases

113.9

60.3

24.2

38.0

31.3

    Dividends Payable

0.0

0.0

0.0

0.0

0.0

    Customer Advances

6.8

3.1

10.4

0.3

0.5

    Security Deposits

-

-

0.0

-

-

    Income Taxes Payable

7.5

7.6

2.9

1.6

2.4

    Other Payables

81.8

28.8

1.4

16.8

17.4

    Deferred Income Tax - Current Liability

0.0

0.0

0.0

-

-

    Other Current Liabilities

8.6

10.2

1.5

0.7

2.1

Other Current liabilities, Total

104.8

49.6

16.1

19.4

22.4

Total Current Liabilities

527.6

323.6

300.8

216.7

153.4

 

 

 

 

 

 

    Long Term Debt

539.0

251.1

178.1

110.8

142.7

Total Long Term Debt

539.0

251.1

178.1

110.8

142.7

Total Debt

901.7

456.1

364.1

224.2

201.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

34.1

32.9

9.2

3.4

2.6

Deferred Income Tax

34.1

32.9

9.2

3.4

2.6

Minority Interest

270.0

244.9

198.7

7.8

7.0

    Pension Benefits - Underfunded

31.5

31.0

30.7

10.8

10.0

    Other Long Term Liabilities

51.9

66.7

72.8

0.2

0.3

Other Liabilities, Total

83.4

97.7

103.4

11.0

10.3

Total Liabilities

1,454.0

950.2

790.2

349.7

316.0

 

 

 

 

 

 

    Common Stock

91.7

89.3

82.6

103.1

103.8

Common Stock

91.7

89.3

82.6

103.1

103.8

Additional Paid-In Capital

92.9

85.3

58.2

75.1

75.6

Retained Earnings (Accumulated Deficit)

146.4

112.4

71.7

130.7

131.3

Unrealized Gain (Loss)

4.2

3.3

4.0

0.4

-0.7

    Translation Adjustment

0.5

0.6

1.0

-0.3

-0.3

    Other Equity

25.0

24.1

32.6

0.6

0.6

Other Equity, Total

25.5

24.7

33.6

0.3

0.3

Total Equity

360.7

315.0

250.1

309.6

310.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

41.6

41.6

41.6

38.6

38.6

Total Common Shares Outstanding

41.6

41.6

41.6

38.6

38.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

603

618

653

580

578

Number of Common Shareholders

5,509

3,616

2,233

2,404

2,633

Deferred Revenue - Current

6.8

3.1

10.4

0.3

0.5

Total Long Term Debt, Supplemental

653.7

311.4

202.2

149.0

174.3

Long Term Debt Maturing within 1 Year

113.9

60.3

24.2

38.1

31.3

Long Term Debt Maturing in Year 2

138.4

98.0

35.1

27.3

38.2

Long Term Debt Maturing in Year 3

184.0

82.8

51.6

10.0

27.3

Long Term Debt Maturing in Year 4

57.7

40.7

50.7

44.7

9.8

Long Term Debt Maturing in Year 5

-

-

-

-

49.7

Long Term Debt Maturing in 2-3 Years

322.4

180.8

86.7

37.3

65.5

Long Term Debt Maturing in 4-5 Years

57.7

40.7

50.7

44.7

59.5

Long Term Debt Matur. in Year 6 & Beyond

159.7

29.7

40.6

28.8

18.0

Total Operating Leases, Supplemental

0.1

0.2

1.0

2.3

4.2

Operating Lease Payments Due in Year 1

0.1

0.2

0.7

0.9

0.9

Operating Lease Payments Due in Year 2

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 3

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 4

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 5

-

0.0

0.1

0.3

0.8

Operating Lease Pymts. Due in 2-3 Years

-

0.0

0.2

0.7

1.6

Operating Lease Pymts. Due in 4-5 Years

-

0.0

0.2

0.7

1.6

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

0.0

0.0

0.0

0.0

0.0

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

69.0

41.0

-21.6

9.6

15.1

    Depreciation

28.9

25.2

29.5

21.5

20.4

Depreciation/Depletion

28.9

25.2

29.5

21.5

20.4

    Amortization of Intangibles

4.2

4.1

3.6

2.4

1.3

Amortization

4.2

4.1

3.6

2.4

1.3

Deferred Taxes

0.5

-2.7

-5.2

0.4

-0.3

    Unusual Items

2.9

0.3

1.9

0.3

2.0

    Equity in Net Earnings (Loss)

-1.7

-0.8

0.2

-0.5

0.2

    Other Non-Cash Items

-11.8

11.3

76.8

5.6

1.7

Non-Cash Items

-10.7

10.7

78.9

5.3

3.9

    Accounts Receivable

31.5

10.7

-42.2

-13.0

25.6

    Inventories

-69.8

48.3

-49.3

9.5

-14.2

    Prepaid Expenses

0.6

-0.5

-0.5

0.0

0.2

    Other Assets

-24.9

-5.0

0.8

1.3

-

    Accounts Payable

-10.8

-4.6

27.5

-2.0

-8.4

    Accrued Expenses

2.6

-0.6

3.1

0.5

-4.7

    Taxes Payable

-0.9

4.1

1.7

-0.6

-3.6

    Other Liabilities

-5.8

-43.3

-17.5

-3.0

2.2

Changes in Working Capital

-77.5

9.2

-76.4

-7.4

-2.9

Cash from Operating Activities

14.5

87.4

8.8

31.9

37.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-342.1

-86.2

-11.8

-9.1

-38.0

    Purchase/Acquisition of Intangibles

-1.0

0.0

0.0

-0.1

-9.3

Capital Expenditures

-343.1

-86.2

-11.8

-9.2

-47.3

    Sale of Fixed Assets

0.7

0.7

0.7

0.1

0.8

    Sale/Maturity of Investment

16.0

64.4

0.1

0.0

0.0

    Purchase of Investments

-61.7

-21.3

-42.5

-1.3

-1.1

    Other Investing Cash Flow

-59.2

-66.5

-1.4

-0.2

-0.3

Other Investing Cash Flow Items, Total

-104.3

-22.7

-43.0

-1.3

-0.5

Cash from Investing Activities

-447.3

-108.9

-54.8

-10.5

-47.8

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

14.1

-80.5

-0.1

-0.3

Financing Cash Flow Items

0.0

14.1

-80.5

-0.1

-0.3

    Cash Dividends Paid - Common

-10.8

-6.5

-7.0

-9.7

-10.1

Total Cash Dividends Paid

-10.8

-6.5

-7.0

-9.7

-10.1

        Short Term Debt Issued

609.3

272.7

502.8

188.2

134.2

        Short Term Debt Reduction

-478.5

-294.4

-393.2

-140.1

-163.2

    Short Term Debt, Net

130.8

-21.7

109.6

48.1

-29.1

        Long Term Debt Issued

358.0

109.3

121.7

5.0

86.8

        Long Term Debt Reduction

-58.0

-24.9

-25.4

-31.3

-57.1

    Long Term Debt, Net

300.0

84.4

96.3

-26.4

29.7

Issuance (Retirement) of Debt, Net

430.8

62.7

206.0

21.7

0.6

Cash from Financing Activities

420.0

70.3

118.5

11.9

-9.8

 

 

 

 

 

 

Net Change in Cash

-12.8

48.8

72.4

33.3

-20.0

 

 

 

 

 

 

Net Cash - Beginning Balance

166.1

101.7

45.5

20.6

40.1

Net Cash - Ending Balance

153.3

150.5

117.9

53.9

20.0

 

 

 

 

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

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

    Merchandise Revenue

52.0

31.5

231.6

-

-

    Finished Product Revenue

693.1

622.4

601.1

-

-

    Other Revenue

25.5

5.6

7.5

-

-

    Net Sales

-

-

-

559.4

442.0

Total Revenue

770.5

659.5

840.2

559.4

442.0

 

 

 

 

 

 

    Cost-Finished Goods Sold

554.6

489.8

635.0

-

-

    Cost-Merchandise Sold

44.8

27.8

38.8

-

-

    Cost-Other Sales

13.0

5.2

6.0

-

-

    Cost-Revenue

-

-

-

461.5

359.2

    Salaries & Wages

16.9

15.2

13.2

10.2

10.0

    Retirement Allowance

0.9

1.4

2.0

0.9

0.8

    Employee Benefits

2.4

1.7

2.0

1.7

2.2

    Travel Expense

0.9

0.8

0.9

0.6

0.7

    Communication Expense

0.3

0.2

0.2

0.3

0.3

    Utility Expense

0.0

0.0

0.0

0.0

0.0

    Taxes & Dues

0.5

0.4

0.4

0.3

0.4

    Rent

4.6

3.6

3.6

3.1

1.4

    Depreciation Expense

1.3

0.6

0.4

0.5

0.6

    Repair Expense

0.0

0.0

0.0

0.0

0.0

    Insurance Expense

0.7

0.5

0.6

0.7

0.6

    Entertainment Expense

0.9

0.6

0.5

0.5

0.5

    Advertising Expense

0.6

0.4

0.6

0.7

1.1

    Shipping & Handling Expense

7.2

6.3

7.1

7.5

5.8

    Publishing & Printing Expense

0.2

0.1

0.2

0.3

0.3

    Expense-Consumable Goods

0.1

0.1

0.1

0.1

0.2

    Office Supplies Expense

0.1

0.1

0.0

0.0

0.0

    Vehicles Maintenance Expense

0.4

0.3

0.3

0.3

0.3

    Education & Training Expense

0.3

0.2

0.2

0.2

0.1

    Commission Paid

0.1

1.0

2.4

4.6

2.7

    Conference Expense

-

-

-

0.0

0.0

    Exporting Expense

35.2

27.4

38.4

36.5

25.3

    Amortization-Intangibles

3.8

3.7

3.1

1.9

0.9

    Provision-Bad Debt

1.1

0.7

0.6

0.2

0.0

    Research & Development Expense

0.7

1.1

1.3

1.3

1.3

    Other Payrolls

-

-

-

0.0

0.0

    Miscellaneous Operating Expense

0.1

0.0

0.0

0.0

0.0

    Incorporation Costs

-

0.2

-

-

-

Total Operating Expense

691.6

589.5

757.9

533.8

414.7

 

 

 

 

 

 

