MIRA INFORM REPORT

 

 

Report Date :

26.10.2012

 

IDENTIFICATION DETAILS

 

Name :

KP CHEMICAL CORP

 

 

Registered Office :

427-3, Sanggae-Dong, Nam-Gu, Ulsan, 680180, Korea, Republic of

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

28.12.2001

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Engaged in the manufacture of petrochemicals

 

 

No. of Employees :

621

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP

Source : CIA

Company name

 

KP Chemical Corp

 

 

 

427-3, Sanggae-Dong, Nam-Gu

 

 

Ulsan, 680180

Korea, Republic of

 

Tel:

82-2-8400000

Fax:

82-2-8400010

 

www.kpchem.co.kr

 

Employees:

621

Company Type:

Public Subsidiary

Corporate Family:

42 Companies

Ultimate Parent:

Lotte Co Ltd

Traded:

Korea Stock Exchange:

064420

Incorporation Date:

28-Dec-2001

Auditor:

PricewaterhouseCoopers LLP

 

Fiscal Year End:

31-Dec-2011

Reporting Currency:

South Korean Won

Annual Sales:

4,188.4  1

Net Income:

262.1

Total Assets:

1,857.9  2

Market Value:

1,055.7

 

(12-Oct-2012)

 

 

Business Description     

 

 

KPCHEMICAL CORP is a Korea-based company engaged in the manufacture of petrochemicals. The Company’s products include purified terephthalic acid (PTA), which is used as raw materials of the raw materials of polyester fibers, video and audio films, and polyethylene terephthalate (PET) bottles; purified isophthalic acid (PIA), which is used as the raw materials by the chemical industries and applied to paints, adhesives and coating materials, PET, which is used to manufacture containers for various products, including foods and beverages, as well as paraxylene (PX), ortho-xylene (OX), meta-xylene (MeX), benzene-toluene-xylene (BTX), and other related products. The Company distributes its products within domestic market and to overseas markets, including China, Russia, Europe, Southeast Asia and others. For the six months ended 30 June 2012, KP Chemical Corp revenues decreased 6% to W2.265T. Net income decreased 82% to W42.45B. Revenues reflect Petrochemical Segment decrease of 39% to W1.656T, Resin Product Segment decrease of 40% to W609.7B, South Korea segment decrease of 5% to W1.632T, Pakistan segment decrease of 16% to W332B. Net income also reflects Petrochemical Segment income decrease of 97% to W11.11B.

 

 Industry     

 

 

Industry

Chemical Manufacturing

ANZSIC 2006:

1812 - Basic Organic Chemical Manufacturing

NACE 2002:

2414 - Manufacture of other organic basic chemicals

NAICS 2002:

32511 - Petrochemical Manufacturing

UK SIC 2003:

2414 - Manufacture of other organic basic chemicals

UK SIC 2007:

2014 - Manufacture of other organic basic chemicals

US SIC 1987:

2869 - Industrial Organic Chemicals, Not Elsewhere Classified

 

 

 Key Executives   

 

 

Name

Title

Chang Gyu Kim

Chief Executive Officer, Director

Soo Young Huh

President & CEO

Byung Yong Na

Auditor

Jae Ok Choi

Chief Sales Officer

Doo Hyun Lee

Managing Director-Technology

 

Topic

#*

Most Recent Headline

Date

Mergers & Acquisitions

1

Honam Petro Chemical Corp to Merge with KP Chemical Corp

14-Aug-2012

Officer Changes

1

KP Chemical Corporation Announces Appointment of New CEO

23-Mar-2012

Dividends

1

KP Chemical Corporation Declares Annual Cash Dividend for FY 2011

5-Mar-2012

* number of significant developments within the last 12 months

 

 

 

  News  

 

 

Title

Date

Jacobs Wins Contract from Lotte Chemical UK
Journal of Engineering (341 Words)

19-Sep-2012

POWER OUTAGE IN KOREA INFLICTS HUGE DAMAGE ON PETROCHEM PLANTS
Asia Pulse Businesswire (264 Words)

7-Dec-2011

Hundreds of Korean petrochem plants suspend ops on power outage
Asia In Focus (166 Words)

7-Dec-2011

Power outage in Ulsan inflicts huge damage on petrochemical plants
Yonhap News Agency (South Korea) (260 Words)

6-Dec-2011

 

 

Financial Summary

                                  

 

As of 30-Jun-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.00

2.18

Quick Ratio (MRQ)

1.54

1.35

Debt to Equity (MRQ)

0.0023

0.82

Sales 5 Year Growth

22.76

6.26

Net Profit Margin (TTM) %

2.06

10.56

Return on Assets (TTM) %

4.39

8.26

Return on Equity (TTM) %

7.62

22.07

 

 

Stock Snapshot

 

 

Traded: Korea Stock Exchange: 064420

 

As of 12-Oct-2012

   Financials in: KRW

Recent Price

11,950.00

 

EPS

2,969.39

52 Week High

20,200.00

 

Price/Sales

0.25

52 Week Low

11,350.00

 

Dividend Rate

250.00

Avg. Volume (mil)

0.60

 

Price/Earnings

13.39

Market Value (mil)

1,175,137.00

 

Price/Book

0.90

 

 

 

Beta

1.35

 

Price % Change

Rel S&P 500%

4 Week

-6.64%

-3.05%

13 Week

-10.15%

-15.74%

52 Week

-20.33%

-24.87%

Year to Date

-15.55%

-20.25%

 

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

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

 

 

Corporate Overview

 

 

Location
427-3, Sanggae-Dong, Nam-Gu
Ulsan, 680180
Korea, Republic of

 

Tel:

82-2-8400000

Fax:

82-2-8400010

 

www.kpchem.co.kr

Quote Symbol - Exchange

064420 - Korea Stock Exchange

Sales KRW(mil):

4,640,259.5

Assets KRW(mil):

2,140,279.8

Employees:

621

Fiscal Year End:

31-Dec-2011

 

