MIRA
INFORM REPORT
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Report Date : |
17.11.2012 |
IDENTIFICATION DETAILS
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Name : |
DAEWOO INTERNATIONAL CORPORATION |
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Registered Office : |
Yonsei Severance Bldg. 84-11, Namdaemunno 5-Ga, Jung-gu |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.12.2000 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Wholesale of metals and ores |
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No. of Employees : |
1,925 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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Source
: CIA |
Company name and address
Daewoo
International Corporation
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Business
Description
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DAEWOO INTERNATIONAL CORPORATION is a Korea-based company specialized
in the provision of trade services. The Company operates in three business
divisions: trade division, resource development division and manufacture and
other division. Its trade division engages in the international trading of
steel products, metals, machinery, chemical products, automobile components,
electronics, textiles, fibers and others. Its resource development division
engages in the development of energy, minerals and food resources in domestic
and overseas. Its manufacture and other division operates textile factory in
Busan, as well as Daewoo Department Stores. For the three months ended 31
March 2011, Daewoo International Corporation's total revenue increased 25% to
W4.576T. The Company's net income decreased 88% to W3.69B. Revenues reflect
higher foreign sales of finished goods, and domestic sales of merchandises.
Net income suffered from decreased gain on foreign exchange translation and
decreased interest income, as well as decreased gain on disposal of tangible
assets. |
Industry
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Industry |
Miscellaneous Capital Goods |
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ANZSIC 2006: |
3322 - Metal and Mineral Wholesaling |
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NACE 2002: |
5152 - Wholesale of metals and ores |
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NAICS 2002: |
42351 - |
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5152 - Wholesale of metals and ores |
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US SIC 1987: |
5051 - |
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Key Executives
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Significant
Developments
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* number of significant developments within the last 12 months |
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News
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Financial
Summary
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Stock
Snapshot
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1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152
Corporate Overview
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Daewoo
International Corporation The Strategic Initiatives report is created using technology to
extract meaningful insights from analyst reports about a company's strategic
projects and investments. More about Strategic Initiatives
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Sales and Distribution |
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Business Group III division of Daewoo operates through four divisions,
namely, steel raw materials division, metal division, non-ferrous metal
division, and agro-products division. The steel raw materials division
carries out the import, export and triangular trade of steel raw materials
such as iron ore, pig iron, billet and others. The company plans to develop
new business models, strategic products and enhance sales capabilities
through close cooperation with POSCO. Non-ferrous metal division carries out
the import, export and trade of non-ferrous metal products ranging from
industrial material to finished products. The products include aluminum
products, copper raw materials, titanium, magnesium, and zirconium. |
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Overview
Daewoo International Corporation (Daewoo) is a diversified company that
undertakes the trading, manufacture and distribution of a wide range of
products. The company has a strong foothold in the market with diversified
operations and global presence. Increasing long term liabilities and trade
accounts receivable are causes for concern to the company. The
Strengths
Growth Prospects: Business Performance
Daewoo’s recorded high revenue margins in 2011. The company reported
21.1% increase in total revenue in 2011, as compared to that in 2010. For the
fiscal year ended 2011, the company reported revenue of KRW19,457,178.59m and
such growth resulted in gross margin of 5.2%. During 2011, the company
generated free cash flow of KRW501,299.01m, maintaining good liquidity along
with minimal project financing during the year. The company generated such free
cash flow after incurring capital expenditure, interest, and tax. As a result,
its current ratio stood at 1.14 at the end of fiscal year 2011. A higher
current ratio indicates that the company is in a strong financial position and
is more capable of meeting its short term obligations than other companies in
the sector. Its quick ratio stood at 0.86 along with cash ratio of 0.11 during
fiscal year 2011. The company's current assets were valued at KRW5,460,448.34m
in 2011, as compared to current liabilities of KRW4,780,462.42m. Besides, the
company also reported increased returns in 2011, as compared to those in
previous years. The company's return on equity (ROE) was 11.16% at the end of
fiscal year 2011, as compared to 6.99% in 2010. Its return on assets was 2.4%
in 2011, compared to 1.54% in 2010. Increasing profitability ratios indicate
the company’s improved performance and its ability to deliver returns, as
expected by its shareholders. Its net profit margin increased 1.09% in 2011
from 0.67% in 2010. Increased margins and decreased operating costs reflect
strong operational efficiency of the company.
The company undertakes business activities through an efficient business
model. It operates through six business divisions specializing in international
trade and investments. Its business model specializes in activities pertaining
to international trade, project organizing, investments in manufacturing and
production; and development of energy and mineral resources. The company’s
diverse transaction techniques in international trading and export/import
market enabled it to pursue highly complex projects. It utilizes integrated
financing, engineering and manufacturing capabilities for the development of
new items, business sources and entry into new markets. It implemented global
real-time enterprise and global knowledge management system to share
information in real time basis with its strategically located branches and
subsidiaries. Such integrated business model provides it a significant
advantage by allowing greater flexibility in offsetting market fluctuations at
the individual stages of the value chain and enabling it to make use of synergies.
The company has a diversified geographical presence, which could
mitigate risks associated with concentrated business presence. Daewoo has a
strong market presence in a number of markets including Asia, Europe and CIS,
Central and South America, North America,
Diversified Business Operations
The company has an efficient operational structure and a considerable
presence in the market. It undertakes diverse business operations for different
sectors including steel, metal, chemical, automotive and component, machinery
and industrial plants, media and electronics, textiles, commodity and energy,
and IT businesses. Its significant business portfolio includes international trade,
project organizing, energy and resource development, and overseas investment.
Through its organizational framework, the company participates in numerous
business activities with its six business groups. Business Group I includes
activities of hot rolled steel products, flat and wired rod, cold rolled steel
and special steel products; Business Group II comprises machinery and plant
division, power energy infra division, automotive component and electronic
industry division; Business Group III comprises steel raw materials division,
metal division, non-ferrous metal division, commodity & textile division;
and Business Group IV comprises chemical division I, chemical division II, and
chemical division III. Its Energy and Resources Development group consists of
commodity and agro-resources division, mineral resources development division,
energy division; and its Domestic Business group includes Busan factory and
Daewoo department store. Such efficient organizational structure provides
sustainable business operations, shields it from market volatility and helps
attain economic stability.
Weaknesses
The company disposed off its controlling interest in its non-core
business operations during fiscal year 2011. In July 2011, the company disposed
off one of its controlling subsidiaries, Daewoo Cement (
Increasing Accounts Receivable
Increasing accounts receivable affect the company’s competitiveness
and profitability. Its total receivables increased to KRW3,150,818.8m in 2011
from KRW2,409,069.7m in 2010, showing an increase of 30.8%. Of the total
receivables, it recorded accounts receivable of KRW3,130,861m with an increase
of 36.9% in 2011, as compared to KRW2,287,701m during 2010. The company entered
into several factoring agreements with a diverse customer base, mainly through
third party credit providers on 30-60 day terms. As a result, its inventory
turnover increased from 13.31 in 2010 to 13.72 in 2011, indicating adequate
supplies for improvement in sales. However, the provision for impairment loss
would have been recognized, based on the objective evidence. Such increasing doubtful
debts, along with accounts receivable, reflect inefficient credit management by
the company. In the backdrop of growing economic recession, the probability of
defaults by creditors increased, which may impact the overall financial
position as well as profitability of the company.
The company reported highly leveraged capital structure, which could
affect its expansion and growth plans. Up to the end of fiscal 2011, the
company reported total debt obligation of KRW5,197,775.42m consisting of a
long-term debt component of KRW2,007,413.28m. As a result, the company reported
substantially high debt to equity ratio of 272.52% and a debt to capital ratio
of 126.04% for the fiscal year ended 2011. The company incurred this debt to meet
its working capital and capital expenditure needs. If it fails to comply with
any of the debt service requirements, the debt could become due and payable
prior to its scheduled maturity. The company needs to dedicate a significant
portion of its cash flow from operations to service interest and principal
payments. Any reduction in revenue and operating cash flows could hinder its
ability to repay interest and principal, resulting in default. Hence, such huge
debt increases the financial burden on the company, limiting the availability
of cash for its growth.
Opportunities
Potential Growth for Unconventional Oil and Gas
The company could benefit as the petroleum industry turns to
unconventional sources of oil and gas and can take advantage of the current
scenario to boost its sales and strengthen its financial base. Unconventional
sources have the potential to add significant capacity to the world’s energy
supplies. As per the forecast of the US Energy Information Administration
(EIA), the annual growth rate of unconventional production will be above the
annual growth rate of conventional production. According to the EIA’s
forecast, by 2035, the world’s total conventional production is expected to
be around 97.1 million bpd, whereas the unconventional production would be
around 14.6 million bpd. Currently, the share of unconventional oil production
is around 5%, which is expected to increase to approximately 13% of the
world’s total production. Certain of the unconventional sources include oil
sands, CBM, tight gas, and shale gas.
The company entered into an agreement with Hyundai Heavy Industries Co.,
Ltd. (Hyundai Heavy Industries) for SHWE project in
Growth in E&P expenditure would benefit international energy
services companies such as Daewoo international corporation. The upstream
sector of the global oil and gas industry is focused on various development
projects for meeting the growing demand for energy. According to in-house
research, global oil and gas capital expenditure (capex) registered a 14%
growth in 2011, over the oil and gas capex recorded in 2010. The trend of
increasing capex by global oil and gas companies is expected to continue
throughout 2012, as a further capex growth of 13% is anticipated in 2012. Such
an increase in global oil and gas capex would principally be driven by high,
sustained crude oil prices. As the availability of crude oil and natural gas
from onshore fields decline, more complex and expensive technology would be
required to produce oil and gas from deep and ultra-deep offshore areas, and
unconventional sources such as oil and gas shales, oil sands and coal bed
methane. It is estimated that in 2012, the global oil and gas industry would
register a total capex of $1,026 billion. According to the IMF, crude oil
prices will remain high in 2012 due to supply disruptions in the global oil
markets, increasing demand in emerging economies and production constraints in
a number of oil-exporting economies. The IMF expects the global oil price to
average at $110 per barrel in 2012. According to in-house research, capex from
independent oil and gas companies would increase from $131 billion in 2011 to
$158 billion in 2012, representing a 20.6% growth. Capex from NOCs would
increase from $448 billion in 2011 to $513 billion in 2012, up by 14.5%. Integrated
oil companies would increase capex from $329 billion in 2011 to $355 billion in
2012, representing a 7.9% growth. Such growth could stimulate the demand for
the company's oilfield services.
Threats
The company’s operations are subject to extensive and constantly
changing federal, state and local laws and regulations, including those related
to the discharge of materials into the environment, environmental protection,
waste management and the characteristics and composition of fuels. These
environmental laws and regulations are subject to frequent change, and often
become more stringent in the course of time. Failure to comply with these laws
and regulations could also result in substantial fines or penalties. Stringent
environmental regulations may result in substantial capital expenditure. Any
major changes in them may require the company to make significant investments,
which could have adverse effect on the company's operating margins.
Daewoo international operates in six various business groups including
steel division, machinery and plant division, automotive component division,
electronic industry and special business division, textile division, chemical
division, commodity and agro-resources division, mineral resources development
division, energy division across the world. The company is exposed to huge
competition from various industry players by carrying out a wide range of
business operations with a global network. Increasing competitive pressure from
major industry players could limit the group’s overall market share and
profitability.