    Interest Income

5.1

4.4

10.0

1.5

1.4

    Gain-Foreign Exchange Transaction

9.8

12.8

9.2

3.4

6.6

    Gain-Foreign Currency Translation

9.2

8.4

7.6

0.5

2.6

    Gain-Disposal of Tangible Assets

0.0

0.1

0.3

0.0

0.6

    Gain-Disposal of Other LT Assets

0.0

-

-

-

-

    Rental Income

0.3

0.3

0.3

0.3

0.4

    Fee & Commission Received

0.0

-

0.3

0.5

0.9

    Recovery-Loan Loss Reserve

-

0.4

0.0

0.0

0.1

    Recovery Taxes Paid

-

-

-

-

0.3

    Dividend Income

0.0

-

-

-

-

    Gain-Derivatives Transactions

1.1

2.1

1.8

-

0.0

    Miscellaneous Non-Operating Income

1.6

0.1

2.2

1.3

1.3

    Gain-Disposal of Investment Securities

-

-

0.0

0.0

-

    Gain-Valuation of Derivatives

16.5

0.8

7.8

0.6

0.0

    Income-Overdue Payments

0.0

0.6

0.1

-

-

    Interest Expense, Non-Operating

-19.2

-16.5

-21.5

-12.1

-11.1

    Loss-Foreign Exchange Transaction

-8.5

-17.8

-44.3

-2.4

-1.8

    Loss-Foreign Currency Translation

-3.8

-3.3

-25.5

-3.1

-0.6

    Loss-Disposal of Accounts Receivable

0.0

-0.1

-0.1

0.0

-0.1

    Donations Paid, Non-Operating

-0.2

-1.7

-0.1

-0.1

-0.1

    Loss-Disposal of Tangible Assets

-2.9

-0.2

-1.9

-0.3

-0.8

    L-Secs for Sale Disp

-

-

-

-

0.0

    L-Secs for Sale Redc

-

-

-

-

-2.1

    Loss-Reduction of Tangible Assets

-

0.0

-

-

-

    Loss-Derivatives Transaction

-0.1

-0.7

-0.1

0.0

0.0

    Loss-Valuation of Derivatives

-2.0

-9.3

-36.5

-0.2

-0.6

    Miscellaneous Non-Operating Expense

-1.8

-3.9

-0.9

-1.8

-1.2

    Loss-Disposal of inventory

-

-

-0.2

-

-

    Expense-Loss Compensation

-0.1

0.0

-

0.0

0.0

    Gain under Equity Method

1.7

0.8

0.8

1.0

0.0

    Loss under Equity Method

-

-

-1.0

-0.4

-0.2

    Amort-PV Discount of Restructuring Debts

-

-

-5.0

-

-

Net Income Before Taxes

85.6

47.2

-14.4

14.4

22.7

 

 

 

 

 

 

Provision for Income Taxes

16.6

6.3

-5.9

4.7

7.6

Net Income After Taxes

69.0

41.0

-8.6

9.6

15.1

 

 

 

 

 

 

    Earning Before Acquisition of Subsidiary

-

0.0

-13.1

-

-

    Gain Minority Int.

-27.7

-2.7

-0.4

-1.0

-1.1

Net Income Before Extra. Items

41.3

38.3

-22.0

8.6

14.0

Net Income

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Basic Weighted Average Shares

41.6

41.6

41.6

38.6

38.6

Basic EPS Excluding ExtraOrdinary Items

0.99

0.92

-0.53

0.22

0.36

Basic EPS Including ExtraOrdinary Item

0.99

0.92

-0.53

0.22

0.36

Dilution Adjustment

-

0.0

0.0

0.4

0.4

Diluted Net Income

41.3

38.3

-22.0

9.1

14.3

Diluted Weighted Average Shares

41.6

41.6

41.6

41.6

41.6

Diluted EPS Excluding ExtraOrd Items

0.99

0.92

-0.53

0.22

0.34

Diluted EPS Including ExtraOrd Items

0.99

0.92

-0.53

0.22

0.34

DPS-Common Stock

0.22

0.24

0.18

0.22

0.21

Gross Dividends - Common Stock

9.0

9.8

7.6

8.3

8.1

Normalized Income Before Taxes

90.8

49.8

-11.0

14.6

22.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

17.2

6.3

-5.3

4.8

7.7

Normalized Income After Taxes

73.7

43.5

-5.7

9.8

15.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

45.9

40.8

-19.2

8.8

14.1

 

 

 

 

 

 

Basic Normalized EPS

1.10

0.98

-0.46

0.23

0.37

Diluted Normalized EPS

1.10

0.98

-0.46

0.22

0.35

Interest Expense, Supplemental

19.2

16.5

21.5

12.1

11.1

Rental Expense, Supplemental

4.6

3.6

3.6

3.1

1.4

Advertising Expense

0.6

0.4

0.6

0.7

1.1

R&D Expense, Supplemental

0.7

1.1

1.3

1.3

1.3

Depreciation, Supplemental

28.9

25.2

29.5

21.5

20.4

Amort of Intangibles, Supplemental

1.9

1.6

1.9

2.4

1.3

Amort of Acquisition Cost, Supplemental

2.4

2.4

1.7

-

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

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

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

    ST Loan, Net

91.9

0.3

0.3

-

-

    Derivatives

0.0

4.1

1.0

-

-

    Prepaid Taxes

0.2

0.8

0.2

-

-

    Guarantee Deposit, Current

-

-

0.0

-

-

    Other Quick Assets

-

-

0.5

-

-

    Cash & Equivalents

156.2

164.9

103.0

53.5

20.6

    ST Investment Assets

0.0

0.0

0.0

0.1

0.0

    Trade Receivable

136.2

132.6

129.3

121.3

95.6

    Reserve-Doubtful Account

-1.6

-1.3

-1.5

-0.9

-0.7

    Other Receivable, Net

11.0

2.3

6.4

2.5

3.3

    Accrued Income

1.2

0.7

2.2

0.1

0.0

    Advanced Payment

4.5

4.3

3.8

0.2

2.4

    Prepaid Expense

1.0

1.1

1.1

0.9

0.9

    Deferred Income Taxes-Debit, Current

4.3

4.7

0.7

0.5

1.0

    ST Financial Assets

51.1

20.5

64.8

0.0

0.0

    ST Loans

-

-

-

0.0

0.0

    Merchandises

10.4

11.5

8.7

9.0

5.5

    Imported Goods in Transit

38.6

21.1

35.5

23.0

-

    Finished Goods

55.5

14.7

40.8

18.1

24.6

    Work in Progress

4.1

4.4

3.6

3.2

2.4

    Raw Materials

31.6

17.0

25.7

5.5

4.4

    Assistance Materials

2.5

0.6

0.7

3.5

1.9

    Stored Goods

15.2

13.5

11.1

5.1

3.2

    Imports in Trnst

-

-

-

-

32.0

Total Current Assets

613.7

417.8

437.8

245.7

197.0

 

 

 

 

 

 

    LT Finl Assets

1.4

1.5

0.0

0.0

0.0

    LT Loan

37.9

67.1

2.4

-

-

    LT Invest Secs.

30.2

10.2

7.0

-

-

    Secs for Sale

-

-

-

8.8

8.9

    Equity Method Investment Securities

19.1

17.3

16.9

16.4

14.9

    LT Security Deposit

3.4

2.9

2.8

2.7

2.6

    Group Retire Ins

-

-

-

-

0.0

    Suspension Machinery Equipment

-

-

-

-

0.0

    Derivatives, assets

0.8

1.1

5.6

0.6

0.0

    LT Account Receivable

-

-

0.0

-

-

    Land

250.4

237.6

137.5

38.4

38.6

    Buildings

92.0

89.1

82.2

66.1

66.2

    Buildings Depre.

-32.4

-28.8

-24.2

-17.4

-15.7

    Structures

55.5

50.5

46.7

27.1

27.3

    Structure Depre.

-26.5

-23.9

-19.9

-9.8

-8.7

    Machinery/Equip.

498.9

480.8

438.0

391.8

391.4

    Mach/Equip Depre

-240.6

-216.8

-180.8

-127.5

-111.2

    Transport Equip.

3.0

3.0

3.1

3.2

3.1

    Vehicles & Transportation-Depreciation

-2.6

-2.5

-2.4

-2.5

-2.3

    Tools/Equipments

5.9

5.5

4.8

4.6

4.8

    Tool/Equip Depr.

-5.0

-4.8

-4.1

-3.9

-4.0

    Fixtures

7.1

5.5

4.8

3.6

5.9

    Deprec. Fixtures

-5.0

-4.6

-3.9

-3.1

-5.1

    Trees

6.0

6.2

4.7

0.2

0.2

    Government Subsidy, Tree

-1.8

-1.7

-

-

-

    Construc in Prog

416.0

90.9

4.7

4.7

0.2

    Goodwill

42.2

43.5

71.1

0.1

0.2

    Indust.-Patent

-

-

-

0.0

0.0

    Management Right-Waste Water Facilities

1.6

1.8

1.9

2.8

3.1

    Right-Land Lease

0.0

0.0

0.0

0.1

0.1

    Development Cost

-

0.0

0.0

0.1

0.1

    Software Intang.