 

 

Industry:

Chemical Manufacturing

Incorporation Date:

28-Dec-2001

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

Chief Executive Officer, Director:

Chang Gyu Kim

 

 

Industry Codes

 

 

 

ANZSIC 2006 Codes:

1812

-

Basic Organic Chemical Manufacturing

1899

-

Other Basic Chemical Product Manufacturing Not Elsewhere Classified

1829

-

Other Basic Polymer Manufacturing

1813

-

Basic Inorganic Chemical Manufacturing

1821

-

Synthetic Resin and Synthetic Rubber Manufacturing

 

NACE 2002 Codes:

2414

-

Manufacture of other organic basic chemicals

2416

-

Manufacture of plastics in primary forms

2466

-

Manufacture of other chemical products not elsewhere classified

2470

-

Manufacture of man-made fibres

2413

-

Manufacture of other inorganic basic chemicals

 

NAICS 2002 Codes:

32511

-

Petrochemical Manufacturing

325998

-

All Other Miscellaneous Chemical Product and Preparation Manufacturing

325222

-

Noncellulosic Organic Fiber Manufacturing

325221

-

Cellulosic Organic Fiber Manufacturing

325188

-

All Other Basic Inorganic Chemical Manufacturing

325211

-

Plastics Material and Resin Manufacturing

 

US SIC 1987:

2869

-

Industrial Organic Chemicals, Not Elsewhere Classified

2819

-

Industrial Inorganic Chemicals, Not Elsewhere Classified

2899

-

Chemicals and Chemical Preparations, Not Elsewhere Classified

2823

-

Cellulosic Manmade Fibers

2821

-

Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers

2824

-

Manmade Organic Fibers, Except Cellulosic

 

UK SIC 2003:

2414

-

Manufacture of other organic basic chemicals

2470

-

Manufacture of man-made fibres

2413

-

Manufacture of other inorganic basic chemicals

2466

-

Manufacture of other chemical products not elsewhere classified

2416

-

Manufacture of plastics in primary forms

 

UK SIC 2007:

2014

-

Manufacture of other organic basic chemicals

2060

-

Manufacture of man-made fibres

2013

-

Manufacture of other inorganic basic chemicals

2016

-

Manufacture of plastics in primary forms

2059

-

Manufacture of other chemical products n.e.c.

 

 

Business Description

 

 

KPCHEMICAL CORP is a Korea-based company engaged in the manufacture of petrochemicals. The Company’s products include purified terephthalic acid (PTA), which is used as raw materials of the raw materials of polyester fibers, video and audio films, and polyethylene terephthalate (PET) bottles; purified isophthalic acid (PIA), which is used as the raw materials by the chemical industries and applied to paints, adhesives and coating materials, PET, which is used to manufacture containers for various products, including foods and beverages, as well as paraxylene (PX), ortho-xylene (OX), meta-xylene (MeX), benzene-toluene-xylene (BTX), and other related products. The Company distributes its products within domestic market and to overseas markets, including China, Russia, Europe, Southeast Asia and others. For the six months ended 30 June 2012, KP Chemical Corp revenues decreased 6% to W2.265T. Net income decreased 82% to W42.45B. Revenues reflect Petrochemical Segment decrease of 39% to W1.656T, Resin Product Segment decrease of 40% to W609.7B, South Korea segment decrease of 5% to W1.632T, Pakistan segment decrease of 16% to W332B. Net income also reflects Petrochemical Segment income decrease of 97% to W11.11B.

 

More Business Descriptions

Production of specialised petrochemical products including purified Terephtalic acid

 

Chemical Products Mfr

 

KP Chemical Corp. (KP Chemical) is one of the providers of petrochemical products in Korea. Honam Petrochemical Corp has 52% share in KP chemical. It develops, produces, distributes and exports the high performance chemicals such as, para-xylene (P-X), ortho-xylene (O-X), meta-xylene (MEX), purified terephthalic acid (PTA), purified isophthalic acid (PIA) and para-xylene (B-Z), used as a raw materials for production of various other products. It also undertakes the production of PET packaging resins. The products offered by the company are classified into four categories such as PTA (Purified terephthalic acid), PIA (Purified Isophthalic acid), PET (polyethylene terephthalate) and BTX. The PTA is used as a raw material for the production of polyester related products such as filament yarn, staple fiber, audio and video film, and PET Bottles. The company uses Swing production technique to produce PTA, a technological advancement.PIA is a high-tech product which is employed as a major raw material by the chemical industries. It is used in various applications such as coating materials, paint and adhesives. The company produces PIA using its in-house technology. It is produced through a vertically integrated production system. Its major characteristics are high purity isophthalic acid, low color b-value and Low metal content. The company production capacity of PIA is 70,000MT of high-quality per year.PET is used in the manufacture of containers for various products such as, food and beverages. PET SSP resin is used to develop and manufacture PET packaging resins. PET SSP resin is offered under the brand name PAPET. KP Chemical has the largest PET production capacity in Korea. The company’s PET obtained quality approval from several beverage companies and foreign governments which include COCA, PEPSI, EVIAN, US FDA and ELFARE MINISTRY OF JAPAN, among others. The company’s PET products are sold in Russia, CIS, Europe, the US, South America, Asia, Middle East, Australia and Africa.Through BTX category, the company offers products such as Para-Xylene (P-X), Ortho-Xylene (O-X), Benzene (B-Z) and Meta-Xylene (Me-X). These products are used as raw materials in various industries. They are used in the petrochemical industry as a raw material for the production of PTA and PIA, while B-Z is used as a raw material for the production of MDI, PHENOL, SM, LAB, and MA.KP Chemical produces 750,000 tons of P-X; 1,050,000 tons of PTA; 450,000 tons of PET; 160,000 tons of MeX; 200,000 of PIA products annually. These products are produced in the company’s vertically combined production system in Uslan plant complexes 1 and 2. The company’s subsidiary, LOTTE Pakistan PTA produces 500,000 tons of PTA products. LOTTE Chemical UK produces 500,000 tons of PTA and 150,000 tons of PET.The company’s research and development activities include the development of new polymer materials and high-tech manufacturing technologies based on PIA and PTA. KP Chemical also develops environmentally friendly resins in partnership with world's top resin producers. It develops latest technologies in collaboration and through strategic technological partnerships with industries, academic, and research institutions. The company is presently developing high performance specialty chemical products, used as a raw material in the high gas barrier resin and epoxy production. In April 2012, the company entered into a supply agreement with ETANA, a Russia-based producer. Through this agreement, the company will supply terephthalic acid to ETANA.

