MIRA INFORM REPORT

 

 

Report Date :

19.01.2012

 

IDENTIFICATION DETAILS

 

Name :

MOORIM P&P  

 

 

Registered Office :

1, DangWhol-Ri Onsan-Eub Ulju-Gun Ulsan, 689-892 Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.01.1974

 

 

Legal Form :

Public Independent

 

 

Line of Business :

Manufacture of paper pulp

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

NOTES :

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

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Top of Form

Bottom of Form

Top of Form

Moorim P&P     

           

 

1, DangWhol-Ri

Onsan-Eub

Ulju-Gun

Ulsan, 689-892

Korea, Republic of

 

Tel:

82-52-2317000

Fax:

82-52-2382190

 

www.moorimpnp.co.kr

 

Employees:

552

Company Type:

Public Independent

Traded:

Korea Stock Exchange:

009580

Incorporation Date:

16-Jan-1974

Auditor:

PricewaterhouseCoopers LLP

Financials in:

USD (mil)

 

 

Fiscal Year End:

31-Dec-2010

Reporting Currency:

South Korean Won

Annual Sales:

268.1  1

Net Income:

50.6

Total Assets:

889.6  2

Market Value:

371.7

 

(09-Sep-2011)

                                     

Business Description       

 

Moorim P&P Co., Ltd. is a Korea-based company engaged in the manufacture and sale of bleached chemical pulps. The Company manufactures various forms of pulps and other fibrous cellulosic materials through trees, waste fibers, rags, waste papers and others. Its supplies include general pulps, chemical wood pulps, mechanical wood pulps, semi-chemical wood pulps, sulfurous acid pulps, fibrous cellulosic pulps and others. In addition, the Company also provides byproducts such as sawdust and others. The Company's main customers include Moorim Paper, Moorim SP, KGP, HONGWON PAPER MFG, SAMWHA PAPER and others. As of December 31, 2010, the Company had 11 domestic affiliated companies and two overseas affiliated companies. For the six months ended 30 June 2011, Moorim P&P's total revenues increased 4% to W171.97B. The Company's net income decreased 71% to W12.97B. Revenues reflect increased demand for hardwood pulp finished goods in both foreign and domestic markets. Net income suffered from decreased interest income, the exclusion of gain on disposal of tangible assets and decreased gain on foreign exchange transaction.

 

 

Industry

 

Industry

Paper and Paper Products

ANZSIC 2006:

1510 - Pulp, Paper and Paperboard Manufacturing

NACE 2002:

2111 - Manufacture of pulp

NAICS 2002:

32211 - Pulp Mills

UK SIC 2003:

2111 - Manufacture of pulp

US SIC 1987:

2611 - Pulp Mills

                      


Key Executives           

   

 

Name

Title

Yin Jung Kim

President, Co-Chief Executive Officer, Director

Yeong Hwan Ahn

Internal Auditor

Seok Man Kim

Vice President

Dae Young Kim

Auditor

Wan Choi

Manager-Planning

 

Significant Developments                                                                   

 

Topic

#*

Most Recent Headline

Date

Strategic Combinations

1

Moorim P&P to Form Consortium for Reforestation Project in Indonesia and Establish New Subsidiary

19-Apr-2011

Business Deals

1

Moorim P&P Signs Contract with MOORIM SP CO., LTD. and MOORIM PAPER CO.,LTD

10-Feb-2011

Equity Investments

1

Moorim P&P Announces Changes in Shareholding Structure

10-Jun-2011

Positive Earnings Pre-Announcement

1

Moorim P&P Issues FY 2011 and FY 2012 Revenue Outlook Above Analysts' Estimates

19-Jan-2011

Dividends

1

Moorim P&P Declares Annual Cash Dividend for FY 2010

17-Feb-2011

* number of significant developments within the last 12 months

 

             

News      

 

Title

Date

MOORIM P&P CO. LTD. Consensus Recommendation: BUY
Nelson Information - Daily (37 Words)

25-May-2011

MOORIM P&P CO. LTD. Consensus Recommendation: BUY
Nelson Information - Daily (37 Words)

24-Feb-2011

    

Financial Summary                                                                      

 

As of 30-Jun-2011

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.99

2.10

Quick Ratio (MRQ)

0.49

1.23

Debt to Equity (MRQ)

0.84

1.32

Sales 5 Year Growth

6.04

1.68

Net Profit Margin (TTM) %

8.71

3.25

Return on Assets (TTM) %

2.77

3.13

Return on Equity (TTM) %

5.07

9.87

 

 

 

 

 


Stock Snapshot

    

 

Traded: Korea Stock Exchange: 009580

 

As of 9-Sep-2011

   Financials in: KRW

Recent Price

6,420.00

 

EPS

984.74

52 Week High

8,575.00

 

Price/Sales

1.29

52 Week Low

4,010.00

 

Dividend Rate

200.00

Avg. Volume (mil)

0.28

 

Price/Earnings

14.31

Market Value (mil)

400,404.60

 

Price/Book

0.73

 

 

 

Beta

1.24

 

Price % Change

Rel S&P 500%

4 Week

3.22%

2.11%

13 Week

5.94%

19.60%

52 Week

57.55%

55.07%

Year to Date

3.13%

16.68%

 

 

 

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
1, DangWhol-Ri
Onsan-Eub
Ulju-Gun
Ulsan, 689-892
Korea, Republic of

 

Tel:

82-52-2317000

Fax:

82-52-2382190

 

www.moorimpnp.co.kr

Quote Symbol - Exchange

009580 - Korea Stock Exchange

Sales KRW(mil):

309,957.8

Assets KRW(mil):

1,009,642.0

Employees:

552

Fiscal Year End:

31-Dec-2010

 

Industry:

Paper and Paper Products

Incorporation Date:

16-Jan-1974

Company Type:

Public Independent

Quoted Status:

Quoted

Previous Name:

Dong Hae Pulp Co Ltd

 

President, Co-Chief Executive Officer, Director:

Yin Jung Kim

 

Company Web Links

Company Contact/E-mail

Corporate History/Profile

 

Financial Information

Home Page

 

News Releases

Products/Services

Contents

·         Industry Codes

·         Business Description

·         Financial Data

·         Market Data

Key Corporate Relationships

 

Industry Codes

 

ANZSIC 2006 Codes:

3739

-

Other Goods Wholesaling Not Elsewhere Classified

1499

-

Other Wood Product Manufacturing Not Elsewhere Classified

1510

-

Pulp, Paper and Paperboard Manufacturing

 

NACE 2002 Codes:

2051

-

Manufacture of other products of wood

5190

-

Other wholesale

2111

-

Manufacture of pulp

 

NAICS 2002 Codes:

32211

-

Pulp Mills

321999

-

All Other Miscellaneous Wood Product Manufacturing

424990

-

Other Miscellaneous Nondurable Goods Merchant Wholesalers

 

US SIC 1987:

5199

-

Nondurable Goods, Not Elsewhere Classified

2611

-

Pulp Mills

2499

-

Wood Products, Not Elsewhere Classified

 

UK SIC 2003:

5190

-

Other wholesale

2111

-

Manufacture of pulp

2051

-

Manufacture of other products of wood

 

 

Business Description

Moorim P&P Co., Ltd. is a Korea-based company engaged in the manufacture and sale of bleached chemical pulps. The Company manufactures various forms of pulps and other fibrous cellulosic materials through trees, waste fibers, rags, waste papers and others. Its supplies include general pulps, chemical wood pulps, mechanical wood pulps, semi-chemical wood pulps, sulfurous acid pulps, fibrous cellulosic pulps and others. In addition, the Company also provides byproducts such as sawdust and others. The Company's main customers include Moorim Paper, Moorim SP, KGP, HONGWON PAPER MFG, SAMWHA PAPER and others. As of December 31, 2010, the Company had 11 domestic affiliated companies and two overseas affiliated companies. For the six months ended 30 June 2011, Moorim P&P's total revenues increased 4% to W171.97B. The Company's net income decreased 71% to W12.97B. Revenues reflect increased demand for hardwood pulp finished goods in both foreign and domestic markets. Net income suffered from decreased interest income, the exclusion of gain on disposal of tangible assets and decreased gain on foreign exchange transaction.

 

 

More Business Descriptions

Manufacture of bleached chemical pulp for use in the paper industry; manufacture of paper

 

Pulp Mills

 

 

 

 

 

 

 

 

 

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

309,957.8

Net Income:

58,547.1

Assets:

1,009,642.0

Long Term Debt:

270,315.5

 

Total Liabilities:

459,053.8

 

Working Capital:

105.0

 

 

 

Date of Financial Data:

31-Dec-2010

 

1 Year Growth

18.9%

834.1%

50.7%

 

 

Market Data

Quote Symbol:

009580

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

6,420.0

Stock Price Date:

09-09-2011

52 Week Price Change %:

57.6

Market Value (mil):

400,404,608.0

 

SEDOL:

6275738

ISIN:

KR7009580002

 

Equity and Dept Distribution:

All financials reflect non-consolidated numbers. 03/06, reclassified. 10/2008, Name changed from Donghae Pulp. 01/10 name changed from DONGHAE PULP. 05/11, Share Split( F:2).

 

 

 

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

 

 

 

 

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Dong Wuk Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chairman

 

Lee Dong Wuk has been Chairman of the Board and Co-Chief Executive Officer of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Currently, Lee also serves as Chairman and Chief Executive Officer at MOORIM PAPER Co., Ltd and MOORIM SP 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, Co-Chief Executive Officer, Director

Director/Board Member

 

 

 

Kim Yin Jung has been President, Co-Chief Executive Officer and Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Currently, Lee also serves as President and Chief Executive Officer at MOORIM PAPER Co., Ltd and MOORIM SP Co., Ltd. Kim holds a Bachelor of Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Jeong Hui Oh

 

Non-Executive Independent Director

Director/Board Member

 

 

 

Oh Jeong Hui has been Non-Executive Independent Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Previously, Oh served as President at Korea Money Brokerage Corporation. Oh received a Master of Business Administration from Yonsei University, Korea.


Education

MBA , Yonsei University

Yin Seop Park

 

Vice President, Director

Director/Board Member

 

 

 

Park Yin Seop has been Vice President and Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Previously, Park served as Managing Director at MOORIM PAPER Co., Ltd. Park received Bachelor's degree in Forest Products and Technology from Seoul National University, Korea.


Education

B , Seoul National University

 

Executives

 

Name

Title

Function

Yin Jung Kim

 

President, Co-Chief Executive Officer, Director

Chief Executive Officer

 

Kim Yin Jung has been President, Co-Chief Executive Officer and Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Currently, Lee also serves as President and Chief Executive Officer at MOORIM PAPER Co., Ltd and MOORIM SP Co., Ltd. Kim holds a Bachelor of Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Dong Wuk Lee

 

Chairman of the Board, Co-Chief Executive Officer

Chief Executive Officer

 

 

 

Lee Dong Wuk has been Chairman of the Board and Co-Chief Executive Officer of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Currently, Lee also serves as Chairman and Chief Executive Officer at MOORIM PAPER Co., Ltd and MOORIM SP Co., Ltd. Lee holds a Bachelor's degree in Business Administration from Yonsei University, Korea.


Education

B Business Administration, Yonsei University

Guk Chan Ahn

 

Assistant Managing Director

Managing Director

 

 

 

Ahn Guk Chan is Assistant Managing Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) Ahn was previously Plant Manager of the Company and a member of the Company's Board of Directors. Ahn holds a Bachelor's degree from Pusan National University, Korea.


Education

B , Pusan National University

No Wuk Kim

 

Assistant Managing Director

Managing Director

 

 

 

Kim No Wuk is Assistant Managing Director of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD). Kim was previously Head of Construction Business Unit of the Company and a member of the Company's Board of Directors and Head of Operations. Kim holds a Bachelor's degree in Civil Engineering from Dong-A University, Korea.


Education

B Civil Engineering, Dong-A University

Hyeong Su Lee

 

Assistant Managing Director

Managing Director

 

 

Dae Young Kim

 

Auditor

Finance Executive

 

 

Yeong Hwan Ahn

 

Internal Auditor

Accounting Executive

 

 

 

Ahn Yeong Hwan has been Internal Auditor of Moorim P&P (formerly known as DONGHAE PULP CO.,LTD.) since March 18, 2009. Currently, Ahn is also working for Ministry of Public Administration and Security, Korea. Ahn received a Bachelor of Public Administration and a Doctorate's degree in Business Administration from Sungkyunkwan University, Korea.


Education

PHD Business Administration, Sungkyunkwan University
BPA , Sungkyunkwan University

Sung Ik Choi

 

Manager-Investment

Investment Executive

 

 

Tae Geun Lee

 

Manager-Recruitment

Human Resources Executive

 

 

Wan Choi

 

Manager-Planning

Planning Executive

 

 

Jong Wung Kim

 

Manager-Plant

Manufacturing Executive

 

 

Seok Man Kim

 

Vice President

Other

 

 


Education

B Chemistry, Kyungpook National University

 

Moorim P&P

 

 

Significant Developments

 

 

 

 

Moorim P&P Announces Changes in Shareholding Structure

Jun 10, 2011


Moorim P&P announced that KB Asset Management has acquired 3,124,222 common shares of the Company, equivalent to a 5.01% stake in the Company. Following the transaction, KB Asset Management's stake in the Company has increased to 5.01% from 0.00%.

Moorim P&P to Form Consortium for Reforestation Project in Indonesia and Establish New Subsidiary

Apr 19, 2011


Moorim P&P announced that it has entered into an agreement with an Indonesia-based company to propel reforestation project. The Company will acquire stake in Indonesia-based reforestation company. Besides., the Company will also establish a new wholly owned subsidiary, for KRW 2 billion. The total investment amount will be KRW 100 billion.

Moorim P&P Declares Annual Cash Dividend for FY 2010

Feb 17, 2011


Moorim P&P announced that it has declared an annual cash dividend of KRW 400 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 3.2% and the total amount of the cash dividend is KRW 12,472,755,600.

Moorim P&P Signs Contract with MOORIM SP CO., LTD. and MOORIM PAPER CO.,LTD

Feb 10, 2011


Moorim P&P announced that it has signed a contract with MOORIM SP CO., LTD. and MOORIM PAPER CO.,LTD to supply hardwood bleached kraft pulp (HW-BKP). The contract amount is KRW 98,386,500,000.

Moorim P&P Issues FY 2011 and FY 2012 Revenue Outlook Above Analysts' Estimates

Jan 19, 2011


Moorim P&P announced that it expects the revenue for the fiscal year 2011 and 2012 to record KRW 502 billion and 606 billion, respectively. According to Reuters Estimates, analysts on average are expecting the Company to report revenue of KRW 367.20 billion and KRW 567.25 billion for fiscal year 2011 and 2012.

 

 

 

 

 

MOORIM P&P CO. LTD. Consensus Recommendation: BUY

Nelson Information - Daily: 25 May 2011
[What follows is the full text of the news story.]

 

Company: MOORIM P&P CO. LTD.

Consensus Recommendation: BUY

(Strong Buy: 1, Buy: 7, Hold: 0, Underperform: 0, Sell: 0)

Quarter Consensus Estimate [Q2]:            N/A

FY Consensus Estimate [FY2011]:             N/A

Next FY Consensus Estimate [FY2012]:        N/A

Industry: BASIC/FOREST

Estimates reported in KRW



MOORIM P&P CO. LTD. Consensus Recommendation: BUY

Nelson Information - Daily: 24 February 2011
[What follows is the full text of the news story.]