0.9

0.1

0.1

0.1

0.1

    Other Intangible

0.9

2.3

3.5

6.6

8.4

    Receivable-Capital Lease

37.9

7.6

-

-

-

    Prepaid Lease Expense

-0.1

0.0

-

-

-

    Expense-Capital Lease Liabilities

0.1

0.0

-

-

-

    Operating Lease

5.0

6.2

-

-

-

    Operating Lease Depreciation

-1.1

-0.2

-

-

-

    Operating Lease Reduction

0.0

0.0

-

-

-

Total Assets

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    Trade Payable

52.4

63.5

92.9

80.3

69.5

    Account Payable

81.8

28.8

1.4

16.8

17.4

    ST Borrowings

248.8

144.7

161.9

75.4

27.1

    Security Deposit Withheld

-

-

0.0

-

-

    Accrued Expense

7.5

5.1

5.3

3.0

2.6

    Advances Received

6.5

2.8

10.4

0.3

0.5

    Unearned Income

0.3

0.3

-

-

-

    Deposit Withheld

3.5

2.7

1.1

0.7

0.9

    VAT Withheld

0.2

0.3

0.3

0.7

0.5

    Income Taxes Payable

7.5

7.6

2.9

1.6

2.4

    Dividend Payable

0.0

0.0

0.0

0.0

0.0

    Current Portion of Bonds

92.1

46.2

11.9

22.0

12.5

    Discount on Debentures Issuance, Current

-

0.0

-

-

-

    Current Portion of LT Debt

21.8

14.1

12.3

16.0

18.8

    Derivatives in Liabilities, Current

5.1

7.5

0.3

0.0

1.2

    Deferred Income Tax Credits

0.0

0.0

0.0

-

-

Total Current Liabilities

527.6

323.6

300.8

216.7

153.4

 

 

 

 

 

 

    Bonds

175.6

109.9

60.9

51.3

73.6

    Discount on Issuance of Debentures

-

-

0.0

-

-

    LT Borrowings

363.4

141.2

117.2

59.6

69.0

Total Long Term Debt

539.0

251.1

178.1

110.8

142.7

 

 

 

 

 

 

    Derivative Products in Liabilities

39.5

58.1

70.9

0.2

-

    Rent Deposit

0.1

0.1

0.0

-

-

    Security Deposit, LT

-

-

0.2

-

-

    LT Account Payable

5.8

7.5

1.7

0.0

0.3

    Guarantee Deposit, LT

6.5

1.0

-

-

-

    Deferred Income Tax, Credit

34.1

32.9

9.2

3.4

2.6

    Reserve-Severance and Retirement Benefit

45.9

40.2

30.7

10.8

10.0

    Minority Interest

270.0

244.9

198.7

7.8

7.0

    Deposit-Retirement Insurance

-14.0

-8.7

-

-

-

    Transfer to National Pension Fund

-0.4

-0.5

-

-

-

Total Liabilities

1,454.0

950.2

790.2

349.7

316.0

 

 

 

 

 

 

    Common Stock

91.7

89.3

82.6

103.1

103.8

    Paid-in Capital in Excess of Par

32.4

31.6

29.2

36.0

36.3

    Reserve for Assets Revaluation

32.2

31.4

29.0

39.1

39.3

    Other Capital Surplus

28.3

22.3

-

-

-

    Consideration for Conversion Rights

-

-

-

0.6

0.6

    Voluntary Reserve

7.3

4.6

4.2

5.7

-

    Legal Reserve

9.5

8.2

6.9

8.6

7.7

    Finance Reserve

-

-

-

-

4.0

    Busines Rational

-

-

-

-

1.7

    Retained Earning Carried Forward

129.6

99.7

60.6

116.4

117.8

    Revaluation Adjustment

25.0

24.1

32.6

-

-

    Capital Change, Equity Method

3.5

3.3

4.0

0.4

-0.7

    Gain-Valuation of Investment Securities

0.7

-

-

-

-

    Overseas Business Translation Credit

0.5

0.6

1.0

-0.3

-0.3

    Overseas Business Translation Debit

0.0

-

-

-

-

Total Equity

360.7

315.0

250.1

309.6

310.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    S/O-Common Stock

41.6

41.6

41.6

38.6

38.6

Total Common Shares Outstanding

41.6

41.6

41.6

38.6

38.6

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

6.8

3.1

10.4

0.3

0.5

Full-Time Employees

603

618

653

580

578

Number of Common Shareholders

5,509

3,616

2,233

2,404

2,633

Long-Term Debts Due in 1 Year

113.9

60.3

24.2

38.1

31.3

Long-Term Debts Due in 2 Years

138.4

98.0

35.1

27.3

38.2

Long-Term Debts Due in 3 Years

184.0

82.8

51.6

10.0

27.3

Long-Term Debts Due in 4 Years

57.7

40.7

50.7

44.7

9.8

Long-Term Debts Due in 5 Years

-

-

-

-

49.7

Long-Term Debts Due Remaining

159.7

29.7

40.6

28.8

18.0

Total Long Term Debt, Supplemental

653.7

311.4

202.2

149.0

174.3

Operating Lease Due in 1 Year

0.1

0.2

0.7

0.9

0.9

Operating Lease Due in 5 Years

-

0.0

0.3

1.4

3.2

Total Operating Leases

0.1

0.2

1.0

2.3

4.2

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

Net Income

69.0

41.0

-21.6

9.6

15.1

    Depreciation

28.9

25.2

29.5

21.5

20.4

    Amortization-Present Value Discount

0.3

0.1

0.7

-

-

    Loss-Disposal of Inventory

-

-

0.2

-

-

    Amortization-Intangible Assets

4.2

4.1

3.6

2.4

1.3

    Provision-Retirement Allowance

7.0

7.2

10.0

3.1

3.1

    Valuation of Equity Method

-

-

1.0

0.4

0.2

    L-Call Redemption of Restructuring Debt

-

-

5.0

-

-

    Affiliates' Foreign Currency Adjust. Gap

-

-

13.1

-

-

    Prepaid Income Taxes

0.6

-0.5

-0.2

-

-

    Accrued Dividends

0.0

0.0

0.0

-

-

    Deferred Income Tax Credit, Current, A/L

0.0

0.9

0.0

-

-

    Deposit-Retirement Insurance

-4.9

0.6

0.0

0.2

-

    Loss-Disposal of Trade Receivable

0.0

0.1

0.1

0.0

0.1

    Loss-Disposal of Tangible Assets

2.9

0.2

1.9

0.3

0.8

    Amortization-Discount on Bond Issuance

0.1

0.0

0.0

0.0

0.0

    Provision-Doubtful Account

1.1

0.7

0.6

0.2

0.0

    Recovery-Provision Doubtful Account

-

-0.4

0.0

0.0

-0.1

    Loss-Foreign Currency Translation

3.3

0.4

24.9

2.9

0.4

    Amort-Convertible Right Adjustment

-

-

0.1

0.1

0.1

    L-Sec for Sale Redct

-

-

-

-

2.1

    Loss-Valuation of Derivatives

2.0

9.3

36.5

0.2

0.6

    Gain-Disposal of Tangible Assets

0.0

-0.1

-0.3

0.0

-0.6

    Gains on Other Non-Current Assets

0.0

-

-

-

-

    Gain-Foreign Currency Translation

-9.1

-5.2

-6.4

-0.4

-2.5

    Gain under Equity Method

-1.7

-0.8

-0.8

-1.0

0.0

    Gain-Disposal of Investment Securities

-

-

0.0

0.0

0.0

    Gain-Derivatives Valuation

-16.5

-0.8

-7.8

-0.6

0.0

    Interest Income of Retirement Insurance

-

-

-

-

-0.3

    Trade Receivable

40.1

5.0

-36.0

-13.7

24.6

    Accrued Income

-0.4

1.5

-1.3

-0.1

0.0

    Account Receivable

-8.2

4.2

-5.0

0.8

1.0

    Advanced Payment

-0.1

-0.2

-4.1

2.2

2.4

    Prepaid Expense

0.2

0.0

-0.3

0.0

0.2

    Other Quick Assets

-

0.5

0.5

0.0

-

    Deferred Income Tax Debit, Current

0.5

-3.6

-5.2

0.4

-0.2

    Prepaid Taxes

-

-

-

-

0.1

    Inventory

-69.7

48.4

-45.2

7.3

-16.6

    Reserve-National Pension

0.0

0.1

0.0

0.0

0.0

    Group Retire Insur D

-

-

-

-

0.2

    Retire Insur Dep

-

-

-

-

0.4

    Deferred Income Tax Debit

-

-

0.0

0.0

-0.1

    Trade Payable

-58.4

-31.6

39.2

5.6

-6.2

    Account Payable

47.5

27.0

-11.7

-7.5

-2.1

    LT Account Payable

-

-

-

-

-0.1

    Accrued Expense

2.6

-0.6

3.1

0.5

-4.7

    Advance Received

3.6

-7.7

5.9

-0.3

0.4

    Accrued Income Taxes

-0.3

4.1

1.8

-0.8

-3.6

    Deposit Withheld

0.8

1.3

0.3

-0.2

0.6

    Unearned Income

0.0

0.3

-

-

-

    Take Over-Affiliates' Retirement Allow.

0.5

0.1

0.1

-

0.0

    Transfer-Affiliates' Retirement Allow.

-0.3

0.0

-0.1

-0.1

0.1

    Payment-Retirement Bonus

-2.7

-10.0

-2.3

-2.4

-2.1

    Currency Futures

-

-

-

-

0.0

    Increase-Finance Lease Receivable

-29.5

-7.0

-

-

-

    Increase-Finance Lease Liabilities Expen

-0.1

-

-

-

-

    Advance Lease Pay

-0.2

-

-

-

-

    VAT Taxes Withheld

-0.6

0.0

-0.1

0.1

0.0

    LT Security Deposit

-

-0.2

-

-

-

    Dividend Income, A/L

0.6

0.5

-

1.2

-

    Deferred Income Tax Credit, A/L

-0.7

-10.6

-9.5

0.9

2.7

    Loss-Reduction of Tangible Assets

-

0.0

-

-

-

    Derivatives in Assets

4.1

1.0

0.3

0.1

-

    Derivatives in Liabilities

-7.5

-18.1

-11.9

-1.2

-

    Lease Guarantee Deposit

5.4

0.9

-

-

-

Cash from Operating Activities

14.5

87.4

8.8

31.9

37.6

 

 

 

 

 

 

