MIRA INFORM REPORT

Report Date :

23.05.2012

IDENTIFICATION DETAILS

Name :	E MART CO LTD
Registered Office :	333-16, Seongsudong 2-Ga, Seongdong-Gu, Seoul, 133120
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	01.05.2011
Legal Form :	Public Independent Company
Line of Business :	Subject is engaged in the discount store business
No. of Employees :	14,583

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 :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
South Korea	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name & address

E Mart Co Ltd

333-16, Seongsudong 2-Ga, Seongdong-Gu

Seoul, 133120

Korea, Republic of

Tel: 82-2-3809238

Fax: 82-2-3809339

Web: www.emart.com

Synthesis

Employees: 14,583

Company Type: Public Independent

Traded:

Korea Stock Exchange: 139480

Incorporation Date: 01-May-2011

Auditor: PricewaterhouseCoopers LLP

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2011

Reporting Currency: South Korean Won

Annual Sales: 7,197.8 1

Net Income: 276.1

Total Assets: 9,644.4 2

Market Value: 7,001.5

(11-May-2012)

Business Description

E-MART Co., Ltd. is a Korea-based company engaged in the discount store business. Through its discount stores, the Company provides foods, household goods, apparels, cosmetics, consumer electronics, household appliances and others. As of December 31, 2011, the Company had 139 discount stores under brand name of E-Mart. The Company was established through the spin-off of discount store segment from Shinsegae Co., Ltd on May 1, 2011. For the five months ended 30 September 2011, Emart Co Ltd's results are not comparable as the corresponding privious year financials are not reported. E-MART Co., Ltd. is a Korea-based company engaged in discount store business. The Company was established through the spin-off of discount store segment from Shinsegae Co., Ltd on May 1, 2011. The Company provides foods, drinks, clothes and household apliances.

Industry

Industry Retail (Department and Discount)

ANZSIC 2006: 4260 - Department Stores

NACE 2002: 5212 - Other retail sale in non-specialised stores

NAICS 2002: 45211 - Department Stores

UK SIC 2003: 5212 - Other retail sale in non-specialised stores

US SIC 1987: 5311 - Department Stores

Key Executives

Name	Title
Byeong Ryeol Choi	Co-Chief Executive Officer, Director
Yong Jin Jung	Co-Chief Executive Officer, Director
Yin Cheol Huh	Director
Hyeong Su Jeon	Non-Executive Independent Director
Chang Jin Moon	Non-Executive Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Divestitures	2	FUJIAN NEW HUA DU SUPERCENTER CO.,LTD. to Acquire Equity Shares from E Mart Co Ltd	1-Nov-2011
Equity Investments	2	E Mart Co Ltd Announces Changes in Shareholding Structure	15-Jun-2011
Dividends	1	E-Mart Co Ltd Declares Annual Cash Dividend for FY 2011	18-Jan-2012
Initial Public Offerings	1	E-Mart Co Ltd Announces Initial Public Offering	21-Oct-2011

* number of significant developments within the last 12 months

News

Title	Date
S. KOREA'S HOMEPLUS EYES US$11BLN IN SALES THIS YEAR Asia Pulse Businesswire (110 Words)	12-Mar-2012
Homeplus eyes 12.2 tln won in sales this year Yonhap News Agency (South Korea) (110 Words)	10-Mar-2012
Sales of imported beer surge on EU FTA Yonhap News Agency (South Korea) (222 Words)	15-Feb-2012
S. KOREAN SALES OF IMPORTED BEER SURGE AFTER EU FTA Asia Pulse Businesswire (225 Words)	15-Feb-2012
Samsung says TV sales stronger; plans to launch low-end TVs Financial Mirror (Cyprus) (386 Words)	8-Feb-2012

Stock Snapshot

Traded: Korea Stock Exchange: 139480

As of 11-May-2012

   Financials in: KRW

Recent Price	287,000.00	EPS	12,166.14
52 Week High	334,000.00	Price/Sales	1.00
52 Week Low	208,000.00	Dividend Rate	750.00
Avg. Volume (mil)	0.04	Price/Book	1.46
Market Value (mil)	8,000,360.00

	Price % Change	Rel S&P 500%
4 Week	3.24%	8.18%
13 Week	11.67%	16.13%
Year to Date	2.87%	-2.04%

Key IDSM Number: 111378102

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152

Corporate Overview

Location

333-16, Seongsudong 2-Ga, Seongdong-Gu

Seoul, 133120

Korea, Republic of

Tel: 82-2-3809238

Fax: 82-2-3809339

Web: www.emart.com

Quote Symbol - Exchange

139480 - Korea Stock Exchange

Sales KRW(mil): 7,974,414.5

Assets KRW(mil): 11,110,388.0

Employees: 14,583

Fiscal Year End: 31-Dec-2011

Industry: Retail (Department and Discount)

Incorporation Date: 01-May-2011

Company Type: Public Independent

Quoted Status: Quoted

Co-Chief Executive

Officer, Director: Byeong Ryeol Choi

Contents

Industry Codes

Business Description

Financial Data

Key Corporate Relationships

Industry Codes

ANZSIC 2006 Codes:

4260 - Department Stores

NACE 2002 Codes:

5212 - Other retail sale in non-specialised stores

NAICS 2002 Codes:

45211 - Department Stores

US SIC 1987:

5311 - Department Stores

UK SIC 2003:

5212 - Other retail sale in non-specialised stores

Business Description

E-MART Co., Ltd. is a Korea-based company engaged in the discount store business. Through its discount stores, the Company provides foods, household goods, apparels, cosmetics, consumer electronics, household appliances and others. As of December 31, 2011, the Company had 139 discount stores under brand name of E-Mart. The Company was established through the spin-off of discount store segment from Shinsegae Co., Ltd on May 1, 2011. For the five months ended 30 September 2011, Emart Co Ltd's results are not comparable as the corresponding privious year financials are not reported. E-MART Co., Ltd. is a Korea-based company engaged in discount store business. The Company was established through the spin-off of discount store segment from Shinsegae Co., Ltd on May 1, 2011. The Company provides foods, drinks, clothes and household apliances.

Financial Data

Financials in:	KRW(mil)
Sale:	7,974,414.5
Net Income:	305,838.9
Assets:	11,110,388.0
Long Term Debt:	1,767,531.4
Total Liabilities:	5,624,257.0
Working Capital:	-1,980.8
Date of Financial Data:	31-Dec-2011

1 Year Growth

NA

NA

NA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP

Executive report

Board of Directors

Name	Title	Function
Byeong Ryeol Choi	Co-Chief Executive Officer, Director	Director/Board Member
Choi Byeong Ryeol is Co-Chief Executive Officer and Director of E-MART CO., LTD. Choi previously was Chief Executive Officer of SHINSEGAE CO.,LTD. Age: 62
Yin Cheol Huh	Director	Director/Board Member
Huh Yin Cheol is Director of E-MART CO., LTD. Previously, Huh was Director of SHINSEGAE CO.,LTD and also worked for Samsung C&T Corporation and Samsung Group. Huh holds a Bachelor's degree in Business Administration from Yonsei University in 1985, Korea. Age: 52 Education: Yonsei University, B (Business Administration)
Hyeong Su Jeon	Non-Executive Independent Director	Director/Board Member
Jeon Hyeong Su is Non-Executive Independent Director of E-MART CO., LTD. Jeon currently also serves as Independent Director of HYUNDAI STEEL COMPANY and an advisor of KIM & CHANG. Jeon holds a Bachelor's degree in Mathematics from Yonsei University, Korea and a Master's degree in Public Administration from Konkuk University, Korea. Age: 58 Education: Konkuk University, M (Public Administration) Yonsei University, B (Mathematics) Konkuk University, JD
Yong Jin Jung	Co-Chief Executive Officer, Director	Director/Board Member
Jung Yong Jin is Co-Chief Executive Officer and Director of E-MART CO., LTD. Previously, Jung was Chief Executive Officer, Vice Chairman, Vice President, as well as Assistant Managing Director of SHINSEGAE CO.,LTD. Jung holds a Bachelor's degree in Economics from Brown University, the United States. Age: 43 Education: Brown University, B (Economics)
Chang Jin Moon	Non-Executive Independent Director	Director/Board Member
Moon Chang Jin is Non-Executive Independent Director of E-MART CO., LTD. Currently, Moon also serves as Non-Executive Independent Director of CJ CHEILJEDANG CORP. and Dean of Health and Welfare College of CHA University, Korea. Moon holds a Bachelor's degree in Sociology from Seoul National University, Korea, as well as a Master and a Doctorate's degrees in Sociology from University of Chicago, the United States. Age: 59 Education: University of Chicago, PHD (Sociology) University of Chicago, M (Sociology) Seoul National University, B (Sociology)
Jong Gu Park	Non-Executive Independent Director	Director/Board Member
Park Jong Gu is Non-Executive Independent Director of E-MART CO., LTD. Currently, Park also serves as Advisor at Kim & Chang. Age: 59
Yeong Ryeol Park	Non-Executive Independent Director	Director/Board Member
Park Yeong Ryeol is Non-Executive Independent Director of E-MART CO., LTD. Currently, Park also works for a Korea-based law firm. Park holds a Bachelor of Law from Seoul National University, Korea. Age: 55 Education: Seoul National University, LLB

Executives

Name	Title	Function
Byeong Ryeol Choi	Co-Chief Executive Officer, Director	Chief Executive Officer
Choi Byeong Ryeol is Co-Chief Executive Officer and Director of E-MART CO., LTD. Choi previously was Chief Executive Officer of SHINSEGAE CO.,LTD. Age: 62
Yong Jin Jung	Co-Chief Executive Officer, Director	Chief Executive Officer
Jung Yong Jin is Co-Chief Executive Officer and Director of E-MART CO., LTD. Previously, Jung was Chief Executive Officer, Vice Chairman, Vice President, as well as Assistant Managing Director of SHINSEGAE CO.,LTD. Jung holds a Bachelor's degree in Economics from Brown University, the United States. Age: 43 Education: Brown University, B (Economics)

Significant Developments

E-Mart Co Ltd Declares Annual Cash Dividend for FY 2011 Jan 18, 2012

E-Mart Co Ltd announced that it has declared an annual cash dividend of KRW 750 per share of common stock to shareholders of record on December 31, 2011, for the fiscal year 2011. The dividend rate of market price is 0.3% and the total amount of the cash dividend is KRW 20,898,138,000.