 

Company: MOORIM P&P CO. LTD.

Consensus Recommendation: BUY

(Strong Buy: 1, Buy: 5, Hold: 0, Underperform: 0, Sell: 0)

Quarter Consensus Estimate [Q1]:            N/A

FY Consensus Estimate [FY2011]:             N/A

Next FY Consensus Estimate [FY2012]:        N/A

Industry: BASIC/FOREST

Estimates reported in KRW



 

 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

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

268.1

204.2

260.8

209.3

256.1

Revenue

268.1

204.2

260.8

209.3

256.1

Total Revenue

268.1

204.2

260.8

209.3

256.1

 

 

 

 

 

 

    Cost of Revenue

214.6

198.1

232.8

201.5

223.2

Cost of Revenue, Total

214.6

198.1

232.8

201.5

223.2

Gross Profit

53.5

6.1

28.1

7.8

32.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

3.6

2.6

1.4

0.6

0.9

    Labor & Related Expense

4.0

3.2

4.2

3.5

2.6

    Advertising Expense

0.1

0.0

0.0

0.0

0.0

Total Selling/General/Administrative Expenses

7.7

5.7

5.5

4.1

3.4

Research & Development

0.0

0.0

0.0

0.0

0.0

    Depreciation

0.1

0.1

0.1

0.1

0.1

Depreciation/Amortization

0.1

0.1

0.1

0.1

0.1

Total Operating Expense

222.4

203.9

238.4

205.8

226.7

 

 

 

 

 

 

Operating Income

45.7

0.3

22.5

3.6

29.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

    Interest Expense, Net Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

        Interest Income - Non-Operating

4.0

3.3

7.4

2.6

2.0

        Investment Income - Non-Operating

6.1

1.3

-10.0

-0.1

6.4

    Interest/Investment Income - Non-Operating

10.1

4.6

-2.6

2.6

8.4

Interest Income (Expense) - Net Non-Operating Total

9.1

2.7

-5.8

-4.3

0.7

Gain (Loss) on Sale of Assets

-2.5

-0.1

-0.6

-0.1

-0.4

    Other Non-Operating Income (Expense)

-0.2

-3.7

-4.6

3.0

14.4

Other, Net

-0.2

-3.7

-4.6

3.0

14.4

Income Before Tax

52.0

-0.8

11.5

2.2

44.1

 

 

 

 

 

 

Total Income Tax

1.3

-5.7

-1.4

-1.1

0.0

Income After Tax

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Net Income Before Extraord Items

50.6

4.9

12.8

3.2

44.1

Net Income

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Basic EPS Excl Extraord Items

0.81

0.08

0.24

0.08

1.22

Basic/Primary EPS Incl Extraord Items

0.81

0.08

0.24

0.08

1.22

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

50.6

4.9

12.8

3.2

44.1

Diluted Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Diluted EPS Excl Extraord Items

0.81

0.08

0.24

0.08

1.22

Diluted EPS Incl Extraord Items

0.81

0.08

0.24

0.08

1.22

Dividends per Share - Common Stock Primary Issue

0.17

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

10.8

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

1.0

1.8

3.3

0.7

7.6

Interest Capitalized, Supplemental

-4.6

-0.3

-

-

-

Depreciation, Supplemental

10.2

9.2

11.4

15.3

14.8

Total Special Items

2.5

0.1

0.6

0.1

0.4

Normalized Income Before Tax

54.5

-0.7

12.1

2.3

44.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

0.0

0.2

0.0

0.0

Inc Tax Ex Impact of Sp Items

1.4

-5.7

-1.2

-1.0

0.0

Normalized Income After Tax

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Basic Normalized EPS

0.85

0.08

0.24

0.08

1.23

Diluted Normalized EPS

0.85

0.08

0.24

0.08

1.23

Amort of Intangibles, Supplemental

-

-

-

0.0

-

Rental Expenses

0.0

0.0

0.1

0.1

0.1

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Research & Development Exp, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

45.7

0.3

22.5

3.6

29.4

Normalized EBITDA

55.8

9.5

33.9

18.9

44.2

 

 

 

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

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

39.2

94.4

60.6

13.2

12.6

    Short Term Investments

46.3

15.5

59.0

36.6

22.8

Cash and Short Term Investments

85.5

109.9

119.7

49.8

35.4

        Accounts Receivable - Trade, Gross

4.6

41.9

40.6

38.0

62.8

        Provision for Doubtful Accounts

-

-

-0.4

-0.5

-0.7

    Trade Accounts Receivable - Net

4.8

42.0

42.3

38.8

62.5

    Other Receivables

8.6

0.9

3.4

0.1

0.1

Total Receivables, Net

13.4

42.9

45.7

38.9

62.6

    Inventories - Finished Goods

27.7

0.6

18.7

1.9

5.3

    Inventories - Work In Progress

0.6

0.3

0.5

0.5

0.3

    Inventories - Raw Materials

20.0

11.5

19.0

15.2

3.4

    Inventories - Other

14.3

16.9

18.6

7.4

17.0

Total Inventory

62.6

29.4

56.7

24.9

26.0

Prepaid Expenses

0.2

0.9

0.3

0.2

0.2

    Deferred Income Tax - Current Asset

3.2

3.9

-

1.1

-

    Other Current Assets

-

-

0.5

0.5

0.5

Other Current Assets, Total

3.2

3.9

0.5

1.6

0.5

Total Current Assets

165.0

186.9

222.9

115.4

124.7

 

 

 

 

 

 

        Buildings

68.5

64.4

59.4

80.0

79.8

        Land/Improvements

184.9

174.1

37.2

50.1

50.4

        Machinery/Equipment

160.9

158.7

145.9

196.5

190.8

        Construction in Progress

412.8

86.9

3.5

0.8

0.5

        Natural Resources

5.8

6.1

6.0

8.2

8.6

    Property/Plant/Equipment - Gross

832.9

490.2

252.0

335.5

330.2

    Accumulated Depreciation

-128.6

-119.1

-100.8

-123.1

-108.7

Property/Plant/Equipment - Net

704.4

371.1

151.2

212.4

221.4

    LT Investment - Affiliate Companies

15.3

13.0

-

-

0.0

    LT Investments - Other

3.0

2.8

0.5

0.7

11.5

Long Term Investments

18.3

15.9

0.5

0.7

11.5

Note Receivable - Long Term

0.9

0.9

2.4

2.9

3.0

    Deferred Income Tax - Long Term Asset

-

-

4.1

-

-

    Other Long Term Assets

1.1

0.5

0.7

1.0

0.9

Other Long Term Assets, Total

1.1

0.5

4.9

1.0

0.9

Total Assets

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

Accounts Payable

15.2

10.4

9.3

7.9

15.8

Accrued Expenses

1.6

0.7

1.2

0.8

4.8

Notes Payable/Short Term Debt

22.3

54.6

43.8

5.1

14.7

Current Portion - Long Term Debt/Capital Leases

1.6

0.6

0.5

0.5

0.3

    Customer Advances

11.7

2.3

8.6

6.9

11.7

    Security Deposits

0.1

0.0

0.0

0.0

0.0

    Income Taxes Payable

3.5

-

-

-

-

    Other Payables

64.3

6.6

4.1

8.0

5.3

    Deferred Income Tax - Current Liability

-

-

0.9

-

-

    Other Current Liabilities

1.9

0.4

0.2

0.4

1.7

Other Current liabilities, Total

81.5

9.3

13.8

15.3

18.7

Total Current Liabilities

122.2

75.6

68.8

29.6

54.4

 

 

 

 

 

 

    Long Term Debt

238.2

31.8

3.0

4.7

5.3

Total Long Term Debt

238.2

31.8

3.0

4.7

5.3

Total Debt

262.1

87.0

47.4

10.4

20.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

17.1

23.6

-

-

-

Deferred Income Tax

17.1

23.6

-

-

-

    Pension Benefits - Underfunded

21.2

17.0

19.7

21.5

18.9

    Other Long Term Liabilities

5.8

5.3

1.7

68.6

76.7

Other Liabilities, Total

27.0

22.3

21.4

90.1

95.6

Total Liabilities

404.5

153.3

93.2

124.4

155.3

 

 

 

 

 

 

    Common Stock

137.4

133.9

123.8

110.5

111.2

Common Stock

137.4

133.9

123.8

110.5

111.2

Additional Paid-In Capital

147.8

144.1

133.2

69.9

70.4

Retained Earnings (Accumulated Deficit)

92.4

39.8

31.8

27.7

24.6

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

107.6

104.3

-

-

0.0

Total Equity

485.1

422.0

288.7

208.1

206.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

62.4

62.4

62.4

41.4

41.4

Total Common Shares Outstanding

62.4

62.4

62.4

41.4

41.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

488

316

319

303

303

Number of Common Shareholders

3,883

2,847

2,560

3,177

2,669

Deferred Revenue - Current

11.7

2.3

8.6

6.9

11.7

Total Long Term Debt, Supplemental

239.8

32.4

3.5

5.3

5.7

Long Term Debt Maturing within 1 Year

1.6

0.6

0.5

0.5

0.3

Long Term Debt Maturing in Year 2

22.9

0.6

0.5

0.7

0.6

Long Term Debt Maturing in Year 3

82.1

4.7

1.4

0.7

0.7

Long Term Debt Maturing in Year 4

23.1

2.9

-

1.8

0.7

Long Term Debt Maturing in Year 5

-

-

-

-

1.8

Long Term Debt Maturing in 2-3 Years

105.0

5.4

1.9

1.4

1.3

Long Term Debt Maturing in 4-5 Years

23.1

2.9

-

1.8

2.6

Long Term Debt Matur. in Year 6 & Beyond

110.0

23.5

1.1

1.5

1.5

 

 

 

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

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

50.6

4.9

12.8

3.2

44.1

    Depreciation

10.2

9.2

11.4

15.3

14.8

Depreciation/Depletion

10.2

9.2

11.4

15.3

14.8

Deferred Taxes

-6.4

-5.7

-2.8

-1.1

0.0

    Unusual Items

2.5

0.1

0.6

0.1

-2.6

    Equity in Net Earnings (Loss)

-1.2

-0.1

-

-

0.0

    Other Non-Cash Items

1.7

1.0

9.0

3.5

-8.2

Non-Cash Items

3.0

0.9

9.6

3.5

-10.8

    Accounts Receivable

30.8

6.4

-19.0

23.7

-5.3

    Inventories

-31.9

29.2

-43.9

0.9

12.0

    Prepaid Expenses

0.7

-0.6

-0.1

0.0

0.0

    Other Assets

-

-

0.5

0.1

-0.1

    Accounts Payable

61.0

5.3

1.9

-5.2

-0.1

    Accrued Expenses

0.8

-0.5

0.7

-4.1

-18.7

    Taxes Payable

3.4

-

-

-

-

    Other Liabilities

8.5

-12.6

3.2

-6.9

-0.3

Changes in Working Capital

73.4

27.2

-56.7

8.5

-12.5

Cash from Operating Activities

130.8

36.5

-25.7

29.5

35.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-330.9

-78.2

-4.7

-8.2

-6.7

Capital Expenditures

-330.9

-78.2

-4.7

-8.2

-6.7

    Sale of Fixed Assets

0.6

0.5

0.3

0.4

3.8

    Sale/Maturity of Investment

15.6

58.2

0.0

0.0

8.0

    Purchase of Investments

-45.6

-28.0

-36.4

-14.1

-16.0

    Other Investing Cash Flow

-1.2

2.4

-1.1

10.7

1.9

Other Investing Cash Flow Items, Total

-30.7

33.1

-37.2

-3.0

-2.3

Cash from Investing Activities

-361.7

-45.0

-41.9

-11.2

-9.0

 

 

 

 

 

 

    Other Financing Cash Flow

-0.6

-0.5

30.5

-8.1

-46.4

Financing Cash Flow Items

-0.6

-0.5

30.5

-8.1

-46.4

        Sale/Issuance of Common

-

-

47.7

-

-

    Common Stock, Net

-

-

47.7

-

-

Issuance (Retirement) of Stock, Net

-

-

47.7

-

-

        Short Term Debt Issued

80.0

91.0

141.4

63.5

78.3

        Short Term Debt Reduction

-112.9

-82.7

-93.6

-73.1

-76.7

    Short Term Debt, Net

-32.9

8.3

47.8

-9.6

1.6

        Long Term Debt Issued

207.8

27.0

-

-

-

        Long Term Debt Reduction

-

0.0

-0.2

-

-0.1

    Long Term Debt, Net

207.8

27.0

-0.2

-

-0.1

Issuance (Retirement) of Debt, Net

174.9

35.3

47.6

-9.6

1.5

Cash from Financing Activities

174.3

34.8

125.8

-17.7

-44.9

 

 

 

 

 

 

Net Change in Cash

-56.6

26.3

58.2

0.7

-18.3

 

 

 

 

 

 

Net Cash - Beginning Balance

95.1

59.8

11.2

12.6

30.5

Net Cash - Ending Balance

38.5

86.1

69.4

13.3

12.2

 

 

 

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Product Rev

266.9

203.5

259.8

207.9

255.2

    Sales of By-Products

1.2

0.7

1.1

1.4

0.9

Total Revenue

268.1

204.2

260.8

209.3

256.1

 

 

 

 

 

 

    Cost of Revenue

214.6

198.1

232.8

201.5

223.2

    Salaries & Wages

3.5

2.7

2.9

2.3

2.1

    Retirement Allowance

0.3

0.3

0.8

1.0

0.0

    Employee Benefits

0.2

0.2

0.5

0.2

0.5

    Travel Expenses

0.1

0.1

0.1

0.0

0.1

    Communication Exp.

0.0

0.0

0.0

0.0

0.0

    Registration Fees

0.0

0.0

0.0

0.0

0.2

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Consumable Expense

0.0

0.0

0.0

0.0

0.0

    Publishing Expenses

0.0

0.0

0.0

0.0

0.0

    Rent

0.0

0.0

0.1

0.1

0.1

    Depreciation Expense

0.1

0.1

0.1

0.1

0.1

    Repair & Maintenance

-

0.0

0.0

0.0

0.0

    Transportation Equip

0.0

0.0

0.0

0.0

0.0

    Commissions Paid

0.7

0.4

0.7

0.1

0.1

    Entertainment

0.2

0.1

0.1

0.1

0.1

    Advertising Expense

0.1

0.0

0.0

0.0

0.0

    Education & Training

0.0

0.0

0.0

0.0

0.0

    Research & Testing Expense

0.0

0.0

0.0

0.0

0.0

    Transport & Storage

-

-

-

-

0.0

    Provision-Bad Debt

-

-

0.1

-

0.2

    Miscellaneous Operating Expense

0.0

0.0

0.0

0.0

0.0

    Export Expenses

2.4

1.8

-

-

-

Total Operating Expense

222.4

203.9

238.4

205.8

226.7

 

 

 

 

 

 

    Interest Income

4.0

3.3

7.4

2.6

2.0

    Dividend Income

0.0

-

-

-

-

    Rental Income

0.0

0.0

0.1

0.1

0.0

    G-For Curr Transactn

3.6

3.2

0.3

0.6

2.3

    G-For Exch Translatn

2.9

1.3

2.8

0.0

1.6

    Gain-Disposal of Tangible Assets

0.0

0.0

0.0

0.0

0.0

    Gains on Valuations of Derivatives

0.1

-

-

-

-

    Gain Disp Inv Asset

0.0

-

-

-

3.1

    Reversal Doubt Acct

-

0.4

0.0

0.2

1.3

    Violation Fee

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Income

0.4

0.5

0.4

1.4

7.4

    Recovery-Retirement Allowance

-

-

-

-

0.2

    Interest Expense, Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

    Other Fee & Charges

0.0

0.0

0.0

0.0

0.0

    Loss-Redemption of Restructuring Debts

-

-

-5.0

-

-

    L-For Curr Transactn

-1.3

-3.3

-12.2

-0.5

-0.5

    L-For Exch Translatn

-0.3

-0.1

-0.9

-0.2

-0.1

    Loss Disp Tang. Ast

-2.6

-0.1

-0.5

-0.1

-0.4

    Donations Paid, Non-Operating

-

-1.6

0.0

-

-

    Other Amortization

-

-

-

-

0.0

    L-Inventory Valuatn

-

-

-

-

0.0

    Miscellaneous Exp.