    Increase-LT Loans

-17.4

-61.0

-1.3

-

-

    Increase-LT Financial Assets

0.0

0.0

0.0

-

-

    Increase-Investment Securities

-16.3

-3.8

0.0

-

-

    Decrease-ST Loans

0.3

-

-

-

-

    Decrease-LT Loans

-

1.6

0.0

-

-

    Decrease-Investment Securities

-

-

0.1

0.0

0.0

    Decrease-Guarantee Deposit

0.4

0.5

0.0

0.2

0.5

    Disposal-Machinery & Equipments

0.0

0.0

0.1

0.0

0.0

    Disposal-Transportation

0.1

0.1

0.1

0.0

0.1

    Disposal-Tools & Supplies

0.0

-

0.0

0.0

-

    Disposal-Supplies

0.0

0.0

0.2

-

-

    Decrease-LT Account Receivable

-

0.0

0.0

-

-

    Decrease-Operating Loans

3.1

-

-

-

-

    Disposal-Land

0.0

-

-

-

0.6

    Disposal-Buildings

0.1

-

-

-

-

    Disposal-Trees

0.5

0.5

0.3

-

-

    Disposal Structure

-

-

-

-

0.0

    Increase-ST Financial Assets

-

-17.5

-42.5

0.0

0.0

    Decrease-LT Financial Assets

0.0

-

-

-

-

    Increase-ST Loans

-43.0

-

-

-

-

    Increase-Guarantee Deposit

-0.8

-0.3

-0.1

-0.4

-0.8

    Increase-ST Investment Assets

-45.4

-

-

-

0.0

    Increase-Securities under Equity Method

-

-

-

-1.3

-1.1

    Increase-Land

-

-0.1

-

0.0

-2.3

    Increase-Buildings

-0.6

-0.2

0.0

-0.3

-0.2

    Increase-Structure

-0.5

-0.2

-0.8

-

-0.1

    Increase-Machinery & Equipment

-3.7

-5.4

-1.6

-3.1

-34.1

    Increase-Trees

-0.2

0.0

0.0

-

-

    Increase-Transportation

-0.2

-0.1

-0.3

-0.2

-0.5

    Increase-Tools & Supplies

-0.2

-0.2

-0.1

-0.3

-0.4

    Increase-Fixtures

-0.8

-0.4

-0.4

-0.2

-0.1

    Increase-Construction Progress

-335.8

-79.6

-8.5

-4.9

-0.3

    Increase-Software

-1.0

0.0

0.0

-0.1

-9.3

    Increase-ST Loans

-

-

-

-

0.0

    Decrease-ST Financial Assets

-

62.8

-

-

-

    Disposal-ST Investment Assets

16.0

0.0

-

-

-

    Disposal-Structure

-

0.0

-

-

-

    Increased Operating Lease Assets

-1.8

-5.7

-

-

-

Cash from Investing Activities

-447.3

-108.9

-54.8

-10.5

-47.8

 

 

 

 

 

 

    Increase-ST Borrowings

609.3

272.7

502.8

188.2

134.2

    Decrease-LT Borrowings

-1.3

-

-0.2

-

-

    Increase-Expense for Stock Issuance

-

-

0.0

-

-

    Increase-LT Borrowings

209.5

27.8

88.5

5.0

25.0

    Increase in Foreign Currency Translat

0.0

0.0

-0.3

0.0

0.0

    Increase-Bond

149.7

81.5

33.4

-

61.8

    Decrease-LT Accrued Payment

-

-

-62.2

-0.2

-

    Decrease-ST Borrowings

-478.5

-294.4

-393.2

-140.1

-163.2

    Increase-Rent Guarantee Deposit

0.0

0.0

0.0

-

-

    Dec-Current Portion of LT Liabilities

-14.2

-13.1

-15.4

-18.8

-0.3

    Dividends Paid

-10.8

-6.5

-7.0

-9.7

-10.1

    Decrease-Current Portion of Bond

-43.8

-11.8

-10.0

-12.5

-56.9

    Inc Stock Issue Cost

-

-

-

-

0.0

    Inc-Oversea Trans FN

-

-

-

-

-0.3

    Cash Outflow-Consol. Capital Transaction

-

-

-29.2

-

-

    Changes in Consolidation Scope

-

-

11.2

-

-

    Increase-LT Accrued Payment

-

3.1

-

-

-

    Cash Inflow-Consoli. Capital Transaction

-

11.0

-

-

-

Cash from Financing Activities

420.0

70.3

118.5

11.9

-9.8

 

 

 

 

 

 

Net Change in Cash

-12.8

48.8

72.4

33.3

-20.0

 

 

 

 

 

 

Net Cash - Beginning Balance

166.1

101.7

45.5

20.6

40.1

Net Cash - Ending Balance

153.3

150.5

117.9

53.9

20.0

 

 

 

 

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

-

-

770.5

5.84%

19.68%

13.65%

Research & Development1

-

-

0.7

-38.08%

-9.50%

-3.48%

Operating Income1

-

-

78.9

2.05%

56.45%

14.99%

Income Available to Common Excl Extraord Items1

-

-

41.3

-2.40%

81.24%

11.84%

Basic EPS Excl Extraord Items1

-

-

0.99

-2.40%

76.78%

10.17%

Capital Expenditures2

-

-

343.1

260.61%

259.62%

102.32%

Cash from Operating Activities2

-

-

14.5

-84.99%

-17.30%

-12.25%

Free Cash Flow

-

-

-334.8

-

-

-

Total Assets3

-

-

1,814.7

39.79%

49.43%

29.26%

Total Liabilities3

-

-

1,454.0

49.13%

71.46%

42.07%

Total Long Term Debt3

-

-

539.0

109.17%

80.66%

51.53%

Employees3

-

-

603

-2.43%

1.30%

-0.30%

Total Common Shares Outstanding3

-

-

41.6

0.00%

2.52%

1.51%

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

17.81%

20.03%

18.37%

17.50%

18.73%

Operating Margin

10.24%

10.62%

9.80%

4.58%

6.17%

Pretax Margin

11.11%

7.16%

-1.72%

2.57%

5.13%

Net Profit Margin

5.36%

5.81%

-2.62%

1.54%

3.16%

Financial Strength

Current Ratio

1.16

1.29

1.46

1.13

1.28

Long Term Debt/Equity

1.49

0.80

0.71

0.36

0.46

Total Debt/Equity

2.50

1.45

1.46

0.72

0.65

Management Effectiveness

Return on Assets

4.52%

3.76%

-0.98%

1.49%

2.50%

Return on Equity

12.29%

14.34%

-8.02%

2.77%

4.65%

Efficiency

Receivables Turnover

4.17

5.12

6.44

5.03

4.51

Inventory Turnover

4.96

5.04

6.59

6.39

5.39

Asset Turnover

0.50

0.60

0.96

0.87

0.73

Market Valuation USD (mil)

Enterprise Value2

1,049.1

.

Enterprise Value/Revenue (TTM)

1.36

Enterprise Value/EBITDA (TTM)

9.34

.

Market Cap1

99.0

1-ExchangeRate: KRW to USD on 29-Dec-2011

1152.000000

 

 

 

2-ExchangeRate: KRW to USD on 29-Dec-2011

1152.000000

 

 

 

 

 

 

 

Annual Ratios

Financials in: USD (mil)

 

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

 

 

 



 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Financial Strength

Current Ratio

1.16

1.29

1.46

1.13

1.28

Quick/Acid Test Ratio

0.85

0.99

1.01

0.82

0.77

Working Capital1

86.1

94.3

137.1

29.0

43.6

Long Term Debt/Equity

1.49

0.80

0.71

0.36

0.46

Total Debt/Equity

2.50

1.45

1.46

0.72

0.65

Long Term Debt/Total Capital

0.43

0.33

0.29

0.21

0.28

Total Debt/Total Capital

0.71

0.59

0.59

0.42

0.39

Payout Ratio

21.80%

25.54%

-34.32%

96.36%

57.86%

Effective Tax Rate

19.40%

13.26%

-

32.83%

33.46%

Total Capital1

1,262.4

771.2

614.2

533.9

511.2

 

 

 

 

 

 

Efficiency

Asset Turnover

0.50

0.60

0.96

0.87

0.73

Inventory Turnover

4.96

5.04

6.59

6.39

5.39

Days In Inventory

73.61

72.45

55.36

57.15

67.74

Receivables Turnover

4.17

5.12

6.44

5.03

4.51

Days Receivables Outstanding

87.57

71.28

56.70

72.50

80.92

Revenue/Employee2

1,301,868

1,169,703

1,124,294

957,412

785,226

Operating Income/Employee2

133,264

124,176

110,137

43,871

48,453

EBITDA/Employee2

185,153

171,739

152,235

84,738

86,979

 

 

 

 

 

 

Profitability

Gross Margin

17.81%

20.03%

18.37%

17.50%

18.73%

Operating Margin

10.24%

10.62%

9.80%

4.58%

6.17%

EBITDA Margin

14.22%

14.68%

13.54%

8.85%

11.08%

EBIT Margin

10.24%

10.62%

9.80%

4.58%

6.17%

Pretax Margin

11.11%

7.16%

-1.72%

2.57%

5.13%

Net Profit Margin

5.36%

5.81%

-2.62%

1.54%

3.16%

R&D Expense/Revenue

0.10%

0.17%

0.15%

0.22%

0.29%

COGS/Revenue

79.48%

79.29%

80.90%

82.50%

81.27%

SG&A Expense/Revenue

9.53%

9.29%

8.73%

12.27%

11.94%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

4.52%

3.76%

-0.98%

1.49%

2.50%

Return on Equity

12.29%

14.34%

-8.02%

2.77%

4.65%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-8.05

0.03

-0.06

0.58

-0.26

Operating Cash Flow/Share 2

0.35

2.30

0.18

0.82

1.00

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

 

Annual Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

745.0

653.9

832.8

559.4

442.0

Revenue

745.0

653.9

832.8

559.4

442.0

    Other Revenue

25.5

5.6

7.5

-

-

Other Revenue, Total

25.5

5.6

7.5

-

-

Total Revenue

770.5

659.5

840.2

559.4

442.0

 

 

 

 

 

 

    Cost of Revenue

612.4

522.9

679.8

461.5

359.2

Cost of Revenue, Total

612.4

522.9

679.8

461.5

359.2

Gross Profit

132.7

131.0

153.0

97.9

82.8

 

 

 

 

 

 

    Selling/General/Administrative Expense

52.5

42.6

55.5

55.1

38.6

    Labor & Related Expense

20.2

18.2

17.2

12.8

13.0

    Advertising Expense

0.6

0.4

0.6

0.7

1.1

Total Selling/General/Administrative Expenses

73.4

61.2

73.4

68.6

52.8

Research & Development

0.7

1.1

1.3

1.3

1.3

    Depreciation

1.3

0.6

0.4

0.5

0.6

    Amortization of Intangibles

3.8

3.7

3.1

1.9

0.9

Depreciation/Amortization

5.1

4.2

3.5

2.4

1.4

Total Operating Expense

691.6

589.5

757.9

533.8

414.7

 

 

 

 

 

 

Operating Income

78.9

70.0

82.3

25.6

27.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-19.2

-16.5

-26.5

-12.1

-11.1

    Interest Expense, Net Non-Operating

-19.2

-16.5

-26.5

-12.1

-11.1

        Interest Income - Non-Operating

5.1

4.4

10.0

1.5

1.4

        Investment Income - Non-Operating

23.9

-6.3

-80.2

-0.7

3.9

    Interest/Investment Income - Non-Operating

29.0

-1.8

-70.2

0.8

5.2

Interest Income (Expense) - Net Non-Operating Total

9.8

-18.3

-96.7

-11.3

-5.8

Gain (Loss) on Sale of Assets

-2.8

-0.1

-1.8

-0.3

-0.2

    Other Non-Operating Income (Expense)