 

KP Chemical Corp. (KP Chemical) is a Korea based petrochemical company. The company conducts the development, manufacture, distribution, marketing and exporting of chemicals. Its products are offered in four categories such as PTA (Purified terephthalic acid), PIA (Purified Isophthalic acid), PET (polyethylene terephthalate) and BTX. It also offers para-xylene (P-X), ortho-xylene (O-X), and meta-xylene (MEX) to its clients. It provides PET packaging resin (PAPET). The company operates in Hong Kong, Russia, China, and Korea. About 90% of the products manufactured by the company are exported to other regions such as Southeast Asian, European, American, and Middle East. KP Chemical is headquartered at Seoul, South Korea.The company reported revenues of (Won) KRW 4,640,259.59 million during the fiscal year ended December 2011, an increase of 31.96% over 2010. The operating profit of the company was KRW 389,271.44 million during the fiscal year 2011, an increase of 48.37% over 2010. The net profit of the company was KRW 290,415.18 million during the fiscal year 2011, an increase of 56.49% over 2010.

Source: Global Data

Petrochemical Manufacturing

 

Top

 

 

 

 

Brand/Trade Names

PX

PTA

PPR

IA

Top

Financial Data

Financials in:

KRW(mil)

 

Revenue:

4,640,259.5

Net Income:

290,415.2

Assets:

2,140,279.8

Long Term Debt:

488.4

 

Total Liabilities:

831,559.3

 

Working Capital:

-184.5

 

 

 

Date of Financial Data:

31-Dec-2011

 

1 Year Growth

32.0%

56.5%

19.3%

Top

Market Data

Quote Symbol:

064420

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

11,950.0

Stock Price Date:

10-12-2012

52 Week Price Change %:

-20.3

Market Value (mil):

1,175,137,024.0

 

SEDOL:

6518369

ISIN:

KR7064420003

 

Equity and Dept Distribution:

'01-'03, financials are non-consolidated. '04-'10, financials are consolidated ('04, C/F is N/A). 06/02, IPO. FY'06 is CLA. FY'10 is CLA.

Top

 

Shareholders

 

 

Major Shareholders

Honam Petrochemical Corp (51.86%)

 

 

 

Top

Key Corporate Relationships

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PricewaterhouseCoopers LLP

 

 

 

 

 

 

Top

 

KP Chemical Corp

 

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

 

Strategic Initiatives

 

Product

The company’s research and development activities include the development of new polymer materials and high-tech manufacturing technologies based on PIA and PTA. KP Chemical also develops environmentally friendly resins in partnership with world's top resin producers. It develops latest technologies in collaboration and through strategic technological partnerships with industries, academic, and research institutions. The company is presently developing high performance specialty chemical products, used as a raw material in the high gas barrier resin and epoxy production. In April 2012, the company entered into a supply agreement with ETANA, a Russia-based producer.
Source: GlobalData, October 11, 2012

 

 

 

Corporate Family

Corporate Structure News:

 

Lotte Co Ltd
KP Chemical Corp

KP Chemical Corp
Total Corporate Family Members: 42

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

 

Lotte Co Ltd

Parent

Tokyo

Japan

Food Processing

6,180.3

4,900

 

Lotte Co., Ltd.

Subsidiary

Tokyo

Japan

Food Processing

4,308.9

3,350

 

Lotte Shopping Company Limited

Subsidiary

Seoul

Korea, Republic of

Retail (Department and Discount)

20,086.0

23,805

 

 

Lotte Shopping Indonesia, PT

Subsidiary

Jakarta Timur

Indonesia

Retail (Grocery)

 

1,500

 

CTA Makro Commercial Co. Ltd.

Subsidiary

Beijing

China

Retail (Grocery)

 

 

 

Lotte Confectionery Co Ltd

Subsidiary

Seoul

Korea, Republic of

Food Processing

1,673.6

4,212

 

Lotte Chilsung Beverage Co Ltd

Subsidiary

Seoul

Korea, Republic of

Beverages (Non-Alcoholic)

1,884.0

5,036

 

Lotte Asahi Liquor Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Beverages (Alcoholic)

51.2

 

 

Lotte Aluminum Co Ltd

Subsidiary

Seoul

Korea, Republic of

Miscellaneous Fabricated Products

929.2

1,278

 

Lotte Samkang Co Ltd

Subsidiary

Seoul

Korea, Republic of

Food Processing

854.7

1,179

 

Wellga Inc.

Subsidiary

Kwangmyung, Kyonggi-Do

Korea, Republic of

Food Processing

98.0

113

 

Lotte Ham Co Ltd

Subsidiary

Seoul

Korea, Republic of

Food Processing

411.5

694

 

Lotte India Corporation Ltd.

Subsidiary

Chennai

India

Food Processing

34.1

646

 

Chocolaterie Guylian

Subsidiary

Sint-Niklaas

Belgium

Food Processing

104.9

202

 

Guylian (UK) Ltd

Subsidiary

Kidlington

United Kingdom

Food Processing

21.2

6

 

Guylian USA Inc

Subsidiary

Englewood Cliffs, NJ

United States

Miscellaneous Capital Goods

3.8

4

 

LOTTE Engineering & Construction Co.,Ltd

Subsidiary

Seoul

Korea, Republic of

Construction Services

3,425.9

 

 

Lotte Engineering & Construction Co., Ltd.