-0.7

-3.1

0.0

-0.1

-2.7

    Disp of Inv. Assets

-

-

-

-

0.0

    Loss-Disposal of inventory

-

-

-0.2

-

0.0

    Gain-Debt Adjustment

-

-

-

1.5

8.1

    Gains on Valuation of Equity Method Secu

1.2

0.1

-

-

-

    L-Equity Method Valuations

-

-

-

-

0.0

Net Income Before Taxes

52.0

-0.8

11.5

2.2

44.1

 

 

 

 

 

 

Provision for Income Taxes

1.3

-5.7

-1.4

-1.1

0.0

Net Income After Taxes

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Net Income Before Extra. Items

50.6

4.9

12.8

3.2

44.1

Net Income

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Basic Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Basic EPS Excluding ExtraOrdinary Items

0.81

0.08

0.24

0.08

1.22

Basic EPS Including ExtraOrdinary Item

0.81

0.08

0.24

0.08

1.22

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

50.6

4.9

12.8

3.2

44.1

Diluted Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Diluted EPS Excluding ExtraOrd Items

0.81

0.08

0.24

0.08

1.22

Diluted EPS Including ExtraOrd Items

0.81

0.08

0.24

0.08

1.22

DPS-Common Stock

0.17

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

10.8

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

54.5

-0.7

12.1

2.3

44.5

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.4

-5.7

-1.2

-1.0

0.0

Normalized Income After Taxes

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Basic Normalized EPS

0.85

0.08

0.24

0.08

1.23

Diluted Normalized EPS

0.85

0.08

0.24

0.08

1.23

Interest Expense, Supplemental

1.0

1.8

3.3

0.7

7.6

R&D Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Rental Expense, Supplemental

0.0

0.0

0.1

0.1

0.1

Interest Capitalized, Supplemental

-4.6

-0.3

-

-

-

Depreciation, Supplemental

10.2

9.2

11.4

15.3

14.8

Amort of Intangibles

-

-

-

0.0

-

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

39.2

94.4

60.6

13.2

12.6

    ST Finl Assets

46.3

15.5

59.0

36.6

22.8

    Current Port. Secs held till Maturity

-

-

-

-

0.0

    Trade Rcvb Gross

4.6

41.9

40.6

38.0

62.8

    Doubtful Account

-

-

-0.4

-0.5

-0.7

    ST Loan, Net

0.4

0.3

0.3

-

0.0

    ST Employee Loan

0.7

-

-

-

-

    Deferred Income Taxes Assets Current

3.2

3.9

-

1.1

-

    Other Rcvbl, Net

7.5

0.6

3.1

0.1

0.1

    Accrued Income

0.2

0.1

2.0

1.3

0.5

    Advance Payments

3.7

3.8

3.7

0.2

0.2

    Prepaid Expenses

0.2

0.2

0.3

0.2

0.2

    Prepaid Income Taxes

-

0.7

-

-

-

    Other Quick Asst

-

-

0.5

0.5

0.5

    Finished Goods

27.7

0.6

18.7

1.9

5.3

    Work in Progress

0.6

0.3

0.5

0.5

0.3

    Raw Materials

20.0

11.5

19.0

15.2

3.4

    Stored Goods

6.5

6.3

5.6

6.6

6.4

    Goods in Transit

4.1

6.8

9.3

0.6

10.4

Total Current Assets

165.0

186.9

222.9

115.4

124.7

 

 

 

 

 

 

    LT Investments

3.0

2.8

0.5

-

-

    Secs held-Mature

-

-

-

0.1

0.1

    Secs Avail-Sale

-

-

-

0.6

0.6

    Equity Method Securities

15.3

13.0

-

-

0.0

    LT Bank Deposits

-

-

-

-

10.8

    LT Loan to Employees

0.5

0.6

1.8

2.8

2.8

    Derivatives in Non-current

0.1

-

-

-

-

    Guarantee Dep.

1.1

0.5

0.7

1.0

0.9

    LT Loan

0.4

0.3

0.6

-

0.0

    LT Account Receivable

-

-

0.0

0.1

0.1

    Land

184.9

174.1

37.2

50.1

50.4

    Buildings

36.8

35.9

33.1

44.5

44.4

    Buildings Depre.

-13.3

-11.8

-9.8

-11.7

-10.3

    Structures

31.8

28.5

26.4

35.5

35.3

    Structure Depre.

-16.0

-14.5

-12.1

-14.4

-12.6

    Machinery/Equip.

155.7

154.3

141.7

191.0

185.8

    Mach/Equip Depre

-93.3

-87.2

-74.1

-90.5

-79.5

    Transport Equip.

0.5

0.6

0.6

0.8

0.7

    Transport Deprec

-0.4

-0.5

-0.4

-0.6

-0.6

    Tools/Equipments

1.5

1.3

1.3

1.6

1.4

    Tool/Equip Depr.

-1.3

-1.2

-1.0

-1.3

-1.3

    Fixtures

3.2

2.5

2.3

3.0

2.9

    Deprec. Fixtures

-2.5

-2.2

-1.9

-2.7

-2.6

    Timberland

5.8

6.1

6.0

8.2

8.6

    Depr-Timberland

-1.8

-1.7

-1.5

-1.8

-1.8

    Construction

412.8

86.9

3.5

0.8

0.5

    Deferred Income Tax, Debit

-

-

4.1

-

-

Total Assets

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    Trade Acct. Pay.

15.2

10.4

9.3

7.9

15.8

    ST Borrowings

22.3

54.6

43.8

5.1

14.7

    Account Payable

64.3

6.6

4.1

8.0

5.3

    Customer Advance

11.7

2.3

8.6

6.9

11.7

    Deposit Withheld

1.9

0.4

0.2

0.4

1.7

    Deferred Income Tax Credits

-

-

0.9

-

-

    Accrued Expenses

1.6

0.7

1.2

0.8

4.8

    Sec Dep Withheld

0.1

0.0

0.0

0.0

0.0

    Current Portion of LT Debt

1.6

0.6

0.5

0.5

0.3

    Inc. Taxes Pay.

3.5

-

-

-

-

Total Current Liabilities

122.2

75.6

68.8

29.6

54.4

 

 

 

 

 

 

    LT Borrowings

238.2

31.8

3.0

4.7

5.3

Total Long Term Debt

238.2

31.8

3.0

4.7

5.3

 

 

 

 

 

 

    Long-term Other Payables

8.6

8.4

2.3

68.6

76.7

    Present Value Discount for Long-term Oth

-2.9

-3.1

-0.7

-

-

    Provisions for Retirement and Severance

30.1

21.5

25.3

21.5

18.9

    Deferred Income Taxes Liabilities Non-cu

17.1

23.6

-

-

-

    Deposits for Retirement and Severance Be

-8.5

-4.1

-5.1

-

-

    Transfer to National Pension Fund

-0.4

-0.4

-0.5

-

-

Total Liabilities

404.5

153.3

93.2

124.4

155.3

 

 

 

 

 

 

    Common Shares

137.4

133.9

123.8

110.5

111.2

    Paid-in Capital

106.9

104.2

96.3

20.4

20.5

    Otr Cap Surplus

0.2

0.2

0.2

0.2

0.2

    Asset Revalued

40.7

39.7

36.7

49.4

49.7

    Retained Carried

92.4

39.8

31.8

27.7

24.6

    Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Gain-Valuation of Tangible Assets

107.0

104.3

-

-

-

    G-Value Secs under Equity Method

0.5

-

-

-

0.0

Total Equity

485.1

422.0

288.7

208.1

206.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    S/O-Common Stock

62.4

62.4

62.4

41.4

41.4

Total Common Shares Outstanding

62.4

62.4

62.4

41.4

41.4

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

11.7

2.3

8.6

6.9

11.7

Full-Time Employees

488

316

319

303

303

Number of Common Shareholders

3,883

2,847

2,560

3,177

2,669

LT Debt 1 yr

1.6

0.6

0.5

0.5

0.3

LT Debt 2 yrs

22.9

0.6

0.5

0.7

0.6

LT Debt 3 yrs

82.1

4.7

1.4

0.7

0.7

LT Debt 4 yrs

23.1

2.9

-

1.8

0.7

LT Debt 5 yrs

-

-

-

-

1.8

LT Debt thereafter

110.0

23.5

1.1

1.5

1.5

Total Long Term Debt, Supplemental

239.8

32.4

3.5

5.3

5.7

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

50.6

4.9

12.8

3.2

44.1

    Depreciation

10.2

9.2

11.4

15.3

14.8

    Retirement Allowance

5.9

2.4

5.1

3.6

0.0

    Provision-Doubtful Account

-

-

0.1

-

0.2

    Amort-Discount Val.

0.3

0.1

0.7

1.8

3.7

    L-Inventory Valuatn

-

-

-

-

0.0

    L-For Exch Translatn

0.3

0.1

0.9

0.2

0.1

    Disp Tang Asst Loss

2.6

0.1

0.5

0.1

0.4

    L-Call Redemption of Restructuring Debt

-

-

5.0

-

-

    Other Prov. Doubtful

-

-

-

-

0.0

    L-Equity Method Valuation

-

-

-

-

0.0

    Loss-Disposal of Inventory

-

-

0.2

-

0.0

    Disposition of Inv.

-

-

-

-

0.0

    Gains on Valuation of Equity Method Secu

-1.2

-0.1

-

-

-

    G-For Exch Translatn

-4.9

-1.3

-2.8

0.0

-1.6

    Gain Disp Tang. Ast

0.0

0.0

0.0

0.0

0.0

    Reversal Prov. Doubt

-

-0.4

0.0

-0.2

-1.3

    Miscellaneous Gains

-

-

-

-0.4

-

    Gain Disp of Inv Ast

0.0

-

-

-

-3.1

    Recovery-Retirement Allowance Reserve

-

-

-

-

-1.0

    Gain-Debt Guarantee

-

-

-

-1.5

-8.1

    Gains on Valuations of Derivatives

-0.1

-

-

-

-

    Dec in Trade Rcvbls

37.7

1.9

-14.3

24.5

-5.3

    Decrease Acct Rcvbl

-6.8

2.6

-3.5

0.0

0.0

    Dec in Accrued Inc

-0.1

1.9

-1.2

-0.9

-0.1

    Dec Advanced Payment

0.2

0.2

-4.1

0.0

0.1

    Prepaid Expense

0.0

0.1

-0.1

0.0

0.0

    Decrease or Increase in Prepaid Income T

0.7

-0.7

-

-

-

    Other Quick Assets

-

-

0.5

0.1

-0.1

    Decrease Inventory

-32.1

29.0

-39.8

0.9

11.8

    Dec Deferred Tax Dr

0.7

0.5

-3.8

-1.1

0.0

    Inc in Trade Pay

4.5

0.3

4.0

-7.9

3.8

    Increase or Decrease in Long-term Other

-

3.1

-

-

-

    A/L Inc Acc't Pay.

56.5

2.0

-2.1

2.7

-3.8

    Inc in Advances Rcvd

9.2

-6.4

4.0

-4.8

-1.1

    Deposit Withheld

1.5

0.1

-0.1

-1.2

1.3

    Inc in Accrued Exp.

0.8

-0.5

0.7

-4.1

-18.7

    Deferred Income Tax Credit, A/L

-7.1

-6.2

1.0

-

-

    Security Deposits

0.1

-

-

-

-0.1

    Dec-Dep for Ret Ins

-4.2

1.3

-0.2

-0.1

-0.2

    Dec in Natl Pension

0.0

0.1

0.0

0.0

0.0

    Increase or Decrease in Pension Fund

3.4

-

-

-

-

    Payment-Retirement Bonus

-1.4

-7.8

-0.5

-0.8

-0.3

    Increase or Decrease in Income Taxes Pay

3.4

-

-

-

-

Cash from Operating Activities

130.8

36.5

-25.7

29.5

35.6

 

 

 

 

 

 

    Dec-ST Finl Asset

-

-

-

-

4.6

    Decrease-Other Quick Assets

-

0.5

-

-

-

    Decrease in Short-term Loans

0.3

0.3

-

0.3

0.2

    Decrease in LT Loans

-

1.4

0.0

0.0

2.8

    Disp-Secs Avail Sale

-

-

-

-

0.0

    Disp-Secs held-Matur

-

-

-

0.0

0.0

    Decrease-LT Financial Assets

-

-

-

10.8

0.0

    Dec-Guarantee Dep

-

-

-

-

0.4

    Disposal of Land

-

-

-

-

0.0

    Disposal Mach./Equip

-

-

-

-

0.1

    Disposal Trans Equip

0.0

0.0

0.0

0.0

0.0

    Dec in Const in Prog

-

-

-

0.0

3.2

    Increase-Government Subsidy

-

-

0.2

-

-

    Disp-Timberlands

0.5

0.5

0.3

0.4

0.4

    Acq-Gov't Subsidy

-

-

-

-

0.1

    Disposal-Equity Method Invest. Security

-

-

-

-

3.4

    Decr.-LT Acct Rcvbl

-

0.0

0.0

0.0

0.0

    Disposal-ST Investment Assets

15.6

58.2

0.0

-

-

    Disposal-LT Investment Assets

0.0

-

-

-

-

    Increase-ST Investment Assets

-45.4

-14.1

-36.4

-14.0

-5.5

    Inc-LT Finl Asset

-

-

-

-

-10.5

    Acq-Secs held-Mature

-0.2

-2.1

0.0

0.0

0.0

    Purchase of Equity Method Securities

-

-11.8

-

-

-

    Increase in Short-term Loans

-0.1

-

-

-

-

    Increase-ST Loans to Employees

-0.6

-

-

-

-

    Increase-LT Loans

-0.3

0.0

-1.0

-

0.0

    Inc in LT Empl Loans

-

-0.1

-0.3

-0.4

-1.5

    Inc in Guarant Depos

0.3

0.2

0.0

0.0

-

    Purchase of Land

-

-0.1

-

-

-0.2

    Purchase of Buildings

-

-0.1

-

-

-0.6

    Acq-Stucture

-

-

-

-

-0.1

    Purchase of Machinery

-

-1.0

-

-

-2.1

    Acq. of Trans Equip

-

-

-

-

0.0

    Purchase of Tools

-

0.0

-

-

0.0

    Acq-Fixtures

-

-

-

-

-0.2

    Purchase of Office Equipment

-

-0.1

-

-

-

    Increase-Trees

-0.2

0.0

-0.2

-

0.0

    Inc. Const. In Prog

-330.8

-76.9

-4.5

-8.2

-3.5

    Increase in Deposits Provided

-0.8

-

-

-

-

Cash from Investing Activities

-361.7

-45.0

-41.9

-11.2

-9.0

 

 

 

 

 

 