Volatility in Oil and Natural Gas Prices
In recent years, increase in the demand for crude oil and depletion in
the oil reserves resulted in the increase in the prices of crude oil and oil
products across the world. For many years, oil prices and markets have been
extremely volatile. Prices are affected by numerous factors such as market
supply and demand, international military, political, and economic conditions,
and the ability of the Organization of Petroleum Exporting Countries (OPEC) to
set and maintain production and price targets. Any such volatility in oil
prices would adversely affect the company's results of operations, financial
conditions, and future growth.
Corporate Structure News
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Daewoo
International Corporation |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
|
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Iron and Steel |
62,225.2 |
17,819 |
|
|
Subsidiary |
|
|
Engineering Consultants |
908.4 |
2,468 |
|
|
Subsidiary |
|
|
Construction Services |
6,776.5 |
2,340 |
|
|
Subsidiary |
|
|
Construction Services |
110.0 |
200 |
|
|
Subsidiary |
|
|
Miscellaneous Capital Goods |
17,562.4 |
1,925 |
|
|
Subsidiary |
|
|
Textiles - Non Apparel |
|
9,237 |
|
|
Subsidiary |
Sandton |
|
Construction Services |
329.0 |
100 |
|
|
Branch |
|
|
Consumer Financial Services |
271.0 |
100 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
100 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
100 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
438.0 |
50 |
|
|
Branch |
|
|
Electronic Instruments and Controls |
1.0 |
40 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
50 |
|
|
Subsidiary |
|
|
Consumer Financial Services |
1.0 |
35 |
|
|
Branch |
|
|
Electronic Instruments and Controls |
1.0 |
30 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
30 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
28 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
25 |
|
|
Subsidiary |
Samobor |
|
Auto and Truck Manufacturers |
89.0 |
23 |
|
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Subsidiary |
|
|
Construction Services |
|
20 |
|
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Subsidiary |
Delta, BC |
|
Computer Hardware |
|
20 |
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Branch |
|
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Retail (Technology) |
2.3 |
50 |
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Branch |
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Computer Services |
0.9 |
4 |
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Branch |
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Computer Services |
0.8 |
4 |
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Branch |
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Business Services |
0.5 |
3 |
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Branch |
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Computer Services |
0.4 |
2 |
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Branch |
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Business Services |
0.3 |
2 |
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Subsidiary |
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Computer Hardware |
2.2 |
15 |
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Subsidiary |
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Construction and Agriculture Machinery |
1.0 |
13 |
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Subsidiary |
|
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Electronic Instruments and Controls |
873.8 |
12 |
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Branch |
|
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Electronic Instruments and Controls |
1.0 |
8 |
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Subsidiary |
Ciudad de Panamá |
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Consumer Financial Services |
|
8 |
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|
Subsidiary |
|
|
Construction and Agriculture Machinery |
155.0 |
7 |
|
|
Subsidiary |
New |
|
Construction Services |
8,733.3 |
6 |
|
|
Subsidiary |
São Paulo |
|
Electronic Instruments and Controls |
|
6 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
6 |
|
|
Subsidiary |
|
|
Investment Services |
|
5 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
5 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
4 |
|
|
Subsidiary |
|
|
Construction and Agriculture Machinery |
|
4 |
|
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Subsidiary |
Algiers, Alger |
|
Construction and Agriculture Machinery |
|
3 |
|
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Branch |
Sandton |
|
Electronic Instruments and Controls |
|
3 |
|
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Subsidiary |
Issaquah, WA |
United States |
Construction Services |
|
3 |
|
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Subsidiary |
Colon |
Panama |
Construction and Agriculture Machinery |
|
3 |
|
|
Subsidiary |
Hong Kong |
Hong Kong |
Textiles - Non Apparel |
1.0 |
|
|
|
Subsidiary |
Caracas |
Venezuela |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Budapest |
Hungary |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Luanda |
Angola |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Alimos |
Greece |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tehran |
Iran |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Rabat |
Morocco |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Lumpini, Pathumwan, Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tunis |
Tunisia |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tashkent |
Uzbekistan |
Construction Services |
|
|
|
|
Subsidiary |
Algiers |
Algeria |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Fergana |
Uzbekistan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Kuwait |
Kuwait |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Nairobi |
Kenya |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Saint Leonards, NSW |
Australia |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Amsterdam |
Netherlands |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Tripoli |
Libyan Arab Jamahiriya |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Anaheim, CA |
United States |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tehran |
Iran |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Construction - Raw Materials |
1,072.8 |
1,332 |
|
|
Subsidiary |
Changwon-si, Gyeongsangnam-do |
Korea, Republic of |
Construction - Supplies and Fixtures |
1,501.0 |
1,238 |
|
|
Subsidiary |
Seongnam |
Korea, Republic of |
Engineering Consultants |
330.9 |
1,000 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Apparel and Accessories |
|
1,000 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Engineering Consultants |
110.6 |
800 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Electric Utilities |
1,730.8 |
717 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Engineering Consultants |
380.1 |
598 |
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Construction - Supplies and Fixtures |
863.1 |
395 |
|
|
Subsidiary |
Ansan |
Korea, Republic of |
Construction - Supplies and Fixtures |
285.8 |
325 |
|
|
Subsidiary |
Shiheung, Kyonggi-Do |
Korea, Republic of |
Miscellaneous Fabricated Products |
22.2 |
110 |
|
|
Subsidiary |
Altamira, Zacatecas |
Mexico |
Miscellaneous Fabricated Products |
|
308 |
|
|
Joint Venture |
Dalian |
China |
Iron and Steel |
1.0 |
300 |
|
|
Subsidiary |
Bhubaneswar, Orrisa |
India |
Construction - Supplies and Fixtures |
1.0 |
250 |
|
|
Facility |
Bang Pakong, Chachoengsao |
Thailand |
Auto and Truck Parts |
|
230 |
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Auto and Truck Parts |
|
230 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Business Services |
|
219 |
|
|
Subsidiary |
Haiphong |
Viet Nam |
Iron and Steel |
|
204 |
|
|
Subsidiary |
Changwon |
Korea, Republic of |
Construction - Supplies and Fixtures |
191.7 |
159 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
2,836.0 |
155 |
|
|
Subsidiary |
Haiphong |
Viet Nam |
Construction - Supplies and Fixtures |
|
150 |
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Iron and Steel |
60.9 |
100 |
|
|