Branch

Shibuya-Ku, Tokyo

Japan

Construction Services

37.4

15

 

Lotte International Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Consumer Financial Services

871.2

 

 

Korea Fuji Film Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Photography

156.7

 

 

Lotteria Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Food Processing

216.3

 

 

Lotte Electronics Corp.

Subsidiary

Seoul, Seoul

Korea, Republic of

Electronic Instruments and Controls

1.0

 

 

Kirin Co., Ltd.

Subsidiary

Pusan, Pusan

Korea, Republic of

Retail (Grocery)

 

 

 

Honam Petrochemical Corp

Subsidiary

Seoul

Korea, Republic of

Chemical Manufacturing

14,171.1

1,720

 

Titan Chemicals Corporation Sdn Bhd

Subsidiary

Kuala Lumpur

Malaysia

Chemical Manufacturing

1,591.4

1,005

 

KP Chemical Corp

Subsidiary

Ulsan

Korea, Republic of

Chemical Manufacturing

4,188.4

621

 

Lotte Pakistan PTA Limited

Subsidiary

Karachi

Pakistan

Chemical Manufacturing

666.8

227

 

Lotte Chemical UK Ltd.

Subsidiary

Redcar

United Kingdom

Chemical Manufacturing

700.9

159

 

K.P. Chemtech Corp.

Subsidiary

Ulsan

Korea, Republic of

Chemicals - Plastics and Rubber

189.5

111

 

Dacc Aerospace Co., Ltd.

Subsidiary

Chollabuk-Do

Korea, Republic of

Aerospace and Defense

5.1

122

 

Lotte Midopa Co Ltd.

Subsidiary

Seoul

Korea, Republic of

Retail (Department and Discount)

366.3

132

 

 

Chiba Lotte Marines Co., Ltd.

Subsidiary

Chiba

Japan

Recreational Activities

1.0

50

 

Lotte U.S.A., Inc.

Subsidiary

Battle Creek, MI

United States

Food Processing

5.7

13

 

Lotte Hotel Company Limited

Subsidiary

Seoul

Korea, Republic of

Hotels and Motels

1,324.1

 

 

Lotte Bussan Co.,Ltd.

Subsidiary

Shinjuku-Ku, Tokyo

Japan

Food Processing

1.0

 

 

Lotte Stone Foods Co., Limited

Subsidiary

Beijing

China

Food Processing

1.0

 

 

Pt Lotte Shopping Indonesia

Subsidiary

East Jakarta

Indonesia

Food Processing

 

 

 

Lotte Wedel Sp. z.o.o.

Subsidiary

Warszawa

Poland

Food Processing

65.0

1,190

 

Busan Lotte Hotel Co., Ltd.

Subsidiary

Pusan, Pusan

Korea, Republic of

Hotels and Motels

254.6

815

 

Mary Chocolate Co.,Ltd.

Subsidiary

Ota-Ku, Tokyo

Japan

Food Processing

178.2

725

 

Lotte Shoji Bunkatsu Jumbi, K.K.

Subsidiary

Shinjuku-Ku, Tokyo

Japan

Food Processing

1,632.3

 

 

Lotte Ice Cream Co.,Ltd.

Subsidiary

Shinjuku-Ku, Tokyo

Japan

Food Processing

740.6

 

 

 

 

KP Chemical Corp

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

GS Caltex Corp

Seoul, Korea, Republic of

3,158

Private

Isu Chemical Co., Ltd.

Seoul, Korea, Republic of

346

Public

Kumho Petro Chemical Co Ltd

Seoul, Korea, Republic of

1,331

Public

LG Chem Ltd

Seoul, Korea, Republic of

11,389

Public

Samnam Petrochemical Co.,Ltd.

Seoul, Korea, Republic of

 

Private

Samsung Petrochemical Co., Ltd.

Seoul, Korea, Republic of

300

Private

 

 

 

 

KP Chemical Corp

Ulsan, , Korea, Republic of, Tel: 82-2-8400000, URL: http://www.kpchem.co.kr

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Jeong Gi Jung

 

Non-Executive Independent Director

Director/Board Member

 

Age: 60

 

Education:

University of Seoul, PHD
Dong-A University, MBA

 

Chae Wung Jung

 

Non-Executive Independent Director

Director/Board Member

 

 

Age: 58

 

Education:

University of Colorado, M (Economics)

 

Chang Gyu Kim

 

Chief Executive Officer, Director

Director/Board Member

 

 

Biography:

Kim Chang Gyu has been serving as Chief Executive Officer and Director of KP Chemical Corporation since March 23, 2012. Kim served as Managing Director in HONAM PETROCHEMICAL CORP. Kim also worked for another petrochemical company. Kim holds a Bachelor's degree in Chemistry from Seoul National University, Korea and a Master as well as a Doctorate's degrees in Chemical Engineering from University of south Carolina, the United States.

 

Age: 57

 

Education:

University of South Carolina, PHD (Chemical Engineering)
University of South Carolina, M (Chemical Engineering)
Seoul National University, B (Chemistry)

 

Chi Hyeon Kim

 

Director

Director/Board Member

 

 

Biography:

Kim Chi Hyeon has been Director of KP CHEMICAL CORP since March 18, 2011. Previously, Kim was Managing Director in LOTTE SHOPPING CO.,LTD. Kim received a Bachelor's degree in International Trade from Yeungnam University, Korea.

 

Age: 56

 

Education:

Yeungnam University, B (International Trade)

 

Gyu Hyeong Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Age: 60

 

Education:

Seoul National University, B

 

Ja Hyeong Lee

 

Director

Director/Board Member

 

 

Biography:

Lee Ja Hyeong has been Director of KP Chemical since 2010. Lee used be Assistant Managing Director of the Company, as well as Plant Manager of HONAM PETRO CHEMICAL CORPORATION. Lee holds a Bachelor's degree in Chemical Engineering from Chonnam National University, Korea.