FUJIAN NEW HUA DU SUPERCENTER CO.,LTD. to Acquire Equity Shares from E Mart Co Ltd Nov 01, 2011

FUJIAN NEW HUA DU SUPERCENTER CO.,LTD. announced that it will acquire a 100% stake in four companies including a Ningbo-based mart company, a Changzhou-based business development company, a Taizhou-based business development company and a Hangzhou-based business development company, from E Mart Co Ltd for totally RMB 125 million.

E-Mart Co Ltd Announces Initial Public Offering Oct 21, 2011

E-Mart Co Ltd announced that it will offer KRW 200 billion worth of unregistered/unsecured bonds in its initial public offering on the KOSPI under symbol "139480".

E Mart Co Ltd Plans To Sell 10 Chinese Stores Jun 15, 2011

reported that E Mart Co Ltd plans to sell 10 unprofitable stores in China and set up a joint venture in the country to beef up its operations there. E-Mart had been in talks to sell the stores in a package but negotiations broke down over price differences and the company is now open to disposing of the units to multiple buyers.

E Mart Co Ltd Announces Changes in Shareholding Structure Jun 15, 2011

E Mart Co Ltd announced that Aberdeen Asset Management Asia Limited and its 4 related parties, have acquired 2,855,146 common shares of the Company, equivalent to a 10.24% stake in the Company.

E Mart Co Ltd Announces Changes in Shareholding Structure Jun 14, 2011

E Mart Co Ltd announced that First State Investment Management (UK) Limited and its 3 related parties, have acquired 2,649,704 common shares of the Company, equivalent to a 9.51% stake in the Company.

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Special 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Sales	7,197.8
Sale	7,197.8
Total Sale	7,197.8
Cost of Sale	5,224.5
Cost of Sale, Total	5,224.5
Gross Profit	1,973.4
Selling/General/Administrative Expense	861.7
Labor & Related Expense	379.6
Advertising Expense	72.9
Total Selling/General/Administrative Expenses	1,314.1
Depreciation	172.5
Amortization of Intangibles	4.7
Depreciation/Amortization	177.2
Impairment-Assets Held for Use	37.5
Loss (Gain) on Sale of Assets - Operating	5.3
Unusual Expense (Income)	42.8
Other Operating Expense	27.9
Other, Net	-31.3
Other Operating Expenses, Total	-3.5
Total Operating Expense	6,755.1
Operating Income	442.7
Interest Expense - Non-Operating	-78.3
Interest Expense, Net Non-Operating	-78.3
Interest Income - Non-Operating	8.6
Investment Income - Non-Operating	7.3
Interest/Investment Income - Non-Operating	15.9
Interest Income (Expense) - Net Non-Operating	0.0
Interest Income (Expense) - Net Non-Operating Total	-62.4
Other Non-Operating Income (Expense)	26.6
Other, Net	26.6
Income Before Tax	406.9
Total Income Tax	122.5
Income After Tax	284.4
Minority Interest	-8.3
Net Income Before Extraord Items	276.1
Net Income	276.1
Income Available to Common Excl Extraord Items	276.1
Income Available to Common Incl Extraord Items	276.1
Basic/Primary Weighted Average Shares	27.9
Basic EPS Excl Extraord Items	9.91
Basic/Primary EPS Incl Extraord Items	9.91
Diluted Net Income	276.1
Diluted Weighted Average Shares	27.9
Diluted EPS Excl Extraord Items	9.91
Diluted EPS Incl Extraord Items	9.91
Dividends per Share - Common Stock Primary Issue	0.00
Gross Dividends - Common Stock	0.0
Interest Expense, Supplemental	78.3
Depreciation, Supplemental	190.3
Total Special Items	42.8
Normalized Income Before Tax	449.7
Effect of Special Items on Income Taxes	12.9
Inc Tax Ex Impact of Sp Items	135.4
Normalized Income After Tax	314.3
Normalized Inc. Avail to Com.	306.0
Basic Normalized EPS	10.98
Diluted Normalized EPS	10.98
Amort of Intangibles, Supplemental	4.9
Rental Expenses	74.9
Advertising Expense, Supplemental	72.9
Normalized EBIT	485.5
Normalized EBITDA	680.7

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate	1152
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Cash & Equivalents	44.7
Short Term Investments	38.6
Cash and Short Term Investments	83.3
Accounts Receivable - Trade, Gross	196.7
Provision for Doubtful Accounts	-1.3
Trade Accounts Receivable - Net	195.7
Other Receivables	58.6
Total Receivables, Net	254.4
Inventories - Finished Goods	458.2
Inventories - Work In Progress	3.0
Inventories - Raw Materials	47.0
Inventories - Other	45.7
Total Inventory	553.8
Prepaid Expenses	28.2
Other Current Assets	0.0
Other Current Assets, Total	0.0
Total Current Assets	919.6
Buildings	3,770.5
Land/Improvements	2,588.9
Construction in Progress	774.7
Other Property/Plant/Equipment	903.7
Property/Plant/Equipment - Gross	8,037.9
Accumulated Depreciation	-1,410.9
Property/Plant/Equipment - Net	6,627.0
Goodwill, Net	143.1
Intangibles, Net	45.2
LT Investment - Affiliate Companies	100.3
LT Investments - Other	1,219.8
Long Term Investments	1,320.1
Note Receivable - Long Term	0.0
Other Long Term Assets	589.4
Other Long Term Assets, Total	589.4
Total Assets	9,644.4
Accounts Payable	728.2
Accrued Expenses	110.7
Notes Payable/Short Term Debt	1,051.5
Customer Advances	277.2
Income Taxes Payable	94.9
Other Payables	193.3
Other Current Liabilities	183.4
Other Current liabilities, Total	748.7
Total Current Liabilities	2,639.1
Long Term Debt	1,534.3
Total Long Term Debt	1,534.3
Total Debt	2,585.8
Deferred Income Tax - LT Liability	363.5
Deferred Income Tax	363.5
Minority Interest	77.5
Pension Benefits - Underfunded	73.7
Other Long Term Liabilities	194.1
Other Liabilities, Total	267.8
Total Liabilities	4,882.2
Common Stock	121.0
Common Stock	121.0
Additional Paid-In Capital	3,640.2
Retained Earnings (Accumulated Deficit)	183.4
Treasury Stock - Common	-2.8
Unrealized Gain (Loss)	37.6
Other Equity	0.0
Other Comprehensive Income	782.8
Other Equity, Total	782.8
Total Equity	4,762.3
Total Liabilities & Shareholders’ Equity	9,644.4
Shares Outstanding - Common Stock Primary Issue	27.9
Total Common Shares Outstanding	27.9
Treasury Shares - Common Stock Primary Issue	0.0
Accumulated Intangible Amort, Suppl.	29.4
Deferred Sale - Current	277.2
Deferred Sale - Long Term	46.8
Total Long Term Debt, Supplemental	2,492.4
Long Term Debt Maturing within 1 Year	1,129.4
Long Term Debt Maturing in Year 2	340.6
Long Term Debt Maturing in Year 3	340.6
Long Term Debt Maturing in Year 4	340.6
Long Term Debt Maturing in Year 5	340.6
Long Term Debt Maturing in 2-3 Years	681.2
Long Term Debt Maturing in 4-5 Years	681.2
Long Term Debt Matur. in Year 6 & Beyond	0.7

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Income/Starting Line	406.9
Depreciation	190.3
Depreciation/Depletion	190.3
Amortization of Intangibles	4.9
Amortization	4.9
Unusual Items	74.1
Equity in Net Earnings (Loss)	-8.9
Other Non-Cash Items	79.5
Non-Cash Items	144.7
Accounts Receivable	-34.6
Inventories	-43.6
Other Assets	-117.6
Accounts Payable	33.2
Other Liabilities	10.5
Other Operating Cash Flow	-57.4
Changes in Working Capital	-209.4
Cash from Operating Activities	537.4
Purchase of Fixed Assets	-346.1
Purchase/Acquisition of Intangibles	-4.1
Capital Expenditures	-350.2
Acquisition of Business	-193.1
Sale of Business	-4.3
Sale of Fixed Assets	2.2
Purchase of Investments	-0.2
Sale of Intangible Assets	0.0
Other Investing Cash Flow Items, Total	-195.4
Cash from Investing Activities	-545.6
Other Financing Cash Flow	43.8
Financing Cash Flow Items	43.8
Repurchase/Retirement of Common	-2.3
Common Stock, Net	-2.3
Issuance (Retirement) of Stock, Net	-2.3
Long Term Debt Issued	478.5
Long Term Debt, Net	478.5
Total Debt Issued	404.3
Total Debt Reduction	-910.8
Issuance (Retirement) of Debt, Net	-28.1
Cash from Financing Activities	13.4
Foreign Exchange Effects	1.7
Net Change in Cash	6.9
Net Cash - Beginning Balance	39.5
Net Cash - Ending Balance	46.4
Cash Interest Paid	78.0
Cash Taxes Paid	7.7