    Inc in ST Borrowings

80.0

91.0

141.4

63.5

78.3

    Proceeds from Long-term Borrowings

207.8

27.0

-

-

-

    Incr-LT Port Acc't Payable

-

-

-

3.1

0.0

    Increase-Common Stock

-

-

47.7

-

-

    Inc-Paid-in Capital in Excess of Par

-

-

92.9

-

-

    Repay ST Borrowings

-112.9

-82.7

-93.6

-73.1

-76.7

    Repay Curr LT Liabs

-0.6

-0.5

-0.3

-0.3

-20.2

    Repayments of Long-term Other Payables

-

0.0

-62.2

-10.8

-26.2

    Repayments of Long-term Borrowings

-

0.0

-0.2

-

-0.1

Cash from Financing Activities

174.3

34.8

125.8

-17.7

-44.9

 

 

 

 

 

 

Net Change in Cash

-56.6

26.3

58.2

0.7

-18.3

 

 

 

 

 

 

Net Cash - Beginning Balance

95.1

59.8

11.2

12.6

30.5

Net Cash - Ending Balance

38.5

86.1

69.4

13.3

12.2

 

 

 

Financial Health

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2011

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2010

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

102.8

32.07%

268.1

18.92%

16.81%

6.04%

Research & Development1

-

-

0.0

140.41%

41.45%

13.18%

Operating Income1

9.9

-58.74%

45.7

15,045.40%

152.00%

-

Income Available to Common Excl Extraord Items1

9.4

-51.08%

50.6

834.11%

168.92%

-

Basic EPS Excl Extraord Items1

0.15

-51.08%

0.81

834.11%

134.52%

-

Capital Expenditures2

117.4

6.86%

330.9

283.50%

269.66%

121.88%

Cash from Operating Activities2

-41.9

-

130.8

224.61%

76.70%

59.01%

Free Cash Flow

-164.4

-

-203.9

-

-

-

Total Assets3

1,077.3

37.72%

889.6

50.71%

48.04%

22.57%

Total Liabilities3

562.3

100.31%

404.5

157.17%

57.98%

10.64%

Total Long Term Debt3

321.4

177.55%

238.2

629.69%

293.82%

119.66%

Employees3

-

-

488

54.43%

17.22%

7.12%

Total Common Shares Outstanding3

62.4

0.00%

62.4

0.00%

14.67%

26.73%

1-ExchangeRate: KRW to USD Average for Period

1083.436022

 

1156.281981

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1101.856011

 

1156.281981

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1067.650000

 

1134.900000

 

 

 

Key Ratios

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Profitability

Gross Margin

19.94%

2.97%

10.77%

3.70%

12.85%

Operating Margin

17.04%

0.13%

8.62%

1.70%

11.48%

Pretax Margin

19.39%

-0.39%

4.39%

1.04%

17.21%

Net Profit Margin

18.89%

2.40%

4.92%

1.55%

17.21%

Financial Strength

Current Ratio

1.35

2.47

3.24

3.90

2.29

Long Term Debt/Equity

0.49

0.08

0.01

0.02

0.03

Total Debt/Equity

0.54

0.21

0.16

0.05

0.10

Management Effectiveness

Return on Assets

6.97%

1.09%

3.57%

0.93%

12.01%

Return on Equity

11.24%

1.47%

5.06%

1.56%

30.09%

Efficiency

Receivables Turnover

9.51

4.85

6.11

4.11

4.38

Inventory Turnover

4.72

4.79

5.40

7.88

7.13

Asset Turnover

0.37

0.45

0.72

0.60

0.70

Market Valuation USD (mil)

P/E (TTM)

14.54

.

Enterprise Value2

770.5

Price/Sales (TTM)

1.27

.

Enterprise Value/Revenue (TTM)

2.60

Price/Book (MRQ)

0.73

.

Enterprise Value/EBITDA (TTM)

21.13

Market Cap as of 09-Sep-20111

371.7

.

 

 

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

1077.250000

 

 

 

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

1067.650000

 

 

 

 

 

 

 

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

1.35

2.47

3.24

3.90

2.29

Quick/Acid Test Ratio

0.81

2.02

2.41

3.00

1.80

Working Capital1

42.8

111.3

154.1

85.9

70.3

Long Term Debt/Equity

0.49

0.08

0.01

0.02

0.03

Total Debt/Equity

0.54

0.21

0.16

0.05

0.10

Long Term Debt/Total Capital

0.32

0.06

0.01

0.02

0.02

Total Debt/Total Capital

0.35

0.17

0.14

0.05

0.09

Payout Ratio

21.30%

0.00%

0.00%

0.00%

0.00%

Effective Tax Rate

2.56%

-

-12.12%

-49.04%

0.00%

Total Capital1

747.2

509.0

336.1

218.4

226.6

 

 

 

 

 

 

Efficiency

Asset Turnover

0.37

0.45

0.72

0.60

0.70

Inventory Turnover

4.72

4.79

5.40

7.88

7.13

Days In Inventory

77.41

76.23

67.54

46.30

51.19

Receivables Turnover

9.51

4.85

6.11

4.11

4.38

Days Receivables Outstanding

38.38

75.30

59.77

88.83

83.32

Revenue/Employee2

559,661

708,298

714,476

685,697

867,818

Operating Income/Employee2

95,340

947

61,604

11,634

99,658

EBITDA/Employee2

116,602

32,953

92,755

61,792

149,820

 

 

 

 

 

 

Profitability

Gross Margin

19.94%

2.97%

10.77%

3.70%

12.85%

Operating Margin

17.04%

0.13%

8.62%

1.70%

11.48%

EBITDA Margin

20.83%

4.65%

12.98%

9.01%

17.26%

EBIT Margin

17.04%

0.13%

8.62%

1.70%

11.48%

Pretax Margin

19.39%

-0.39%

4.39%

1.04%

17.21%

Net Profit Margin

18.89%

2.40%

4.92%

1.55%

17.21%

R&D Expense/Revenue

0.00%

0.00%

0.00%

0.00%

0.00%

COGS/Revenue

80.06%

97.03%

89.23%

96.30%

87.15%

SG&A Expense/Revenue

2.88%

2.80%

2.12%

1.98%

1.34%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

6.97%

1.09%

3.57%

0.93%

12.01%

Return on Equity

11.24%

1.47%

5.06%

1.56%

30.09%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

-3.27

-0.73

-0.43

0.51

0.72

Operating Cash Flow/Share 2

2.14

0.64

-0.36

0.71

0.88

1-ExchangeRate: KRW to USD Period End Date

1134.9

1164.475

1259.55

936.05

930

2-ExchangeRate: KRW to USD Average for Period

1134.9

1164.475

1259.55

936.05

930

 

Current Market Multiples

Market Cap/Earnings (TTM)

14.54

Market Cap/Equity (MRQ)

0.73

Market Cap/Revenue (TTM)

1.27

Market Cap/EBIT (TTM)

17.60

Market Cap/EBITDA (TTM)

10.28

Enterprise Value/Earnings (TTM)

29.88

Enterprise Value/Equity (MRQ)

1.50

Enterprise Value/Revenue (TTM)

2.60

Enterprise Value/EBIT (TTM)

36.16

Enterprise Value/EBITDA (TTM)

21.13

 

 

 

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

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

268.1

204.2

260.8

209.3

256.1

Revenue

268.1

204.2

260.8

209.3

256.1

Total Revenue

268.1

204.2

260.8

209.3

256.1

 

 

 

 

 

 

    Cost of Revenue

214.6

198.1

232.8

201.5

223.2

Cost of Revenue, Total

214.6

198.1

232.8

201.5

223.2

Gross Profit

53.5

6.1

28.1

7.8

32.9

 

 

 

 

 

 

    Selling/General/Administrative Expense

3.6

2.6

1.4

0.6

0.9

    Labor & Related Expense

4.0

3.2

4.2

3.5

2.6

    Advertising Expense

0.1

0.0

0.0

0.0

0.0

Total Selling/General/Administrative Expenses

7.7

5.7

5.5

4.1

3.4

Research & Development

0.0

0.0

0.0

0.0

0.0

    Depreciation

0.1

0.1

0.1

0.1

0.1

Depreciation/Amortization

0.1

0.1

0.1

0.1

0.1

Total Operating Expense

222.4

203.9

238.4

205.8

226.7

 

 

 

 

 

 

Operating Income

45.7

0.3

22.5

3.6

29.4

 

 

 

 

 

 

        Interest Expense - Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

    Interest Expense, Net Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

        Interest Income - Non-Operating

4.0

3.3

7.4

2.6

2.0

        Investment Income - Non-Operating

6.1

1.3

-10.0

-0.1

6.4

    Interest/Investment Income - Non-Operating

10.1

4.6

-2.6

2.6

8.4

Interest Income (Expense) - Net Non-Operating Total

9.1

2.7

-5.8

-4.3

0.7

Gain (Loss) on Sale of Assets

-2.5

-0.1

-0.6

-0.1

-0.4

    Other Non-Operating Income (Expense)

-0.2

-3.7

-4.6

3.0

14.4

Other, Net

-0.2

-3.7

-4.6

3.0

14.4

Income Before Tax

52.0

-0.8

11.5

2.2

44.1

 

 

 

 

 

 

Total Income Tax

1.3

-5.7

-1.4

-1.1

0.0

Income After Tax

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Net Income Before Extraord Items

50.6

4.9

12.8

3.2

44.1

Net Income

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Basic EPS Excl Extraord Items

0.81

0.08

0.24

0.08

1.22

Basic/Primary EPS Incl Extraord Items

0.81

0.08

0.24

0.08

1.22

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

50.6

4.9

12.8

3.2

44.1

Diluted Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Diluted EPS Excl Extraord Items

0.81

0.08

0.24

0.08

1.22

Diluted EPS Incl Extraord Items

0.81

0.08

0.24

0.08

1.22

Dividends per Share - Common Stock Primary Issue

0.17

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

10.8

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

1.0

1.8

3.3

0.7

7.6

Interest Capitalized, Supplemental

-4.6

-0.3

-

-

-

Depreciation, Supplemental

10.2

9.2

11.4

15.3

14.8

Total Special Items

2.5

0.1

0.6

0.1

0.4

Normalized Income Before Tax

54.5

-0.7

12.1

2.3

44.5

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.1

0.0

0.2

0.0

0.0

Inc Tax Ex Impact of Sp Items

1.4

-5.7

-1.2

-1.0

0.0

Normalized Income After Tax

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Basic Normalized EPS

0.85

0.08

0.24

0.08

1.23

Diluted Normalized EPS

0.85

0.08

0.24

0.08

1.23

Amort of Intangibles, Supplemental

-

-

-

0.0

-

Rental Expenses

0.0

0.0

0.1

0.1

0.1

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Research & Development Exp, Supplemental

0.0

0.0

0.0

0.0

0.0

Normalized EBIT

45.7

0.3

22.5

3.6

29.4

Normalized EBITDA

55.8

9.5

33.9

18.9

44.2

 

 

 

Interim Income Statement

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Restated Normal
30-Jun-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1083.436022

1120.28956

1132.465591

1183.132366

1164.000484

 

 

 

 

 

 

    Net Sales

102.8

54.1

54.6

69.3

72.4

Revenue

102.8

54.1

54.6

69.3

72.4

Total Revenue

102.8

54.1

54.6

69.3

72.4

 

 

 

 

 

 

    Cost of Revenue

86.9

48.9

62.5

49.6

48.1

Cost of Revenue, Total

86.9

48.9

62.5

49.6

48.1

Gross Profit

15.9

5.2

-7.9

19.8

24.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

6.9

1.3

0.8

1.2

1.4

    Labor & Related Expense

-

2.0

1.2

0.9

-

    Advertising Expense

-

-

0.1

-

-

Total Selling/General/Administrative Expenses

6.9

3.3

2.1

2.2

1.4

Research & Development

-

0.2

0.0

0.0

-

    Depreciation

-

0.0

0.0

0.0

-

Depreciation/Amortization

-

0.0

0.0

0.0

-

    Loss (Gain) on Sale of Assets - Operating

-

0.0

-

-

-

Unusual Expense (Income)

-

0.0

-

-

-

    Other Operating Expense

1.5

0.2

-

-

0.6

    Other, Net

-2.4

-0.7

-

-

0.0

Other Operating Expenses, Total

-0.9

-0.5

-

-

0.5

Total Operating Expense

92.9

51.9

64.6

51.7

50.1

 

 

 

 

 

 

Operating Income

9.9

2.2

-10.0

17.6

22.3

 

 

 

 

 

 

        Interest Expense - Non-Operating

-2.5

-0.2

-0.2

-0.3

-0.2

    Interest Expense, Net Non-Operating

-2.5

-0.2

-0.2

-0.3

-0.2

        Interest Income - Non-Operating

0.2

0.2

0.8

1.1

1.2

        Investment Income - Non-Operating

4.2

0.5

1.3

-0.4

-0.4

    Interest/Investment Income - Non-Operating

4.4

0.7

2.0

0.7

0.7

Interest Income (Expense) - Net Non-Operating Total

1.9

0.5

1.8

0.4

0.5

Gain (Loss) on Sale of Assets

-

-

-2.0

0.0

-

    Other Non-Operating Income (Expense)

-

-

0.2

0.1

-

Other, Net

-

-

0.2

0.1

-

Income Before Tax

11.8

2.7

-10.0

18.1

22.8

 

 

 

 

 

 

Total Income Tax

2.3

0.3

-8.3

4.2

4.8

Income After Tax

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Net Income Before Extraord Items

9.4

2.4

-1.7

13.9

18.0

Net Income

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

62.4

62.1

62.4

62.4

62.4

Basic EPS Excl Extraord Items

0.15

0.04

-0.03

0.22

0.29

Basic/Primary EPS Incl Extraord Items

0.15

0.04

-0.03

0.22

0.29

Dilution Adjustment

0.0

-

0.0

-

0.0

Diluted Net Income

9.4

2.4

-1.7

13.9

18.0

Diluted Weighted Average Shares

62.4

62.1

62.4

62.4

62.4

Diluted EPS Excl Extraord Items

0.15

0.04

-0.03

0.22

0.29

Diluted EPS Incl Extraord Items

0.15

0.04

-0.03

0.22

0.29

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.18

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

11.0

0.0

0.0

Interest Expense, Supplemental

2.5

0.2

0.2

0.3

0.2

Interest Capitalized, Supplemental

-

-

-4.7

-

-

Depreciation, Supplemental

6.8

2.6

2.6

2.5

2.5

Total Special Items

-

0.0

2.0

0.0

-

Normalized Income Before Tax

11.8

2.7

-8.0

18.1

22.8

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-

0.0

0.7

0.0

-

Inc Tax Ex Impact of Sp Items

2.3

0.3

-7.6

4.2

4.8

Normalized Income After Tax

9.4

2.4

-0.4

13.9

18.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

9.4

2.4

-0.4

13.9

18.0

 

 

 

 

 

 

Basic Normalized EPS

0.15

0.04

-0.01

0.22

0.29

Diluted Normalized EPS

0.15

0.04

-0.01

0.22

0.29

Rental Expenses

-

-

0.0

0.0

-

Advertising Expense, Supplemental

-

-

0.1

-

-

Research & Development Exp, Supplemental

0.3

0.2

0.0

0.0

0.0

Normalized EBIT

9.9

2.2

-10.0

17.6

22.3

Normalized EBITDA

16.7

4.9

-7.4

20.1

24.9

 

 

 

 