-0.2

-4.3

1.7

0.3

1.5

Other, Net

-0.2

-4.3

1.7

0.3

1.5

Income Before Tax

85.6

47.2

-14.4

14.4

22.7

 

 

 

 

 

 

Total Income Tax

16.6

6.3

-5.9

4.7

7.6

Income After Tax

69.0

41.0

-8.6

9.6

15.1

 

 

 

 

 

 

    Minority Interest

-27.7

-2.7

-0.4

-1.0

-1.1

    Equity In Affiliates

-

0.0

-13.1

-

-

Net Income Before Extraord Items

41.3

38.3

-22.0

8.6

14.0

Net Income

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

41.6

41.6

41.6

38.6

38.6

Basic EPS Excl Extraord Items

0.99

0.92

-0.53

0.22

0.36

Basic/Primary EPS Incl Extraord Items

0.99

0.92

-0.53

0.22

0.36

Dilution Adjustment

-

0.0

0.0

0.4

0.4

Diluted Net Income

41.3

38.3

-22.0

9.1

14.3

Diluted Weighted Average Shares

41.6

41.6

41.6

41.6

41.6

Diluted EPS Excl Extraord Items

0.99

0.92

-0.53

0.22

0.34

Diluted EPS Incl Extraord Items

0.99

0.92

-0.53

0.22

0.34

Dividends per Share - Common Stock Primary Issue

0.22

0.24

0.18

0.22

0.21

Gross Dividends - Common Stock

9.0

9.8

7.6

8.3

8.1

Interest Expense, Supplemental

19.2

16.5

21.5

12.1

11.1

Depreciation, Supplemental

28.9

25.2

29.5

21.5

20.4

Total Special Items

5.2

2.6

3.4

0.3

0.2

Normalized Income Before Tax

90.8

49.8

-11.0

14.6

22.9

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.6

0.0

0.6

0.1

0.1

Inc Tax Ex Impact of Sp Items

17.2

6.3

-5.3

4.8

7.7

Normalized Income After Tax

73.7

43.5

-5.7

9.8

15.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

45.9

40.8

-19.2

8.8

14.1

 

 

 

 

 

 

Basic Normalized EPS

1.10

0.98

-0.46

0.23

0.37

Diluted Normalized EPS

1.10

0.98

-0.46

0.22

0.35

Amort of Acquisition Costs, Supplemental

2.4

2.4

1.7

-

-

Amort of Intangibles, Supplemental

1.9

1.6

1.9

2.4

1.3

Rental Expenses

4.6

3.6

3.6

3.1

1.4

Advertising Expense, Supplemental

0.6

0.4

0.6

0.7

1.1

Research & Development Exp, Supplemental

0.7

1.1

1.3

1.3

1.3

Normalized EBIT

78.9

70.0

82.3

25.6

27.3

Normalized EBITDA

112.0

99.3

115.4

49.5

49.0

 

 

 

Interim Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 

 

Annual Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

156.2

164.9

103.0

53.5

20.6

    Short Term Investments

51.1

20.6

64.8

0.1

0.1

Cash and Short Term Investments

207.3

185.5

167.8

53.6

20.6

        Accounts Receivable - Trade, Gross

136.2

132.6

129.3

121.3

95.6

        Provision for Doubtful Accounts

-1.6

-1.3

-1.5

-0.9

-0.7

    Trade Accounts Receivable - Net

135.8

132.0

130.0

120.5

94.8

    Other Receivables

102.9

2.6

6.6

2.5

3.3

Total Receivables, Net

238.6

134.5

136.6

123.1

98.2

    Inventories - Finished Goods

104.5

47.3

85.0

50.1

62.1

    Inventories - Work In Progress

4.1

4.4

3.6

3.2

2.4

    Inventories - Raw Materials

34.0

17.6

26.4

9.0

6.3

    Inventories - Other

19.7

17.8

14.9

5.3

5.5

Total Inventory

162.3

87.1

129.9

67.7

76.3

Prepaid Expenses

1.1

1.9

1.2

0.9

0.9

    Deferred Income Tax - Current Asset

4.3

4.7

0.7

0.5

1.0

    Other Current Assets

0.0

4.1

1.5

-

-

Other Current Assets, Total

4.4

8.8

2.3

0.5

1.0

Total Current Assets

613.7

417.8

437.8

245.7

197.0

 

 

 

 

 

 

        Buildings

147.4

139.6

128.9

93.1

93.5

        Land/Improvements

250.4

237.6

137.5

38.4

38.6

        Machinery/Equipment

514.9

494.8

450.7

403.2

405.2

        Construction in Progress

414.2

89.1

4.7

4.7

0.2

        Leases

5.0

6.2

-

-

-

        Natural Resources

6.0

6.2

4.7

0.2

0.2

    Property/Plant/Equipment - Gross

1,338.0

973.6

726.3

539.7

537.7

    Accumulated Depreciation

-313.3

-281.6

-235.3

-164.2

-147.1

Property/Plant/Equipment - Net

1,024.7

692.0

491.0

375.4

390.6

Goodwill, Net

42.2

43.5

71.1

0.1

0.2

Intangibles, Net

3.4

4.2

5.5

9.7

12.0

    LT Investment - Affiliate Companies

19.1

17.3

16.9

16.4

14.9

    LT Investments - Other

31.5

11.7

7.1

8.8

9.0

Long Term Investments

50.6

29.0

24.0

25.2

23.9

Note Receivable - Long Term

75.8

74.8

2.4

-

-

    Other Long Term Assets

4.2

3.9

8.4

3.3

2.6

Other Long Term Assets, Total

4.2

3.9

8.4

3.3

2.6

Total Assets

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

Accounts Payable

52.4

63.5

92.9

80.3

69.5

Accrued Expenses

7.7

5.4

5.6

3.7

3.1

Notes Payable/Short Term Debt

248.8

144.7

161.9

75.4

27.1

Current Portion - Long Term Debt/Capital Leases

113.9

60.3

24.2

38.0

31.3

    Dividends Payable

0.0

0.0

0.0

0.0

0.0

    Customer Advances

6.8

3.1

10.4

0.3

0.5

    Security Deposits

-

-

0.0

-

-

    Income Taxes Payable

7.5

7.6

2.9

1.6

2.4

    Other Payables

81.8

28.8

1.4

16.8

17.4

    Deferred Income Tax - Current Liability

0.0

0.0

0.0

-

-

    Other Current Liabilities

8.6

10.2

1.5

0.7

2.1

Other Current liabilities, Total

104.8

49.6

16.1

19.4

22.4

Total Current Liabilities

527.6

323.6

300.8

216.7

153.4

 

 

 

 

 

 

    Long Term Debt

539.0

251.1

178.1

110.8

142.7

Total Long Term Debt

539.0

251.1

178.1

110.8

142.7

Total Debt

901.7

456.1

364.1

224.2

201.0

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

34.1

32.9

9.2

3.4

2.6

Deferred Income Tax

34.1

32.9

9.2

3.4

2.6

Minority Interest

270.0

244.9

198.7

7.8

7.0

    Pension Benefits - Underfunded

31.5

31.0

30.7

10.8

10.0

    Other Long Term Liabilities

51.9

66.7

72.8

0.2

0.3

Other Liabilities, Total

83.4

97.7

103.4

11.0

10.3

Total Liabilities

1,454.0

950.2

790.2

349.7

316.0

 

 

 

 

 

 

    Common Stock

91.7

89.3

82.6

103.1

103.8

Common Stock

91.7

89.3

82.6

103.1

103.8

Additional Paid-In Capital

92.9

85.3

58.2

75.1

75.6

Retained Earnings (Accumulated Deficit)

146.4

112.4

71.7

130.7

131.3

Unrealized Gain (Loss)

4.2

3.3

4.0

0.4

-0.7

    Translation Adjustment

0.5

0.6

1.0

-0.3

-0.3

    Other Equity

25.0

24.1

32.6

0.6

0.6

Other Equity, Total

25.5

24.7

33.6

0.3

0.3

Total Equity

360.7

315.0

250.1

309.6

310.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

41.6

41.6

41.6

38.6

38.6

Total Common Shares Outstanding

41.6

41.6

41.6

38.6

38.6

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

603

618

653

580

578

Number of Common Shareholders

5,509

3,616

2,233

2,404

2,633

Deferred Revenue - Current

6.8

3.1

10.4

0.3

0.5

Total Long Term Debt, Supplemental

653.7

311.4

202.2

149.0

174.3

Long Term Debt Maturing within 1 Year

113.9

60.3

24.2

38.1

31.3

Long Term Debt Maturing in Year 2

138.4

98.0

35.1

27.3

38.2

Long Term Debt Maturing in Year 3

184.0

82.8

51.6

10.0

27.3

Long Term Debt Maturing in Year 4

57.7

40.7

50.7

44.7

9.8

Long Term Debt Maturing in Year 5

-

-

-

-

49.7

Long Term Debt Maturing in 2-3 Years

322.4

180.8

86.7

37.3

65.5

Long Term Debt Maturing in 4-5 Years

57.7

40.7

50.7

44.7

59.5

Long Term Debt Matur. in Year 6 & Beyond

159.7

29.7

40.6

28.8

18.0

Total Operating Leases, Supplemental

0.1

0.2

1.0

2.3

4.2

Operating Lease Payments Due in Year 1

0.1

0.2

0.7

0.9

0.9

Operating Lease Payments Due in Year 2

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 3

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 4

-

0.0

0.1

0.3

0.8

Operating Lease Payments Due in Year 5

-

0.0

0.1

0.3

0.8

Operating Lease Pymts. Due in 2-3 Years

-

0.0

0.2

0.7

1.6

Operating Lease Pymts. Due in 4-5 Years

-

0.0

0.2

0.7

1.6

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

0.0

0.0

0.0

0.0

0.0

 

 

 

Interim Balance Sheet

Financials in: USD (mil)

 

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

 

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 

 

Annual Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

69.0

41.0

-21.6

9.6

15.1

    Depreciation

28.9

25.2

29.5

21.5

20.4

Depreciation/Depletion

28.9

25.2

29.5

21.5

20.4

    Amortization of Intangibles

4.2

4.1

3.6

2.4

1.3

Amortization

4.2

4.1

3.6

2.4

1.3

Deferred Taxes

0.5

-2.7

-5.2

0.4

-0.3

    Unusual Items

2.9

0.3

1.9

0.3

2.0

    Equity in Net Earnings (Loss)