Annual Income Statement

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Special 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Sales Sale	7,197.8
Total Sale	7,197.8
Costs of Goods and Services Sold	5,224.5
Salaries and Wages	315.9
Retirement & Severance Benefits	27.8
Employee Benefits	35.9
Travel Expense	7.6
Taxes and Dues	65.6
Commissions	525.0
Rental Expenses	74.9
Repair Expense	20.8
Utility Expense	87.5
Depreciation	172.5
Amortization of Intangible Assets	4.7
Advertising Expense	31.7
Sales Promotional Expenses	41.1
Other Selling and Administrative Expense	80.1
Adjustment for Selling and Administrativ	0.0
Commission Income	-9.1
Gain on Disposal of Property, Plant and	-0.5
Reversal of Allowance for Doubtful Accou	-0.1
Miscellaneous Income	-22.1
Adjustment for Other Operating Income	0.0
Other Allowance for Doubtful Accounts	5.6
Impairment Loss on Property, Plant and E	37.5
Loss on Disposal of Property, Plant and	5.8
Donations Paid	3.9
Miscellaneous Loss	17.7
Other Operating Expenses	0.7
Adjustment for Other Operating Expense	0.0
Total Operating Expense	6,755.1
Interest Income	8.6
Dividend Income	26.6
Gain on Valuation of Currency Swap	87.3
Gain on Currency Swap Transaction	14.0
Gain on Foreign Currency Translations	0.5
Gain on Foreign Currency Transactions	1.9
Adjustment for Finance Income	0.0
Interest Expenses	-78.3
Loss on Foreign Currency Translations	-87.5
Loss on Foreign Currency Transactions	-16.6
Impairment Loss on Financial Instruments	-1.1
Adjustment for Finance Expense	0.0
Gain/Loss under Equity Method	8.9
Net Income Before Taxes	406.9
Provision for Income Taxes	122.5
Net Income After Taxes	284.4
Minority Interest	-8.3
Net Income Before Extra. Items	276.1
Net Income	276.1
Income Available to Com Excl ExtraOrd	276.1
Income Available to Com Incl ExtraOrd	276.1
Basic Weighted Average Shares	27.9
Basic EPS Excluding ExtraOrdinary Items	9.91
Basic EPS Including ExtraOrdinary Items	9.91
Diluted Net Income	276.1
Diluted Weighted Average Shares	27.9
Diluted EPS Excluding ExtraOrd Items	9.91
Diluted EPS Including ExtraOrd Items	9.91
DPS-Common Stock	0.00
Gross Dividends - Common Stock	0.0
Normalized Income Before Taxes	449.7
Inc Tax Ex Impact of Sp Items	135.4
Normalized Income After Taxes	314.3
Normalized Inc. Avail to Com.	306.0
Basic Normalized EPS	10.98
Diluted Normalized EPS	10.98
Interest Expense, Supplemental	78.3
Rental Expense, Supplemental	74.9
Advertising Expense, Supplemental	72.9
Depreciation, Supplemental	190.3
Amort of Intangibles, Supplemental	4.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate	1152
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Cash & Cash Equivalents	44.7
Current Financial Instruments	38.6
Trade Receivables	188.1
Special Relationship Receivables	8.6
Allowance for Doubtful Accounts for Trad	-1.3
Account Receivables	41.2
Accrued Income	0.3
Adjustment for Trade & Other Receivables	0.0
Current Loans	17.4
Adjustment for Other Current Financial A	0.0
Advance Payments	28.0
Prepaid Expenses	28.2
Adjustment for Other Current Assets	0.0
Merchandises	455.2
Finished Goods	3.0
Works in Process	3.0
Raw Materials	46.2
Supplemental Raw Materials	0.8
Supplies	1.7
Goods in Transit	15.9
Adjustment for Inventories	0.0
Total Current Assets	919.6
Non-Current Loans	0.0
Investments in Jointly Controlled Entiti	100.3
Non-Current Securities Available-for-Sal	1,055.9
Non-Current Financial Instruments	0.0
Adjustment for Other Non-Current Financi	0.0
Guarantee Deposits, Non-Current Assets	551.5
Present Value Discount for Rental Deposi	-207.1
Non-Current Derivatives	21.3
Non-Current Prepaid Expenses	223.8
Lands	2,588.9
Buildings & Structures	3,770.5
Buildings & Structures-Depreciation	-1,004.5
Other Property Plant & Equipment	923.7
Other Property Plant & Equipment-Depreci	-406.4
Other Property Plant & Equipment-Reducti	-20.0
Construction in Progress	774.7
Adjustment for Property, Plant & Equipme	0.0
Investment in Properties	163.8
Industrial Property Rights	1.4
Goodwill	143.1
Other Intangible Assets	43.8
Adjustment for Intangible Assets	0.0
Total Assets	9,644.4
Current Trade Payables	728.2
Other Payables	193.3
Accrued Expenses	110.7
Adjustment for Current Trade & Other Pay	0.0
Current Borrowings	1,051.5
Current Derivative Liabilities	8.2
Advance from Customers, Current Liabilit	7.2
Unearned Income	13.1
Adjustment for Advance from Customers	0.0
Gift Certificates, Current Liabilities	256.9
Income Taxes Payables	94.9
Withholdings	175.1
Total Current Liabilities	2,639.1
Non-Current Borrowings	1,534.3
Total Long Term Debt	1,534.3
Non-Current Derivative Liabilities	6.3
Present Value for Non-Current Benefit Li	265.7
Fair Value of Accumulative Assets Outsid	-191.9
Adjustment for Retirement & Severance Be	0.0
Deferred Income Taxes, Non-Current Liabi	363.5
Security Deposit Withheld	140.9
Non-Current Unearned Income	46.8
Minority Interest	77.5
Total Liabilities	4,882.2
Capital Stock	121.0
Additional Paid in Capital	3,640.2
Retained Earnings Carried Forward	183.4
Reserve for Assets Revaluation	37.6
Treasury Stock	-2.8
Accumulated Other Comprehensive Income	782.8
Adjustment for Other Capital Items	0.0
Total Equity	4,762.3
Total Liabilities & Shareholders' Equity	9,644.4
S/O-Common Stock	27.9
Total Common Shares Outstanding	27.9
T/S-Common Stock	0.0
Deferred Sale, Current	277.2
Deferred Sale - Long Term	46.8
Accumulated Intangible Amort, Suppl.	29.4
Long Term Debt Maturing within 1 Year	1,129.4
Long Term Debt Maturing in Year 5	1,362.3
Long Term Debt - Remaining Maturities	0.7
Total Long Term Debt, Supplemental	2,492.4

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Income	406.9
Depreciation	190.3
Payment for Retirement Allowance, ONCI	34.1
Amortization of Intangible Assets	4.9
Interest Expenses	78.3
Expense of Allowance for Doubtful Accoun	0.6
Losses on Foreign Currency Translation	87.5
Loss on Disposal of Property, Plant and	5.8
Impairment Loss on Property, Plant and E	37.5
Rental Expense	13.6
Loss on Scraping of Inventory	26.7
Impairment Loss on Financial Assets Avai	1.1
Loss under Equity Method	0.5
Expenses of Allowance for Other Doubtful	5.6
Interest Income	-8.6
Gain under Equity Method	-9.4
Dividend Income	-26.6
Gain on Disposal of Property, Plant and	-0.5
Recovery of Allowance for Doubtful Accou	-0.1
Gains on Foreign Currency Translation	-0.5
Gain on Currency Swap Transaction	-14.0
Gain on Valuation of Currency Swap	-87.3
Rental Income	-3.5
Recovery of Losses on Valuation of Inven	-2.8
Other Cash Flow from Operating Activitie	0.4
Adjustment for Cash Flow from Operating	0.0
Trade & Other Receviables	-34.6
Other Current Assets	-23.5
Other Financial Assets	-94.1
Inventory	-43.6
Decrease in Other Non-Current Assets	6.2
Trade & Other Payables	33.2
Payment for Retirement Allowance	-75.1
Gift Certificate Sales	23.0
Other Current Liabilities	-3.3
Other Non-Current Liabilities	-0.6
Other Financial Liabilities	66.6
Cash-Interest Paid	-78.0
Cash-Interest Received	1.7
Dividend Income	26.7
Cash-Tax Paid	-7.7
Cash from Operating Activities	537.4
Purchase of Property, Plant and Equipmen	-346.1
Disposal of Property, Plant and Equipmen	2.2
Purchase of Investment Properties	-0.2
Disposal of Intangible Assets	0.0
Purchase of Intangible Assets	-4.1
Disposal of Subsidiaries	-4.3
Purchase of Subsidiaries	-193.1
Cash from Investing Activities	-545.6
Increase in Borrowings	404.3
Decrease in Borrowings	-910.8
Increase in Bonds	478.5
Decrease in Derivatives	44.4
Increase in Treasury Stocks	-2.3
Incorporation Expesne	-0.6
Cash from Financing Activities	13.4
Foreign Exchange Effects	1.7
Net Change in Cash	6.9
Cash and Cash Equivalents at Beginning	39.5
Cash and Cash Equivalents at End	46.4
Cash Interest Paid	78.0
Cash Taxes Paid	7.7

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Dec-2011	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Sale1	2,505.4	-	7,197.8	-	-	-
Operating Income1	127.7	-	442.7	-	-	-
Income Available to Common Excl Extraord Items1	65.7	-	276.1	-	-	-
Basic EPS Excl Extraord Items1	2.36	-	9.91	-	-	-
Capital Expenditures2	351.7	-	350.2	-	-	-
Cash from Operating Activities2	539.4	-	537.4	-	-	-
Free Cash Flow	179.8	-	180.0	-	-	-
Total Assets3	9,644.4	-	9,644.4	-	-	-
Total Liabilities3	4,882.2	-	4,882.2	-	-	-
Total Long Term Debt3	1,534.3	-	1,534.3	-	-	-
Total Common Shares Outstanding3	27.9	-	27.9	-	-	-
1-ExchangeRate: KRW to USD Average for Period	1145.271505	Â	1107.891393	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1103.763949	Â	1107.891393	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1152.000000	Â	1152.000000	Â	Â	Â

Key Ratios
Â	31-Dec-2011
Profitability
Gross Margin	27.42%
Operating Margin	6.15%
Pretax Margin	5.65%
Net Profit Margin	3.84%
Financial Strength
Current Ratio	0.35
Long Term Debt/Equity	0.32
Total Debt/Equity	0.54
Interest Coverage	909,486.96

Market Valuation USD (mil)
Enterprise Value2	9,524.8	.	Enterprise Value/Sale (TTM)	1.38
Price/Book (MRQ)	1.46	.	Enterprise Value/EBITDA (TTM)	15.53
Market Cap as of 11-May-20121		.
1-ExchangeRate: KRW to USD on 11-May-2012	Â
2-ExchangeRate: KRW to USD on 31-Dec-2011	1152.000000