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

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

39.2

94.4

60.6

13.2

12.6

    Short Term Investments

46.3

15.5

59.0

36.6

22.8

Cash and Short Term Investments

85.5

109.9

119.7

49.8

35.4

        Accounts Receivable - Trade, Gross

4.6

41.9

40.6

38.0

62.8

        Provision for Doubtful Accounts

-

-

-0.4

-0.5

-0.7

    Trade Accounts Receivable - Net

4.8

42.0

42.3

38.8

62.5

    Other Receivables

8.6

0.9

3.4

0.1

0.1

Total Receivables, Net

13.4

42.9

45.7

38.9

62.6

    Inventories - Finished Goods

27.7

0.6

18.7

1.9

5.3

    Inventories - Work In Progress

0.6

0.3

0.5

0.5

0.3

    Inventories - Raw Materials

20.0

11.5

19.0

15.2

3.4

    Inventories - Other

14.3

16.9

18.6

7.4

17.0

Total Inventory

62.6

29.4

56.7

24.9

26.0

Prepaid Expenses

0.2

0.9

0.3

0.2

0.2

    Deferred Income Tax - Current Asset

3.2

3.9

-

1.1

-

    Other Current Assets

-

-

0.5

0.5

0.5

Other Current Assets, Total

3.2

3.9

0.5

1.6

0.5

Total Current Assets

165.0

186.9

222.9

115.4

124.7

 

 

 

 

 

 

        Buildings

68.5

64.4

59.4

80.0

79.8

        Land/Improvements

184.9

174.1

37.2

50.1

50.4

        Machinery/Equipment

160.9

158.7

145.9

196.5

190.8

        Construction in Progress

412.8

86.9

3.5

0.8

0.5

        Natural Resources

5.8

6.1

6.0

8.2

8.6

    Property/Plant/Equipment - Gross

832.9

490.2

252.0

335.5

330.2

    Accumulated Depreciation

-128.6

-119.1

-100.8

-123.1

-108.7

Property/Plant/Equipment - Net

704.4

371.1

151.2

212.4

221.4

    LT Investment - Affiliate Companies

15.3

13.0

-

-

0.0

    LT Investments - Other

3.0

2.8

0.5

0.7

11.5

Long Term Investments

18.3

15.9

0.5

0.7

11.5

Note Receivable - Long Term

0.9

0.9

2.4

2.9

3.0

    Deferred Income Tax - Long Term Asset

-

-

4.1

-

-

    Other Long Term Assets

1.1

0.5

0.7

1.0

0.9

Other Long Term Assets, Total

1.1

0.5

4.9

1.0

0.9

Total Assets

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

Accounts Payable

15.2

10.4

9.3

7.9

15.8

Accrued Expenses

1.6

0.7

1.2

0.8

4.8

Notes Payable/Short Term Debt

22.3

54.6

43.8

5.1

14.7

Current Portion - Long Term Debt/Capital Leases

1.6

0.6

0.5

0.5

0.3

    Customer Advances

11.7

2.3

8.6

6.9

11.7

    Security Deposits

0.1

0.0

0.0

0.0

0.0

    Income Taxes Payable

3.5

-

-

-

-

    Other Payables

64.3

6.6

4.1

8.0

5.3

    Deferred Income Tax - Current Liability

-

-

0.9

-

-

    Other Current Liabilities

1.9

0.4

0.2

0.4

1.7

Other Current liabilities, Total

81.5

9.3

13.8

15.3

18.7

Total Current Liabilities

122.2

75.6

68.8

29.6

54.4

 

 

 

 

 

 

    Long Term Debt

238.2

31.8

3.0

4.7

5.3

Total Long Term Debt

238.2

31.8

3.0

4.7

5.3

Total Debt

262.1

87.0

47.4

10.4

20.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

17.1

23.6

-

-

-

Deferred Income Tax

17.1

23.6

-

-

-

    Pension Benefits - Underfunded

21.2

17.0

19.7

21.5

18.9

    Other Long Term Liabilities

5.8

5.3

1.7

68.6

76.7

Other Liabilities, Total

27.0

22.3

21.4

90.1

95.6

Total Liabilities

404.5

153.3

93.2

124.4

155.3

 

 

 

 

 

 

    Common Stock

137.4

133.9

123.8

110.5

111.2

Common Stock

137.4

133.9

123.8

110.5

111.2

Additional Paid-In Capital

147.8

144.1

133.2

69.9

70.4

Retained Earnings (Accumulated Deficit)

92.4

39.8

31.8

27.7

24.6

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

107.6

104.3

-

-

0.0

Total Equity

485.1

422.0

288.7

208.1

206.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

62.4

62.4

62.4

41.4

41.4

Total Common Shares Outstanding

62.4

62.4

62.4

41.4

41.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

488

316

319

303

303

Number of Common Shareholders

3,883

2,847

2,560

3,177

2,669

Deferred Revenue - Current

11.7

2.3

8.6

6.9

11.7

Total Long Term Debt, Supplemental

239.8

32.4

3.5

5.3

5.7

Long Term Debt Maturing within 1 Year

1.6

0.6

0.5

0.5

0.3

Long Term Debt Maturing in Year 2

22.9

0.6

0.5

0.7

0.6

Long Term Debt Maturing in Year 3

82.1

4.7

1.4

0.7

0.7

Long Term Debt Maturing in Year 4

23.1

2.9

-

1.8

0.7

Long Term Debt Maturing in Year 5

-

-

-

-

1.8

Long Term Debt Maturing in 2-3 Years

105.0

5.4

1.9

1.4

1.3

Long Term Debt Maturing in 4-5 Years

23.1

2.9

-

1.8

2.6

Long Term Debt Matur. in Year 6 & Beyond

110.0

23.5

1.1

1.5

1.5

 

 

 

 

Interim Balance Sheet

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Restated Normal
31-Mar-2011

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1067.65

1096.95

1134.9

1140.25

1221.965

 

 

 

 

 

 

    Cash & Equivalents

34.7

21.3

39.2

87.1

108.5

    Short Term Investments

2.8

3.2

46.3

66.2

58.1

Cash and Short Term Investments

37.5

24.5

85.5

153.3

166.6

        Accounts Receivable - Trade, Gross

51.1

9.9

4.6

8.0

12.9

        Provision for Doubtful Accounts

0.0

0.0

0.0

-

0.0

    Trade Accounts Receivable - Net

51.2

10.1

4.8

8.6

13.5

    Other Receivables

6.0

5.6

8.6

5.0

3.0

Total Receivables, Net

57.2

15.7

13.4

13.6

16.5

    Inventories - Finished Goods

35.2

35.7

27.7

21.0

9.7

    Inventories - Work In Progress

12.5

5.5

0.6

0.4

0.3

    Inventories - Raw Materials

27.6

22.9

20.0

14.3

11.0

    Inventories - Other

21.8

24.4

14.3

19.8

14.0

Total Inventory

97.0

88.5

62.6

55.5

35.0

Prepaid Expenses

1.2

0.3

0.2

1.9

0.6

    Deferred Income Tax - Current Asset

-

-

-

2.7

1.2

    Other Current Assets

0.3

-

-

-

0.0

Other Current Assets, Total

0.3

-

-

2.7

1.2

Total Current Assets

193.2

129.0

161.8

227.0

219.7

 

 

 

 

 

 

        Buildings

151.2

-

-

65.0

60.7

        Land/Improvements

196.5

-

-

179.3

167.3

        Machinery/Equipment

631.7

-

-

162.3

151.2

        Construction in Progress

4.8

-

-

303.2

179.5

        Natural Resources

6.2

-

-

6.0

5.4

        Other Property/Plant/Equipment

9.2

-

-

-

-

    Property/Plant/Equipment - Gross

999.6

-

-

715.7

564.1

    Accumulated Depreciation

-146.6

-

-

-128.8

-117.8

Property/Plant/Equipment - Net

853.0

809.6

704.4

587.0

446.3

Intangibles, Net

6.8

0.4

0.4

-

-

    LT Investment - Affiliate Companies

19.3

16.0

15.4

14.0

13.0

    LT Investments - Other

3.2

3.1

3.0

3.0

2.8

Long Term Investments

22.6

19.2

18.3

17.0

15.8

Note Receivable - Long Term

-

1.5

-

1.2

0.7

    Deferred Income Tax - Long Term Asset

-

-

-

-

0.0

    Other Long Term Assets

1.7

0.2

1.6

1.5

0.9

Other Long Term Assets, Total

1.7

0.2

1.6

1.5

0.9

Total Assets

1,077.3

959.9

886.5

833.7

683.5

 

 

 

 

 

 

Accounts Payable

26.6

17.3

15.2

12.7

10.4

Accrued Expenses

4.9

4.4

1.6

8.9

5.2

Notes Payable/Short Term Debt

88.5

50.3

22.3

39.0

39.6

Current Portion - Long Term Debt/Capital Leases

23.1

12.7

1.6

0.3

0.6

    Customer Advances

7.9

15.8

11.7

9.0

7.1

    Security Deposits

0.3

0.3

0.1

-

0.0

    Income Taxes Payable

1.2

3.1

3.5

3.9

4.6

    Other Payables

38.6

35.3

64.3

38.5

35.1

    Deferred Income Tax - Current Liability

-

-

-

-

0.0

    Other Current Liabilities

3.7

1.7

1.9

0.3

0.2

Other Current liabilities, Total

51.7

56.2

81.5

51.7

46.9

Total Current Liabilities

194.7

140.9

122.2

112.5

102.7

 

 

 

 

 

 

    Long Term Debt

321.4

285.4

238.2

188.7

101.2

Total Long Term Debt

321.4

285.4

238.2

188.7

101.2

Total Debt

433.0

348.4

262.1

227.9

141.4

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

20.4

17.5

18.0

24.3

20.0

Deferred Income Tax

20.4

17.5

18.0

24.3

20.0

    Pension Benefits - Underfunded

19.3

18.7

17.7

18.6

16.1

    Other Long Term Liabilities

6.5

6.1

5.8

5.7

5.2

Other Liabilities, Total

25.8

24.8

23.5

24.2

21.4

Total Liabilities

562.3

468.6

402.0

349.8

245.3

 

 

 

 

 

 

    Common Stock

146.0

142.1

137.4

136.7

127.6

Common Stock

146.0

142.1

137.4

136.7

127.6

Additional Paid-In Capital

113.8

110.8

107.1

147.1

137.3

Retained Earnings (Accumulated Deficit)

254.9

238.3

240.0

93.7

73.9

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

-

-

-

106.4

99.4

    Other Equity

0.0

0.0

0.0

-

-

    Other Comprehensive Income

0.3

0.1

0.1

-

-

Other Equity, Total

0.3

0.1

0.1

-

-

Total Equity

515.1

491.3

484.5

483.9

438.2

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,077.3

959.9

886.5

833.7

683.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

62.4

62.4

62.4

62.4

62.4

Total Common Shares Outstanding

62.4

62.4

62.4

62.4

62.4

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

552

526

488

379

349

Number of Common Shareholders

-

-

3,883

-

-

Deferred Revenue - Current

7.9

15.8

11.7

9.0

7.1

Total Long Term Debt, Supplemental

-

12.7

-

188.9

101.8

Long Term Debt Maturing within 1 Year

-

12.7

-

0.3

0.6

Long Term Debt Maturing in Year 2

-

-

-

13.4

3.7

Long Term Debt Maturing in Year 3

-

-

-

16.7

37.8

Long Term Debt Maturing in Year 4

-

-

-

75.1

9.2

Long Term Debt Maturing in 2-3 Years

-

-

-

30.1

41.5

Long Term Debt Maturing in 4-5 Years

-

-

-

75.1

9.2

Long Term Debt Matur. in Year 6 & Beyond

-

0.0

-

83.5

50.4

 

 

 

 

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

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

50.6

4.9

12.8

3.2

44.1

    Depreciation

10.2

9.2

11.4

15.3

14.8

Depreciation/Depletion

10.2

9.2

11.4

15.3

14.8

Deferred Taxes

-6.4

-5.7

-2.8

-1.1

0.0

    Unusual Items

2.5

0.1

0.6

0.1

-2.6

    Equity in Net Earnings (Loss)

-1.2

-0.1

-

-

0.0

    Other Non-Cash Items

1.7

1.0

9.0

3.5

-8.2

Non-Cash Items

3.0

0.9

9.6

3.5

-10.8

    Accounts Receivable

30.8

6.4

-19.0

23.7

-5.3

    Inventories

-31.9

29.2

-43.9

0.9

12.0

    Prepaid Expenses

0.7

-0.6

-0.1

0.0

0.0

    Other Assets

-

-

0.5

0.1

-0.1

    Accounts Payable

61.0

5.3

1.9

-5.2

-0.1

    Accrued Expenses

0.8

-0.5

0.7

-4.1

-18.7

    Taxes Payable

3.4

-

-

-

-

    Other Liabilities

8.5

-12.6

3.2

-6.9

-0.3

Changes in Working Capital

73.4

27.2

-56.7

8.5

-12.5

Cash from Operating Activities

130.8

36.5

-25.7

29.5

35.6

 

 

 

 

 

 

    Purchase of Fixed Assets

-330.9

-78.2

-4.7

-8.2

-6.7

Capital Expenditures

-330.9

-78.2

-4.7

-8.2

-6.7

    Sale of Fixed Assets

0.6

0.5

0.3

0.4

3.8

    Sale/Maturity of Investment

15.6

58.2

0.0

0.0

8.0

    Purchase of Investments

-45.6

-28.0

-36.4

-14.1

-16.0

    Other Investing Cash Flow

-1.2

2.4

-1.1

10.7

1.9

Other Investing Cash Flow Items, Total

-30.7

33.1

-37.2

-3.0

-2.3

Cash from Investing Activities

-361.7

-45.0

-41.9

-11.2

-9.0

 

 

 

 

 

 

    Other Financing Cash Flow

-0.6

-0.5

30.5

-8.1

-46.4

Financing Cash Flow Items

-0.6

-0.5

30.5

-8.1

-46.4

        Sale/Issuance of Common

-

-

47.7

-

-

    Common Stock, Net

-

-

47.7

-

-

Issuance (Retirement) of Stock, Net

-

-

47.7

-

-

        Short Term Debt Issued

80.0

91.0

141.4

63.5

78.3

        Short Term Debt Reduction

-112.9

-82.7

-93.6

-73.1

-76.7

    Short Term Debt, Net

-32.9

8.3

47.8

-9.6

1.6

        Long Term Debt Issued

207.8

27.0

-

-

-

        Long Term Debt Reduction

-

0.0

-0.2

-

-0.1

    Long Term Debt, Net

207.8

27.0

-0.2

-

-0.1

Issuance (Retirement) of Debt, Net

174.9

35.3

47.6

-9.6

1.5

Cash from Financing Activities

174.3

34.8

125.8

-17.7

-44.9

 

 

 

 

 

 

Net Change in Cash

-56.6

26.3

58.2

0.7

-18.3

 

 

 

 

 

 

Net Cash - Beginning Balance

95.1

59.8

11.2

12.6

30.5

Net Cash - Ending Balance

38.5

86.1

69.4

13.3

12.2

 

 

 

 

Interim Cash Flows

Standardized

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Reclassified Normal
30-Jun-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1101.856011

1120.28956

1156.281981

1164.307745

1155.056202

 

 

 

 

 

 

Net Income/Starting Line

11.8

2.4

50.6

51.9

39.0

    Depreciation

9.3

2.6

10.2

7.6

5.1

Depreciation/Depletion

9.3

2.6

10.2

7.6

5.1

    Amortization of Intangibles

0.1

-

-

-

-

Amortization

0.1

-

-

-

-

Deferred Taxes

1.3

-0.8

-6.4

1.5

0.3

    Unusual Items

-

0.0

2.5

0.5

0.6

    Equity in Net Earnings (Loss)