-1.7

-0.8

0.2

-0.5

0.2

    Other Non-Cash Items

-11.8

11.3

76.8

5.6

1.7

Non-Cash Items

-10.7

10.7

78.9

5.3

3.9

    Accounts Receivable

31.5

10.7

-42.2

-13.0

25.6

    Inventories

-69.8

48.3

-49.3

9.5

-14.2

    Prepaid Expenses

0.6

-0.5

-0.5

0.0

0.2

    Other Assets

-24.9

-5.0

0.8

1.3

-

    Accounts Payable

-10.8

-4.6

27.5

-2.0

-8.4

    Accrued Expenses

2.6

-0.6

3.1

0.5

-4.7

    Taxes Payable

-0.9

4.1

1.7

-0.6

-3.6

    Other Liabilities

-5.8

-43.3

-17.5

-3.0

2.2

Changes in Working Capital

-77.5

9.2

-76.4

-7.4

-2.9

Cash from Operating Activities

14.5

87.4

8.8

31.9

37.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-342.1

-86.2

-11.8

-9.1

-38.0

    Purchase/Acquisition of Intangibles

-1.0

0.0

0.0

-0.1

-9.3

Capital Expenditures

-343.1

-86.2

-11.8

-9.2

-47.3

    Sale of Fixed Assets

0.7

0.7

0.7

0.1

0.8

    Sale/Maturity of Investment

16.0

64.4

0.1

0.0

0.0

    Purchase of Investments

-61.7

-21.3

-42.5

-1.3

-1.1

    Other Investing Cash Flow

-59.2

-66.5

-1.4

-0.2

-0.3

Other Investing Cash Flow Items, Total

-104.3

-22.7

-43.0

-1.3

-0.5

Cash from Investing Activities

-447.3

-108.9

-54.8

-10.5

-47.8

 

 

 

 

 

 

    Other Financing Cash Flow

0.0

14.1

-80.5

-0.1

-0.3

Financing Cash Flow Items

0.0

14.1

-80.5

-0.1

-0.3

    Cash Dividends Paid - Common

-10.8

-6.5

-7.0

-9.7

-10.1

Total Cash Dividends Paid

-10.8

-6.5

-7.0

-9.7

-10.1

        Short Term Debt Issued

609.3

272.7

502.8

188.2

134.2

        Short Term Debt Reduction

-478.5

-294.4

-393.2

-140.1

-163.2

    Short Term Debt, Net

130.8

-21.7

109.6

48.1

-29.1

        Long Term Debt Issued

358.0

109.3

121.7

5.0

86.8

        Long Term Debt Reduction

-58.0

-24.9

-25.4

-31.3

-57.1

    Long Term Debt, Net

300.0

84.4

96.3

-26.4

29.7

Issuance (Retirement) of Debt, Net

430.8

62.7

206.0

21.7

0.6

Cash from Financing Activities

420.0

70.3

118.5

11.9

-9.8

 

 

 

 

 

 

Net Change in Cash

-12.8

48.8

72.4

33.3

-20.0

 

 

 

 

 

 

Net Cash - Beginning Balance

166.1

101.7

45.5

20.6

40.1

Net Cash - Ending Balance

153.3

150.5

117.9

53.9

20.0

 

 

 

Interim Cash Flows

Financials in: USD (mil)

 

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

 

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

    Merchandise Revenue

52.0

31.5

231.6

-

-

    Finished Product Revenue

693.1

622.4

601.1

-

-

    Other Revenue

25.5

5.6

7.5

-

-

    Net Sales

-

-

-

559.4

442.0

Total Revenue

770.5

659.5

840.2

559.4

442.0

 

 

 

 

 

 

    Cost-Finished Goods Sold

554.6

489.8

635.0

-

-

    Cost-Merchandise Sold

44.8

27.8

38.8

-

-

    Cost-Other Sales

13.0

5.2

6.0

-

-

    Cost-Revenue

-

-

-

461.5

359.2

    Salaries & Wages

16.9

15.2

13.2

10.2

10.0

    Retirement Allowance

0.9

1.4

2.0

0.9

0.8

    Employee Benefits

2.4

1.7

2.0

1.7

2.2

    Travel Expense

0.9

0.8

0.9

0.6

0.7

    Communication Expense

0.3

0.2

0.2

0.3

0.3

    Utility Expense

0.0

0.0

0.0

0.0

0.0

    Taxes & Dues

0.5

0.4

0.4

0.3

0.4

    Rent

4.6

3.6

3.6

3.1

1.4

    Depreciation Expense

1.3

0.6

0.4

0.5

0.6

    Repair Expense

0.0

0.0

0.0

0.0

0.0

    Insurance Expense

0.7

0.5

0.6

0.7

0.6

    Entertainment Expense

0.9

0.6

0.5

0.5

0.5

    Advertising Expense

0.6

0.4

0.6

0.7

1.1

    Shipping & Handling Expense

7.2

6.3

7.1

7.5

5.8

    Publishing & Printing Expense

0.2

0.1

0.2

0.3

0.3

    Expense-Consumable Goods

0.1

0.1

0.1

0.1

0.2

    Office Supplies Expense

0.1

0.1

0.0

0.0

0.0

    Vehicles Maintenance Expense

0.4

0.3

0.3

0.3

0.3

    Education & Training Expense

0.3

0.2

0.2

0.2

0.1

    Commission Paid

0.1

1.0

2.4

4.6

2.7

    Conference Expense

-

-

-

0.0

0.0

    Exporting Expense

35.2

27.4

38.4

36.5

25.3

    Amortization-Intangibles

3.8

3.7

3.1

1.9

0.9

    Provision-Bad Debt

1.1

0.7

0.6

0.2

0.0

    Research & Development Expense

0.7

1.1

1.3

1.3

1.3

    Other Payrolls

-

-

-

0.0

0.0

    Miscellaneous Operating Expense

0.1

0.0

0.0

0.0

0.0

    Incorporation Costs

-

0.2

-

-

-

Total Operating Expense

691.6

589.5

757.9

533.8

414.7

 

 

 

 

 

 

    Interest Income

5.1

4.4

10.0

1.5

1.4

    Gain-Foreign Exchange Transaction

9.8

12.8

9.2

3.4

6.6

    Gain-Foreign Currency Translation

9.2

8.4

7.6

0.5

2.6

    Gain-Disposal of Tangible Assets

0.0

0.1

0.3

0.0

0.6

    Gain-Disposal of Other LT Assets

0.0

-

-

-

-

    Rental Income

0.3

0.3

0.3

0.3

0.4

    Fee & Commission Received

0.0

-

0.3

0.5

0.9

    Recovery-Loan Loss Reserve

-

0.4

0.0

0.0

0.1

    Recovery Taxes Paid

-

-

-

-

0.3

    Dividend Income

0.0

-

-

-

-

    Gain-Derivatives Transactions

1.1

2.1

1.8

-

0.0

    Miscellaneous Non-Operating Income

1.6

0.1

2.2

1.3

1.3

    Gain-Disposal of Investment Securities

-

-

0.0

0.0

-

    Gain-Valuation of Derivatives

16.5

0.8

7.8

0.6

0.0

    Income-Overdue Payments

0.0

0.6

0.1

-

-

    Interest Expense, Non-Operating

-19.2

-16.5

-21.5

-12.1

-11.1

    Loss-Foreign Exchange Transaction

-8.5

-17.8

-44.3

-2.4

-1.8

    Loss-Foreign Currency Translation

-3.8

-3.3

-25.5

-3.1

-0.6

    Loss-Disposal of Accounts Receivable

0.0

-0.1

-0.1

0.0

-0.1

    Donations Paid, Non-Operating

-0.2

-1.7

-0.1

-0.1

-0.1

    Loss-Disposal of Tangible Assets

-2.9

-0.2

-1.9

-0.3

-0.8

    L-Secs for Sale Disp

-

-

-

-

0.0

    L-Secs for Sale Redc

-

-

-

-

-2.1

    Loss-Reduction of Tangible Assets

-

0.0

-

-

-

    Loss-Derivatives Transaction

-0.1

-0.7

-0.1

0.0

0.0

    Loss-Valuation of Derivatives

-2.0

-9.3

-36.5

-0.2

-0.6

    Miscellaneous Non-Operating Expense

-1.8

-3.9

-0.9

-1.8

-1.2

    Loss-Disposal of inventory

-

-

-0.2

-

-

    Expense-Loss Compensation

-0.1

0.0

-

0.0

0.0

    Gain under Equity Method

1.7

0.8

0.8

1.0

0.0

    Loss under Equity Method

-

-

-1.0

-0.4

-0.2

    Amort-PV Discount of Restructuring Debts

-

-

-5.0

-

-

Net Income Before Taxes

85.6

47.2

-14.4

14.4

22.7

 

 

 

 

 

 

Provision for Income Taxes

16.6

6.3

-5.9

4.7

7.6

Net Income After Taxes

69.0

41.0

-8.6

9.6

15.1

 

 

 

 

 

 

    Earning Before Acquisition of Subsidiary

-

0.0

-13.1

-

-

    Gain Minority Int.

-27.7

-2.7

-0.4

-1.0

-1.1

Net Income Before Extra. Items

41.3

38.3

-22.0

8.6

14.0

Net Income

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

41.3

38.3

-22.0

8.6

14.0

 

 

 

 

 

 

Basic Weighted Average Shares

41.6

41.6

41.6

38.6

38.6

Basic EPS Excluding ExtraOrdinary Items

0.99

0.92

-0.53

0.22

0.36

Basic EPS Including ExtraOrdinary Item

0.99

0.92

-0.53

0.22

0.36

Dilution Adjustment

-

0.0

0.0

0.4

0.4

Diluted Net Income

41.3

38.3

-22.0

9.1

14.3

Diluted Weighted Average Shares

41.6

41.6

41.6

41.6

41.6

Diluted EPS Excluding ExtraOrd Items

0.99

0.92

-0.53

0.22

0.34

Diluted EPS Including ExtraOrd Items

0.99

0.92

-0.53

0.22

0.34

DPS-Common Stock

0.22

0.24

0.18

0.22

0.21

Gross Dividends - Common Stock

9.0

9.8

7.6

8.3

8.1

Normalized Income Before Taxes

90.8

49.8

-11.0

14.6

22.9

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

17.2

6.3

-5.3

4.8

7.7

Normalized Income After Taxes

73.7

43.5

-5.7

9.8

15.3

 

 

 

 

 

 

Normalized Inc. Avail to Com.