Joint Venture |
Chon Buri |
Thailand |
Iron and Steel |
|
80 |
|
|
Subsidiary |
Dalian |
China |
Construction - Supplies and Fixtures |
|
80 |
|
|
Subsidiary |
Sunchon, Chollanam-Do |
Korea, Republic of |
Recreational Activities |
|
79 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Construction Services |
|
57 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Advertising |
|
35 |
|
|
Subsidiary |
Bursa |
Turkey |
Iron and Steel |
|
35 |
|
|
Subsidiary |
Fort Lee, NJ |
United States |
Miscellaneous Capital Goods |
22.8 |
25 |
|
|
Subsidiary |
Wanchai |
Hong Kong |
Iron and Steel |
|
20 |
|
|
Subsidiary |
Kwangyang, Chollanam-Do |
Korea, Republic of |
Miscellaneous Transportation |
67.9 |
19 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Metal Mining |
|
15 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Miscellaneous Capital Goods |
|
14 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Coal |
231.8 |
12 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Nonclassifiable Industries |
16.0 |
10 |
|
|
Subsidiary |
Vancouver, BC |
Canada |
Coal |
1.0 |
5 |
|
|
Subsidiary |
Wanchai |
Hong Kong |
Commercial Banks |
1.0 |
3 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
16,931.7 |
|
|
|
Branch |
Makati , Metro Manila |
Philippines |
Miscellaneous Capital Goods |
310.0 |
100 |
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Miscellaneous Capital Goods |
|
100 |
|
|
Subsidiary |
Frankfurt Am Main, Hessen |
Germany |
Appliance and Tool |
428.4 |
27 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Miscellaneous Capital Goods |
415.6 |
9 |
|
|
Subsidiary |
Milan, Agrate Brianza |
Italy |
Construction and Agriculture Machinery |
326.6 |
9 |
|
|
Branch |
Tsim Sha Tsui, Kowloon |
Hong Kong |
Miscellaneous Capital Goods |
13,553.8 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Iron and Steel |
2,836.0 |
|
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Miscellaneous Fabricated Products |
82.3 |
95 |
|
|
Subsidiary |
Changwon, Kyongsangnam-Do |
Korea, Republic of |
Iron and Steel |
1,334.6 |
|
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Scientific and Technical Instruments |
254.1 |
|
|
|
Subsidiary |
Rewari, Haryana |
India |
Iron and Steel |
111.1 |
|
|
|
Subsidiary |
Kitakyushu |
Japan |
Construction - Supplies and Fixtures |
64.5 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Business Services |
15.4 |
|
|
|
Subsidiary |
Tokyo |
Japan |
Iron and Steel |
11.7 |
|
|
|
Subsidiary |
Beijing |
China |
Investment Services |
1.0 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Iron and Steel |
1.0 |
|
|
|
Subsidiary |
Izumiotsu, Osaka |
Japan |
Iron and Steel |
1.0 |
|
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Iron and Steel |
1.0 |
|
|
|
Subsidiary |
Suzhou, Jiang Su |
China |
Iron and Steel |
0.0 |
|
|
|
Joint Venture |
Zhangjiagang, Jiangsu |
China |
Iron and Steel |
|
|
|
|
Subsidiary |
Shenyang |
China |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Qingdao, Shandong |
China |
Iron and Steel |
|
|
|
|
Subsidiary |
Phu My, Ba Ria-Vung Tau |
Viet Nam |
Iron and Steel |
|
|
|
|
Facility |
Pohang, Kyungbuk |
Korea, Republic of |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Iron and Steel |
|
|
|
|
Facility |
Suzhou |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Buxoro, Bukhara |
Uzbekistan |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Iron and Steel |
|
|
|
|
Subsidiary |
Fukuoka |
Japan |
Business Services |
|
|
|
|
Joint Venture |
Vitoria, ES |
Brazil |
Aerospace and Defense |
|
|
|
|
Joint Venture |
Rayong |
Thailand |
Construction - Supplies and Fixtures |
|
|
|
|
Joint Venture |
Zhangjiagang, Jiangsu |
China |
Iron and Steel |
|
|
|
|
Subsidiary |
Incheon |
Korea, Republic of |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Gwangyang, Cheonnam |
Korea, Republic of |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Tianjin |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Facility |
Imari, Saga |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Gwangyang, Jeollanam-do |
Korea, Republic of |
Iron and Steel |
|
|
|
|
Subsidiary |
Nhon Trach, Dong Nai |
Viet Nam |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Perth, WA |
Australia |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Pohang, Kyungbuk |
Korea, Republic of |
Engineering Consultants |
|
|
|
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Developments
|
|
|
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
8,841.6 |
|
Revenue |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
8,841.6 |
|
Total Revenue |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
8,841.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
8,229.4 |
|
Cost of Revenue, Total |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
8,229.4 |
|
Gross Profit |
908.0 |
830.0 |
636.1 |
715.5 |
612.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
583.7 |
515.1 |
513.1 |
604.0 |
521.7 |
|
Labor & Related Expense |
155.6 |
130.3 |
- |
- |
- |
|
Advertising Expense |
10.5 |
9.4 |
- |
- |
- |
|
Total Selling/General/Administrative Expenses |
749.8 |
654.8 |
513.1 |
604.0 |
521.7 |
|
Research & Development |
1.6 |
0.3 |
- |
- |
- |
|
Depreciation |
7.1 |
4.3 |
- |
- |
- |
|
Amortization of Intangibles |
0.5 |
0.7 |
- |
- |
- |
|
Depreciation/Amortization |
7.6 |
5.0 |
- |
- |
- |
|
Investment Income -
Operating |
-0.6 |
1.6 |
- |
- |
- |
|
Interest/Investment Income - Operating |
-0.6 |
1.6 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
-0.6 |
1.6 |
- |
- |
- |
|
Impairment-Assets Held for Use |
31.3 |
- |
- |
- |
- |
|
Impairment-Assets Held for Sale |
- |
2.9 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
0.2 |
-0.7 |
- |
- |
- |
|
Unusual Expense (Income) |
31.5 |
2.2 |
- |
- |
- |
|
Other Operating Expense |
7.0 |
22.6 |
- |
- |
- |
|
Other, Net |
-35.7 |
-8.9 |
- |
- |
- |
|
Other Operating Expenses, Total |
-28.7 |
13.7 |
- |
- |
- |
|
Total Operating Expense |
17,415.6 |
13,738.5 |
8,921.3 |
10,270.9 |
8,751.1 |
|
|
|
|
|
|
|
|
Operating Income |
146.7 |
152.4 |
122.9 |
111.4 |
90.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
-35.8 |
|
Interest Expense, Net Non-Operating |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
-35.8 |
|
Interest Income -
Non-Operating |
12.4 |
8.2 |
10.0 |
11.4 |
13.9 |
|
Investment Income -
Non-Operating |
92.2 |
122.3 |
310.5 |
205.0 |
203.1 |
|
Interest/Investment Income - Non-Operating |
104.6 |
130.6 |
320.5 |
216.4 |
217.0 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
33.8 |
63.4 |
282.3 |
205.9 |
181.2 |
|
Gain (Loss) on Sale of Assets |
-42.8 |
-13.0 |
-215.8 |
-255.4 |
-135.4 |
|
Other Non-Operating Income (Expense) |
0.0 |
0.0 |
-45.6 |
26.5 |
-2.0 |
|
Other, Net |
0.0 |
0.0 |
-45.6 |
26.5 |
-2.0 |
|
Income Before Tax |
137.8 |
202.8 |
143.8 |
88.4 |
134.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
49.4 |
-16.1 |
41.3 |
16.9 |
29.5 |
|
Income After Tax |
88.4 |
218.8 |
102.6 |
71.4 |
104.7 |
|
|
|
|
|
|
|
|
Minority Interest |
2.0 |
2.5 |
0.4 |
6.5 |
4.3 |
|
Net Income Before Extraord Items |
90.4 |
221.3 |
102.9 |
78.0 |
109.0 |
|
Discontinued Operations |
101.8 |
-128.7 |
- |
- |
- |
|
Total Extraord Items |
101.8 |
-128.7 |
- |
- |
- |
|
Net Income |
192.2 |
92.7 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
90.4 |
221.3 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
192.2 |
92.7 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
102.8 |
100.8 |
100.8 |
100.8 |
100.8 |
|
Basic EPS Excl Extraord Items |
0.88 |
2.19 |
1.02 |
0.77 |
1.08 |
|
Basic/Primary EPS Incl Extraord Items |
1.87 |
0.92 |
1.02 |
0.77 |
1.08 |
|
Dilution Adjustment |
-16.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
175.4 |
92.7 |
102.9 |
78.0 |
109.0 |
|
Diluted Weighted Average Shares |
114.0 |
100.9 |
100.9 |
100.9 |
101.0 |
|
Diluted EPS Excl Extraord Items |
0.65 |
2.19 |
1.02 |
0.77 |
1.08 |
|
Diluted EPS Incl Extraord Items |
1.54 |
0.92 |
1.02 |
0.77 |
1.08 |
|
Dividends per Share - Common Stock Primary Issue |
0.18 |
0.17 |
0.04 |
0.04 |
0.36 |
|
Gross Dividends - Common Stock |
18.6 |
17.5 |
3.8 |
4.3 |
35.8 |
|
Interest Expense, Supplemental |
70.8 |
67.2 |
38.2 |
10.5 |
35.8 |
|
Interest Capitalized, Supplemental |
- |
- |
-15.9 |
-15.6 |
-4.3 |
|
Depreciation, Supplemental |
18.7 |
11.3 |
24.4 |
28.1 |