-0.9

-0.2

-1.2

-0.8

-0.7

    Other Non-Cash Items

-11.6

0.8

1.6

-1.0

-47.6

Non-Cash Items

-12.6

0.7

3.0

-1.2

-47.8

    Accounts Receivable

-42.8

-2.6

30.8

29.5

24.2

    Inventories

-29.5

-23.2

-31.9

-25.0

-7.4

    Prepaid Expenses

-1.0

-0.1

0.7

-1.0

-0.2

    Accounts Payable

-18.7

-29.1

61.0

33.2

31.0

    Accrued Expenses

7.7

4.1

0.8

8.0

4.8

    Taxes Payable

1.2

3.0

3.4

3.8

4.9

    Other Liabilities

-18.9

-9.4

8.5

5.1

3.4

    Other Operating Cash Flow

50.1

38.9

-

-

1.5

Changes in Working Capital

-51.9

-18.3

73.4

53.6

62.3

Cash from Operating Activities

-41.9

-13.4

130.8

113.3

59.0

 

 

 

 

 

 

    Purchase of Fixed Assets

-117.4

-81.9

-330.9

-212.2

-104.8

Capital Expenditures

-117.4

-81.9

-330.9

-212.2

-104.8

    Sale of Fixed Assets

0.0

0.1

0.6

0.4

0.4

    Sale/Maturity of Investment

-

-

15.6

15.4

-

    Purchase of Investments

-1.8

-

-45.6

-65.1

-0.2

    Other Investing Cash Flow

0.5

0.8

-1.2

-0.8

0.0

Other Investing Cash Flow Items, Total

-1.3

0.9

-30.7

-50.0

0.2

Cash from Investing Activities

-118.7

-81.0

-361.7

-262.2

-104.6

 

 

 

 

 

 

    Other Financing Cash Flow

-0.3

-0.1

-0.6

-0.6

-0.2

Financing Cash Flow Items

-0.3

-0.1

-0.6

-0.6

-0.2

        Short Term Debt Issued

81.9

44.1

80.0

65.0

41.6

        Short Term Debt Reduction

-17.6

-16.7

-112.9

-80.5

-56.4

    Short Term Debt, Net

64.4

27.4

-32.9

-15.5

-14.8

        Long Term Debt Issued

89.7

48.1

207.8

155.8

80.3

    Long Term Debt, Net

89.7

48.1

207.8

155.8

80.3

Issuance (Retirement) of Debt, Net

154.1

75.5

174.9

140.3

65.5

Cash from Financing Activities

153.8

75.5

174.3

139.7

65.3

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

-

-

-

0.0

Net Change in Cash

-6.8

-18.9

-56.6

-9.1

19.6

 

 

 

 

 

 

Net Cash - Beginning Balance

40.4

39.8

95.1

94.4

95.2

Net Cash - Ending Balance

33.6

20.9

38.5

85.3

114.8

Cash Interest Paid

4.6

1.4

-

-

0.8

Cash Taxes Paid

3.7

3.6

-

-

-0.5

 

 

 

 

Annual Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Product Rev

266.9

203.5

259.8

207.9

255.2

    Sales of By-Products

1.2

0.7

1.1

1.4

0.9

Total Revenue

268.1

204.2

260.8

209.3

256.1

 

 

 

 

 

 

    Cost of Revenue

214.6

198.1

232.8

201.5

223.2

    Salaries & Wages

3.5

2.7

2.9

2.3

2.1

    Retirement Allowance

0.3

0.3

0.8

1.0

0.0

    Employee Benefits

0.2

0.2

0.5

0.2

0.5

    Travel Expenses

0.1

0.1

0.1

0.0

0.1

    Communication Exp.

0.0

0.0

0.0

0.0

0.0

    Registration Fees

0.0

0.0

0.0

0.0

0.2

    Taxes and Dues

0.1

0.1

0.1

0.1

0.1

    Consumable Expense

0.0

0.0

0.0

0.0

0.0

    Publishing Expenses

0.0

0.0

0.0

0.0

0.0

    Rent

0.0

0.0

0.1

0.1

0.1

    Depreciation Expense

0.1

0.1

0.1

0.1

0.1

    Repair & Maintenance

-

0.0

0.0

0.0

0.0

    Transportation Equip

0.0

0.0

0.0

0.0

0.0

    Commissions Paid

0.7

0.4

0.7

0.1

0.1

    Entertainment

0.2

0.1

0.1

0.1

0.1

    Advertising Expense

0.1

0.0

0.0

0.0

0.0

    Education & Training

0.0

0.0

0.0

0.0

0.0

    Research & Testing Expense

0.0

0.0

0.0

0.0

0.0

    Transport & Storage

-

-

-

-

0.0

    Provision-Bad Debt

-

-

0.1

-

0.2

    Miscellaneous Operating Expense

0.0

0.0

0.0

0.0

0.0

    Export Expenses

2.4

1.8

-

-

-

Total Operating Expense

222.4

203.9

238.4

205.8

226.7

 

 

 

 

 

 

    Interest Income

4.0

3.3

7.4

2.6

2.0

    Dividend Income

0.0

-

-

-

-

    Rental Income

0.0

0.0

0.1

0.1

0.0

    G-For Curr Transactn

3.6

3.2

0.3

0.6

2.3

    G-For Exch Translatn

2.9

1.3

2.8

0.0

1.6

    Gain-Disposal of Tangible Assets

0.0

0.0

0.0

0.0

0.0

    Gains on Valuations of Derivatives

0.1

-

-

-

-

    Gain Disp Inv Asset

0.0

-

-

-

3.1

    Reversal Doubt Acct

-

0.4

0.0

0.2

1.3

    Violation Fee

0.0

0.0

0.0

0.0

0.0

    Miscellaneous Income

0.4

0.5

0.4

1.4

7.4

    Recovery-Retirement Allowance

-

-

-

-

0.2

    Interest Expense, Non-Operating

-1.0

-1.8

-3.3

-6.9

-7.6

    Other Fee & Charges

0.0

0.0

0.0

0.0

0.0

    Loss-Redemption of Restructuring Debts

-

-

-5.0

-

-

    L-For Curr Transactn

-1.3

-3.3

-12.2

-0.5

-0.5

    L-For Exch Translatn

-0.3

-0.1

-0.9

-0.2

-0.1

    Loss Disp Tang. Ast

-2.6

-0.1

-0.5

-0.1

-0.4

    Donations Paid, Non-Operating

-

-1.6

0.0

-

-

    Other Amortization

-

-

-

-

0.0

    L-Inventory Valuatn

-

-

-

-

0.0

    Miscellaneous Exp.

-0.7

-3.1

0.0

-0.1

-2.7

    Disp of Inv. Assets

-

-

-

-

0.0

    Loss-Disposal of inventory

-

-

-0.2

-

0.0

    Gain-Debt Adjustment

-

-

-

1.5

8.1

    Gains on Valuation of Equity Method Secu

1.2

0.1

-

-

-

    L-Equity Method Valuations

-

-

-

-

0.0

Net Income Before Taxes

52.0

-0.8

11.5

2.2

44.1

 

 

 

 

 

 

Provision for Income Taxes

1.3

-5.7

-1.4

-1.1

0.0

Net Income After Taxes

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Net Income Before Extra. Items

50.6

4.9

12.8

3.2

44.1

Net Income

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

50.6

4.9

12.8

3.2

44.1

 

 

 

 

 

 

Basic Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Basic EPS Excluding ExtraOrdinary Items

0.81

0.08

0.24

0.08

1.22

Basic EPS Including ExtraOrdinary Item

0.81

0.08

0.24

0.08

1.22

Dilution Adjustment

0.0

-

-

-

-

Diluted Net Income

50.6

4.9

12.8

3.2

44.1

Diluted Weighted Average Shares

62.4

62.4

54.6

41.4

36.1

Diluted EPS Excluding ExtraOrd Items

0.81

0.08

0.24

0.08

1.22

Diluted EPS Including ExtraOrd Items

0.81

0.08

0.24

0.08

1.22

DPS-Common Stock

0.17

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

10.8

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

54.5

-0.7

12.1

2.3

44.5

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

1.4

-5.7

-1.2

-1.0

0.0

Normalized Income After Taxes

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Normalized Inc. Avail to Com.

53.1

5.0

13.3

3.3

44.5

 

 

 

 

 

 

Basic Normalized EPS

0.85

0.08

0.24

0.08

1.23

Diluted Normalized EPS

0.85

0.08

0.24

0.08

1.23

Interest Expense, Supplemental

1.0

1.8

3.3

0.7

7.6

R&D Expense, Supplemental

0.0

0.0

0.0

0.0

0.0

Advertising Expense, Supplemental

0.1

0.0

0.0

0.0

0.0

Rental Expense, Supplemental

0.0

0.0

0.1

0.1

0.1

Interest Capitalized, Supplemental

-4.6

-0.3

-

-

-

Depreciation, Supplemental

10.2

9.2

11.4

15.3

14.8

Amort of Intangibles

-

-

-

0.0

-

 

 

 

 

Interim Income Statement

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

3 Months

3 Months

3 Months

3 Months

3 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Restated Normal
30-Jun-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1083.436022

1120.28956

1132.465591

1183.132366

1164.000484

 

 

 

 

 

 

    Sales Revenue

102.8

54.1

-

-

72.4

    Finished Product Revenue

-

-

54.2

69.1

-

    Sales of By-Products

-

-

0.4

0.2

-

Total Revenue

102.8

54.1

54.6

69.3

72.4

 

 

 

 

 

 

    Cost of Finished Goods Sold

-

-

62.5

49.6

-

    Costs of Goods and Services Sold

86.9

48.9

-

-

48.1

    Selling/General/Administrative Expense

6.9

-

-

-

1.4

    Salaries & Wages

-

2.0

1.1

0.8

-

    Retirement Allowance

-

0.0

0.1

0.1

-

    Employee Benefits

-

-

0.0

0.1

-

    Travel Expense

-

-

0.0

0.0

-

    Communication Expense

-

-

0.0

0.0

-

    Taxes & Dues

-

-

0.0

0.0

-

    Expense-Consumable Goods

-

-

0.0

0.0

-

    Publishing & Printing Expense

-

-

0.0

0.0

-

    Repair & Maintenance Expense

-

-

0.0

-

-

    Vehicles Maintenance Expense

-

-

0.0

0.0

-

    Commission Paid

-

0.7

0.3

0.1

-

    Entertainment Expense

-

-

0.0

0.0

-

    Rent

-

-

0.0

0.0

-

    Advertising Expense

-

-

0.1

-

-

    Education & Training Expense

-

-

0.0

0.0

-

    Registration Legal Fee

-

-

0.0

-

-

    Event Expenses

-

-

0.0

0.0

-

    Export Expenses

-

-

0.3

1.0

-

    Expenses of Allowance for Doubtful Accou

-

-

0.0

-

-

    Research & Testing Expense

-

0.2

0.0

0.0

-

    Depreciation Expense

-

0.0

0.0

0.0

-

    Miscellaneous Operating Expense

-

0.5

0.0

-

-

    Adj. Selling and Administrative Expenses

-

0.0

-

-

-

    Rental Income

-

0.0

-

-

-

    Miscellaneous Operating Income

-

-0.6

-

-

-

    Other Operating Income

-2.4

-

-

-

0.0

    Adj. for Other Operating Income

-

0.0

-

-

-

    Other Commission

-

0.0

-

-

-

    Loss on disposal of Tangible Assets

-

0.0

-

-

-

    Donations Paid

-

0.0

-

-

-

    Miscellaneous Operating Expenses

-

0.2

-

-

-

    Other Operating Expense

1.5

-

-

-

0.6

    Adj. for Other Operating Expenses

-

0.0

-

-

-

Total Operating Expense

92.9

51.9

64.6

51.7

50.1

 

 

 

 

 

 

    Interest Income

0.2

0.2

0.8

1.1

1.2

    Gain-Disposal of Investment Assets

-

-

0.0

-

-

    Gain-Foreign Exchange Transaction

0.3

0.5

1.0

0.1

1.9

    Gain-Foreign Currency Translation

3.6

2.6

0.1

-2.2

-

    Gains on Valuation of Equity Method Secu

-

-

0.4

0.2

-

    Gain-Disposal of Tangible Assets

-

-

0.0

0.0

-

    Recovery-Loan Loss Reserve

-

-

0.0

-

-

    Dividend Income

-

-

0.0

-

0.0

    Rental Income

-

-

0.0

0.0

-

    Gain-Contract Cancellation

-

-

0.0

0.0

-

    Gains on Valuations of Derivatives

0.1

0.3

-0.3

0.3

0.1

    Gain-Derivatives Transactions

0.0

-

-

-

-

    Miscellaneous Non-Operating Income

-

-

0.2

0.1

-

    Interest Expense, Non-Operating

-2.5

-0.2

-0.2

-0.3

-0.2

    Loss-Valuation of Derivatives

-0.4

-

-

-

-

    Losses on Valuation of Other Derivatives

-

-0.1

0.1

-0.1

-

    Loss-Foreign Exchange Transaction

-0.1

-0.3

-0.1

-0.8

-0.3

    Loss-Foreign Currency Translation

0.0

-2.7

0.0

2.0

-2.6

    Loss-Disposal of Tangible Assets

-

-

-2.0

0.0

-

    Other Fee & Charges Paid

-

-

0.0

0.0

-

    Donations Paid, Non-Operating

-

-

0.0

-

-

    Miscellaneous Non-Operating Expense

-

-

0.0

0.0

-

    Earning from Affiliates

0.8

0.2

-

-

0.4

    Loss under Equity Method

-

-

0.0

-

-

Net Income Before Taxes

11.8

2.7

-10.0

18.1

22.8

 

 

 

 

 

 

Provision for Income Taxes

2.3

0.3

-8.3

4.2

4.8

Net Income After Taxes

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Net Income Before Extra. Items

9.4

2.4

-1.7

13.9

18.0

Net Income

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

9.4

2.4

-1.7

13.9

18.0

 

 

 

 

 

 

Basic Weighted Average Shares

62.4

62.1

62.4

62.4

62.4

Basic EPS Excluding ExtraOrdinary Items

0.15

0.04

-0.03

0.22

0.29

Basic EPS Including ExtraOrdinary Item

0.15

0.04

-0.03

0.22

0.29

Dilution Adjustment

0.0

-

0.0

-

0.0

Diluted Net Income

9.4

2.4

-1.7

13.9

18.0

Diluted Weighted Average Shares

62.4

62.1

62.4

62.4

62.4

Diluted EPS Excluding ExtraOrd Items

0.15

0.04

-0.03

0.22

0.29

Diluted EPS Including ExtraOrd Items

0.15

0.04

-0.03

0.22

0.29

DPS-Common Stock

0.00

0.00

0.18

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

11.0

0.0

0.0

Normalized Income Before Taxes

11.8

2.7

-8.0

18.1

22.8

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

2.3

0.3

-7.6

4.2

4.8

Normalized Income After Taxes

9.4

2.4

-0.4

13.9

18.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

9.4

2.4

-0.4

13.9

18.0

 

 

 

 

 

 