Annual Ratios

Financials in: USD (mil)

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

	31-Dec-2011
Financial Strength
Current Ratio	0.35
Quick/Acid Test Ratio	0.13
Working Capital1	-1,719.5
Long Term Debt/Equity	0.32
Total Debt/Equity	0.54
Long Term Debt/Total Capital	0.21
Total Debt/Total Capital	0.35
Interest Coverage	909,486.96
Payout Ratio	0.00%
Effective Tax Rate	30.11%
Total Capital1	7,348.0
Profitability
Gross Margin	27.42%
Operating Margin	6.15%
EBITDA Margin	8.86%
EBIT Margin	6.15%
Pretax Margin	5.65%
Net Profit Margin	3.84%
COGS/Sale	72.58%
SG&A Expense/Sale	18.26%
Valuation
Free Cash Flow/Share2	6.46
Operating Cash Flow/Share 2	18.55
1-ExchangeRate: KRW to USD Period End Date	1152
2-ExchangeRate: KRW to USD Average for Period	1152

Current Market Multiples
Market Cap/Equity (MRQ)	1.46
Enterprise Value/Equity (MRQ)	2.00

Annual Income Statement

Standardized

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Special 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Sales	7,197.8
Sale	7,197.8
Total Sale	7,197.8
Cost of Sale	5,224.5
Cost of Sale, Total	5,224.5
Gross Profit	1,973.4
Selling/General/Administrative Expense	861.7
Labor & Related Expense	379.6
Advertising Expense	72.9
Total Selling/General/Administrative Expenses	1,314.1
Depreciation	172.5
Amortization of Intangibles	4.7
Depreciation/Amortization	177.2
Impairment-Assets Held for Use	37.5
Loss (Gain) on Sale of Assets - Operating	5.3
Unusual Expense (Income)	42.8
Other Operating Expense	27.9
Other, Net	-31.3
Other Operating Expenses, Total	-3.5
Total Operating Expense	6,755.1
Operating Income	442.7
Interest Expense - Non-Operating	-78.3
Interest Expense, Net Non-Operating	-78.3
Interest Income - Non-Operating	8.6
Investment Income - Non-Operating	7.3
Interest/Investment Income - Non-Operating	15.9
Interest Income (Expense) - Net Non-Operating	0.0
Interest Income (Expense) - Net Non-Operating Total	-62.4
Other Non-Operating Income (Expense)	26.6
Other, Net	26.6
Income Before Tax	406.9
Total Income Tax	122.5
Income After Tax	284.4
Minority Interest	-8.3
Net Income Before Extraord Items	276.1
Net Income	276.1
Income Available to Common Excl Extraord Items	276.1
Income Available to Common Incl Extraord Items	276.1
Basic/Primary Weighted Average Shares	27.9
Basic EPS Excl Extraord Items	9.91
Basic/Primary EPS Incl Extraord Items	9.91
Diluted Net Income	276.1
Diluted Weighted Average Shares	27.9
Diluted EPS Excl Extraord Items	9.91
Diluted EPS Incl Extraord Items	9.91
Dividends per Share - Common Stock Primary Issue	0.00
Gross Dividends - Common Stock	0.0
Interest Expense, Supplemental	78.3
Depreciation, Supplemental	190.3
Total Special Items	42.8
Normalized Income Before Tax	449.7
Effect of Special Items on Income Taxes	12.9
Inc Tax Ex Impact of Sp Items	135.4
Normalized Income After Tax	314.3
Normalized Inc. Avail to Com.	306.0
Basic Normalized EPS	10.98
Diluted Normalized EPS	10.98
Amort of Intangibles, Supplemental	4.9
Rental Expenses	74.9
Advertising Expense, Supplemental	72.9
Normalized EBIT	485.5
Normalized EBITDA	680.7

Interim Income Statement

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
Period Length	3 Months	3 Months	2 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Special 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1145.271505	1082.999462	1083.436022
Net Sales	2,505.4	2,938.2	1,774.9
Sale	2,505.4	2,938.2	1,774.9
Total Sale	2,505.4	2,938.2	1,774.9
Cost of Sale	1,804.7	2,143.1	1,292.5
Cost of Sale, Total	1,804.7	2,143.1	1,292.5
Gross Profit	700.7	795.1	482.4
Selling/General/Administrative Expense	554.1	587.4	352.1
Total Selling/General/Administrative Expenses	554.1	587.4	352.1
Other Operating Expense	32.9	32.6	5.4
Other, Net	-13.9	-10.9	-6.9
Other Operating Expenses, Total	19.0	21.7	-1.5
Total Operating Expense	2,377.7	2,752.2	1,643.1
Operating Income	127.7	186.0	131.8
Investment Income - Non-Operating	1.6	4.7	2.7
Interest/Investment Income - Non-Operating	1.6	4.7	2.7
Interest Income (Expense) - Net Non-Operating	-23.3	-28.2	7.2
Interest Income (Expense) - Net Non-Operating Total	-21.7	-23.5	9.9
Income Before Tax	106.0	162.5	141.6
Total Income Tax	38.0	50.3	34.9
Income After Tax	68.0	112.2	106.7
Minority Interest	-2.3	-3.1	-3.0
Net Income Before Extraord Items	65.7	109.2	103.7
Net Income	65.7	109.2	103.7
Income Available to Common Excl Extraord Items	65.7	109.2	103.7
Income Available to Common Incl Extraord Items	65.7	109.2	103.7
Basic/Primary Weighted Average Shares	27.9	27.9	27.9
Basic EPS Excl Extraord Items	2.36	3.92	3.72
Basic/Primary EPS Incl Extraord Items	2.36	3.92	3.72
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	65.7	109.2	103.7
Diluted Weighted Average Shares	27.9	27.9	27.9
Diluted EPS Excl Extraord Items	2.36	3.92	3.72
Diluted EPS Incl Extraord Items	2.36	3.92	3.72
Dividends per Share - Common Stock Primary Issue	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0
Interest Expense, Supplemental	26.7	29.9	21.9
Depreciation, Supplemental	70.2	72.6	47.7
Normalized Income Before Tax	106.0	162.5	141.6
Inc Tax Ex Impact of Sp Items	38.0	50.3	34.9
Normalized Income After Tax	68.0	112.2	106.7
Normalized Inc. Avail to Com.	65.7	109.2	103.7
Basic Normalized EPS	2.36	3.92	3.72
Diluted Normalized EPS	2.36	3.92	3.72
Amort of Intangibles, Supplemental	2.2	1.7	1.0
Rental Expenses	28.3	27.8	19.0
Advertising Expense, Supplemental	23.7	33.7	15.8
Normalized EBIT	127.7	186.0	131.8
Normalized EBITDA	200.1	260.4	180.5

Annual Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Dec-2011
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate	1152
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Cash & Equivalents	44.7
Short Term Investments	38.6
Cash and Short Term Investments	83.3
Accounts Receivable - Trade, Gross	196.7
Provision for Doubtful Accounts	-1.3
Trade Accounts Receivable - Net	195.7
Other Receivables	58.6
Total Receivables, Net	254.4
Inventories - Finished Goods	458.2
Inventories - Work In Progress	3.0
Inventories - Raw Materials	47.0
Inventories - Other	45.7
Total Inventory	553.8
Prepaid Expenses	28.2
Other Current Assets	0.0
Other Current Assets, Total	0.0
Total Current Assets	919.6
Buildings	3,770.5
Land/Improvements	2,588.9
Construction in Progress	774.7
Other Property/Plant/Equipment	903.7
Property/Plant/Equipment - Gross	8,037.9
Accumulated Depreciation	-1,410.9
Property/Plant/Equipment - Net	6,627.0
Goodwill, Net	143.1
Intangibles, Net	45.2
LT Investment - Affiliate Companies	100.3
LT Investments - Other	1,219.8
Long Term Investments	1,320.1
Note Receivable - Long Term	0.0
Other Long Term Assets	589.4
Other Long Term Assets, Total	589.4
Total Assets	9,644.4
Accounts Payable	728.2
Accrued Expenses	110.7
Notes Payable/Short Term Debt	1,051.5
Customer Advances	277.2
Income Taxes Payable	94.9
Other Payables	193.3
Other Current Liabilities	183.4
Other Current liabilities, Total	748.7
Total Current Liabilities	2,639.1
Long Term Debt	1,534.3
Total Long Term Debt	1,534.3
Total Debt	2,585.8
Deferred Income Tax - LT Liability	363.5
Deferred Income Tax	363.5
Minority Interest	77.5
Pension Benefits - Underfunded	73.7
Other Long Term Liabilities	194.1
Other Liabilities, Total	267.8
Total Liabilities	4,882.2
Common Stock	121.0
Common Stock	121.0
Additional Paid-In Capital	3,640.2
Retained Earnings (Accumulated Deficit)	183.4
Treasury Stock - Common	-2.8
Unrealized Gain (Loss)	37.6
Other Equity	0.0
Other Comprehensive Income	782.8
Other Equity, Total	782.8
Total Equity	4,762.3
Total Liabilities & Shareholders’ Equity	9,644.4
Shares Outstanding - Common Stock Primary Issue	27.9
Total Common Shares Outstanding	27.9
Treasury Shares - Common Stock Primary Issue	0.0
Accumulated Intangible Amort, Suppl.	29.4
Deferred Sale - Current	277.2
Deferred Sale - Long Term	46.8
Total Long Term Debt, Supplemental	2,492.4
Long Term Debt Maturing within 1 Year	1,129.4
Long Term Debt Maturing in Year 2	340.6
Long Term Debt Maturing in Year 3	340.6
Long Term Debt Maturing in Year 4	340.6
Long Term Debt Maturing in Year 5	340.6
Long Term Debt Maturing in 2-3 Years	681.2
Long Term Debt Maturing in 4-5 Years	681.2
Long Term Debt Matur. in Year 6 & Beyond	0.7