31.2 |
|
Total Special Items |
74.3 |
15.3 |
215.8 |
255.4 |
135.4 |
|
Normalized Income Before Tax |
212.1 |
218.0 |
359.6 |
343.8 |
269.7 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
26.7 |
5.3 |
61.9 |
49.0 |
29.8 |
|
Inc Tax Ex Impact of Sp Items |
76.1 |
-10.7 |
103.2 |
65.9 |
59.3 |
|
Normalized Income After Tax |
136.0 |
228.8 |
256.4 |
277.9 |
210.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
138.0 |
231.3 |
256.8 |
284.5 |
214.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.34 |
2.29 |
2.55 |
2.82 |
2.13 |
|
Diluted Normalized EPS |
1.06 |
2.29 |
2.55 |
2.82 |
2.12 |
|
Amort of Intangibles, Supplemental |
4.0 |
4.3 |
4.4 |
4.8 |
4.3 |
|
Rental Expenses |
16.5 |
13.2 |
11.5 |
12.0 |
13.4 |
|
Advertising Expense, Supplemental |
10.5 |
9.4 |
6.7 |
11.7 |
3.3 |
|
Research & Development Exp, Supplemental |
1.6 |
0.3 |
0.4 |
0.3 |
0.4 |
|
Normalized EBIT |
177.7 |
156.2 |
122.9 |
111.4 |
90.5 |
|
Normalized EBITDA |
200.4 |
171.7 |
151.8 |
144.3 |
126.0 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
349.5 |
397.9 |
837.3 |
257.4 |
242.1 |
|
Short Term Investments |
85.6 |
29.5 |
12.3 |
21.7 |
91.6 |
|
Cash and Short Term Investments |
435.2 |
427.4 |
849.6 |
279.1 |
333.7 |
|
Accounts Receivable -
Trade, Gross |
2,759.8 |
2,057.5 |
655.1 |
541.4 |
506.1 |
|
Provision for Doubtful
Accounts |
-42.1 |
-43.0 |
-37.5 |
-39.6 |
-44.7 |
|
Trade Accounts Receivable - Net |
2,717.8 |
2,015.8 |
620.5 |
501.9 |
463.2 |
|
Other Receivables |
17.3 |
106.9 |
36.4 |
45.2 |
42.2 |
|
Total Receivables, Net |
2,735.1 |
2,122.7 |
656.9 |
547.1 |
505.4 |
|
Inventories - Finished Goods |
796.5 |
683.4 |
289.4 |
262.0 |
238.1 |
|
Inventories - Work In Progress |
9.3 |
15.5 |
14.0 |
15.8 |
18.8 |
|
Inventories - Raw Materials |
28.8 |
41.7 |
30.4 |
38.7 |
41.2 |
|
Inventories - Other |
332.8 |
258.8 |
91.6 |
89.5 |
122.8 |
|
Total Inventory |
1,167.4 |
999.4 |
425.3 |
406.0 |
420.9 |
|
Prepaid Expenses |
72.2 |
12.4 |
13.3 |
11.3 |
12.4 |
|
Deferred Income Tax - Current Asset |
- |
- |
32.3 |
47.0 |
38.2 |
|
Discontinued Operations - Current Asset |
266.0 |
- |
- |
- |
- |
|
Other Current Assets |
64.1 |
68.5 |
45.9 |
27.0 |
13.1 |
|
Other Current Assets, Total |
330.1 |
68.5 |
78.2 |
74.0 |
51.3 |
|
Total Current Assets |
4,740.0 |
3,630.4 |
2,023.4 |
1,317.6 |
1,323.7 |
|
|
|
|
|
|
|
|
Buildings |
140.2 |
264.0 |
273.0 |
260.9 |
290.5 |
|
Land/Improvements |
68.4 |
69.2 |
73.7 |
25.8 |
34.2 |
|
Machinery/Equipment |
114.9 |
385.5 |
473.4 |
461.2 |
476.3 |
|
Construction in
Progress |
82.6 |
26.4 |
5.4 |
0.4 |
1.0 |
|
Other
Property/Plant/Equipment |
56.4 |
70.2 |
- |
- |
- |
|
Property/Plant/Equipment - Gross |
462.5 |
815.4 |
825.5 |
748.4 |
802.0 |
|
Accumulated Depreciation |
-62.5 |
-339.7 |
-260.6 |
-241.7 |
-244.2 |
|
Property/Plant/Equipment - Net |
400.0 |
475.7 |
564.9 |
506.7 |
557.9 |
|
Goodwill, Net |
9.4 |
- |
0.1 |
0.3 |
0.6 |
|
Intangibles, Net |
976.3 |
702.4 |
61.7 |
64.2 |
45.7 |
|
LT Investment - Affiliate Companies |
1,395.3 |
1,106.9 |
866.5 |
490.8 |
649.8 |
|
LT Investments - Other |
107.3 |
118.9 |
73.2 |
58.1 |
65.0 |
|
Long Term Investments |
1,502.6 |
1,225.8 |
939.7 |
548.9 |
714.9 |
|
Note Receivable - Long Term |
88.0 |
58.9 |
30.1 |
1.5 |
26.5 |
|
Deferred Income Tax - Long Term Asset |
5.0 |
10.3 |
2.3 |
0.2 |
0.1 |
|
Other Long Term Assets |
8.0 |
19.5 |
410.1 |
321.1 |
281.5 |
|
Other Long Term Assets, Total |
13.0 |
29.9 |
412.3 |
321.2 |
281.5 |
|
Total Assets |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
2,950.8 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,071.4 |
1,042.6 |
1,021.2 |
575.7 |
660.6 |
|
Accrued Expenses |
27.2 |
25.2 |
9.9 |
9.5 |
18.2 |
|
Notes Payable/Short Term Debt |
2,639.2 |
1,896.7 |
525.8 |
568.0 |
364.6 |
|
Current Portion - Long Term Debt/Capital Leases |
130.2 |
394.1 |
16.0 |
31.4 |
76.9 |
|
Dividends Payable |
- |
- |
- |
- |
0.0 |
|
Customer Advances |
42.0 |
68.9 |
72.5 |
53.0 |
36.5 |
|
Security Deposits |
0.1 |
2.7 |
0.2 |
0.2 |
0.1 |
|
Income Taxes Payable |
1.9 |
4.5 |
10.3 |
30.8 |
0.4 |
|
Other Payables |
0.0 |
0.0 |
- |
- |
- |
|
Other Current Liabilities |
237.6 |
102.1 |
88.7 |
87.4 |
60.8 |
|
Other Current liabilities, Total |
281.7 |
178.3 |
171.7 |
171.4 |
97.8 |
|
Total Current Liabilities |
4,149.7 |
3,536.9 |
1,744.7 |
1,356.0 |
1,218.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,742.5 |
1,052.4 |
682.1 |
222.2 |
280.2 |
|
Capital Lease Obligations |
- |
- |
39.2 |
55.8 |
58.8 |
|
Total Long Term Debt |
1,742.5 |
1,052.4 |
721.2 |
278.0 |
339.0 |
|
Total Debt |
4,512.0 |
3,343.1 |
1,263.0 |
877.4 |
780.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
56.0 |
33.2 |
112.1 |
36.8 |
77.2 |
|
Deferred Income Tax |
56.0 |
33.2 |
112.1 |
36.8 |
77.2 |
|
Minority Interest |
2.6 |
1.2 |
8.4 |
9.1 |
16.2 |
|
Reserves |
40.3 |
115.3 |
101.6 |
101.4 |
101.3 |
|
Pension Benefits - Underfunded |
21.0 |
14.6 |
0.8 |
0.9 |
0.2 |
|
Other Long Term Liabilities |
61.5 |
20.6 |
150.0 |
139.1 |
149.9 |
|
Other Liabilities, Total |
122.8 |
150.5 |
252.5 |
241.4 |
251.5 |
|
Total Liabilities |
6,073.7 |
4,774.0 |
2,838.9 |
1,921.3 |
1,901.9 |
|
|
|
|
|
|
|
|
Common Stock |
447.8 |
445.2 |
420.1 |
377.1 |
507.4 |
|
Common Stock |
447.8 |
445.2 |
420.1 |
377.1 |
507.4 |
|
Additional Paid-In Capital |
65.7 |
8.5 |
16.5 |
1.1 |
1.4 |
|
Retained Earnings (Accumulated Deficit) |
833.4 |
680.4 |
567.5 |
435.5 |
535.2 |
|
Unrealized Gain (Loss) |
300.3 |
216.6 |
139.1 |
-24.1 |
9.1 |
|
Translation Adjustment |
10.5 |
-1.1 |
49.8 |
48.8 |
-5.4 |
|
Other Equity |
-0.6 |
-0.6 |
0.3 |
0.7 |
1.2 |
|
Other Comprehensive Income |
-1.5 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
8.4 |
-1.7 |
50.1 |
49.5 |
-4.2 |
|
Total Equity |
1,655.7 |
1,349.0 |
1,193.3 |
839.0 |
1,048.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
2,950.8 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
103.2 |
101.1 |
100.8 |
100.8 |
100.8 |
|
Total Common Shares Outstanding |
103.2 |
101.1 |
100.8 |
100.8 |
100.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
1,968 |
1,796 |
1,431 |
1,486 |
1,494 |
|
Number of Common Shareholders |
- |
45,691 |
40,785 |
37,135 |
44,406 |
|
Deferred Revenue - Current |
42.0 |
68.9 |
72.5 |
53.0 |
36.5 |
|
Total Long Term Debt, Supplemental |
- |
- |
281.2 |
275.3 |
397.6 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
16.0 |
31.4 |
76.9 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
44.2 |
56.8 |
63.7 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
46.5 |
37.8 |
67.5 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
62.5 |
36.3 |
41.4 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
41.0 |
34.9 |
41.7 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
90.7 |
94.6 |
131.2 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
103.5 |
71.3 |
83.1 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
71.1 |
78.0 |
106.4 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
0.0 |
0.1 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
0.0 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
0.0 |
0.0 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
190.2 |
90.2 |
102.6 |
71.4 |
104.7 |
|
Depreciation |
18.7 |
11.3 |
24.4 |
28.1 |
31.2 |
|
Depreciation/Depletion |
18.7 |
11.3 |
24.4 |
28.1 |
31.2 |
|
Amortization of Intangibles |
4.0 |
4.3 |
4.4 |
4.8 |
4.3 |
|
Amortization |
4.0 |
4.3 |
4.4 |
4.8 |
4.3 |
|
Deferred Taxes |
- |
- |
35.1 |
-30.0 |
23.8 |
|
Unusual Items |
47.3 |
150.9 |
44.7 |
76.1 |
62.7 |
|
Equity in Net Earnings (Loss) |
-121.8 |
-175.4 |
-121.0 |
-64.3 |
-116.6 |
|
Other Non-Cash Items |
-27.9 |
22.6 |
54.2 |
60.1 |
14.3 |
|
Non-Cash Items |
-102.4 |
-1.9 |
-22.1 |
72.0 |
-39.6 |
|
Accounts Receivable |
-665.1 |
-280.9 |
-136.5 |
-223.4 |
58.6 |
|
Inventories |
-257.7 |
-465.5 |
23.1 |
-118.8 |
8.4 |
|
Prepaid Expenses |
- |
- |
0.1 |
-0.5 |
2.5 |
|
Other Assets |
-1.2 |
-81.8 |
39.5 |
32.0 |
4.5 |
|
Accounts Payable |
37.0 |
-103.6 |
396.2 |
84.7 |
45.0 |
|
Accrued Expenses |
- |
- |
4.7 |
-4.7 |
-52.0 |
|
Taxes Payable |
- |
- |
-20.8 |
34.0 |
-14.6 |
|
Other Liabilities |
-59.2 |
-14.7 |
-8.5 |
29.1 |
-11.7 |
|
Other Operating Cash Flow |
2.1 |
-9.7 |
39.1 |
46.8 |
26.7 |
|
Changes in Working Capital |
-944.2 |
-956.3 |
337.0 |
-120.8 |
67.3 |
|
Cash from Operating Activities |