Basic Normalized EPS

0.15

0.04

-0.01

0.22

0.29

Diluted Normalized EPS

0.15

0.04

-0.01

0.22

0.29

Interest Expense, Supplemental

2.5

0.2

0.2

0.3

0.2

Rental Expense, Supplemental

-

-

0.0

0.0

-

Interest Capitalized, Supplemental

-

-

-4.7

-

-

Advertising Expense, Supplemental

-

-

0.1

-

-

R&D Expense, Supplemental

0.3

0.2

0.0

0.0

0.0

Depreciation, Supplemental

6.8

2.6

2.6

2.5

2.5

 

 

 

 

Annual Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

31-Dec-2006

UpdateType/Date

Updated Normal
31-Dec-2010

Updated Normal
31-Dec-2009

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1134.9

1164.475

1259.55

936.05

930

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash/Equivalents

39.2

94.4

60.6

13.2

12.6

    ST Finl Assets

46.3

15.5

59.0

36.6

22.8

    Current Port. Secs held till Maturity

-

-

-

-

0.0

    Trade Rcvb Gross

4.6

41.9

40.6

38.0

62.8

    Doubtful Account

-

-

-0.4

-0.5

-0.7

    ST Loan, Net

0.4

0.3

0.3

-

0.0

    ST Employee Loan

0.7

-

-

-

-

    Deferred Income Taxes Assets Current

3.2

3.9

-

1.1

-

    Other Rcvbl, Net

7.5

0.6

3.1

0.1

0.1

    Accrued Income

0.2

0.1

2.0

1.3

0.5

    Advance Payments

3.7

3.8

3.7

0.2

0.2

    Prepaid Expenses

0.2

0.2

0.3

0.2

0.2

    Prepaid Income Taxes

-

0.7

-

-

-

    Other Quick Asst

-

-

0.5

0.5

0.5

    Finished Goods

27.7

0.6

18.7

1.9

5.3

    Work in Progress

0.6

0.3

0.5

0.5

0.3

    Raw Materials

20.0

11.5

19.0

15.2

3.4

    Stored Goods

6.5

6.3

5.6

6.6

6.4

    Goods in Transit

4.1

6.8

9.3

0.6

10.4

Total Current Assets

165.0

186.9

222.9

115.4

124.7

 

 

 

 

 

 

    LT Investments

3.0

2.8

0.5

-

-

    Secs held-Mature

-

-

-

0.1

0.1

    Secs Avail-Sale

-

-

-

0.6

0.6

    Equity Method Securities

15.3

13.0

-

-

0.0

    LT Bank Deposits

-

-

-

-

10.8

    LT Loan to Employees

0.5

0.6

1.8

2.8

2.8

    Derivatives in Non-current

0.1

-

-

-

-

    Guarantee Dep.

1.1

0.5

0.7

1.0

0.9

    LT Loan

0.4

0.3

0.6

-

0.0

    LT Account Receivable

-

-

0.0

0.1

0.1

    Land

184.9

174.1

37.2

50.1

50.4

    Buildings

36.8

35.9

33.1

44.5

44.4

    Buildings Depre.

-13.3

-11.8

-9.8

-11.7

-10.3

    Structures

31.8

28.5

26.4

35.5

35.3

    Structure Depre.

-16.0

-14.5

-12.1

-14.4

-12.6

    Machinery/Equip.

155.7

154.3

141.7

191.0

185.8

    Mach/Equip Depre

-93.3

-87.2

-74.1

-90.5

-79.5

    Transport Equip.

0.5

0.6

0.6

0.8

0.7

    Transport Deprec

-0.4

-0.5

-0.4

-0.6

-0.6

    Tools/Equipments

1.5

1.3

1.3

1.6

1.4

    Tool/Equip Depr.

-1.3

-1.2

-1.0

-1.3

-1.3

    Fixtures

3.2

2.5

2.3

3.0

2.9

    Deprec. Fixtures

-2.5

-2.2

-1.9

-2.7

-2.6

    Timberland

5.8

6.1

6.0

8.2

8.6

    Depr-Timberland

-1.8

-1.7

-1.5

-1.8

-1.8

    Construction

412.8

86.9

3.5

0.8

0.5

    Deferred Income Tax, Debit

-

-

4.1

-

-

Total Assets

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    Trade Acct. Pay.

15.2

10.4

9.3

7.9

15.8

    ST Borrowings

22.3

54.6

43.8

5.1

14.7

    Account Payable

64.3

6.6

4.1

8.0

5.3

    Customer Advance

11.7

2.3

8.6

6.9

11.7

    Deposit Withheld

1.9

0.4

0.2

0.4

1.7

    Deferred Income Tax Credits

-

-

0.9

-

-

    Accrued Expenses

1.6

0.7

1.2

0.8

4.8

    Sec Dep Withheld

0.1

0.0

0.0

0.0

0.0

    Current Portion of LT Debt

1.6

0.6

0.5

0.5

0.3

    Inc. Taxes Pay.

3.5

-

-

-

-

Total Current Liabilities

122.2

75.6

68.8

29.6

54.4

 

 

 

 

 

 

    LT Borrowings

238.2

31.8

3.0

4.7

5.3

Total Long Term Debt

238.2

31.8

3.0

4.7

5.3

 

 

 

 

 

 

    Long-term Other Payables

8.6

8.4

2.3

68.6

76.7

    Present Value Discount for Long-term Oth

-2.9

-3.1

-0.7

-

-

    Provisions for Retirement and Severance

30.1

21.5

25.3

21.5

18.9

    Deferred Income Taxes Liabilities Non-cu

17.1

23.6

-

-

-

    Deposits for Retirement and Severance Be

-8.5

-4.1

-5.1

-

-

    Transfer to National Pension Fund

-0.4

-0.4

-0.5

-

-

Total Liabilities

404.5

153.3

93.2

124.4

155.3

 

 

 

 

 

 

    Common Shares

137.4

133.9

123.8

110.5

111.2

    Paid-in Capital

106.9

104.2

96.3

20.4

20.5

    Otr Cap Surplus

0.2

0.2

0.2

0.2

0.2

    Asset Revalued

40.7

39.7

36.7

49.4

49.7

    Retained Carried

92.4

39.8

31.8

27.7

24.6

    Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Gain-Valuation of Tangible Assets

107.0

104.3

-

-

-

    G-Value Secs under Equity Method

0.5

-

-

-

0.0

Total Equity

485.1

422.0

288.7

208.1

206.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

889.6

575.3

381.9

332.5

361.5

 

 

 

 

 

 

    S/O-Common Stock

62.4

62.4

62.4

41.4

41.4

Total Common Shares Outstanding

62.4

62.4

62.4

41.4

41.4

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

11.7

2.3

8.6

6.9

11.7

Full-Time Employees

488

316

319

303

303

Number of Common Shareholders

3,883

2,847

2,560

3,177

2,669

LT Debt 1 yr

1.6

0.6

0.5

0.5

0.3

LT Debt 2 yrs

22.9

0.6

0.5

0.7

0.6

LT Debt 3 yrs

82.1

4.7

1.4

0.7

0.7

LT Debt 4 yrs

23.1

2.9

-

1.8

0.7

LT Debt 5 yrs

-

-

-

-

1.8

LT Debt thereafter

110.0

23.5

1.1

1.5

1.5

Total Long Term Debt, Supplemental

239.8

32.4

3.5

5.3

5.7

 

 

 

Interim Balance Sheet

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Restated Normal
31-Mar-2011

Updated Normal
30-Sep-2010

Updated Normal
30-Jun-2010

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1067.65

1096.95

1134.9

1140.25

1221.965

 

 

 

 

 

 

    Cash & Equivalents

34.7

21.3

39.2

87.1

108.5

    ST Investment Assets

2.8

3.2

46.3

66.2

58.1

    Trade Receivable

51.1

9.9

4.6

8.0

12.9

    Reserve-Doubtful Account

0.0

0.0

0.0

-

0.0

    Accrued Income

0.2

0.1

0.2

0.6

0.6

    ST Loan, Net

0.5

0.4

1.1

0.2

0.3

    Other Receivable, Net

5.4

5.2

7.5

4.8

2.7

    Adjsutment for Trade and Other Receivabl

-

0.0

0.0

-

-

    Prepaid Income Taxes

-

-

-

-

0.0

    Prepaid Expense

1.2

0.3

0.2

1.9

0.6

    Advanced Payment

4.0

4.8

3.7

4.7

2.0

    Deposits Received for Guarantees

-

-

-

-

0.0

    Other Quick Assets

-

-

-

-

0.0

    Deferred Income Taxes Assets Current

-

-

-

2.7

1.2

    Finished Goods

35.2

35.7

27.7

21.0

9.7

    Goods in Transit

6.1

11.4

4.1

6.8

5.4

    Raw Materials

24.4

22.9

20.0

14.3

11.0

    Supplemental Raw Materials

3.2

-

-

-

-

    Work in Progress

12.5

5.5

0.6

0.4

0.3

    Supplies

11.6

8.1

6.5

8.3

6.6

    Adjustment for Inventory

0.0

0.0

0.0

-

-

    Derivative Financial Assets

0.3

-

-

-

-

Total Current Assets

193.2

129.0

161.8

227.0

219.7

 

 

 

 

 

 

    LT Bank Deposit

-

-

-

1.4

-

    Long-term Financial Instruments

3.2

-

3.0

-

1.2

    LT Loan

-

-

-

0.6

0.1

    Long-term Investment in Securities

-

3.1

-

-

-

    Long-term Trade and Other Receivables

-

1.5

-

-

-

    Securities Available for Sale

-

-

-

0.5

0.5

    Securities Held to Maturities

-

-

-

1.1

1.1

    LT Account Receivable

-

-

-

-

0.0

    Equity Method Securities

19.3

16.0

15.4

14.0

13.0

    Long-term deposit

1.7

-

1.5

-

0.0

    LT Security Deposit

-

-

-

1.1

0.9

    LT Loan to Employees

-

-

-

0.6

0.5

    Derivatives in Non-current

0.1

0.2

0.1

0.4

0.1

    Property/Plant/Equipment, Total - Net

-

809.6

704.4

-

-

    Land

196.5

-

-

179.3

167.3

    Buildings

105.2

-

-

36.6

34.2

    Buildings-Depreciation

-15.2

-

-

-12.9

-11.8

    Structures

46.0

-

-

28.4

26.5

    Structures-Depreciation

-17.9

-

-

-15.6

-14.2

    Tools & Equipments

-

-

-

1.4

1.3

    Tools & Equipments-Depreciation

-

-

-

-1.2

-1.1

    Machinery & Equipment

631.7

-

-

157.3

146.8

    Machinery & Equipment-Depreciation

-106.5

-

-

-94.4

-86.4

    Vehicles & Transportation Equipment

-

-

-

0.6

0.5

    Vehicles & Transportation-Depreciation

-

-

-

-0.5

-0.5

    Fixtures

-

-

-

2.9

2.5

    Fixtures-Depreciation

-

-

-

-2.4

-2.2

    Construction in Progress

4.8

-

-

303.2

179.5

    Timber

6.2

-

-

6.0

5.4

    Trees-Government Subsidy

-1.9

-

-

-1.8

-1.6

    Other Tangibles-Government Subsidy

-0.3

-

-

-

-

    Other Tangible Assets

9.2

-

-

-

-

    Other Tangibles-Depreciation

-4.7

-

-

-

-

    Adjustment for Tangible Assets

-

-

-

-

-

    Deferred Income Tax, Debit

-

-

-

-

0.0

    Intangible Assets

-

0.4

-

-

-

    Membership Right

0.4

-

0.4

-

-

    Other Intangible Assets

6.4

-

-

-

-

    Adjustment for Intangible Assets

0.0

-

-

-

-

Total Assets

1,077.3

959.9

886.5

833.7

683.5

 

 

 

 

 

 

    Trade Payable

26.6

17.3

15.2

12.7

10.4

    Account Payable

38.6

35.3

64.3

38.5

35.1

    Reserve for Repairment

-

1.4

-

-

-

    Current Portion of LT Debt

23.1

12.7

1.6

0.3

0.6

    ST Borrowings

88.5

50.3

22.3

39.0

39.6

    Deferred Income Tax Credits

-

-

-

-

0.0

    Derivatives in Current Liabilities

0.4

-

-

0.1

-

    Income Taxes Payable

1.2

3.1

3.5

3.9

4.6

    Advances Received

7.9

15.8

11.7

9.0

7.1

    Adjustment for Trade and Other Liabiliti

0.0

-

0.0

-

-

    Security Deposit Withheld

0.3

0.3

0.1

-

0.0

    Accrued Expense

4.9

4.4

1.6

8.9

5.2

    Deposit Withheld

0.5

0.3

1.9

0.2

0.2

    Provisions for Other Estimated Liabiliti

2.8

-

-

-

-

Total Current Liabilities

194.7

140.9

122.2

112.5

102.7

 

 

 

 

 

 

    LT Borrowings

321.4

285.4

238.2

188.7

101.2

Total Long Term Debt

321.4

285.4

238.2

188.7

101.2

 

 

 

 

 

 

    LT Account Payable

6.3

6.1

5.8

8.6

8.0

    Present Value Discount for Long-term Oth

-

-

-

-2.9

-2.8

    LT Defined Benefit Liabilities

-

18.7

-

-

-

    Provisions for Retirement and Severance

-

-

-

24.8

22.0

    Deposits for Retirement and Severance Be

-

-

-

-5.9

-5.5

    Transfer to National Pension Fund

-0.3

-

-0.4

-0.3

-0.3

    Present Value of Defined Benefit Obligat

27.1

-

26.6

-

-

    The Fair Value of Plan Assets

-7.5

-

-8.5

-

-

    Adj. for LT Defined Benefit Liabilities

-

-

0.0

-

-

    Deferred Income Taxes Liabilities Non-cu

20.4

17.5

18.0

24.3

20.0

    Derivatives in Non-current Liabilities

0.2

-

-

-

-

Total Liabilities

562.3

468.6

402.0

349.8

245.3

 

 

 

 

 

 

    Common Stock

146.0

142.1

137.4

136.7

127.6

    Paid-in Capital in Excess of Par

113.6

110.6

106.9

106.4

99.3

    Reserve for Assets Revaluation

-

-

-

40.5

37.8

    Appropriated Retained Earnings for Statu

1.2

-

-

-

-

    Retained Earning Carried Forward

253.8

238.3

240.0

93.7

73.9

    Adjustment for Retained Earnings

0.0

-

-

-

-

    Accumulated Other Comprehensive Income

0.3

0.1

0.1

-

-

    Gains on Valuation of Equity Method Secu

-

-

-

-0.1

0.0

    Gain-Valuation of Tangible Assets

-

-

-

106.5

99.4

    Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Other Capital Surplus

0.2

0.2

0.2

0.2

0.2

    Adjustment for Other Capital

0.0

0.0

0.0

-

-

Total Equity

515.1

491.3

484.5

483.9

438.2

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,077.3

959.9

886.5

833.7

683.5

 

 

 

 

 

 

    S/O-Common Stock

62.4

62.4

62.4

62.4

62.4

Total Common Shares Outstanding

62.4

62.4

62.4

62.4

62.4

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

7.9

15.8

11.7

9.0

7.1

Full-Time Employees

552

526

488

379

349

Number of Common Shareholders

-

-

3,883

-

-

Long Term Debt Maturing within 1 Year

-

12.7

-

0.3

0.6

Long Term Debt Maturing in Year 2

-

-

-

13.4

3.7

Long Term Debt Maturing in Year 3

-

-

-

16.7

37.8

Long Term Debt Maturing in Year 4

-

-

-

75.1

9.2

Long Term Debt Remaining Maturities

-

-

-

83.5

50.4

Total Long Term Debt, Supplemental

-

12.7

-

188.9

101.8

 

 

 

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

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Updated Normal
31-Dec-2006

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1156.281981

1276.385219

1100.562842

929.183333

955.035724

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Shinhan Accounting Corporation

Shinhan Accounting Corporation

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

50.6

4.9

12.8

3.2

44.1

    Depreciation

10.2

9.2

11.4

15.3

14.8

    Retirement Allowance

5.9

2.4

5.1

3.6

0.0

    Provision-Doubtful Account

-

-

0.1

-

0.2

    Amort-Discount Val.