Interim Balance Sheet

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate	1152	1178.05	1067.65
Cash & Equivalents	44.7	52.0	55.0
Short Term Investments	38.6	35.6	40.8
Cash and Short Term Investments	83.3	87.5	95.8
Accounts Receivable - Trade, Gross	196.7	141.6	143.0
Provision for Doubtful Accounts	-1.3	-0.7	-0.8
Trade Accounts Receivable - Net	195.7	141.4	142.5
Other Receivables	58.6	41.0	40.5
Total Receivables, Net	254.4	182.4	183.0
Inventories - Finished Goods	474.1	455.9	482.6
Inventories - Raw Materials	47.0	35.0	41.5
Inventories - Other	32.7	36.3	38.6
Total Inventory	553.8	527.1	562.8
Prepaid Expenses	28.2	41.2	30.7
Other Current Assets	0.0	0.0	18.5
Other Current Assets, Total	0.0	0.0	18.5
Total Current Assets	919.6	838.2	890.9
Buildings	3,770.5	3,618.1	3,935.4
Land/Improvements	2,588.9	2,454.6	2,641.2
Machinery/Equipment	-	640.9	674.9
Construction in Progress	774.7	745.7	859.1
Other Property/Plant/Equipment	903.7	261.2	291.0
Property/Plant/Equipment - Gross	8,037.9	7,720.5	8,401.6
Accumulated Depreciation	-1,410.9	-1,366.0	-1,441.4
Property/Plant/Equipment - Net	6,627.0	6,354.5	6,960.2
Goodwill, Net	143.1	2.6	2.9
Intangibles, Net	45.2	34.7	33.5
LT Investment - Affiliate Companies	100.3	97.5	102.9
LT Investments - Other	1,219.8	1,325.0	1,522.0
Long Term Investments	1,320.1	1,422.5	1,624.9
Note Receivable - Long Term	0.0	0.1	-174.2
Other Long Term Assets	589.4	528.2	727.1
Other Long Term Assets, Total	589.4	528.2	727.1
Total Assets	9,644.4	9,180.8	10,065.3
Accounts Payable	728.2	755.3	699.6
Accrued Expenses	110.7	88.8	114.0
Notes Payable/Short Term Debt	1,051.5	814.5	1,275.5
Customer Advances	277.2	313.4	258.7
Income Taxes Payable	94.9	74.7	39.0
Other Payables	193.3	149.9	213.9
Other Current Liabilities	183.4	150.5	157.6
Other Current liabilities, Total	748.7	688.5	669.1
Total Current Liabilities	2,639.1	2,347.1	2,758.2
Long Term Debt	1,534.3	1,446.7	1,355.8
Total Long Term Debt	1,534.3	1,446.7	1,355.8
Total Debt	2,585.8	2,261.2	2,631.3
Deferred Income Tax - LT Liability	363.5	334.1	380.6
Deferred Income Tax	363.5	334.1	380.6
Minority Interest	77.5	72.6	76.8
Pension Benefits - Underfunded	73.7	109.6	191.4
Other Long Term Liabilities	194.1	167.9	164.2
Other Liabilities, Total	267.8	277.4	355.6
Total Liabilities	4,882.2	4,478.0	4,927.0
Common Stock	121.0	118.3	130.5
Common Stock	121.0	118.3	130.5
Additional Paid-In Capital	3,640.2	3,559.7	3,927.8
Retained Earnings (Accumulated Deficit)	183.4	126.4	31.2
Treasury Stock - Common	-2.8	-2.2	-2.4
Unrealized Gain (Loss)	37.6	36.3	40.3
Other Equity	782.8	864.3	1,010.8
Other Equity, Total	782.8	864.3	1,010.8
Total Equity	4,762.3	4,702.8	5,138.2
Total Liabilities & Shareholders’ Equity	9,644.4	9,180.8	10,065.3
Shares Outstanding - Common Stock Primary Issue	27.9	27.9	27.9
Total Common Shares Outstanding	27.9	27.9	27.9
Treasury Shares - Common Stock Primary Issue	0.0	0.0	0.0
Employees	-	14,583	14,251
Number of Common Shareholders	-	-	20,326
Accumulated Intangible Amort, Suppl.	29.4	26.9	27.5
Deferred Sale - Current	277.2	313.4	258.7
Deferred Sale - Long Term	46.8	24.3	28.1
Total Long Term Debt, Supplemental	2,492.4	-	-
Long Term Debt Maturing within 1 Year	1,129.4	-	-
Long Term Debt Maturing in Year 2	340.6	-	-
Long Term Debt Maturing in Year 3	340.6	-	-
Long Term Debt Maturing in Year 4	340.6	-	-
Long Term Debt Maturing in Year 5	340.6	-	-
Long Term Debt Maturing in 2-3 Years	681.2	-	-
Long Term Debt Maturing in 4-5 Years	681.2	-	-
Long Term Debt Matur. in Year 6 & Beyond	0.7	-	-

Annual Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Income/Starting Line	406.9
Depreciation	190.3
Depreciation/Depletion	190.3
Amortization of Intangibles	4.9
Amortization	4.9
Unusual Items	74.1
Equity in Net Earnings (Loss)	-8.9
Other Non-Cash Items	79.5
Non-Cash Items	144.7
Accounts Receivable	-34.6
Inventories	-43.6
Other Assets	-117.6
Accounts Payable	33.2
Other Liabilities	10.5
Other Operating Cash Flow	-57.4
Changes in Working Capital	-209.4
Cash from Operating Activities	537.4
Purchase of Fixed Assets	-346.1
Purchase/Acquisition of Intangibles	-4.1
Capital Expenditures	-350.2
Acquisition of Business	-193.1
Sale of Business	-4.3
Sale of Fixed Assets	2.2
Purchase of Investments	-0.2
Sale of Intangible Assets	0.0
Other Investing Cash Flow Items, Total	-195.4
Cash from Investing Activities	-545.6
Other Financing Cash Flow	43.8
Financing Cash Flow Items	43.8
Repurchase/Retirement of Common	-2.3
Common Stock, Net	-2.3
Issuance (Retirement) of Stock, Net	-2.3
Long Term Debt Issued	478.5
Long Term Debt, Net	478.5
Total Debt Issued	404.3
Total Debt Reduction	-910.8
Issuance (Retirement) of Debt, Net	-28.1
Cash from Financing Activities	13.4
Foreign Exchange Effects	1.7
Net Change in Cash	6.9
Net Cash - Beginning Balance	39.5
Net Cash - Ending Balance	46.4
Cash Interest Paid	78.0
Cash Taxes Paid	7.7

Interim Cash Flows

Standardized

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
Period Length	8 Months	5 Months	2 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1103.763949	1083.301892	1083.436022
Net Income/Starting Line	408.4	304.1	141.6
Depreciation	191.0	120.3	47.7
Depreciation/Depletion	191.0	120.3	47.7
Amortization of Intangibles	4.9	2.8	1.0
Amortization	4.9	2.8	1.0
Deferred Taxes	-	-	-0.2
Unusual Items	68.1	42.3	7.2
Equity in Net Earnings (Loss)	-8.9	-7.4	-2.7
Other Non-Cash Items	79.8	36.5	4.0
Non-Cash Items	139.0	71.3	8.6
Accounts Receivable	-34.7	6.2	43.6
Inventories	-43.8	-17.0	5.6
Other Assets	-111.8	-86.1	-67.1
Accounts Payable	33.4	86.0	-0.9
Other Liabilities	10.6	73.4	-23.3
Other Operating Cash Flow	-57.6	-36.7	10.8
Changes in Working Capital	-204.0	25.8	-31.4
Cash from Operating Activities	539.4	524.3	167.4
Purchase of Fixed Assets	-347.6	-245.8	-114.3
Purchase/Acquisition of Intangibles	-4.1	-2.5	-0.7
Capital Expenditures	-351.7	-248.4	-114.9
Acquisition of Business	-193.9	-	-
Sale of Business	-4.3	-	-
Sale of Fixed Assets	2.2	1.6	0.7
Purchase of Investments	-	-5.5	-3.7
Sale of Intangible Assets	0.0	0.0	-
Other Investing Cash Flow Items, Total	-195.9	-3.9	-3.0
Cash from Investing Activities	-547.6	-252.3	-117.9
Other Financing Cash Flow	44.0	45.5	16.0
Financing Cash Flow Items	44.0	45.5	16.0
Repurchase/Retirement of Common	-2.4	-3.1	-3.1
Common Stock, Net	-2.4	-3.1	-3.1
Issuance (Retirement) of Stock, Net	-2.4	-3.1	-3.1
Total Debt Issued	886.0	720.3	243.8
Total Debt Reduction	-914.2	-1,019.6	-292.6
Issuance (Retirement) of Debt, Net	-28.2	-299.3	-48.8
Cash from Financing Activities	13.4	-256.9	-35.9
Foreign Exchange Effects	1.7	1.0	0.1
Net Change in Cash	6.9	16.1	13.8
Net Cash - Beginning Balance	39.7	40.4	40.4
Net Cash - Ending Balance	46.6	56.5	54.2
Cash Interest Paid	78.3	56.3	13.0
Cash Taxes Paid	7.7	8.8	4.0