-833.7 |
-852.5 |
481.3 |
25.4 |
191.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-103.7 |
-53.6 |
-50.3 |
-10.4 |
-10.0 |
|
Purchase/Acquisition of Intangibles |
-285.5 |
-97.5 |
-112.4 |
-136.1 |
-110.7 |
|
Capital Expenditures |
-389.3 |
-151.2 |
-162.7 |
-146.5 |
-120.7 |
|
Acquisition of Business |
-6.2 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
5.4 |
5.8 |
0.8 |
1.9 |
9.3 |
|
Sale/Maturity of Investment |
0.0 |
0.0 |
27.1 |
376.5 |
211.5 |
|
Investment, Net |
0.2 |
-0.2 |
- |
- |
- |
|
Purchase of Investments |
-193.9 |
-41.6 |
-115.1 |
-371.0 |
-263.0 |
|
Sale of Intangible Assets |
0.4 |
- |
2.0 |
- |
- |
|
Other Investing Cash Flow |
-13.0 |
-32.2 |
10.1 |
-2.1 |
-3.9 |
|
Other Investing Cash Flow Items, Total |
-207.2 |
-68.2 |
-75.1 |
5.3 |
-46.1 |
|
Cash from Investing Activities |
-596.5 |
-219.4 |
-237.8 |
-141.1 |
-166.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.1 |
0.2 |
-46.2 |
-36.8 |
4.2 |
|
Financing Cash Flow Items |
-0.1 |
0.2 |
-46.2 |
-36.8 |
4.2 |
|
Total Cash Dividends Paid |
-18.2 |
-4.3 |
-3.7 |
-30.2 |
-4.9 |
|
Short Term Debt Issued |
797.3 |
233.7 |
- |
294.3 |
129.6 |
|
Short Term Debt
Reduction |
- |
- |
-83.8 |
- |
- |
|
Short Term Debt, Net |
797.3 |
233.7 |
-83.8 |
294.3 |
129.6 |
|
Long Term Debt Issued |
645.4 |
425.1 |
437.7 |
24.0 |
12.8 |
|
Long Term Debt
Reduction |
-39.3 |
-44.4 |
-34.5 |
-50.9 |
-71.7 |
|
Long Term Debt, Net |
606.1 |
380.7 |
403.2 |
-26.9 |
-58.9 |
|
Issuance (Retirement) of Debt, Net |
1,403.4 |
614.4 |
319.4 |
267.4 |
70.6 |
|
Cash from Financing Activities |
1,385.1 |
610.3 |
269.4 |
200.4 |
69.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.0 |
0.1 |
-3.2 |
3.8 |
0.7 |
|
Net Change in Cash |
-44.1 |
-461.4 |
509.8 |
88.5 |
95.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
407.6 |
852.0 |
254.2 |
206.2 |
148.8 |
|
Net Cash - Ending Balance |
363.5 |
390.5 |
764.0 |
294.8 |
244.3 |
|
Cash Interest Paid |
100.7 |
46.8 |
- |
- |
- |
|
Cash Taxes Paid |
15.3 |
41.8 |
- |
- |
- |
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
8,841.6 |
|
Total Revenue |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
8,841.6 |
|
|
|
|
|
|
|
|
Costs of Goods and Services Sold |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
8,229.4 |
|
Selling/General/Adm. |
- |
- |
513.1 |
604.0 |
521.7 |
|
Salaries and Wages |
122.9 |
98.7 |
- |
- |
- |
|
Retirement and Severance Benefits |
9.3 |
9.1 |
- |
- |
- |
|
Employee Benefits |
23.4 |
22.5 |
- |
- |
- |
|
Compensation Expenses Associated with St |
- |
0.0 |
- |
- |
- |
|
Travel Expense |
10.7 |
9.4 |
- |
- |
- |
|
Communication Expenses |
4.6 |
3.8 |
- |
- |
- |
|
Utility Expense |
0.9 |
0.9 |
- |
- |
- |
|
Taxes and Dues |
9.6 |
8.3 |
- |
- |
- |
|
Rental Expenses |
16.5 |
13.2 |
- |
- |
- |
|
Depreciation |
7.1 |
4.3 |
- |
- |
- |
|
Amortization of Intangible Assets |
0.5 |
0.7 |
- |
- |
- |
|
Expenses of Allowance for Doubtful Accou |
6.1 |
7.0 |
- |
- |
- |
|
Repair Expense |
1.3 |
1.0 |
- |
- |
- |
|
Insurance Expense |
17.1 |
14.3 |
- |
- |
- |
|
Entertainment Expense |
2.5 |
2.7 |
- |
- |
- |
|
Advertising Expense |
2.9 |
1.9 |
- |
- |
- |
|
Packaging Expenses |
1.2 |
0.2 |
- |
- |
- |
|
Shipping & Handling Expense |
345.6 |
318.1 |
- |
- |
- |
|
Export Shipment |
29.3 |
25.0 |
- |
- |
- |
|
Commission Income |
-0.1 |
0.0 |
- |
- |
- |
|
Consumable Expense |
2.0 |
1.5 |
- |
- |
- |
|
Vehicle Maintenance Expenses |
3.1 |
3.1 |
- |
- |
- |
|
Publication Expenses |
0.7 |
0.6 |
- |
- |
- |
|
Training Expenses |
1.2 |
1.1 |
- |
- |
- |
|
Leasing Expense |
0.0 |
0.0 |
- |
- |
- |
|
Development Expenses |
1.6 |
0.3 |
- |
- |
- |
|
Sales Promotional Expenses |
7.7 |
7.4 |
- |
- |
- |
|
Expo Exspenses |
0.2 |
0.3 |
- |
- |
- |
|
Sample Expenses |
3.3 |
2.6 |
- |
- |
- |
|
Miscellaneous Expenses |
3.2 |
2.0 |
- |
- |
- |
|
Conference Expense |
1.9 |
- |
- |
- |
- |
|
Commision Expense |
122.2 |
92.9 |
- |
- |
- |
|
Other Selling and Administrative Expense |
0.5 |
7.0 |
- |
- |
- |
|
Adjustment |
0.0 |
0.0 |
- |
- |
- |
|
Rental Income |
-0.3 |
0.0 |
- |
- |
- |
|
Gain on Disposal of Property, Plant and |
-0.2 |
-0.9 |
- |
- |
- |
|
Reversal of Allowance for Doubtful Accou |
-0.8 |
-0.3 |
- |
- |
- |
|
Recovery of Provisions |
-30.6 |
-6.4 |
- |
- |
- |
|
Miscellaneous Income |
-4.0 |
-2.2 |
- |
- |
- |
|
Gain on Disposal of Investments in Affil |
-0.6 |
- |
- |
- |
- |
|
Adjustment for Other Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Loss on Disposal of Investment Assets |
- |
1.6 |
- |
- |
- |
|
Impairment Loss on Investment Assets |
- |
2.9 |
- |
- |
- |
|
Provision for Restoration |
0.1 |
0.2 |
- |
- |
- |
|
Provision for Product Warranties |
0.0 |
- |
- |
- |
- |
|
Other Allowance for Doubtful Accounts |
0.3 |
10.9 |
- |
- |
- |
|
Loss on Disposal of Property, Plant and |
0.4 |
0.2 |
- |
- |
- |
|
Loss on Disposal of Intangible Assets |
0.0 |
- |
- |
- |
- |
|
Impairment Loss on Intangible Assets |
31.3 |
- |
- |
- |
- |
|
Donations Paid |
1.7 |
1.2 |
- |
- |
- |
|
Contingency Loss |
1.5 |
1.7 |
- |
- |
- |
|
Miscellaneous Loss |
3.5 |
8.8 |
- |
- |
- |
|
Loss on Inventory Obsolescence |
0.0 |
- |
- |
- |
- |
|
Adjustment for Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
17,415.6 |
13,738.5 |
8,921.3 |
10,270.9 |
8,751.1 |
|
|
|
|
|
|
|
|
Interest Income |
12.4 |
8.2 |
10.0 |
11.4 |
13.9 |
|
Dividend Income |
0.3 |
2.0 |
0.1 |
1.9 |
5.6 |
|
Rental Income |
- |
- |
0.0 |
0.0 |
0.0 |
|
G-Tang Asst Disposal |
- |
- |
0.6 |
0.2 |
0.3 |
|
Recovery-Contingency Loss Reserve |
- |
- |
4.6 |
- |
0.5 |
|
G-Currency Contract Settlement Valuation |
- |
- |
- |
3.4 |
- |
|
Gain-Commodity Futures Transaction |
247.4 |
156.2 |
128.3 |
169.1 |
96.7 |
|
G-Commodity Future Valu |
27.4 |
19.2 |
15.7 |
11.9 |
4.7 |
|
Gain on Currency Forwards Transactions |
218.0 |
145.2 |
90.0 |
130.5 |
30.1 |
|
Gain on Valuation of Currency Forward |
4.6 |
25.6 |
16.0 |
10.4 |
3.7 |
|
Gain on Valuation of Confirmed Contracts |
55.1 |
88.7 |
- |
- |
- |
|
Gain on Valuation of Convertible Bonds |
30.1 |
- |
- |
- |
- |
|
G-Inv.Asset Disposal |
- |
- |
12.4 |
9.6 |
13.6 |
|
Gain on Valuation of Derivatives |
3.4 |
- |
- |
- |
- |
|
Gain on Currency Futures Transactions |
0.0 |
- |
- |
- |
- |
|
Gain on Foreign Currency Transactions |
664.5 |
550.8 |
318.2 |
508.6 |
102.1 |
|
Gain on Foreign Currency Translations |
62.3 |
49.4 |
37.7 |
97.7 |
21.1 |
|
Gain on Financial Guarantee |
0.8 |
0.1 |
- |
- |
- |
|
Revers-Doubtful Acct |
- |
- |
3.0 |
2.1 |
0.0 |
|
Fees Received |
- |
- |
1.7 |
0.9 |
0.6 |
|
Gain-Valuation of Contracts-Settlement |
- |
- |
69.3 |
- |
- |
|
Gain-Merchandise Settlement Valuation |
- |
- |
- |
62.5 |
32.3 |
|
Gain on disposal of Subsidiaries |
- |
- |
4.8 |
- |
- |
|
Other Non-Operating Income |
- |
- |
4.6 |
33.3 |
7.7 |
|
Interest Expenses |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
-35.8 |
|
L-Trade Rcvbl Disposal |
- |
- |
-51.3 |
-64.0 |
-45.9 |
|
Loss-Reduction of Intangible Assets |
- |
- |
- |
- |
-4.7 |
|
Loss-Valuation of Inventories |
- |
- |
-0.6 |
-6.0 |
-0.4 |
|
L-Tang.Asst Disposal |
-42.8 |
-13.0 |
-0.1 |
-0.4 |
-0.1 |
|
Loss-Reduction of Tangible Assets |
- |
- |
-0.6 |
-6.3 |
-0.7 |
|
L-Commodity Futures Valu |
- |
- |
-29.6 |
-34.1 |
-11.9 |
|
L-Currency Futures Trade |
- |
- |
-69.1 |
-123.6 |
-57.7 |
|
L-Commodity Futures Trade |
- |
- |
-164.9 |
-191.3 |
-89.7 |
|
Financial Guarantee Expense |
-0.8 |
-0.1 |
- |
- |
- |
|
Loss on Currency Forwards Transaction |
-185.3 |
-143.8 |
- |
- |
- |
|
Loss on Valuation of Currency Forward |
-30.4 |
-18.0 |
-20.7 |
-13.8 |
-3.4 |
|
Loss on Foreign Currency Transactions |
-663.6 |
-545.3 |
-335.0 |
-568.8 |
-91.9 |
|
Loss on Foreign Currency Translations |
-103.1 |
-56.4 |
-31.0 |
-78.2 |
-23.2 |
|
Loss on Valuation of Future |
-10.5 |
-46.8 |
- |
- |
- |
|
Loss on Currency Futures Transaction |
0.0 |
- |
- |
- |
- |
|
Loss on Futures Transaction |
-228.7 |
-185.2 |
- |
- |
- |
|
Loss on Valuation of Confirmed Contracts |
-115.8 |
-56.4 |
- |
- |
- |
|
Loss on Valuation of Derivatives |
-5.3 |
- |
- |
- |
- |
|
Loss on Valuation of Convertible Bonds |
- |
-38.2 |
- |
- |
- |
|
Loss-Disposal of Investment Assets |
- |
- |
-1.1 |
- |
-0.4 |
|
Loss-Reduction of Investment Assets |
- |
- |
-15.1 |
-3.2 |
- |
|
L-Liab.Redemption |