 

Age: 55

 

Education:

Chonnam National University, B (Chemical Engineering)

 

Yeong Cheol Park

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Park Yeong Cheol has been Non-Executive Independent Director of KP CHEMICAL CORP since March 18, 2011. Previously, Park was Chief Executive Officer of Daesan MMA. Park received a Bachelor's degree in Industrial Administration from Yonsei University, Korea.

 

Age: 64

 

Education:

Yonsei University, B (Industrial Administration)

 

 

Executives

 

Name

Title

Function

 

Soo Young Huh

 

President & CEO

Chief Executive Officer

 

Su Yeong Huh

 

Chief Executive Officer

Chief Executive Officer

 

Chang Gyu Kim

 

Chief Executive Officer, Director

Chief Executive Officer

 

Biography:

Kim Chang Gyu has been serving as Chief Executive Officer and Director of KP Chemical Corporation since March 23, 2012. Kim served as Managing Director in HONAM PETROCHEMICAL CORP. Kim also worked for another petrochemical company. Kim holds a Bachelor's degree in Chemistry from Seoul National University, Korea and a Master as well as a Doctorate's degrees in Chemical Engineering from University of south Carolina, the United States.

 

Age: 57

 

Education:

University of South Carolina, PHD (Chemical Engineering)
University of South Carolina, M (Chemical Engineering)
Seoul National University, B (Chemistry)

 

Sun Hyo Jung

 

Assistant Managing Director

Managing Director

 

 

Age: 54

 

Education:

Sungkyunkwan University, B (English Literature)

 

Dong Sik Lee

 

Assistant Managing Director

Managing Director

 

 

Biography:

Lee Dong Sik is Assistant Managing Director of KP Chemical Corporation. Lee used to work for HONAM PETRO CHEMICAL CORPORATION as a team leader of general affairs. Lee holds a Bachelor's degree in Economics from Sungkyunkwan University, Korea.

 

Age: 55

 

Education:

Sungkyunkwan University, B (Economics)

 

Doo Hyun Lee

 

Managing Director-Technology

Managing Director

 

 

Nak Yong Lee

 

Managing Director-Purchasing

Managing Director

 

 

Ki Hyung Hong

 

Chief Operating Officer

Operations Executive

 

 

Byung Yong Na

 

Auditor

Finance Executive

 

 

Jae Ok Choi

 

Chief Sales Officer

Sales Executive

 

 

 

 

 

 

KP Chemical Corp

 

 

 

Significant Developments

 

 

 

Honam Petro Chemical Corp to Merge with KP Chemical Corp

Aug 14, 2012


Honam Petro Chemical Corp announced that it has signed a statutory merger agreement with KP Chemical Corporation, a Korea-based company engaged in the manufacture of petrochemicals, to propel business diversification and improve shareholders' value. The merger ratio of Honam Petro Chemical and KP Chemical is 1 : 0.0510252 and 2,415,419 common shares will be issued with the merger. The merger effective date is December 27, 2012. After the merger, Honam Petro Chemical will survive and KP Chemical will be dissolved.

KP Chemical Corporation Announces Appointment of New CEO

Mar 23, 2012


KP Chemical Corporation announced that it has appointed Kim Chang Gyu as its new Chief Executive Officer, replacing Huh Su Yeong, effective March 23, 2012.

KP Chemical Corporation Declares Annual Cash Dividend for FY 2011

Mar 05, 2012


KP Chemical Corporation announced that it has declared an annual cash dividend of KRW 250 per share of common stock to shareholders of record on December 31, 2011 for the fiscal year 2011. The dividend rate of market price is 1.73% and the total amount of the cash dividend is KRW 24,583,015,500. The Company's annual cash dividend for the fiscal year 2010 was KRW 150 per share.

 

 

 

News

 

 

Jacobs Wins Contract from Lotte Chemical UK
Journal of Engineering (341 Words)

19-Sep-2012

 

 

Paraxylene and orthoxylene players in Asia could...
Bohan Loh, ICIS Chemical Business (276 Words)

09-Jan-2012

 

 

Asia PX and OX are likely to tighten as China...
Bohan Loh, ICIS Chemical Business (326 Words)

09-Jan-2012

 

 

POWER OUTAGE IN KOREA INFLICTS HUGE DAMAGE ON PETROCHEM PLANTS
Asia Pulse Businesswire (264 Words)

07-Dec-2011

 

 

Hundreds of Korean petrochem plants suspend ops on power outage
Asia In Focus (166 Words)

07-Dec-2011

 

 

Power outage in Ulsan inflicts huge damage on petrochemical plants
Yonhap News Agency (South Korea) (260 Words)

06-Dec-2011

 



KP Chemical Corp

 

Ulsan, Korea, Republic of, Tel: 82-2-8400000, URL: http://www.kpchem.co.kr

Annual Income Statement

Financials in: USD (mil)

 

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

 

 

 

 

 

  Financial Glossary

 

 

 

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
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

4,162.9

3,017.1

2,140.9

1,978.9

2,169.6

Revenue

4,162.9

3,017.1

2,140.9

1,978.9

2,169.6

    Other Revenue

25.5

24.1

19.3

2.9

-

Other Revenue, Total

25.5

24.1

19.3

2.9

-

Total Revenue

4,188.4

3,041.2

2,160.2

1,981.9

2,169.6

 

 

 

 

 

 

    Cost of Revenue

3,720.6

2,710.9

1,911.7

1,918.3

2,045.3

Cost of Revenue, Total

3,720.6

2,710.9

1,911.7

1,918.3

2,045.3

Gross Profit

442.3

306.2

229.2

60.6

124.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

85.0

80.4

50.0

59.9

66.1

    Labor & Related Expense

19.2

15.5

10.6

9.7

11.7

    Advertising Expense

1.1

0.3

0.3

0.2

0.2

Total Selling/General/Administrative Expenses

105.3

96.3

60.8

69.9

77.9

Research & Development

-

-

-

1.6

2.4

    Depreciation

0.1

0.2

0.1

0.3

0.4

    Amortization of Intangibles

0.7

0.7

0.5

0.0

0.0

Depreciation/Amortization

0.8

0.9

0.7

0.3

0.4

        Investment Income - Operating

5.3

1.4

-

-

-

    Interest/Investment Income - Operating

5.3

1.4

-

-

-

Interest Expense (Income) - Net Operating Total

5.3

1.4

-

-

-

    Loss (Gain) on Sale of Assets - Operating

1.9

-0.1

-

-

-

Unusual Expense (Income)