Annual Income Statement

As Reported

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Special 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Sales Sale	7,197.8
Total Sale	7,197.8
Costs of Goods and Services Sold	5,224.5
Salaries and Wages	315.9
Retirement & Severance Benefits	27.8
Employee Benefits	35.9
Travel Expense	7.6
Taxes and Dues	65.6
Commissions	525.0
Rental Expenses	74.9
Repair Expense	20.8
Utility Expense	87.5
Depreciation	172.5
Amortization of Intangible Assets	4.7
Advertising Expense	31.7
Sales Promotional Expenses	41.1
Other Selling and Administrative Expense	80.1
Adjustment for Selling and Administrativ	0.0
Commission Income	-9.1
Gain on Disposal of Property, Plant and	-0.5
Reversal of Allowance for Doubtful Accou	-0.1
Miscellaneous Income	-22.1
Adjustment for Other Operating Income	0.0
Other Allowance for Doubtful Accounts	5.6
Impairment Loss on Property, Plant and E	37.5
Loss on Disposal of Property, Plant and	5.8
Donations Paid	3.9
Miscellaneous Loss	17.7
Other Operating Expenses	0.7
Adjustment for Other Operating Expense	0.0
Total Operating Expense	6,755.1
Interest Income	8.6
Dividend Income	26.6
Gain on Valuation of Currency Swap	87.3
Gain on Currency Swap Transaction	14.0
Gain on Foreign Currency Translations	0.5
Gain on Foreign Currency Transactions	1.9
Adjustment for Finance Income	0.0
Interest Expenses	-78.3
Loss on Foreign Currency Translations	-87.5
Loss on Foreign Currency Transactions	-16.6
Impairment Loss on Financial Instruments	-1.1
Adjustment for Finance Expense	0.0
Gain/Loss under Equity Method	8.9
Net Income Before Taxes	406.9
Provision for Income Taxes	122.5
Net Income After Taxes	284.4
Minority Interest	-8.3
Net Income Before Extra. Items	276.1
Net Income	276.1
Income Available to Com Excl ExtraOrd	276.1
Income Available to Com Incl ExtraOrd	276.1
Basic Weighted Average Shares	27.9
Basic EPS Excluding ExtraOrdinary Items	9.91
Basic EPS Including ExtraOrdinary Items	9.91
Diluted Net Income	276.1
Diluted Weighted Average Shares	27.9
Diluted EPS Excluding ExtraOrd Items	9.91
Diluted EPS Including ExtraOrd Items	9.91
DPS-Common Stock	0.00
Gross Dividends - Common Stock	0.0
Normalized Income Before Taxes	449.7
Inc Tax Ex Impact of Sp Items	135.4
Normalized Income After Taxes	314.3
Normalized Inc. Avail to Com.	306.0
Basic Normalized EPS	10.98
Diluted Normalized EPS	10.98
Interest Expense, Supplemental	78.3
Rental Expense, Supplemental	74.9
Advertising Expense, Supplemental	72.9
Depreciation, Supplemental	190.3
Amort of Intangibles, Supplemental	4.9

Interim Income Statement

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
Period Length	3 Months	3 Months	2 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Special 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1145.271505	1082.999462	1083.436022
Sales Sale	2,505.4	2,938.2	1,774.9
Total Sale	2,505.4	2,938.2	1,774.9
Cost-Sale	1,804.7	2,143.1	1,292.5
Selling & Administrative Expense	554.1	587.4	352.1
Other Operating Income	-13.9	-10.9	-6.9
Other Operating Expense	32.9	32.6	5.4
Total Operating Expense	2,377.7	2,752.2	1,643.1
Finance Income	-25.8	130.7	38.6
Finance Expense	2.5	-159.0	-31.4
Gain/Loss under Equity Method	1.6	4.7	2.7
Net Income Before Taxes	106.0	162.5	141.6
Provision for Income Taxes	38.0	50.3	34.9
Net Income After Taxes	68.0	112.2	106.7
Minority Interest	-2.3	-3.1	-3.0
Net Income Before Extra. Items	65.7	109.2	103.7
Net Income	65.7	109.2	103.7
Income Available to Com Excl ExtraOrd	65.7	109.2	103.7
Income Available to Com Incl ExtraOrd	65.7	109.2	103.7
Basic Weighted Average Shares	27.9	27.9	27.9
Basic EPS Excluding ExtraOrdinary Items	2.36	3.92	3.72
Basic EPS Including ExtraOrdinary Items	2.36	3.92	3.72
Dilution Adjustment	0.0	0.0	0.0
Diluted Net Income	65.7	109.2	103.7
Diluted Weighted Average Shares	27.9	27.9	27.9
Diluted EPS Excluding ExtraOrd Items	2.36	3.92	3.72
Diluted EPS Including ExtraOrd Items	2.36	3.92	3.72
DPS-Common Stock	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	0.0	0.0
Normalized Income Before Taxes	106.0	162.5	141.6
Inc Tax Ex Impact of Sp Items	38.0	50.3	34.9
Normalized Income After Taxes	68.0	112.2	106.7
Normalized Inc. Avail to Com.	65.7	109.2	103.7
Basic Normalized EPS	2.36	3.92	3.72
Diluted Normalized EPS	2.36	3.92	3.72
Interest Expense, Supplemental	26.7	29.9	21.9
Rental Expense, Supplemental	28.3	27.8	19.0
Advertising Expense, Supplemental	23.7	33.7	15.8
Depreciation, Supplemental	70.2	72.6	47.7
Amort of Intangibles, Supplemental	2.2	1.7	1.0

Annual Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate	1152
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Cash & Cash Equivalents	44.7
Current Financial Instruments	38.6
Trade Receivables	188.1
Special Relationship Receivables	8.6
Allowance for Doubtful Accounts for Trad	-1.3
Account Receivables	41.2
Accrued Income	0.3
Adjustment for Trade & Other Receivables	0.0
Current Loans	17.4
Adjustment for Other Current Financial A	0.0
Advance Payments	28.0
Prepaid Expenses	28.2
Adjustment for Other Current Assets	0.0
Merchandises	455.2
Finished Goods	3.0
Works in Process	3.0
Raw Materials	46.2
Supplemental Raw Materials	0.8
Supplies	1.7
Goods in Transit	15.9
Adjustment for Inventories	0.0
Total Current Assets	919.6
Non-Current Loans	0.0
Investments in Jointly Controlled Entiti	100.3
Non-Current Securities Available-for-Sal	1,055.9
Non-Current Financial Instruments	0.0
Adjustment for Other Non-Current Financi	0.0
Guarantee Deposits, Non-Current Assets	551.5
Present Value Discount for Rental Deposi	-207.1
Non-Current Derivatives	21.3
Non-Current Prepaid Expenses	223.8
Lands	2,588.9
Buildings & Structures	3,770.5
Buildings & Structures-Depreciation	-1,004.5
Other Property Plant & Equipment	923.7
Other Property Plant & Equipment-Depreci	-406.4
Other Property Plant & Equipment-Reducti	-20.0
Construction in Progress	774.7
Adjustment for Property, Plant & Equipme	0.0
Investment in Properties	163.8
Industrial Property Rights	1.4
Goodwill	143.1
Other Intangible Assets	43.8
Adjustment for Intangible Assets	0.0
Total Assets	9,644.4
Current Trade Payables	728.2
Other Payables	193.3
Accrued Expenses	110.7
Adjustment for Current Trade & Other Pay	0.0
Current Borrowings	1,051.5
Current Derivative Liabilities	8.2
Advance from Customers, Current Liabilit	7.2
Unearned Income	13.1
Adjustment for Advance from Customers	0.0
Gift Certificates, Current Liabilities	256.9
Income Taxes Payables	94.9
Withholdings	175.1
Total Current Liabilities	2,639.1
Non-Current Borrowings	1,534.3
Total Long Term Debt	1,534.3
Non-Current Derivative Liabilities	6.3
Present Value for Non-Current Benefit Li	265.7
Fair Value of Accumulative Assets Outsid	-191.9
Adjustment for Retirement & Severance Be	0.0
Deferred Income Taxes, Non-Current Liabi	363.5
Security Deposit Withheld	140.9
Non-Current Unearned Income	46.8
Minority Interest	77.5
Total Liabilities	4,882.2
Capital Stock	121.0
Additional Paid in Capital	3,640.2
Retained Earnings Carried Forward	183.4
Reserve for Assets Revaluation	37.6
Treasury Stock	-2.8
Accumulated Other Comprehensive Income	782.8
Adjustment for Other Capital Items	0.0
Total Equity	4,762.3
Total Liabilities & Shareholders' Equity	9,644.4
S/O-Common Stock	27.9
Total Common Shares Outstanding	27.9
T/S-Common Stock	0.0
Deferred Sale, Current	277.2
Deferred Sale - Long Term	46.8
Accumulated Intangible Amort, Suppl.	29.4
Long Term Debt Maturing within 1 Year	1,129.4
Long Term Debt Maturing in Year 5	1,362.3
Long Term Debt - Remaining Maturities	0.7
Total Long Term Debt, Supplemental	2,492.4