- |
- |
-0.6 |
-0.1 |
-0.1 |
|
L-Merchandise Settlement Valuation |
- |
- |
- |
-24.5 |
-28.9 |
|
Other Amortization |
- |
- |
-23.2 |
-0.3 |
0.0 |
|
Donations Paid |
- |
- |
-1.6 |
-0.6 |
-0.4 |
|
Reserve-Recovery |
- |
- |
-0.1 |
- |
- |
|
Contingency Loss |
- |
- |
-1.8 |
-2.4 |
-2.8 |
|
L-Currency Contract Settlement Valuation |
- |
- |
- |
-6.7 |
- |
|
Loss-Valuation of Confirmed Contracts |
- |
- |
-27.7 |
- |
- |
|
Other Non-Operating Expense |
- |
- |
-4.5 |
-6.4 |
-7.5 |
|
Gain on Investments in Affiliates |
127.5 |
177.4 |
121.8 |
68.0 |
118.9 |
|
Loss on Investments in Affiliates |
-5.7 |
-2.0 |
-0.8 |
-3.7 |
-2.2 |
|
Adjustment for Finance Income |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Finance Expense |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
137.8 |
202.8 |
143.8 |
88.4 |
134.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
49.4 |
-16.1 |
41.3 |
16.9 |
29.5 |
|
Net Income After Taxes |
88.4 |
218.8 |
102.6 |
71.4 |
104.7 |
|
|
|
|
|
|
|
|
Minority Interest |
2.0 |
2.5 |
0.4 |
6.5 |
4.3 |
|
Net Income Before Extra. Items |
90.4 |
221.3 |
102.9 |
78.0 |
109.0 |
|
Gain on Discontinued Operations |
101.8 |
-128.7 |
- |
- |
- |
|
Net Income |
192.2 |
92.7 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
90.4 |
221.3 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl E |
192.2 |
92.7 |
102.9 |
78.0 |
109.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
102.8 |
100.8 |
100.8 |
100.8 |
100.8 |
|
Basic EPS Excluding ExtraOrdin |
0.88 |
2.19 |
1.02 |
0.77 |
1.08 |
|
Basic EPS Including ExtraOrdin |
1.87 |
0.92 |
1.02 |
0.77 |
1.08 |
|
Dilution Adjustment |
-16.8 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
175.4 |
92.7 |
102.9 |
78.0 |
109.0 |
|
Diluted Weighted Average Share |
114.0 |
100.9 |
100.9 |
100.9 |
101.0 |
|
Diluted EPS Excluding ExtraOrd |
0.65 |
2.19 |
1.02 |
0.77 |
1.08 |
|
Diluted EPS Including ExtraOrd |
1.54 |
0.92 |
1.02 |
0.77 |
1.08 |
|
DPS-Common Stock |
0.18 |
0.17 |
0.04 |
0.04 |
0.36 |
|
Gross Dividends - Common Stock |
18.6 |
17.5 |
3.8 |
4.3 |
35.8 |
|
Normalized Income Before Taxes |
212.1 |
218.0 |
359.6 |
343.8 |
269.7 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
76.1 |
-10.7 |
103.2 |
65.9 |
59.3 |
|
Normalized Income After Taxes |
136.0 |
228.8 |
256.4 |
277.9 |
210.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
138.0 |
231.3 |
256.8 |
284.5 |
214.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.34 |
2.29 |
2.55 |
2.82 |
2.13 |
|
Diluted Normalized EPS |
1.06 |
2.29 |
2.55 |
2.82 |
2.12 |
|
Interest Expense |
70.8 |
67.2 |
38.2 |
10.5 |
35.8 |
|
Interest Capitalized |
- |
- |
-15.9 |
-15.6 |
-4.3 |
|
Rental Expense |
16.5 |
13.2 |
11.5 |
12.0 |
13.4 |
|
Advertising Expense |
10.5 |
9.4 |
6.7 |
11.7 |
3.3 |
|
Research & Development, Supplemental |
1.6 |
0.3 |
0.4 |
0.3 |
0.4 |
|
Depreciation |
18.7 |
11.3 |
24.4 |
28.1 |
31.2 |
|
Amort of Intangibles, Suppleme |
4.0 |
4.3 |
4.4 |
4.8 |
4.3 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
349.5 |
397.9 |
837.3 |
257.4 |
242.1 |
|
ST Finl Assets |
85.6 |
29.5 |
12.3 |
21.6 |
91.6 |
|
Current Securities Held-to-Maturities |
0.0 |
0.0 |
- |
- |
- |
|
Marketable Secs. |
- |
- |
0.0 |
0.0 |
0.0 |
|
ST Loans |
- |
- |
10.4 |
13.8 |
8.9 |
|
Trade Rcvbls |
2,759.8 |
2,057.5 |
655.1 |
541.4 |
506.1 |
|
Allowance for Doubtful Accounts for Trad |
-42.1 |
-43.0 |
-37.5 |
-39.6 |
-44.7 |
|
Current Loans |
2.3 |
21.9 |
- |
- |
- |
|
Account Receivables |
24.1 |
115.3 |
26.1 |
31.4 |
33.3 |
|
Allowance for Doubtful Accounts for Acco |
-9.2 |
-12.9 |
- |
- |
- |
|
Allowance for Doubtful Accounts for Curr |
- |
-17.3 |
- |
- |
- |
|
Advance Payments |
100.0 |
127.6 |
47.1 |
21.6 |
48.4 |
|
Allowance for Doubtful Accounts for Adva |
-1.8 |
-1.8 |
- |
- |
- |
|
Prepaid Expenses |
64.8 |
9.7 |
13.3 |
11.3 |
12.4 |
|
Allowance for Doubtful Accounts |
-1.6 |
-2.2 |
- |
- |
- |
|
Prepaid Income Tax |
5.1 |
- |
- |
- |
- |
|
Prepaid Taxes |
3.9 |
4.8 |
- |
- |
- |
|
Guarantee Deposits, Current Assets |
0.4 |
1.5 |
0.3 |
0.6 |
0.5 |
|
Current Derivative Assets |
63.7 |
67.0 |
17.7 |
9.1 |
3.7 |
|
Accrued Income |
0.1 |
1.3 |
2.8 |
0.1 |
1.8 |
|
Current Group Assets Held for Sale |
266.0 |
- |
- |
- |
- |
|
Other Quick Asst |
- |
- |
- |
- |
1.1 |
|
Commodity Futures |
- |
- |
17.2 |
10.4 |
4.6 |
|
Deferred Income Tax |
- |
- |
32.3 |
47.0 |
38.2 |
|
Contracts on Settlement |
- |
- |
10.7 |
- |
- |
|
Merchandise Contracts on Settlement |
- |
- |
- |
5.6 |
3.1 |
|
Currency Contracts on Settlement |
- |
- |
- |
1.4 |
- |
|
Merchandise |
783.7 |
656.1 |
277.3 |
244.2 |
220.9 |
|
Finished Goods |
31.2 |
27.3 |
12.0 |
17.8 |
17.3 |
|
Semi-finish Good |
6.0 |
8.6 |
8.9 |
9.9 |
11.0 |
|
Works in Process |
3.4 |
6.9 |
5.1 |
5.9 |
7.9 |
|
Raw Materials |
28.3 |
33.5 |
23.6 |
31.9 |
33.9 |
|
Suppl. Material |
1.3 |
8.2 |
6.7 |
6.8 |
7.3 |
|
Supplies |
0.3 |
11.8 |
11.0 |
11.4 |
10.9 |
|
Goods in Transit |
234.3 |
121.3 |
33.5 |
56.5 |
63.4 |
|
Adjustment for Trade & Other Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Financial I |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Assets |
0.0 |
0.0 |
- |
- |
- |
|
Allowance for Loss on Valuation of Merch |
-16.9 |
- |
- |
- |
- |
|
Allowance for Loss on Valuation of Finis |
-1.5 |
- |
- |
- |
- |
|
Allowance for Doubtful Account for Loss |
-0.2 |
- |
- |
- |
- |
|
Allowance for Loss on Valuation of Raw M |
-0.7 |
- |
- |
- |
- |
|
Allowance for Doubtful Account for Suppl |
0.0 |
- |
- |
- |
- |
|
Adjustment for Inventories |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Assets |
4,740.0 |
3,630.4 |
2,023.4 |
1,317.6 |
1,323.7 |
|
|
|
|
|
|
|
|
Non-Current Financial Deposits |
0.0 |
0.2 |
0.0 |
0.0 |
1.7 |
|
Investment Securities |
- |
- |
73.2 |
58.0 |
63.3 |
|
Investment in Affiliates |
1,395.3 |
1,106.9 |
866.5 |
490.8 |
649.8 |
|
Investment in Properties |
22.4 |
23.1 |
- |
- |
- |
|
Non-Current Loans |
86.8 |
57.7 |
30.1 |
1.5 |
0.0 |
|
LT Account Receivable |
- |
- |
- |
- |
26.5 |
|
Non-Current Other Receivables |
1.3 |
1.2 |
- |
- |
- |
|
Non-Current Securities Available-for-Sal |
84.8 |
95.6 |
- |
- |
- |
|
Non-Current Securities Held-to-Maturitie |
0.0 |
0.0 |
- |
- |
- |
|
Other Inv Assets |
- |
- |
- |
0.1 |
0.0 |
|
Non-Current Guarantee Deposits |
6.4 |
6.2 |
16.1 |
11.6 |
15.3 |
|
Resourc Devt Inv |
- |
- |
394.0 |
309.5 |
266.1 |
|
Land |
68.4 |
69.2 |
73.7 |
25.8 |
34.2 |
|
Buildings |
125.3 |
254.4 |
260.3 |
251.5 |
276.8 |
|
Buildings-Reduction |
- |
- |
- |
-1.8 |
- |
|
Deprec-Buildings |
-25.1 |
-55.1 |
-50.9 |
-45.2 |
-42.3 |
|
Structures |
18.8 |
13.0 |
12.7 |
11.3 |
13.7 |
|
Gov't Subsidy-Structure |
-3.9 |
-3.4 |
- |
- |
- |
|
Deprec-Structure |
- |
- |
-3.3 |
-2.6 |
-2.6 |
|
Structures-Reduction |
- |
- |
0.0 |
- |
- |
|
Tools/Equipments |
- |
- |
3.3 |
3.1 |
3.6 |
|
Gov't Subsidy-Tools/Equip |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Depr-Tool/Equip |
- |
- |
-2.9 |
-2.8 |
-3.1 |
|
Tools & Equipments-Reduction |
- |
- |
- |
- |
0.0 |
|
Machinery/Equip. |
228.5 |
438.3 |
411.8 |
408.3 |
408.8 |
|
Gov't Subsidy-Machinery |
-113.6 |
-52.8 |
0.0 |
0.0 |
-0.1 |
|
Reduction Loss-Machinery/Equip. |
- |
- |
- |
-5.1 |
-1.3 |
|
Depr-Mach/Equip. |
- |
- |
-159.0 |
-148.7 |
-144.0 |
|
Transport Equip. |
- |
- |
23.7 |
22.1 |
23.3 |
|
Deprec-Transport |
- |
- |
-17.5 |
-16.9 |
-17.4 |
|
Fixtures |
- |
- |
34.7 |
32.8 |
42.0 |
|
Other |
56.6 |
70.5 |
- |
- |
- |
|
Deprec-Other |
-37.5 |
-284.6 |
- |
- |
- |
|
Fixtures-Government Subsidy |
- |
- |
0.0 |
0.0 |
0.0 |
|
Deprec-Fixtures |
- |
- |
-27.1 |
-25.5 |
-34.7 |
|
Ship & Airplane |
- |
- |
- |
0.0 |
0.1 |
|
Dep-Ship/Airplan |
- |
- |
- |
0.0 |
-0.1 |
|
Construc in Prog |
82.6 |
26.4 |
5.4 |
0.4 |
1.0 |
|
Membership Rights |
14.4 |
14.2 |
- |
- |
- |
|
Development Mining |
874.5 |
567.4 |
- |
- |
- |
|
Mining Rights |
27.6 |
43.1 |
45.3 |
44.1 |
27.0 |
|
Industrial Property Rights |
2.0 |
3.1 |
15.2 |
18.6 |
17.0 |
|
Exploration Valuation Intangible Assets |
57.7 |
74.5 |
- |
- |
- |
|
Other Intangible Assets |
0.1 |
0.1 |
- |
- |
- |
|
Development Costs |
- |
0.0 |
0.1 |
0.1 |
0.1 |
|
Other Intangible |
- |
- |
1.2 |
1.4 |
1.6 |
|
Non-Current Deferred Income Taxes Assets |
5.0 |
10.3 |
2.3 |
0.2 |
0.1 |
|
Goodwill |
9.4 |
- |
0.1 |
0.3 |
0.6 |
|
Other Non-Current Assets |
1.6 |