1.9

-0.1

-

-

-

    Other Operating Expense

7.3

8.5

-

-

-

    Other, Net

-4.2

-3.4

-

-

-

Other Operating Expenses, Total

3.1

5.1

-

-

-

Total Operating Expense

3,837.0

2,814.3

1,973.2

1,990.1

2,126.0

 

 

 

 

 

 

Operating Income

351.4

226.9

187.0

-8.2

43.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-5.3

-4.0

-3.8

0.0

-0.1

    Interest Expense, Net Non-Operating

-5.3

-4.0

-3.8

0.0

-0.1

        Interest Income - Non-Operating

22.9

15.8

9.3

7.7

8.4

        Investment Income - Non-Operating

6.3

3.1

-12.2

-23.2

-0.3

    Interest/Investment Income - Non-Operating

29.1

18.9

-2.8

-15.5

8.1

    Interest Income (Expense) - Net Non-Operating

-

0.0

-

-

-

Interest Income (Expense) - Net Non-Operating Total

23.8

14.9

-6.6

-15.5

8.0

Gain (Loss) on Sale of Assets

-

-

-0.1

-6.6

-1.5

    Other Non-Operating Income (Expense)

0.1

-

28.8

-2.7

-0.6

Other, Net

0.1

-

28.8

-2.7

-0.6

Income Before Tax

375.3

241.8

209.2

-33.1

49.5

 

 

 

 

 

 

Total Income Tax

101.1

68.0

50.4

-29.0

9.7

Income After Tax

274.2

173.8

158.8

-4.1

39.7

 

 

 

 

 

 

    Minority Interest

-12.1

-13.3

-3.7

0.9

0.2

    Equity In Affiliates

-

-

-26.6

-

-

Net Income Before Extraord Items

262.1

160.5

128.4

-3.2

39.9

Net Income

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

98.3

98.3

98.3

98.3

98.3

Basic EPS Excl Extraord Items

2.67

1.63

1.31

-0.03

0.41

Basic/Primary EPS Incl Extraord Items

2.67

1.63

1.31

-0.03

0.41

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

262.1

160.5

128.4

-3.2

39.9

Diluted Weighted Average Shares

98.3

98.3

98.3

98.3

98.3

Diluted EPS Excl Extraord Items

2.67

1.63

1.31

-0.03

0.41

Diluted EPS Incl Extraord Items

2.67

1.63

1.31

-0.03

0.41

Dividends per Share - Common Stock Primary Issue

0.23

0.13

0.12

0.00

0.00

Gross Dividends - Common Stock

22.2

12.8

11.6

0.0

0.0

Interest Expense, Supplemental

5.3

4.0

3.8

0.0

0.1

Depreciation, Supplemental

60.3

86.1

75.6

94.1

118.5

Total Special Items

1.9

-0.1

0.1

6.6

1.5

Normalized Income Before Tax

377.3

241.6

209.2

-26.5

51.0

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.5

0.0

0.0

2.3

0.3

Inc Tax Ex Impact of Sp Items

101.6

67.9

50.4

-26.7

10.0

Normalized Income After Tax

275.7

173.7

158.8

0.2

41.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

263.6

160.4

128.5

1.1

41.1

 

 

 

 

 

 

Basic Normalized EPS

2.68

1.63

1.31

0.01

0.42

Diluted Normalized EPS

2.68

1.63

1.31

0.01

0.42

Amort of Acquisition Costs, Supplemental

-

-

0.0

-

-

Amort of Intangibles, Supplemental

1.0

0.9

0.6

0.1

0.0

Rental Expenses

0.6

0.7

0.5

0.7

0.7

Advertising Expense, Supplemental

1.1

0.3

0.3

0.2

0.2

Research & Development Exp, Supplemental

-

-

-

1.6

2.4

Normalized EBIT

358.6

228.2

187.0

-8.2

43.6

Normalized EBITDA

419.8

315.1

263.2

86.0

162.1

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

UpdateType/Date

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

586.6

279.0

241.7

110.9

103.5

    Short Term Investments

64.9

220.5

79.5

7.3

52.4

Cash and Short Term Investments

651.6

499.5

321.2

118.2

155.9

        Accounts Receivable - Trade, Gross

337.5

318.1

162.4

94.4

188.6

        Provision for Doubtful Accounts

-0.1

0.0

-1.4

-1.2

-2.2

    Trade Accounts Receivable - Net

339.8

320.2

161.9

93.9

187.2

    Other Receivables

3.2

5.8

7.2

5.2

0.6

Total Receivables, Net

343.0

325.9

169.1

99.1

187.8

    Inventories - Finished Goods

85.7

54.1

19.3

18.3

37.4

    Inventories - Work In Progress

57.7

43.9

39.8

42.0

79.4

    Inventories - Raw Materials

74.5

66.0

54.7

20.6

44.1

    Inventories - Other

41.9

30.0

13.1

9.8

13.7

Total Inventory

259.8

194.0

127.0

90.7

174.6

Prepaid Expenses

10.8

11.5

5.9

8.7

6.6

    Deferred Income Tax - Current Asset

-

-

0.4

6.6

0.7

    Other Current Assets

-

0.0

-

-

-

Other Current Assets, Total

-

0.0

0.4

6.6

0.7

Total Current Assets

1,265.1

1,030.9

623.5

323.3

525.6

 

 

 

 

 

 