Interim Balance Sheet

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate	1152	1178.05	1067.65
Cash and Cash Equivalents	44.7	52.0	55.0
Short-term Financial Instruments	38.6	35.6	40.8
Trade Receivable	188.1	138.2	135.1
Specil Relationship Receivable	8.6	3.4	7.9
Allowance for Doubtful Accounts for Trad	-1.3	-0.7	-0.8
Other Receivables	41.2	30.0	23.2
Accrued Income	0.3	0.5	0.3
Adjustment for Trade & Other Receivables	0.0	0.0	0.0
Short-term Loans	17.4	11.0	17.3
Adjustment for Other Current Financial A	0.0	0.0	0.0
Current Derivative Assets	-	-	18.5
Advance Payments	28.0	33.8	36.2
Prepaid Expenses Total	28.2	41.2	30.7
Adjustment for Other Current Assets	0.0	0.0	0.0
Merchandises	455.2	438.7	465.7
Finished Goods	3.0	2.1	1.3
Raw Materials	46.2	34.5	40.9
Supplemental Raw Materials	0.8	0.5	0.6
Supplies	1.7	1.9	2.4
Works in Process	3.0	0.5	-
Goods in Transit	15.9	15.1	15.7
Adjustment for Inventory	0.0	0.0	0.0
Total Current Assets	919.6	838.2	890.9
Long-term Loans	0.0	0.1	0.1
Discount for Present Value for LT Trade	-	-	-174.2
Investment in Properties	163.8	165.8	186.8
Investments in Jointly Controlled Entiti	100.3	97.5	102.9
Non-Current Securities Available-for-Sal	1,055.9	1,159.1	1,335.2
Long-term Financial Instruments	0.0	0.0	0.0
Non-Current Derivatives	21.3	22.0	0.5
Deposits Provided	551.5	487.2	531.7
Present Value Discount for Rental Deposi	-207.1	-155.9	-
Non-Current Prepaid Expenses	223.8	174.9	194.8
Adj. for LT Other Financail Assets	0.0	0.0	0.0
Lands	2,588.9	2,454.6	2,641.2
Buildings & Structures	3,770.5	3,618.1	3,935.4
Buildings & Structures-Depreciation	-1,004.5	-939.3	-998.5
Machinery	-	51.7	57.5
Accumulated Depreciation for Machinery	-	-19.2	-20.2
Tools& Fixtures	-	591.0	617.5
Accumulated Depreciation fo Tools & Equi	-	-315.6	-329.5
Tools& Fixtures-Reduction	-	-1.8	-
Other Property Plant Equipment	923.7	281.0	291.0
Other Property Plant & Equipment-Depreci	-406.4	-91.9	-93.2
Other Property Plant Equipment-Reduction	-20.0	-19.7	-
Construction in Progress	774.7	745.7	859.1
Adjustment for Tangible Assets	0.0	0.0	0.0
Industrial Property Rights	1.4	1.3	1.6
Goodwill	143.1	2.6	2.9
Other Intangible Assets	43.8	33.4	31.9
Adjustment for Intangible Assets	0.0	0.0	0.0
Total Assets	9,644.4	9,180.8	10,065.3
Trade Payable	728.2	755.3	699.6
Other Payables	193.3	149.9	213.9
Accrued Expenses	110.7	88.8	114.0
Adj. for Trade & Other Payables	0.0	0.0	0.0
Current Borrowings	1,051.5	814.5	1,275.5
Current Derivative Liabilities	8.2	-	0.3
Income Taxes Payable	94.9	74.7	39.0
Withholdings	175.1	150.5	157.3
Gift Certificates, Current Liabilities	256.9	290.0	232.1
Advance for Customers	7.2	10.4	11.9
Unearned Income	13.1	13.0	14.7
Adjustment for Advance from Customers	0.0	0.0	0.0
Total Current Liabilities	2,639.1	2,347.1	2,758.2
Non-Current Borrowings	1,534.3	1,446.7	1,355.8
Total Long Term Debt	1,534.3	1,446.7	1,355.8
Derivatives in Non-current Liabilities	6.3	12.9	75.5
Present Value for LT Defined Benefit Lia	265.7	235.3	251.2
Fair Value of Cumulative Assets Outside	-191.9	-125.7	-59.8
Adjustment for Provisions for Retirement	0.0	0.0	0.0
Accumulated Outside Company Assets-Prese	-	-	-138.7
Deferred Income Taxes, Non-Current Liabi	363.5	334.1	380.6
Security Deposit Withheld	140.9	130.6	199.3
Adjustment for LT Financial Liabilties	-	-	0.0
LT Unearned Income	46.8	24.3	28.1
Minority Interest	77.5	72.6	76.8
Total Liabilities	4,882.2	4,478.0	4,927.0
Capital Stock	121.0	118.3	130.5
Additional Paid in Capital	3,640.2	3,559.7	3,927.8
Retained Earnings Carried Forward	183.4	126.4	31.2
Revaluation Reserve	37.6	36.3	40.3
Accumulated Other Comprehensive Income	782.8	864.3	1,010.8
Adjustment for Other Capital	0.0	0.0	0.0
Treasury Stock	-2.8	-2.2	-2.4
Total Equity	4,762.3	4,702.8	5,138.2
Total Liabilities & Shareholders' Equity	9,644.4	9,180.8	10,065.3
S/O-Common Stock	27.9	27.9	27.9
Total Common Shares Outstanding	27.9	27.9	27.9
T/S-Common Stock	0.0	0.0	0.0
Deferred Sale, Current	277.2	313.4	258.7
LT Deferred Sale	46.8	24.3	28.1
Accumulated Intangible Amort, Suppl.	29.4	26.9	27.5
Full-Time Employees	-	14,583	14,251
Number of Common Shareholders	-	-	20,326
Long Term Debt Maturing within 1 Year	1,129.4	-	-
Long Term Debt Maturing in Year 5	1,362.3	-	-
Long Term Debt - Remaining Maturities	0.7	-	-
Total Long Term Debt, Supplemental	2,492.4	-	-

Annual Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011
Period Length	8 Months
UpdateType/Date	Updated Normal 31-Dec-2011
Filed Currency	KRW
Exchange Rate (Period Average)	1107.891393
Auditor	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified with Explanation
Net Income	406.9
Depreciation	190.3
Payment for Retirement Allowance, ONCI	34.1
Amortization of Intangible Assets	4.9
Interest Expenses	78.3
Expense of Allowance for Doubtful Accoun	0.6
Losses on Foreign Currency Translation	87.5
Loss on Disposal of Property, Plant and	5.8
Impairment Loss on Property, Plant and E	37.5
Rental Expense	13.6
Loss on Scraping of Inventory	26.7
Impairment Loss on Financial Assets Avai	1.1
Loss under Equity Method	0.5
Expenses of Allowance for Other Doubtful	5.6
Interest Income	-8.6
Gain under Equity Method	-9.4
Dividend Income	-26.6
Gain on Disposal of Property, Plant and	-0.5
Recovery of Allowance for Doubtful Accou	-0.1
Gains on Foreign Currency Translation	-0.5
Gain on Currency Swap Transaction	-14.0
Gain on Valuation of Currency Swap	-87.3
Rental Income	-3.5
Recovery of Losses on Valuation of Inven	-2.8
Other Cash Flow from Operating Activitie	0.4
Adjustment for Cash Flow from Operating	0.0
Trade & Other Receviables	-34.6
Other Current Assets	-23.5
Other Financial Assets	-94.1
Inventory	-43.6
Decrease in Other Non-Current Assets	6.2
Trade & Other Payables	33.2
Payment for Retirement Allowance	-75.1
Gift Certificate Sales	23.0
Other Current Liabilities	-3.3
Other Non-Current Liabilities	-0.6
Other Financial Liabilities	66.6
Cash-Interest Paid	-78.0
Cash-Interest Received	1.7
Dividend Income	26.7
Cash-Tax Paid	-7.7
Cash from Operating Activities	537.4
Purchase of Property, Plant and Equipmen	-346.1
Disposal of Property, Plant and Equipmen	2.2
Purchase of Investment Properties	-0.2
Disposal of Intangible Assets	0.0
Purchase of Intangible Assets	-4.1
Disposal of Subsidiaries	-4.3
Purchase of Subsidiaries	-193.1
Cash from Investing Activities	-545.6
Increase in Borrowings	404.3
Decrease in Borrowings	-910.8
Increase in Bonds	478.5
Decrease in Derivatives	44.4
Increase in Treasury Stocks	-2.3
Incorporation Expesne	-0.6
Cash from Financing Activities	13.4
Foreign Exchange Effects	1.7
Net Change in Cash	6.9
Cash and Cash Equivalents at Beginning	39.5
Cash and Cash Equivalents at End	46.4
Cash Interest Paid	78.0
Cash Taxes Paid	7.7

Interim Cash Flows

As Reported

Financials in: USD (mil)

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

	31-Dec-2011	30-Sep-2011	30-Jun-2011
Period Length	8 Months	5 Months	2 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011
Filed Currency	KRW	KRW	KRW
Exchange Rate (Period Average)	1103.763949	1083.301892	1083.436022
Net Income	408.4	304.1	141.6
Depreciation	191.0	120.3	47.7
Amortization of Intangible Assets	4.9	2.8	1.0
Retirement and Severance Benefits	34.3	22.0	11.4
Expenses of Allowance for Other Doubtful	5.6	6.3	0.0
Expenses of Allowance for Doubtful Accou	0.6	0.0	-
Interest Expenses	78.6	51.8	21.9
Loss-Scraping of Inventory	26.8	15.8	5.1
Recovery of Losses on Valuation of Inven	-2.8	-	-
Losses on Foreign Currency Translation	87.8	122.6	7.9
Losses on Sale of Property, Plant and Eq	5.8	3.4	2.4
Impairment Losses on Property, Plant and	37.6	23.4	-
Impairment Loss on Financial Assets Avai	1.1	-	-
Rent Expense	13.6	4.8	1.8
Interest Income	-8.6	-4.8	-1.9
Loss under Equity Method	0.5	-	-
Gains on Valuation of Equity Method Secu	-9.4	-7.4	-2.7
Dividend Income	-26.7	-27.3	-27.3
Gains on Foreign Currency Translation	-0.5	0.0	0.0
Gains on Sale of Property, Plant and Equ	-0.5	-0.2	-0.2
Reversal of Allowance for Doubtful Accou	-0.1	-0.1	0.0
Rent Income	-3.5	-2.2	-0.9
Gain-Currency Swap Transaction	-14.0	-14.3	-1.2
Gain-Valuation of Currency Swap	-87.6	-121.9	-7.8
Recovery-Inventory Valuation Loss	-	-0.4	-
Other Cash Flow from Operating Activitie	0.4	-	-
Trade & Other Receviables	-34.7	6.2	43.6
Other Current Assets	-23.6	-36.8	-18.2
Decrease or Increase in Inventories	-43.8	-17.0	5.6
Increase-Deferred Income Tax Debit	-	-	-0.2
Increase-Other Financial Assets	-94.5	-54.8	-51.3
Other Non-Current Assets	6.2	2.9	0.5
Trade & Other Payables	33.4	86.0	-0.9
Payment for Retirement and Severance Ben	-75.4	-7.6	-4.9
Succession to Provision for Retirement a	-	2.9	-0.7
Cumulative Assets outside Company	-	2.7	1.8
Increase or Decrease in National Pension	-	0.0	0.0
Increase or Decrease in Gift Certificate	23.1	63.6	-21.5
Other Current Liabilities	-3.3	10.7	3.1
Other Non-current Liabilities	-0.6	0.0	0.7
Other Financial Liabilities	66.8	3.8	-
Adjustment	0.0	0.0	0.0
Cash-Interest Paid	-78.3	-56.3	-13.0
Cash-Interest Received	1.7	1.1	0.5
Dividend Income	26.7	27.3	27.3
Dividend Paid	-	0.0	-
Cash-Tax Paid	-7.7	-8.8	-4.0
Cash from Operating Activities	539.4	524.3	167.4
Proceeds from Sale of Property, Plant an	2.2	1.6	0.7
Purchase of Property, Plant and Equipmen	-347.4	-245.7	-114.1
Purchase of Investment Properties	-0.2	-0.2	-0.2
Purchase of Available for sale Securitie	-	-5.5	-3.7
Purchase of Intangible Assets	-4.1	-2.5	-0.7
Disposal of Subsidiaries	-4.3	-	-
Purchase of Subsidiaries	-193.9	-	-
Decrease-Intangible Assets	0.0	0.0	-
Cash from Investing Activities	-547.6	-252.3	-117.9
Increase in Borrowings	405.8	414.8	243.8
Increase in Bonds	480.3	305.5	-
Proceeds from Sale of Derivative Assets	44.6	45.5	16.0
Decrease in Borrowings	-914.2	-1,019.6	-292.6
Purchase of Treasury Stock	-2.4	-3.1	-3.1
Incorporation Expesne	-0.6	-	-
Cash from Financing Activities	13.4	-256.9	-35.9
Foreign Exchange Effects	1.7	1.0	0.1
Net Change in Cash	6.9	16.1	13.8
Cash and Cash Equivalent at Beginning	39.7	40.4	40.4
Cash and Cash Equivalent at End	46.6	56.5	54.2
Cash Interest Paid	78.3	56.3	13.0
Cash Taxes Paid	7.7	8.8	4.0