13.3 |
- |
- |
- |
|
Property, Plant & Equipment, Net |
-0.1 |
-0.2 |
- |
- |
- |
|
Adjustment for Non-Current Trade & Other |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Non-Current Financi |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
2,950.8 |
|
|
|
|
|
|
|
|
Current Trade Payables |
879.9 |
897.8 |
895.8 |
447.4 |
570.3 |
|
Other Payables |
191.5 |
144.8 |
125.4 |
128.3 |
90.3 |
|
Dividend Payable |
- |
- |
- |
- |
0.0 |
|
Inc Tax Payable |
1.9 |
4.5 |
10.3 |
30.8 |
0.4 |
|
Accrued Expenses |
27.2 |
25.2 |
9.9 |
9.5 |
18.2 |
|
Advance from Customers, Current Liabilit |
42.0 |
68.9 |
72.3 |
52.9 |
36.4 |
|
Withholdings |
22.9 |
27.9 |
28.9 |
42.4 |
45.2 |
|
Unearned Income |
- |
- |
0.2 |
0.2 |
0.1 |
|
Guarantee Deposits Received |
0.1 |
2.7 |
0.2 |
0.2 |
0.1 |
|
Current Borrowings |
2,639.2 |
1,896.7 |
525.8 |
568.0 |
364.6 |
|
Current LT Liab. |
- |
- |
16.0 |
31.4 |
76.9 |
|
Current Portion of Bonds |
130.2 |
- |
- |
- |
- |
|
Current Portion of Convertible Bonds |
- |
394.1 |
- |
- |
- |
|
CL Curr. Futures |
- |
- |
22.9 |
12.1 |
3.4 |
|
Current Derivatives Liabilities |
79.8 |
74.2 |
- |
- |
- |
|
Advances on Confirmed Contracts |
- |
- |
4.2 |
- |
- |
|
Merchand Gift |
- |
- |
32.6 |
29.8 |
11.8 |
|
Merchandise Advance-Confirmed Contract |
- |
- |
- |
1.7 |
0.4 |
|
Currency Advance-Confirmed Contract |
- |
- |
- |
1.3 |
- |
|
Other Current Liabilities |
- |
- |
0.1 |
- |
- |
|
Group Assets Held for Sale related Liabi |
134.9 |
- |
- |
- |
- |
|
Adjustment for Current Trade & Other Pay |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liability |
4,149.7 |
3,536.9 |
1,744.7 |
1,356.0 |
1,218.0 |
|
|
|
|
|
|
|
|
Bonds |
644.0 |
407.3 |
128.4 |
- |
- |
|
Non-Current Borrowings |
809.5 |
645.1 |
248.0 |
222.2 |
280.2 |
|
Capital Lease Liabilities |
- |
- |
39.2 |
55.8 |
58.8 |
|
Convertible Bonds |
289.1 |
- |
305.7 |
- |
- |
|
Total Long Term Debt |
1,742.5 |
1,052.4 |
721.2 |
278.0 |
339.0 |
|
|
|
|
|
|
|
|
Non-Current Other Payables |
38.2 |
2.8 |
3.5 |
1.8 |
5.4 |
|
LT Deposit Withheld |
- |
- |
140.2 |
131.4 |
135.3 |
|
Non-Current Accrued Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
1.4 |
|
Non-Current Financial Deposits Liabiliti |
1.0 |
1.2 |
6.2 |
5.8 |
7.9 |
|
Non-Current Provisions |
40.3 |
115.3 |
- |
- |
- |
|
Reserve-Recovery |
- |
- |
3.4 |
1.6 |
- |
|
Reserve-Sales Guarantee |
- |
- |
1.2 |
1.3 |
0.2 |
|
Other Non-Current Liabilities |
16.5 |
10.8 |
- |
- |
- |
|
Rsv-Contingency Loss |
- |
- |
97.0 |
98.4 |
101.1 |
|
Retirement & Severance Benefits, Non-Cur |
21.0 |
14.6 |
- |
- |
- |
|
Retirement Resrv |
- |
- |
37.2 |
0.9 |
0.2 |
|
Deposit-Retirement Insurance |
- |
- |
-36.1 |
- |
- |
|
Transfer to National Pension Fund |
- |
- |
-0.3 |
- |
- |
|
Deferred Income Taxes, Non-Current Liabi |
56.0 |
33.2 |
112.1 |
36.8 |
77.2 |
|
Minority Interests |
2.6 |
1.2 |
8.4 |
9.1 |
16.2 |
|
Present Value Discount |
-0.5 |
-0.7 |
- |
- |
- |
|
Non-Current Deposit from Import License |
6.3 |
6.4 |
- |
- |
- |
|
Adjustment for Non-Current Trade & Other |
0.0 |
0.0 |
- |
- |
- |
|
Total Liabilities |
6,073.7 |
4,774.0 |
2,838.9 |
1,921.3 |
1,901.9 |
|
|
|
|
|
|
|
|
Common Stock |
447.8 |
445.2 |
420.1 |
377.1 |
507.4 |
|
Capital Surplus |
- |
- |
16.5 |
1.1 |
1.4 |
|
Additional Paid in Capital |
65.7 |
8.5 |
- |
- |
- |
|
Consolidated Retained Earnings |
- |
- |
567.5 |
435.5 |
535.2 |
|
Gains on Disposal of Treasury Stock |
0.0 |
0.0 |
- |
- |
- |
|
Othr Capital Adj |
-0.6 |
-0.6 |
- |
- |
- |
|
Discounts on Stock Issuance |
- |
- |
-0.1 |
- |
- |
|
Unissu Share Cap |
- |
- |
0.3 |
0.7 |
1.2 |
|
Capital Change, Equity Method |
276.2 |
176.3 |
78.7 |
13.3 |
6.7 |
|
Gain/Losses on Valuation of Securities A |
25.5 |
41.2 |
27.8 |
19.4 |
27.6 |
|
Negative Captial Change-Equity Method |
-1.5 |
-0.8 |
-3.5 |
-56.8 |
-25.2 |
|
Accumulative Overseas Business Translati |
10.5 |
-1.1 |
49.8 |
48.8 |
-5.4 |
|
Gain-Revaluation of Tangible Assets |
- |
- |
36.1 |
- |
- |
|
Held for Sale Assets-Accumulated Other C |
-1.5 |
- |
- |
- |
- |
|
Adjustment for Capital Surplus |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Accumulated Other Compreh |
0.0 |
0.0 |
- |
- |
- |
|
Appropriated Retained Earnings for Legal |
11.5 |
9.8 |
- |
- |
- |
|
Appropriated Retained Earnings for Volun |
621.0 |
548.9 |
- |
- |
- |
|
Retained Earnings Carried Forward |
200.9 |
121.6 |
- |
- |
- |
|
Adjustment for Retained Earnings or Accu |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
1,655.7 |
1,349.0 |
1,193.3 |
839.0 |
1,048.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
2,950.8 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
103.2 |
101.1 |
100.8 |
100.8 |
100.8 |
|
Total Common Shares Outstandin |
103.2 |
101.1 |
100.8 |
100.8 |
100.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
42.0 |
68.9 |
72.5 |
53.0 |
36.5 |
|
Full-Time Employees |
1,968 |
1,796 |
1,431 |
1,486 |
1,494 |
|
Number of Common Shareholders |
- |
45,691 |
40,785 |
37,135 |
44,406 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
16.0 |
31.4 |
76.9 |
|
Long Term Debt Maturing within 2 Years |
- |
- |
44.2 |
56.8 |
63.7 |
|
Long Term Debt Maturing within 3 Years |
- |
- |
46.5 |
37.8 |
67.5 |
|
Long Term Debt Maturing within 4 Years |
- |
- |
62.5 |
36.3 |
41.4 |
|
Long Term Debt Maturing within 5 Years |
- |
- |
41.0 |
34.9 |
41.7 |
|
Long Term Debt Remaining Maturities |
- |
- |
71.1 |
78.0 |
106.4 |
|
Total Long Term Debt, Supplemental |
- |
- |
281.2 |
275.3 |
397.6 |
|
Operating Leases Due in 1 Year |
- |
- |
- |
0.0 |
0.1 |
|
Total Operating Leases |
- |
- |
- |
0.0 |
0.1 |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
190.2 |
90.2 |
102.6 |
71.4 |
104.7 |
|
Depreciation |
18.7 |
11.3 |
24.4 |
28.1 |
31.2 |
|
Amortization of Intangible Assets |
4.0 |
4.3 |
4.4 |
4.8 |
4.3 |
|
Compensation Expenses Associated with St |
- |
0.0 |
0.0 |
- |
2.0 |
|
Expense of Allowance for Doubtful Accoun |
6.1 |
7.0 |
14.7 |
- |
0.1 |
|
Depreciation of Investment Properties |
0.5 |
0.4 |
- |
- |
- |
|
Expenses of Allowance for Other Doubtful |
0.3 |
10.9 |
23.2 |
0.3 |
- |
|
Interest Expenses |
70.8 |
67.2 |
17.4 |
11.7 |
26.7 |
|
Provision-Sales Guarantee |
0.3 |
- |
- |
1.5 |
0.1 |
|
Provisions for Restoration |
0.1 |
0.2 |
- |
- |
- |
|
Retiremt Allw Reserv |
- |
- |
7.8 |
12.8 |
11.5 |
|
L-Trade Rcvbl Disposal |
- |
- |
51.3 |
64.0 |
45.9 |
|
Losses on Foreign Currency Translation |
103.2 |
56.4 |
17.6 |
68.0 |
17.6 |
|
L-Commodity Futures Valu |
- |
- |
29.6 |
34.1 |
11.9 |
|
Loss-Currency Forwards Transaction |
- |
- |
69.1 |
123.6 |
57.7 |
|
L-Commodity Futures Trade |
- |
- |
164.9 |
191.3 |
89.7 |
|
Increase on Fixed Benefit Liabilitie |
9.3 |
11.9 |
- |
- |
- |
|
Loss on Derivatives Transaction |
414.0 |
328.9 |
- |
- |
- |
|
Loss on Valuation of Derivative Financia |
162.0 |
121.2 |
- |
- |
- |
|
Recovery of Provisions |
-30.6 |
-6.4 |
- |
- |
- |
|
Corporate Taxes Expense |
49.4 |
- |
- |
- |
- |
|
Dividend Income |
-0.3 |
-2.0 |
- |
- |
- |
|
Losses on Valuation of Inventories |
20.0 |
- |
0.6 |
6.0 |
0.4 |
|
L-Currency Contract on Settlement Valua. |
- |
- |
- |
6.7 |
- |
|
L-Currency Futr Valu |
- |
- |
20.7 |
13.8 |
3.4 |
|
Loss-Reduction of Investment Assets |
- |
2.9 |
15.1 |
3.2 |
- |
|
L-Tangible Asst Disp |
0.4 |
0.2 |
0.1 |
0.4 |
0.1 |
|
Loss on Disposal of Intangible Assets |
0.0 |
- |
- |
- |
- |
|
Loss on Valuation of Convertible Bonds |
- |
38.2 |
- |
- |
- |
|
Gain on Disposal of Property, Plant and |
-0.2 |
-0.9 |
-0.6 |
-0.2 |
-0.3 |
|
Impairment Loss on Intangible Assets |
31.3 |
- |
- |
- |
4.7 |
|
Impairment Loss on Property, Plant and E |
- |
109.8 |
0.6 |
6.3 |
0.7 |
|
Loss -Redemption of LT Borrowings |
- |
- |
0.6 |
0.1 |
0.1 |
|
Loss on Invesment in Affiliates |
5.7 |
2.0 |
0.8 |
3.7 |
2.2 |
|
Loss-Investment Assets Disposal |
- |
1.6 |
1.1 |
- |
0.4 |
|
Financial Guarantee Expense |
0.8 |
0.1 |
- |
- |
- |
|
Gain on Valuatin of Convertible Bonds |
-30.1 |
- |
- |
- |
- |
|
Reserve-Recovery |
- |
- |
0.1 |
- |
- |
|
Recovery of Stocks Compensation Expenses |
0.0 |
- |
- |
- |
- |
|
Loss-Valuation of Contract on Settlement |
- |
- |
27.7 |
24.5 |
28.9 |
|
Contingency Loss |
1.5 |
1.7 |
1.8 |
2.4 |
2.8 |
|
Other Non-Operating Expense |
- |
- |
0.3 |
- |
- |
|
G-Commodity Futures Valu |
- |
- |
-15.7 |
-11.9 |