        Buildings

270.4

273.1

265.6

208.8

268.9

        Land/Improvements

59.2

63.6

58.5

26.6

34.2

        Machinery/Equipment

1,772.0

1,787.7

1,742.1

1,319.6

1,739.0

        Construction in Progress

45.3

27.7

20.0

51.8

49.3

        Other Property/Plant/Equipment

23.5

20.3

2.6

-

-

    Property/Plant/Equipment - Gross

2,170.4

2,172.4

2,088.8

1,606.8

2,091.4

    Accumulated Depreciation

-1,757.3

-1,738.3

-1,619.7

-1,249.3

-1,578.0

Property/Plant/Equipment - Net

413.1

434.1

469.1

357.5

513.4

Goodwill, Net

-

-

-44.0

-2.1

-3.2

Intangibles, Net

5.3

6.6

6.3

1.0

0.7

    LT Investment - Affiliate Companies

4.3

3.5

40.7

-

0.8

    LT Investments - Other

155.3

88.9

51.0

9.6

12.9

Long Term Investments

159.6

92.3

91.6

9.6

13.7

Note Receivable - Long Term

4.0

4.3

4.6

4.0

6.0

    Deferred Income Tax - Long Term Asset

-

-

-

12.5

13.9

    Other Long Term Assets

10.8

12.2

14.6

14.8

22.4

Other Long Term Assets, Total

10.8

12.2

14.6

27.3

36.3

Total Assets

1,857.9

1,580.3

1,165.8

720.6

1,092.5

 

 

 

 

 

 

Accounts Payable

528.8

469.4

332.1

148.3

328.8

Accrued Expenses

9.4

31.7

22.2

2.9

0.0

Notes Payable/Short Term Debt

3.6

8.1

0.0

0.6

0.8

Current Portion - Long Term Debt/Capital Leases

2.2

1.7

1.4

-

-

    Customer Advances

1.6

3.4

0.9

1.5

0.4

    Security Deposits

0.4

0.1

0.0

0.0

0.1

    Income Taxes Payable

53.9

32.3

0.1

0.6

12.4

    Other Payables

20.1

40.7

28.1

48.9

48.7

    Deferred Income Tax - Current Liability

-

-

6.2

0.4

1.9

    Other Current Liabilities

11.3

4.5

1.9

0.5

1.3

Other Current liabilities, Total

87.2

81.0

37.3

51.9

64.7

Total Current Liabilities

631.3

591.9

393.1

203.7

394.2

 

 

 

 

 

 

    Long Term Debt

0.0

0.0

-

-

-

    Capital Lease Obligations

0.4

2.5

4.2

-

-

Total Long Term Debt

0.4

2.5

4.2

0.0

0.0

Total Debt

6.2

12.3

5.7

0.6

0.8

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

31.8

28.1

11.6

0.9

1.4

Deferred Income Tax

31.8

28.1

11.6

0.9

1.4

Minority Interest

41.2

33.2

27.3

3.0

3.7

    Reserves

0.6

0.6

0.5

0.4

0.5

    Pension Benefits - Underfunded

4.1

5.6

6.6

5.2

8.1

    Other Long Term Liabilities

12.3

18.4

12.8

2.0

1.6

Other Liabilities, Total

17.1

24.5

19.9

7.5

10.2

Total Liabilities

721.8

680.2

456.1

215.1

409.5

 

 

 

 

 

 

    Common Stock

426.8

433.2

422.2

390.4

525.3

Common Stock

426.8

433.2

422.2

390.4

525.3

Retained Earnings (Accumulated Deficit)

702.8

472.2

261.8

111.9

154.3

Treasury Stock - Common

0.0

0.0

0.0

0.0

0.0

Unrealized Gain (Loss)

12.8

-1.9

26.8

1.5

3.5

    Translation Adjustment

-6.4

-3.4

-1.2

1.8

0.1

    Other Equity

-

-

-

-

0.0

    Other Comprehensive Income

0.0

-

-

-

-

Other Equity, Total

-6.4

-3.4

-1.2

1.8

0.0

Total Equity

1,136.0

900.1

709.7

505.5

683.0

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,857.9

1,580.3

1,165.8

720.6

1,092.5

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

98.3

98.3

98.3

98.3

98.3

Total Common Shares Outstanding

98.3

98.3

98.3

98.3

98.3

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

0.0

Employees

610

600

606

607

604

Number of Common Shareholders

-

22,113

15,626

17,381

10,998

Accumulated Intangible Amort, Suppl.

6.1

4.3

-

-

-

Deferred Revenue - Current

1.6

3.4

0.9

1.5

0.4

Total Long Term Debt, Supplemental

-

-

1.4

-

-

Long Term Debt Maturing within 1 Year

-

-

1.4

-

-

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

-

-

Total Capital Leases, Supplemental

2.6

4.2

5.7

-

-

Capital Lease Payments Due in Year 1

2.2

1.7

1.4

-

-

Capital Lease Payments Due in Year 2

0.4

2.5

1.1

-

-

Capital Lease Payments Due in Year 3

-

-

1.1

-

-

Capital Lease Payments Due in Year 4

-

-

1.1

-

-

Capital Lease Payments Due in Year 5

-

-

1.1

-

-

Capital Lease Payments Due in 2-3 Years

0.4

2.5

2.1

-

-

Capital Lease Payments Due in 4-5 Years

-

-

2.1

-

-

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

  Financial Glossary

 

 

 

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
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

274.2

173.8

132.2

-4.1

39.7

    Depreciation

60.3

86.1

75.6

94.1

118.5

Depreciation/Depletion

60.3

86.1

75.6

94.1

118.5

    Amortization of Intangibles

1.0

0.9

0.6

0.1

0.0

Amortization

1.0

0.9

0.6

0.1

0.0

Deferred Taxes

-

-

22.9

-10.6

-3.9

    Unusual Items

4.7

-0.3

-9.7

18.5

5.6

    Equity in Net Earnings (Loss)