Business Segments

Financials in: As Reported (mil)

Annual

External Sale USD (mil)
	31-Dec-11
Distribution	6,817.5	92.9 %
Hotel	517.9	7.1 %
Segment Total	7,335.3	100 %
Intersegment Adjustment	-137.5	-1.9 %
Consolidated Total	7,197.8	98.1 %
Exchange Rate: KRW to USD	1,107.891393
Total Sale USD (mil)
	31-Dec-11
Distribution	6,817.5	92.9 %
Hotel	517.9	7.1 %
Segment Total	7,335.3	100 %
Intersegment Adjustment	-137.5	-1.9 %
Consolidated Total	7,197.8	98.1 %
Exchange Rate: KRW to USD	1,107.891393

Cost of Sale USD (mil)
	31-Dec-11
Distribution	-1,040.3	100 %
Segment Total	-1,040.3	100 %
Consolidated Total	-1,040.3	100 %
Exchange Rate: KRW to USD	1,107.891393
Depreciation USD (mil)
	31-Dec-11
Distribution	178.3	91.3 %
Hotel	16.9	8.7 %
Segment Total	195.2	100 %
Consolidated Total	195.2	100 %
Exchange Rate: KRW to USD	1,107.891393

Operating Income/Loss USD (mil)
	31-Dec-11
Distribution	412.6		93 %
Hotel	31.0		7 %
Segment Total	443.5		100 %
Intersegment Adjustment	-0.8		-0.2 %
Consolidated Total	442.7		99.8 %
Exchange Rate: KRW to USD	1,107.891393
Operating Margin (%)
		31-Dec-11
Distribution		6.1		-
Hotel		6.0		-
Segment Total		6.0		-
Intersegment Adjustment		0.6		-
Consolidated Total		6.2		-

Income After Tax USD (mil)
	31-Dec-11
Distribution	121.9		82.3 %
Hotel	26.1		17.7 %
Segment Total	148.0		100 %
Intersegment Adjustment	136.3		92.1 %
Consolidated Total	284.4		192.1 %
Exchange Rate: KRW to USD	1,107.891393
Net Profit Margin (%)
		31-Dec-11
Distribution		1.8		-
Hotel		5.0		-
Segment Total		2.0		-
Intersegment Adjustment		-99.2		-
Consolidated Total		4.0		-

Total Assets USD (mil)
	31-Dec-11
Distribution	9,638.3		95.3 %
Hotel	479.8		4.7 %
Segment Total	10,118.2		100 %
Intersegment Adjustment	-473.7		-4.7 %
Consolidated Total	9,644.4		95.3 %
Exchange Rate: KRW to USD	1,152.000000
Operating Return on Assets (%)
		31-Dec-11
Distribution		4.1		-
Hotel		6.2		-
Segment Total		4.2		-
Intersegment Adjustment		0.2		-
Consolidated Total		4.4		-

Total Liabilities USD (mil)
	31-Dec-11
Distribution	4,713.2	97.4 %
Hotel	127.2	2.6 %
Segment Total	4,840.4	100 %
Intersegment Adjustment	-35.8	-0.7 %
Consolidated Total	4,804.7	99.3 %
Exchange Rate: KRW to USD	1,152.000000

Business Segments

Financials in: As Reported (mil)

Interim

External Sale USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11
Distribution	2,362.3	92.5 %	2,796.9	93.6 %	1,678.4	92.5 %
Hotel	190.2	7.5 %	192.3	6.4 %	136.3	7.5 %
Segment Total	2,552.4	100 %	2,989.3	100 %	1,814.7	100 %
Intersegment Adjustment	-47.0	-1.8 %	-51.0	-1.7 %	-39.9	-2.2 %
Consolidated Total	2,505.4	98.2 %	2,938.2	98.3 %	1,774.9	97.8 %
Exchange Rate: KRW to USD	1,145.271505		1,082.999462		1,083.436022
Total Sale USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11
Distribution	2,362.3	92.5 %	2,796.9	93.6 %	1,678.4	92.5 %
Hotel	190.2	7.5 %	192.3	6.4 %	136.3	7.5 %
Segment Total	2,552.4	100 %	2,989.3	100 %	1,814.7	100 %
Intersegment Adjustment	-47.0	-1.8 %	-51.0	-1.7 %	-39.9	-2.2 %
Consolidated Total	2,505.4	98.2 %	2,938.2	98.3 %	1,774.9	97.8 %
Exchange Rate: KRW to USD	1,145.271505		1,082.999462		1,083.436022

Cost of Sale USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11
Distribution	377.9	100 %	397.4	100 %	267.1	100 %
Segment Total	377.9	100 %	397.4	100 %	267.1	100 %
Consolidated Total	377.9	100 %	397.4	100 %	267.1	100 %
Exchange Rate: KRW to USD	1,145.271505		1,082.999462		1,083.436022
Operating Income/Loss USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11
Distribution	119.2	92.8 %	166.8	90.6 %	129.1	96.5 %
Hotel	9.3	7.2 %	17.2	9.4 %	4.7	3.5 %
Segment Total	128.5	100 %	184.0	100 %	133.8	100 %
Intersegment Adjustment	-0.8	-0.6 %	2.0	1.1 %	-2.0	-1.5 %
Consolidated Total	127.7	99.4 %	186.0	101.1 %	131.8	98.5 %
Exchange Rate: KRW to USD	1,145.271505		1,082.999462		1,083.436022

Operating Margin (%)
		31-Dec-11		30-Sep-11		30-Jun-11
Distribution		5.0	-	6.0	-	7.7		-
Hotel		4.9	-	9.0	-	3.4		-
Segment Total		5.0	-	6.2	-	7.4		-
Intersegment Adjustment		1.7	-	-3.9	-	5.1		-
Consolidated Total		5.1	-	6.3	-	7.4		-
Income After Tax USD (mil)
	31-Dec-11		30-Sep-11		30-Jun-11
Distribution	-43.5	137.4 %	69.8	86.5 %	100.9		96.8 %
Hotel	11.8	-37.4 %	10.9	13.5 %	3.3		3.2 %
Segment Total	-31.6	100 %	80.6	100 %	104.2		100 %
Intersegment Adjustment	99.6	-315 %	31.6	39.2 %	2.5		2.4 %
Consolidated Total	68.0	-215 %	112.2	139.2 %	106.7		102.4 %
Exchange Rate: KRW to USD	1,145.271505		1,082.999462		1,083.436022

Net Profit Margin (%)
		31-Dec-11			30-Sep-11		30-Jun-11
Distribution		-1.8		-	2.5	-	6.0		-
Hotel		6.2		-	5.7	-	2.5		-
Segment Total		-1.2		-	2.7	-	5.7		-
Intersegment Adjustment		-212.0		-	-61.9	-	-6.3		-
Consolidated Total		2.7		-	3.8	-	6.0		-
Total Assets USD (mil)
	31-Dec-11			30-Sep-11		30-Jun-11
Distribution	9,638.3		95.3 %	9,189.3	95.2 %	10,072.4		95.1 %
Hotel	479.8		4.7 %	459.8	4.8 %	513.7		4.9 %
Segment Total	10,118.2		100 %	9,649.1	100 %	10,586.1		100 %
Intersegment Adjustment	-473.7		-4.7 %	-468.3	-4.9 %	-520.8		-4.9 %
Consolidated Total	9,644.4		95.3 %	9,180.8	95.1 %	10,065.3		95.1 %
Exchange Rate: KRW to USD	1,152.000000			1,178.050000		1,067.650000

Operating Return on Assets (%)
		31-Dec-11			30-Sep-11		30-Jun-11
Distribution		1.2		-	1.7	-	1.3		-
Hotel		1.9		-	3.4	-	0.9		-
Segment Total		1.3		-	1.8	-	1.3		-
Intersegment Adjustment		0.2		-	-0.4	-	0.4		-
Consolidated Total		1.3		-	1.9	-	1.3		-
Total Liabilities USD (mil)
	31-Dec-11			30-Sep-11		30-Jun-11
Distribution	4,713.2		97.4 %	4,292.8	97.2 %	4,712.3		96.8 %
Hotel	127.2		2.6 %	124.9	2.8 %	156.2		3.2 %
Segment Total	4,840.4		100 %	4,417.7	100 %	4,868.5		100 %
Intersegment Adjustment	-35.8		-0.7 %	-12.3	-0.3 %	-18.2		-0.4 %
Consolidated Total	4,804.7		99.3 %	4,405.4	99.7 %	4,850.2		99.6 %
Exchange Rate: KRW to USD	1,152.000000			1,178.050000		1,067.650000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.88
UK Pound	1	Rs.86.84
Euro	1	Rs.70.21

INFORMATION DETAILS

Report Prepared by :

MNL

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.