-4.7 |
|
Recovery-Contingency Loss Reserve |
- |
- |
-4.6 |
- |
-0.5 |
|
G-Currency Contract on Settlement Valua. |
- |
- |
- |
-3.4 |
- |
|
Gain-Commodity Futures Transaction |
- |
- |
-128.3 |
-169.1 |
-96.7 |
|
G-Currency Futr Valu |
- |
- |
-16.0 |
-10.4 |
-3.7 |
|
Gain on Financial Guarantees |
-0.8 |
-0.1 |
- |
- |
- |
|
Gain on Derivatives Transaction |
-465.3 |
-301.4 |
- |
- |
- |
|
Gains on Valuations of Derivatives Asset |
-90.6 |
-133.5 |
- |
- |
- |
|
Corporate Taxes Income |
- |
-16.1 |
- |
- |
- |
|
Recovery of Allowance for Doubtful Accou |
-0.8 |
-0.3 |
- |
- |
- |
|
Recovery of Provision in Loss on Valuati |
- |
-1.0 |
- |
- |
- |
|
Discontinued Income |
-82.2 |
- |
- |
- |
- |
|
Gain-Currency Forwards Transaction |
- |
- |
-90.0 |
-130.5 |
-30.1 |
|
Gain on Disposal of Investment in Affili |
-0.6 |
- |
- |
- |
- |
|
G-Inv.Asset Disp |
- |
- |
-12.4 |
-9.6 |
-13.6 |
|
Decrease in Other Non-Current Assets |
-3.7 |
- |
- |
- |
- |
|
Interest Received |
-12.4 |
-8.2 |
-1.4 |
-1.9 |
-0.9 |
|
Gain on Invesment in Affiliates |
-127.5 |
-177.4 |
-121.8 |
-68.0 |
-118.9 |
|
Recovery-Inventory Valuation Loss |
- |
- |
-4.3 |
- |
-1.1 |
|
Gains on Foreign Currency Translation |
-62.3 |
-48.0 |
-30.3 |
-85.1 |
-18.1 |
|
Gain-Valuation of Contract on Settlement |
- |
- |
-69.3 |
-62.5 |
-32.3 |
|
Recovery-Loan Loss Reserve |
- |
- |
-3.0 |
-2.1 |
- |
|
Gain-Other Non-Operating |
- |
- |
-3.7 |
-0.2 |
-4.3 |
|
Gain on disposal of Subsidiaries |
- |
- |
-4.8 |
- |
- |
|
Trade Receivables |
-751.4 |
-204.3 |
-148.6 |
-211.3 |
41.3 |
|
Accrued Income |
- |
- |
0.9 |
1.6 |
-1.3 |
|
Other Current Receivables |
86.4 |
-74.2 |
11.2 |
-13.7 |
18.2 |
|
Prepaid Expenses |
- |
- |
0.1 |
-0.5 |
2.5 |
|
Advance Payments |
- |
- |
0.0 |
12.5 |
-10.7 |
|
Inventory |
-257.7 |
-465.5 |
23.0 |
-131.2 |
19.0 |
|
LT Trade Rcvbls |
- |
- |
- |
- |
0.3 |
|
Other Non-Current Receivables |
-0.1 |
-2.4 |
- |
- |
- |
|
Merchandise Settlement Contracts |
- |
- |
39.5 |
35.9 |
4.4 |
|
Currency Settlement Contracts |
- |
- |
- |
-3.3 |
- |
|
Deferred Taxes-Asset |
- |
- |
35.1 |
-30.0 |
23.8 |
|
Other Current Assets |
9.6 |
-60.9 |
- |
-0.6 |
0.0 |
|
Derivatives Assets |
-10.8 |
-20.9 |
- |
- |
- |
|
Trade Payables |
0.9 |
-74.2 |
403.6 |
26.3 |
28.7 |
|
Other Current Payables |
52.5 |
-28.0 |
-7.4 |
58.4 |
16.3 |
|
Other Non-Current Payables |
-16.4 |
-1.5 |
- |
- |
- |
|
Accrued Dividends |
- |
- |
- |
- |
-1.7 |
|
Accrued Expenses |
- |
- |
4.8 |
-3.7 |
-41.0 |
|
LT Accrued Expenses |
- |
- |
0.0 |
-1.0 |
-9.3 |
|
Dividend Received from Affiliates |
- |
- |
21.7 |
35.0 |
- |
|
Accrued Inc Tax |
- |
- |
-20.8 |
34.0 |
-14.6 |
|
Unearned Income |
- |
- |
- |
0.1 |
0.2 |
|
Advances Received |
- |
- |
17.4 |
29.6 |
0.5 |
|
Other Current Liabilities |
-33.9 |
-8.5 |
0.1 |
- |
- |
|
Deposits Withheld |
- |
- |
-18.0 |
9.6 |
0.5 |
|
Reserve-Sales Guarantee |
- |
- |
-0.3 |
-0.1 |
-0.2 |
|
Nation Pension Fnd |
- |
- |
0.1 |
0.1 |
0.2 |
|
Retiremt Allow Paymt |
- |
- |
-10.7 |
-9.8 |
-9.6 |
|
Retire Deposit A/L |
- |
- |
2.7 |
-0.4 |
-3.2 |
|
Plan Assets |
-1.4 |
1.7 |
- |
- |
- |
|
Provisions |
- |
-1.3 |
- |
- |
- |
|
Payment for Retirement Allowance |
-6.7 |
-6.7 |
- |
- |
- |
|
Other Non-Current Liabilities |
-17.3 |
- |
- |
- |
- |
|
Reserve-Contingent Loss |
- |
- |
0.3 |
- |
- |
|
Overseas Business Translation Debit |
- |
- |
35.9 |
64.5 |
5.3 |
|
Adjustment |
0.0 |
- |
- |
- |
- |
|
Cash-Interest Received |
13.6 |
9.8 |
- |
- |
- |
|
Cash-Dividend Income |
33.7 |
2.0 |
- |
- |
- |
|
Cash-Interest Paid |
-100.7 |
-46.8 |
- |
- |
- |
|
Cash-Tax Paid |
-15.3 |
-41.8 |
- |
- |
- |
|
Cash from Operating Activities |
-833.7 |
-852.5 |
481.3 |
25.4 |
191.7 |
|
|
|
|
|
|
|
|
Dec-ST Finl Asset |
- |
- |
6.0 |
59.1 |
50.3 |
|
Disposal in Current Loans |
- |
- |
0.3 |
10.8 |
4.2 |
|
Increae or Decrease of Current Loans |
17.8 |
-4.9 |
- |
- |
- |
|
Decrease in Non-Current Loans |
- |
- |
1.9 |
- |
7.0 |
|
Decrease-LT Account Receivable |
- |
- |
5.2 |
- |
4.0 |
|
Decrease in Non-Current Guarantee Deposi |
- |
1.0 |
2.2 |
3.3 |
6.2 |
|
Dec-Currency Future |
- |
- |
18.0 |
133.6 |
34.3 |
|
Dec-Marketable Secs |
- |
- |
0.0 |
0.0 |
0.0 |
|
Disposal of Investment Securities |
0.0 |
0.0 |
3.0 |
10.7 |
17.9 |
|
Disp-Equity Investment Sec. |
- |
- |
- |
- |
6.6 |
|
Disp-Other Investment Asset |
- |
- |
0.0 |
- |
- |
|
Disposal of Intangible Assets |
0.4 |
- |
- |
- |
- |
|
Purchase of Subsidiaries |
-6.2 |
- |
- |
- |
- |
|
Disposal of Property, Plant and Equipmen |
5.4 |
5.8 |
- |
- |
- |
|
Disposal-Land |
- |
- |
0.2 |
- |
- |
|
Disposal of Building |
- |
- |
0.3 |
1.6 |
2.7 |
|
Disp-Structure |
- |
- |
- |
- |
0.0 |
|
Disp-Machinery |
- |
- |
0.1 |
0.0 |
6.3 |
|
Disp-Vehicles |
- |
- |
0.2 |
0.2 |
0.1 |
|
Disposal-Tools & Supplies |
- |
- |
0.0 |
- |
0.0 |
|
Disp-Merchand Options |
- |
- |
0.1 |
0.0 |
0.1 |
|
Disp-Commodity Futures |
- |
- |
- |
173.1 |
102.4 |
|
Disposal-Other Intangible Assets |
- |
- |
2.0 |
- |
- |
|
Disposal of Current Financial Instrument |
-61.4 |
-16.9 |
- |
- |
- |
|
Inc/Dec of Non-Current Financial Instru |
0.2 |
-0.2 |
- |
- |
- |
|
Disposal of Non-Current Financial Instru |
- |
- |
0.0 |
- |
- |
|
Purchase of Investment in Affiliates |
-122.0 |
-15.9 |
- |
- |
- |
|
Purchase of Investment Properties |
-0.2 |
-0.1 |
- |
- |
- |
|
Inc-ST Loans |
- |
- |
-1.6 |
-13.6 |
-9.7 |
|
Increase-LT Loans |
-30.5 |
-27.3 |
-5.3 |
0.0 |
-8.9 |
|
Increase-LT Account Receivable |
- |
- |
- |
- |
-4.2 |
|
Decrease in Guarantee Deposit |
-0.3 |
-1.1 |
-5.5 |
-2.5 |
-2.4 |
|
Investment for Natural Resources Dev. |
- |
- |
12.9 |
- |
- |
|
Inc-Currency Futures |
- |
- |
- |
-126.4 |
-63.9 |
|
Acq-Merchand Options |
- |
- |
-55.6 |
-201.3 |
-99.4 |
|
Increase-Other Investment Assets |
- |
- |
- |
- |
-0.2 |
|
Purchase of Non-Current Investment Secur |
-10.3 |
-8.7 |
-1.9 |
-16.1 |
-0.6 |
|
Inc-Equity Investment Sec. |
- |
- |
-57.5 |
-27.2 |
-98.9 |
|
Purchase of Property, Plant and Equipmen |
-103.7 |
-53.6 |
- |
- |
- |
|
Increase-Land |
- |
- |
0.0 |
- |
- |
|
Acq-Building |
- |
- |
-11.3 |
-0.2 |
-1.0 |
|
Acq-Structure |
- |
- |
-1.1 |
-0.1 |
-0.2 |
|
Acq-Machinery |
- |
- |
-30.6 |
-1.6 |
-2.7 |
|
Acq-Fixtures |
- |
- |
-3.7 |
-4.5 |
-3.0 |
|
Acq-Vehicles |
- |
- |
-2.5 |
-0.9 |
-1.8 |
|
Acq-Tools/Equipmt |
- |
- |
-0.2 |
- |
-0.2 |
|
Acq-Constructn Prog |
- |
- |
-1.0 |
-3.0 |
-1.1 |
|
Acq-Resource Dev't C |
- |
- |
-112.1 |
-131.0 |
-107.6 |
|
Purchase of Intangible Assets |
-285.5 |
-97.5 |
-0.3 |
-5.1 |
-3.1 |
|
Cash from Investing Activities |
-596.5 |
-219.4 |
-237.8 |
-141.1 |
-166.8 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
797.3 |
233.7 |
- |
294.3 |
129.6 |
|
Increase in Non-Current Borrowings |
274.5 |
152.2 |
28.2 |
24.0 |
12.8 |
|
Increase in Bonds |
370.9 |
272.8 |
117.0 |
- |
- |
|
Increase-Convertible Bond |
- |
- |
292.5 |
- |
- |
|
Increase in Non-Current Deposits for Imp |
-0.1 |
0.2 |
- |
35.2 |
0.8 |
|
Inc-Government Subsidy |
- |
- |
0.0 |
0.2 |
0.5 |
|
Increase-LT Deposit Withheld |
- |
- |
- |
1.6 |
49.4 |
|
Increase-LT Accrued Payment |
- |
- |
2.8 |
- |
- |
|
Dec-Curr LT Liabs |
- |
- |
-54.0 |
-71.9 |
-44.5 |
|
Dec-ST Borrowings |
- |
- |
-83.8 |
- |
- |
|
Decrease in Non-Current Borrowings |
-39.3 |
-44.4 |
-34.5 |
-50.9 |
-71.7 |
|
Dec-LT Guarant Depo |
- |
- |
-0.1 |
-1.6 |
-0.9 |
|
Decrease-LT Deposit Withheld |
- |
- |
-1.7 |
- |
- |
|
Dec-Government Subsidy |
- |
- |
-0.1 |
-0.4 |
-0.1 |
|
Increase-Discount on Stock Issuance |
- |
- |
-0.1 |
- |
- |
|
Dividend Paid |
-18.2 |
-4.3 |
-3.7 |
-30.2 |
-4.9 |
|
Consolid Scope Adj |
- |
- |
6.8 |
- |
-0.9 |
|
Cash from Financing Activities |
1,385.1 |
610.3 |
269.4 |
200.4 |
69.9 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.0 |
0.1 |
-3.2 |
3.8 |
0.7 |
|
Net Change in Cash |
-44.1 |
-461.4 |
509.8 |
88.5 |
95.5 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
407.6 |
852.0 |
254.2 |
206.2 |
148.8 |
|
Cash and Cash Equivalents at End |
363.5 |
390.5 |
764.0 |
294.8 |
244.3 |
|
Cash Interest Paid |
100.7 |
46.8 |
- |
- |
- |
|
Cash Taxes Paid |
15.3 |
41.8 |
- |
- |
- |
Financial Health
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Annual Ratios |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
UK Pound |
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.