45.9

40.8

-19.2

8.8

14.1

 

 

 

 

 

 

Basic Normalized EPS

1.10

0.98

-0.46

0.23

0.37

Diluted Normalized EPS

1.10

0.98

-0.46

0.22

0.35

Interest Expense, Supplemental

19.2

16.5

21.5

12.1

11.1

Rental Expense, Supplemental

4.6

3.6

3.6

3.1

1.4

Advertising Expense

0.6

0.4

0.6

0.7

1.1

R&D Expense, Supplemental

0.7

1.1

1.3

1.3

1.3

Depreciation, Supplemental

28.9

25.2

29.5

21.5

20.4

Amort of Intangibles, Supplemental

1.9

1.6

1.9

2.4

1.3

Amort of Acquisition Cost, Supplemental

2.4

2.4

1.7

-

-

 

 

 

Interim Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 

 

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

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

    ST Loan, Net

91.9

0.3

0.3

-

-

    Derivatives

0.0

4.1

1.0

-

-

    Prepaid Taxes

0.2

0.8

0.2

-

-

    Guarantee Deposit, Current

-

-

0.0

-

-

    Other Quick Assets

-

-

0.5

-

-

    Cash & Equivalents

156.2

164.9

103.0

53.5

20.6

    ST Investment Assets

0.0

0.0

0.0

0.1

0.0

    Trade Receivable

136.2

132.6

129.3

121.3

95.6

    Reserve-Doubtful Account

-1.6

-1.3

-1.5

-0.9

-0.7

    Other Receivable, Net

11.0

2.3

6.4

2.5

3.3

    Accrued Income

1.2

0.7

2.2

0.1

0.0

    Advanced Payment

4.5

4.3

3.8

0.2

2.4

    Prepaid Expense

1.0

1.1

1.1

0.9

0.9

    Deferred Income Taxes-Debit, Current

4.3

4.7

0.7

0.5

1.0

    ST Financial Assets

51.1

20.5

64.8

0.0

0.0

    ST Loans

-

-

-

0.0

0.0

    Merchandises

10.4

11.5

8.7

9.0

5.5

    Imported Goods in Transit

38.6

21.1

35.5

23.0

-

    Finished Goods

55.5

14.7

40.8

18.1

24.6

    Work in Progress

4.1

4.4

3.6

3.2

2.4

    Raw Materials

31.6

17.0

25.7

5.5

4.4

    Assistance Materials

2.5

0.6

0.7

3.5

1.9

    Stored Goods

15.2

13.5

11.1

5.1

3.2

    Imports in Trnst

-

-

-

-

32.0

Total Current Assets

613.7

417.8

437.8

245.7

197.0

 

 

 

 

 

 

    LT Finl Assets

1.4

1.5

0.0

0.0

0.0

    LT Loan

37.9

67.1

2.4

-

-

    LT Invest Secs.

30.2

10.2

7.0

-

-

    Secs for Sale

-

-

-

8.8

8.9

    Equity Method Investment Securities

19.1

17.3

16.9

16.4

14.9

    LT Security Deposit

3.4

2.9

2.8

2.7

2.6

    Group Retire Ins

-

-

-

-

0.0

    Suspension Machinery Equipment

-

-

-

-

0.0

    Derivatives, assets

0.8

1.1

5.6

0.6

0.0

    LT Account Receivable

-

-

0.0

-

-

    Land

250.4

237.6

137.5

38.4

38.6

    Buildings

92.0

89.1

82.2

66.1

66.2

    Buildings Depre.

-32.4

-28.8

-24.2

-17.4

-15.7

    Structures

55.5

50.5

46.7

27.1

27.3

    Structure Depre.

-26.5

-23.9

-19.9

-9.8

-8.7

    Machinery/Equip.

498.9

480.8

438.0

391.8

391.4

    Mach/Equip Depre

-240.6

-216.8

-180.8

-127.5

-111.2

    Transport Equip.

3.0

3.0

3.1

3.2

3.1

    Vehicles & Transportation-Depreciation

-2.6

-2.5

-2.4

-2.5

-2.3

    Tools/Equipments

5.9

5.5

4.8

4.6

4.8

    Tool/Equip Depr.

-5.0

-4.8

-4.1

-3.9

-4.0

    Fixtures

7.1

5.5

4.8

3.6

5.9

    Deprec. Fixtures

-5.0

-4.6

-3.9

-3.1

-5.1

    Trees

6.0

6.2

4.7

0.2

0.2

    Government Subsidy, Tree

-1.8

-1.7

-

-

-

    Construc in Prog

416.0

90.9

4.7

4.7

0.2

    Goodwill

42.2

43.5

71.1

0.1

0.2

    Indust.-Patent

-

-

-

0.0

0.0

    Management Right-Waste Water Facilities

1.6

1.8

1.9

2.8

3.1

    Right-Land Lease

0.0

0.0

0.0

0.1

0.1

    Development Cost

-

0.0

0.0

0.1

0.1

    Software Intang.

0.9

0.1

0.1

0.1

0.1

    Other Intangible

0.9

2.3

3.5

6.6

8.4

    Receivable-Capital Lease

37.9

7.6

-

-

-

    Prepaid Lease Expense

-0.1

0.0

-

-

-

    Expense-Capital Lease Liabilities

0.1

0.0

-

-

-

    Operating Lease

5.0

6.2

-

-

-

    Operating Lease Depreciation

-1.1

-0.2

-

-

-

    Operating Lease Reduction

0.0

0.0

-

-

-

Total Assets

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    Trade Payable

52.4

63.5

92.9

80.3

69.5

    Account Payable

81.8

28.8

1.4

16.8

17.4

    ST Borrowings

248.8

144.7

161.9

75.4

27.1

    Security Deposit Withheld

-

-

0.0

-

-

    Accrued Expense

7.5

5.1

5.3

3.0

2.6

    Advances Received

6.5

2.8

10.4

0.3

0.5

    Unearned Income

0.3

0.3

-

-

-

    Deposit Withheld

3.5

2.7

1.1

0.7

0.9

    VAT Withheld

0.2

0.3

0.3

0.7

0.5

    Income Taxes Payable

7.5

7.6

2.9

1.6

2.4

    Dividend Payable

0.0

0.0

0.0

0.0

0.0

    Current Portion of Bonds

92.1

46.2

11.9

22.0

12.5

    Discount on Debentures Issuance, Current

-

0.0

-

-

-

    Current Portion of LT Debt

21.8

14.1

12.3

16.0

18.8

    Derivatives in Liabilities, Current

5.1

7.5

0.3

0.0

1.2

    Deferred Income Tax Credits

0.0

0.0

0.0

-

-

Total Current Liabilities

527.6

323.6

300.8

216.7

153.4

 

 

 

 

 

 

    Bonds

175.6

109.9

60.9

51.3

73.6

    Discount on Issuance of Debentures

-

-

0.0

-

-

    LT Borrowings

363.4

141.2

117.2

59.6

69.0

Total Long Term Debt

539.0

251.1

178.1

110.8

142.7

 

 

 

 

 

 

    Derivative Products in Liabilities

39.5

58.1

70.9

0.2

-

    Rent Deposit

0.1

0.1

0.0

-

-

    Security Deposit, LT

-

-

0.2

-

-

    LT Account Payable

5.8

7.5

1.7

0.0

0.3

    Guarantee Deposit, LT

6.5

1.0

-

-

-

    Deferred Income Tax, Credit

34.1

32.9

9.2

3.4

2.6

    Reserve-Severance and Retirement Benefit

45.9

40.2

30.7

10.8

10.0

    Minority Interest

270.0

244.9

198.7

7.8

7.0

    Deposit-Retirement Insurance

-14.0

-8.7

-

-

-

    Transfer to National Pension Fund

-0.4

-0.5

-

-

-

Total Liabilities

1,454.0

950.2

790.2

349.7

316.0

 

 

 

 

 

 

    Common Stock

91.7

89.3

82.6

103.1

103.8

    Paid-in Capital in Excess of Par

32.4

31.6

29.2

36.0

36.3

    Reserve for Assets Revaluation

32.2

31.4

29.0

39.1

39.3

    Other Capital Surplus

28.3

22.3

-

-

-

    Consideration for Conversion Rights

-

-

-

0.6

0.6

    Voluntary Reserve

7.3

4.6

4.2

5.7

-

    Legal Reserve

9.5

8.2

6.9

8.6

7.7

    Finance Reserve

-

-

-

-

4.0

    Busines Rational

-

-

-

-

1.7

    Retained Earning Carried Forward

129.6

99.7

60.6

116.4

117.8

    Revaluation Adjustment

25.0

24.1

32.6

-

-

    Capital Change, Equity Method

3.5

3.3

4.0

0.4

-0.7

    Gain-Valuation of Investment Securities

0.7

-

-

-

-

    Overseas Business Translation Credit

0.5

0.6

1.0

-0.3

-0.3

    Overseas Business Translation Debit

0.0

-

-

-

-

Total Equity

360.7

315.0

250.1

309.6

310.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,814.7

1,265.2

1,040.3

659.4

626.2

 

 

 

 

 

 

    S/O-Common Stock

41.6

41.6

41.6

38.6

38.6

Total Common Shares Outstanding

41.6

41.6

41.6

38.6

38.6

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

6.8

3.1

10.4

0.3

0.5

Full-Time Employees

603

618

653

580

578

Number of Common Shareholders

5,509

3,616

2,233

2,404

2,633

Long-Term Debts Due in 1 Year

113.9

60.3

24.2

38.1

31.3

Long-Term Debts Due in 2 Years

138.4

98.0

35.1

27.3

38.2

Long-Term Debts Due in 3 Years

184.0

82.8

51.6

10.0

27.3

Long-Term Debts Due in 4 Years

57.7

40.7

50.7

44.7

9.8

Long-Term Debts Due in 5 Years

-

-

-

-

49.7

Long-Term Debts Due Remaining

159.7

29.7

40.6

28.8

18.0

Total Long Term Debt, Supplemental

653.7

311.4

202.2

149.0

174.3

Operating Lease Due in 1 Year

0.1

0.2

0.7

0.9

0.9

Operating Lease Due in 5 Years

-

0.0

0.3

1.4

3.2

Total Operating Leases

0.1

0.2

1.0

2.3

4.2

 

 

 

 

Interim Balance Sheet

Financials in: USD (mil)

 

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

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 

 

Annual Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Reclassified Normal
31-Dec-2008