0.3

0.1

0.7

1.8

3.7

    L-Inventory Valuatn

-

-

-

-

0.0

    L-For Exch Translatn

0.3

0.1

0.9

0.2

0.1

    Disp Tang Asst Loss

2.6

0.1

0.5

0.1

0.4

    L-Call Redemption of Restructuring Debt

-

-

5.0

-

-

    Other Prov. Doubtful

-

-

-

-

0.0

    L-Equity Method Valuation

-

-

-

-

0.0

    Loss-Disposal of Inventory

-

-

0.2

-

0.0

    Disposition of Inv.

-

-

-

-

0.0

    Gains on Valuation of Equity Method Secu

-1.2

-0.1

-

-

-

    G-For Exch Translatn

-4.9

-1.3

-2.8

0.0

-1.6

    Gain Disp Tang. Ast

0.0

0.0

0.0

0.0

0.0

    Reversal Prov. Doubt

-

-0.4

0.0

-0.2

-1.3

    Miscellaneous Gains

-

-

-

-0.4

-

    Gain Disp of Inv Ast

0.0

-

-

-

-3.1

    Recovery-Retirement Allowance Reserve

-

-

-

-

-1.0

    Gain-Debt Guarantee

-

-

-

-1.5

-8.1

    Gains on Valuations of Derivatives

-0.1

-

-

-

-

    Dec in Trade Rcvbls

37.7

1.9

-14.3

24.5

-5.3

    Decrease Acct Rcvbl

-6.8

2.6

-3.5

0.0

0.0

    Dec in Accrued Inc

-0.1

1.9

-1.2

-0.9

-0.1

    Dec Advanced Payment

0.2

0.2

-4.1

0.0

0.1

    Prepaid Expense

0.0

0.1

-0.1

0.0

0.0

    Decrease or Increase in Prepaid Income T

0.7

-0.7

-

-

-

    Other Quick Assets

-

-

0.5

0.1

-0.1

    Decrease Inventory

-32.1

29.0

-39.8

0.9

11.8

    Dec Deferred Tax Dr

0.7

0.5

-3.8

-1.1

0.0

    Inc in Trade Pay

4.5

0.3

4.0

-7.9

3.8

    Increase or Decrease in Long-term Other

-

3.1

-

-

-

    A/L Inc Acc't Pay.

56.5

2.0

-2.1

2.7

-3.8

    Inc in Advances Rcvd

9.2

-6.4

4.0

-4.8

-1.1

    Deposit Withheld

1.5

0.1

-0.1

-1.2

1.3

    Inc in Accrued Exp.

0.8

-0.5

0.7

-4.1

-18.7

    Deferred Income Tax Credit, A/L

-7.1

-6.2

1.0

-

-

    Security Deposits

0.1

-

-

-

-0.1

    Dec-Dep for Ret Ins

-4.2

1.3

-0.2

-0.1

-0.2

    Dec in Natl Pension

0.0

0.1

0.0

0.0

0.0

    Increase or Decrease in Pension Fund

3.4

-

-

-

-

    Payment-Retirement Bonus

-1.4

-7.8

-0.5

-0.8

-0.3

    Increase or Decrease in Income Taxes Pay

3.4

-

-

-

-

Cash from Operating Activities

130.8

36.5

-25.7

29.5

35.6

 

 

 

 

 

 

    Dec-ST Finl Asset

-

-

-

-

4.6

    Decrease-Other Quick Assets

-

0.5

-

-

-

    Decrease in Short-term Loans

0.3

0.3

-

0.3

0.2

    Decrease in LT Loans

-

1.4

0.0

0.0

2.8

    Disp-Secs Avail Sale

-

-

-

-

0.0

    Disp-Secs held-Matur

-

-

-

0.0

0.0

    Decrease-LT Financial Assets

-

-

-

10.8

0.0

    Dec-Guarantee Dep

-

-

-

-

0.4

    Disposal of Land

-

-

-

-

0.0

    Disposal Mach./Equip

-

-

-

-

0.1

    Disposal Trans Equip

0.0

0.0

0.0

0.0

0.0

    Dec in Const in Prog

-

-

-

0.0

3.2

    Increase-Government Subsidy

-

-

0.2

-

-

    Disp-Timberlands

0.5

0.5

0.3

0.4

0.4

    Acq-Gov't Subsidy

-

-

-

-

0.1

    Disposal-Equity Method Invest. Security

-

-

-

-

3.4

    Decr.-LT Acct Rcvbl

-

0.0

0.0

0.0

0.0

    Disposal-ST Investment Assets

15.6

58.2

0.0

-

-

    Disposal-LT Investment Assets

0.0

-

-

-

-

    Increase-ST Investment Assets

-45.4

-14.1

-36.4

-14.0

-5.5

    Inc-LT Finl Asset

-

-

-

-

-10.5

    Acq-Secs held-Mature

-0.2

-2.1

0.0

0.0

0.0

    Purchase of Equity Method Securities

-

-11.8

-

-

-

    Increase in Short-term Loans

-0.1

-

-

-

-

    Increase-ST Loans to Employees

-0.6

-

-

-

-

    Increase-LT Loans

-0.3

0.0

-1.0

-

0.0

    Inc in LT Empl Loans

-

-0.1

-0.3

-0.4

-1.5

    Inc in Guarant Depos

0.3

0.2

0.0

0.0

-

    Purchase of Land

-

-0.1

-

-

-0.2

    Purchase of Buildings

-

-0.1

-

-

-0.6

    Acq-Stucture

-

-

-

-

-0.1

    Purchase of Machinery

-

-1.0

-

-

-2.1

    Acq. of Trans Equip

-

-

-

-

0.0

    Purchase of Tools

-

0.0

-

-

0.0

    Acq-Fixtures

-

-

-

-

-0.2

    Purchase of Office Equipment

-

-0.1

-

-

-

    Increase-Trees

-0.2

0.0

-0.2

-

0.0

    Inc. Const. In Prog

-330.8

-76.9

-4.5

-8.2

-3.5

    Increase in Deposits Provided

-0.8

-

-

-

-

Cash from Investing Activities

-361.7

-45.0

-41.9

-11.2

-9.0

 

 

 

 

 

 

    Inc in ST Borrowings

80.0

91.0

141.4

63.5

78.3

    Proceeds from Long-term Borrowings

207.8

27.0

-

-

-

    Incr-LT Port Acc't Payable

-

-

-

3.1

0.0

    Increase-Common Stock

-

-

47.7

-

-

    Inc-Paid-in Capital in Excess of Par

-

-

92.9

-

-

    Repay ST Borrowings

-112.9

-82.7

-93.6

-73.1

-76.7

    Repay Curr LT Liabs

-0.6

-0.5

-0.3

-0.3

-20.2

    Repayments of Long-term Other Payables

-

0.0

-62.2

-10.8

-26.2

    Repayments of Long-term Borrowings

-

0.0

-0.2

-

-0.1

Cash from Financing Activities

174.3

34.8

125.8

-17.7

-44.9

 

 

 

 

 

 

Net Change in Cash

-56.6

26.3

58.2

0.7

-18.3

 

 

 

 

 

 

Net Cash - Beginning Balance

95.1

59.8

11.2

12.6

30.5

Net Cash - Ending Balance

38.5

86.1

69.4

13.3

12.2

 

 

 

Interim Cash Flows

As Reported

Financials in: USD (mil)

 

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

 

 

 

 

 

 

 

 

 

30-Jun-2011

31-Mar-2011

31-Dec-2010

30-Sep-2010

30-Jun-2010

Period Length

6 Months

3 Months

12 Months

9 Months

6 Months

UpdateType/Date

Updated Normal
30-Jun-2011

Updated Normal
31-Mar-2011

Updated Normal
31-Dec-2010

Updated Normal
30-Sep-2010

Reclassified Normal
30-Jun-2011

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1101.856011

1120.28956

1156.281981

1164.307745

1155.056202

 

 

 

 

 

 

Net Income

11.8

2.4

50.6

51.9

39.0

    Depreciation

9.3

2.6

10.2

7.6

5.1

    Amortization of Intangible Assets

0.1

-

-

-

-

    Amortization-Present Value Discount

-

-

0.3

0.3

-

    Provision-Retirement Allowance

1.6

0.9

5.9

2.4

1.1

    Loss-Foreign Currency Translation

2.7

2.6

0.3

1.4

2.4

    Interest Expenses

0.2

0.1

-

-

0.2

    Losses on Valuation of Derivatives

0.5

-

-

0.1

-

    Loss-Disposal of Tangible Assets

-

0.0

2.6

0.6

0.6

    Gain-Foreign Currency Translation

-6.2

-2.5

-4.9

-4.8

-4.9

    Provision-Repair

2.7

-

-

-

-

    Gains on Valuations of Derivatives

-0.3

-0.1

-0.1

-0.4

-0.1

    Purchase of Financial Assets

-13.0

-

-

-

-45.9

    Increase-Reserve for National Pension

0.1

0.1

0.0

0.0

0.0

    Decrease-Guarantee Deposit

0.0

-

-

-

-0.4

    Miscellaneous Gains

-

-0.1

-

-

-

    Gains on Sale of Investment Assets

-

-

0.0

-

-

    Gain-Disposal of Tangible Assets

-

-

0.0

0.0

0.0

    Gains on Valuation of Equity Method Secu

-

-0.2

-1.2

-0.8

-

    Gain under Equity Method

-0.9

-

-

-

-0.7

    Trade Receivables

-44.8

-5.1

37.7

34.0

28.6

    Other Receivables

2.4

2.5

-6.8

-4.1

-2.3

    Prepaid Income Taxes

-

-0.1

0.0

-1.7

0.2

    Advanced Payment

-0.1

-1.0

0.2

-0.8

1.7

    Decrease or Increase in Prepaid Income T

-

0.0

0.7

0.7

-

    Prepaid Expenses

-1.0

-

-

-

-0.4

    Accrued Revenues

-0.4

0.1

-0.1

-0.5

-2.0

    Inventories

-29.4

-22.2

-32.1

-24.1

-9.1

    Deferred Income Tax Debit

-

-

0.7

1.2

-

    Trade Payables

10.2

1.5

4.5

2.1

0.5

    Other Payables

-28.9

-30.6

56.5

31.1

30.5

    Advances from Customers

-4.4

3.6

9.2

6.5

5.1

    Deposit Withheld

-1.4

-1.6

1.5

-0.2

-0.2

    Security Deposit Withheld

0.2

0.2

0.1

0.0

0.0

    Accrued Expenses

7.7

4.1

0.8

8.0

4.8

    Increase or Decrease in Income Taxes Pay

1.2

3.0

3.4

3.8

4.9

    Reserve-Severance & Retirement Benefit

1.3

1.4

-

-

0.9

    Increase-Deferred Income Tax Credit

1.3

-0.8

-7.1

0.3

0.3

    Payment-Retirement Allowance

-4.9

-4.1

-1.4

-1.1

-0.8

    Affiliates' Retire. Allowance

-

0.8

-

-

-

    Deposits for Retirement Severance Benefi

1.6

1.4

-4.2

-1.6

-1.7

    Increase or Decrease in Pension Fund

-

-

3.4

-

-

    Takeover-Affiliates' Retire. Allowance

-

-

-

1.5

-

    Dividends Paid

-11.3

-11.1

-

-

-

    Adj. Cash Flow from Operating Activities

-

0.0

-

-

-

    Cash-Interest Received

0.5

0.1

-

-

1.6

    Cash-Interest Paid

-4.6

-1.4

-

-

-0.8

    Cash-Tax Paid

-3.7

-3.6

-

-

0.5

    Gains on Disposal of Financial Assets

57.9

56.3

-

-

0.2

    Loss-Disposal of Financial Assets

-

-12.5

-

-

-

    Adjustment

0.0

-

-

-

0.0

Cash from Operating Activities

-41.9

-13.4

130.8

113.3

59.0

 

 

 

 

 

 

    Decrease-ST Loans to Employees

0.7

0.7

-

0.0

0.0

    Decrease-Loans

0.2

0.1

0.3

0.2

-

    Decrease in Deposits Provided

-

-

0.3

-

-

    Decrease-LT Loans

0.0

-

-

-

-

    Decrease-LT Loans to Employees

0.3

0.1

-

-

-

    Decrease-Guarantee Deposit

-

-

-

0.0

-

    Proceeds from Sale of Short-term Financi

-

-

-

15.4

-

    Proceeds from Short-term Investment Asse

-

-

15.6

-

-

    Disposal-LT Investment Assets

-

-

0.0

-

-

    Proceeds from Sale of Buildings

0.0

0.1

-

-

-

    Disposal-Transportation

-

-

0.0

0.0

0.0

    Disposal-Trees

-

-

0.5

0.4

0.4

    Increase in Deposits Provided

-

-

-0.8

-

-

    Increase in Long-term Loans

-0.4

-

-0.3

-0.4

-

    Proceeds from Sale of Office Equipment

0.0

-

-

-

-

    Increase-LT Deposit

-

-

-

-0.6

-

    Increase-ST Loans to Employees

-0.2

0.0

-0.6

-

-

    Increase in Short-term Loans

-0.2

-

-0.1

-

-

    Increase-ST Investment Assets

-

-

-45.4

-64.8

-

    Increase-Other Financial Assets

-

-

-

-

-0.2

    Increase-Securities Held to Maturities

-

-

-0.2

-0.2

-

    Purchase of Securities on Affiliates

-1.8

-

-

-

-

    Purchase of Tools

-

-

-

-

-0.1

    Increase-Machinery & Equipment

-

-

-

-

0.0

    Increase-Fixtures

-

-

-

-

-0.1

    Increase-Trees

-

-

-0.2

-0.2

-

    Increase-Construction Progress

-117.4

-81.9

-330.8

-212.0

-104.6

Cash from Investing Activities

-118.7

-81.0

-361.7

-262.2

-104.6

 

 

 

 

 

 

    Increase-ST Borrowings

81.9

44.1

80.0

65.0

41.6

    Proceeds from Long-term Borrowings

89.7

48.1

207.8

155.8

80.3

    Decrease-ST Borrowings

-17.6

-16.7

-112.9

-80.5

-56.4

    Dec-Current Portion of LT Liabilities

-0.3

-0.1

-0.6

-0.6

-0.2

Cash from Financing Activities

153.8

75.5

174.3

139.7

65.3

 

 

 

 

 

 

Foreign Exchange Effects

-0.1

-

-

-

0.0

Net Change in Cash

-6.8

-18.9

-56.6

-9.1

19.6

 

 

 

 

 

 

Net Cash Beginning Balance

40.4

39.8

95.1

94.4

95.2

Net Cash Ending Balance

33.6

20.9

38.5

85.3

114.8

    Cash Interest Paid

4.6

1.4

-

-

0.8

    Cash Taxes Paid

3.7

3.6

-

-

-0.5

 

 

 Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.66

UK Pound

1

Rs.77.72

Euro

1

Rs.64.63

 

 

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.