Reclassified Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

KPMG LLP

KPMG LLP

KPMG LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unaudited

 

 

 

 

 

 

Net Income

69.0

41.0

-21.6

9.6

15.1

    Depreciation

28.9

25.2

29.5

21.5

20.4

    Amortization-Present Value Discount

0.3

0.1

0.7

-

-

    Loss-Disposal of Inventory

-

-

0.2

-

-

    Amortization-Intangible Assets

4.2

4.1

3.6

2.4

1.3

    Provision-Retirement Allowance

7.0

7.2

10.0

3.1

3.1

    Valuation of Equity Method

-

-

1.0

0.4

0.2

    L-Call Redemption of Restructuring Debt

-

-

5.0

-

-

    Affiliates' Foreign Currency Adjust. Gap

-

-

13.1

-

-

    Prepaid Income Taxes

0.6

-0.5

-0.2

-

-

    Accrued Dividends

0.0

0.0

0.0

-

-

    Deferred Income Tax Credit, Current, A/L

0.0

0.9

0.0

-

-

    Deposit-Retirement Insurance

-4.9

0.6

0.0

0.2

-

    Loss-Disposal of Trade Receivable

0.0

0.1

0.1

0.0

0.1

    Loss-Disposal of Tangible Assets

2.9

0.2

1.9

0.3

0.8

    Amortization-Discount on Bond Issuance

0.1

0.0

0.0

0.0

0.0

    Provision-Doubtful Account

1.1

0.7

0.6

0.2

0.0

    Recovery-Provision Doubtful Account

-

-0.4

0.0

0.0

-0.1

    Loss-Foreign Currency Translation

3.3

0.4

24.9

2.9

0.4

    Amort-Convertible Right Adjustment

-

-

0.1

0.1

0.1

    L-Sec for Sale Redct

-

-

-

-

2.1

    Loss-Valuation of Derivatives

2.0

9.3

36.5

0.2

0.6

    Gain-Disposal of Tangible Assets

0.0

-0.1

-0.3

0.0

-0.6

    Gains on Other Non-Current Assets

0.0

-

-

-

-

    Gain-Foreign Currency Translation

-9.1

-5.2

-6.4

-0.4

-2.5

    Gain under Equity Method

-1.7

-0.8

-0.8

-1.0

0.0

    Gain-Disposal of Investment Securities

-

-

0.0

0.0

0.0

    Gain-Derivatives Valuation

-16.5

-0.8

-7.8

-0.6

0.0

    Interest Income of Retirement Insurance

-

-

-

-

-0.3

    Trade Receivable

40.1

5.0

-36.0

-13.7

24.6

    Accrued Income

-0.4

1.5

-1.3

-0.1

0.0

    Account Receivable

-8.2

4.2

-5.0

0.8

1.0

    Advanced Payment

-0.1

-0.2

-4.1

2.2

2.4

    Prepaid Expense

0.2

0.0

-0.3

0.0

0.2

    Other Quick Assets

-

0.5

0.5

0.0

-

    Deferred Income Tax Debit, Current

0.5

-3.6

-5.2

0.4

-0.2

    Prepaid Taxes

-

-

-

-

0.1

    Inventory

-69.7

48.4

-45.2

7.3

-16.6

    Reserve-National Pension

0.0

0.1

0.0

0.0

0.0

    Group Retire Insur D

-

-

-

-

0.2

    Retire Insur Dep

-

-

-

-

0.4

    Deferred Income Tax Debit

-

-

0.0

0.0

-0.1

    Trade Payable

-58.4

-31.6

39.2

5.6

-6.2

    Account Payable

47.5

27.0

-11.7

-7.5

-2.1

    LT Account Payable

-

-

-

-

-0.1

    Accrued Expense

2.6

-0.6

3.1

0.5

-4.7

    Advance Received

3.6

-7.7

5.9

-0.3

0.4

    Accrued Income Taxes

-0.3

4.1

1.8

-0.8

-3.6

    Deposit Withheld

0.8

1.3

0.3

-0.2

0.6

    Unearned Income

0.0

0.3

-

-

-

    Take Over-Affiliates' Retirement Allow.

0.5

0.1

0.1

-

0.0

    Transfer-Affiliates' Retirement Allow.

-0.3

0.0

-0.1

-0.1

0.1

    Payment-Retirement Bonus

-2.7

-10.0

-2.3

-2.4

-2.1

    Currency Futures

-

-

-

-

0.0

    Increase-Finance Lease Receivable

-29.5

-7.0

-

-

-

    Increase-Finance Lease Liabilities Expen

-0.1

-

-

-

-

    Advance Lease Pay

-0.2

-

-

-

-

    VAT Taxes Withheld

-0.6

0.0

-0.1

0.1

0.0

    LT Security Deposit

-

-0.2

-

-

-

    Dividend Income, A/L

0.6

0.5

-

1.2

-

    Deferred Income Tax Credit, A/L

-0.7

-10.6

-9.5

0.9

2.7

    Loss-Reduction of Tangible Assets

-

0.0

-

-

-

    Derivatives in Assets

4.1

1.0

0.3

0.1

-

    Derivatives in Liabilities

-7.5

-18.1

-11.9

-1.2

-

    Lease Guarantee Deposit

5.4

0.9

-

-

-

Cash from Operating Activities

14.5

87.4

8.8

31.9

37.6

 

 

 

 

 

 

    Increase-LT Loans

-17.4

-61.0

-1.3

-

-

    Increase-LT Financial Assets

0.0

0.0

0.0

-

-

    Increase-Investment Securities

-16.3

-3.8

0.0

-

-

    Decrease-ST Loans

0.3

-

-

-

-

    Decrease-LT Loans

-

1.6

0.0

-

-

    Decrease-Investment Securities

-

-

0.1

0.0

0.0

    Decrease-Guarantee Deposit

0.4

0.5

0.0

0.2

0.5

    Disposal-Machinery & Equipments

0.0

0.0

0.1

0.0

0.0

    Disposal-Transportation

0.1

0.1

0.1

0.0

0.1

    Disposal-Tools & Supplies

0.0

-

0.0

0.0

-

    Disposal-Supplies

0.0

0.0

0.2

-

-

    Decrease-LT Account Receivable

-

0.0

0.0

-

-

    Decrease-Operating Loans

3.1

-

-

-

-

    Disposal-Land

0.0

-

-

-

0.6

    Disposal-Buildings

0.1

-

-

-

-

    Disposal-Trees

0.5

0.5

0.3

-

-

    Disposal Structure

-

-

-

-

0.0

    Increase-ST Financial Assets

-

-17.5

-42.5

0.0

0.0

    Decrease-LT Financial Assets

0.0

-

-

-

-

    Increase-ST Loans

-43.0

-

-

-

-

    Increase-Guarantee Deposit

-0.8

-0.3

-0.1

-0.4

-0.8

    Increase-ST Investment Assets

-45.4

-

-

-

0.0

    Increase-Securities under Equity Method

-

-

-

-1.3

-1.1

    Increase-Land

-

-0.1

-

0.0

-2.3

    Increase-Buildings

-0.6

-0.2

0.0

-0.3

-0.2

    Increase-Structure

-0.5

-0.2

-0.8

-

-0.1

    Increase-Machinery & Equipment

-3.7

-5.4

-1.6

-3.1

-34.1

    Increase-Trees

-0.2

0.0

0.0

-

-

    Increase-Transportation

-0.2

-0.1

-0.3

-0.2

-0.5

    Increase-Tools & Supplies

-0.2

-0.2

-0.1

-0.3

-0.4

    Increase-Fixtures

-0.8

-0.4

-0.4

-0.2

-0.1

    Increase-Construction Progress

-335.8

-79.6

-8.5

-4.9

-0.3

    Increase-Software

-1.0

0.0

0.0

-0.1

-9.3

    Increase-ST Loans

-

-

-

-

0.0

    Decrease-ST Financial Assets

-

62.8

-

-

-

    Disposal-ST Investment Assets

16.0

0.0

-

-

-

    Disposal-Structure

-

0.0

-

-

-

    Increased Operating Lease Assets

-1.8

-5.7

-

-

-

Cash from Investing Activities

-447.3

-108.9

-54.8

-10.5

-47.8

 

 

 

 

 

 

    Increase-ST Borrowings

609.3

272.7

502.8

188.2

134.2

    Decrease-LT Borrowings

-1.3

-

-0.2

-

-

    Increase-Expense for Stock Issuance

-

-

0.0

-

-

    Increase-LT Borrowings

209.5

27.8

88.5

5.0

25.0

    Increase in Foreign Currency Translat

0.0

0.0

-0.3

0.0

0.0

    Increase-Bond

149.7

81.5

33.4

-

61.8

    Decrease-LT Accrued Payment

-

-

-62.2

-0.2

-

    Decrease-ST Borrowings

-478.5

-294.4

-393.2

-140.1

-163.2

    Increase-Rent Guarantee Deposit

0.0

0.0

0.0

-

-

    Dec-Current Portion of LT Liabilities

-14.2

-13.1

-15.4

-18.8

-0.3

    Dividends Paid

-10.8

-6.5

-7.0

-9.7

-10.1

    Decrease-Current Portion of Bond

-43.8

-11.8

-10.0

-12.5

-56.9

    Inc Stock Issue Cost

-

-

-

-

0.0

    Inc-Oversea Trans FN

-

-

-

-

-0.3

    Cash Outflow-Consol. Capital Transaction

-

-

-29.2

-

-

    Changes in Consolidation Scope

-

-

11.2

-

-

    Increase-LT Accrued Payment

-

3.1

-

-

-

    Cash Inflow-Consoli. Capital Transaction

-

11.0

-

-

-

Cash from Financing Activities

420.0

70.3

118.5

11.9

-9.8

 

 

 

 

 

 

Net Change in Cash

-12.8

48.8

72.4

33.3

-20.0

 

 

 

 

 

 

Net Cash - Beginning Balance

166.1

101.7

45.5

20.6

40.1

Net Cash - Ending Balance

153.3

150.5

117.9

53.9

20.0

 

 

 

 

Interim Cash Flows

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

No Financial Data for MOORIM PAPER Co., Ltd.

 

 

 Bottom of Form

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.43

UK Pound

1

Rs.79.10

Euro

1

Rs.66.17

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

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

 

Unlimited

71-85

Aa

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

 

Large

56-70

A

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

 

Fairly Large

41-55

Ba

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

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

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

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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

 

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

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

 

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

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