-0.9

-2.0

0.0

0.7

-0.5

    Other Non-Cash Items

82.4

60.1

-19.9

-4.4

7.4

Non-Cash Items

86.2

57.7

-29.7

14.8

12.5

    Accounts Receivable

-9.0

-140.8

-39.4

41.4

15.0

    Inventories

-73.7

-62.6

11.9

33.0

-30.7

    Prepaid Expenses

-

-

5.6

-2.7

2.8

    Other Assets

6.6

-4.0

-

-

-

    Accounts Payable

-2.6

152.1

106.8

-81.7

-144.8

    Accrued Expenses

-

-

-1.4

3.0

0.0

    Taxes Payable

-

-

2.1

-9.6

12.5

    Other Liabilities

1.5

-2.4

-2.6

-3.8

-1.3

    Other Operating Cash Flow

-73.3

-46.4

-

-

-

Changes in Working Capital

-150.6

-104.2

82.9

-20.4

-146.6

Cash from Operating Activities

271.1

214.3

284.6

73.8

20.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-54.5

-48.1

-40.0

-70.4

-65.0

    Purchase/Acquisition of Intangibles

-

-0.3

0.0

0.0

-0.1

Capital Expenditures

-54.5

-48.4

-40.0

-70.4

-65.1

    Sale of Fixed Assets

0.1

2.1

0.4

0.5

0.4

    Sale/Maturity of Investment

159.6

281.6

0.2

84.6

71.2

    Purchase of Investments

-48.3

-417.0

-122.1

-50.2

-101.9

    Other Investing Cash Flow

40.0

14.0

0.4

0.8

-1.4

Other Investing Cash Flow Items, Total

151.5

-119.2

-121.1

35.7

-31.7

Cash from Investing Activities

97.0

-167.6

-161.1

-34.7

-96.7

 

 

 

 

 

 

    Other Financing Cash Flow

-3.0

-6.1

-12.3

0.0

0.0

Financing Cash Flow Items

-3.0

-6.1

-12.3

0.0

0.0

    Cash Dividends Paid - Common

-15.6

-14.9

-

-

-

Total Cash Dividends Paid

-15.6

-14.9

-

-

-

        Short Term Debt Issued

-

-

-

0.1

-

        Short Term Debt Reduction

-1.7

-1.4

-

-0.3

-3.6

    Short Term Debt, Net

-1.7

-1.4

-

-0.2

-3.6

        Long Term Debt Issued

0.4

3.9

-

-

-

        Long Term Debt Reduction

-19.0

-3.7

-0.1

-

-

    Long Term Debt, Net

-18.7

0.1

-0.1

-

-

    Total Debt Issued

5.2

7.9

-

-

-

    Total Debt Reduction

-10.1

-1.9

-

-

-

Issuance (Retirement) of Debt, Net

-25.2

4.7

-0.1

-0.2

-3.6

Cash from Financing Activities

-43.9

-16.3

-12.4

-0.2

-3.7

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

-

0.1

Net Change in Cash

324.2

30.4

111.1

38.9

-80.0

 

 

 

 

 

 

Net Cash - Beginning Balance

285.8

243.4

109.5

88.0

184.3

Net Cash - Ending Balance

610.0

273.8

220.5

126.9

104.3

Cash Interest Paid

5.3

2.9

-

-

-

Cash Taxes Paid

73.3

46.4

-

-

-

 

 

 

KP Chemical Corp

 

Ulsan, Korea, Republic of, Tel: 82-2-8400000, URL: http://www.kpchem.co.kr

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
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Sales Revenue

-

-

-

-

2,169.6

    Finished Goods Revenues

3,841.2

2,838.1

1,962.5

1,796.7

-

    Merchandise Sales

321.7

179.1

178.4

182.3

-

    Other Revenue

25.5

24.1

19.3

2.9

-

    Adjustment for Revenues

-

0.0

-

-

-

Total Revenue

4,188.4

3,041.2

2,160.2

1,981.9

2,169.6

 

 

 

 

 

 

    Costs of Goods and Services Sold

3,720.6

2,710.9

-

-

2,045.3

    Cost-Finished Goods Sold

-

-

1,725.0

1,678.2

-

    Cost-Merchandise Sold

-

-

173.3

218.1

-

    Cost-Other Sales

-

-

13.4

22.0

-

    Salaries

-

-

8.4

6.9

8.7

    Labor Wages

19.2

15.5

-

-

-

    Retirement Allowance

-

-

0.8

1.0

1.0

    Employee Benefits

-

-

1.4

1.8

1.9

    Travel Expenses

0.9

1.1

0.6

0.7

0.6

    Communication Exp.

-

-

0.3

0.2

0.3

    Taxes and Dues

0.3

0.3

0.2

0.3

0.3

    Consumable Expense

-

-

0.1

0.1

0.1

    Printing Expense

-

-

0.2

0.1

0.2

    Rental Expenses

0.6

0.7

0.5

0.7

0.7

    Repair & Maintenance Expense

0.9

0.8

0.8

0.4

0.4

    Vehicles Expense

-

-

0.1

0.1

0.1

    Insurance Expenses

-

-

0.0

0.0

0.0

    Commissions

10.3

11.9

9.7

10.6

3.7

    Sales Commissions

3.6

2.1

1.6

-

-

    Shipping & Storage Expense

64.8

61.3

34.4

43.3

5.7

    Entertainment

0.6

0.4

0.3

0.4

0.4

    Advertising Expense

1.1

0.3

0.3

0.2

0.2

    Education & Training

0.6

0.3

0.3

0.5

0.6

    Other Exporting Exp

-

-

-

-

37.9

    Expenses for Samples

-

-

0.0

0.0

0.1

    Conference Expenses

-

-

-

-

0.1

    Amort. of Bad Debts

-

-

0.4

1.4

1.2

    Development Expense

-

-

-

1.6

2.4

    Depreciation

0.1

0.2

0.1

0.3

0.4

    Amortization of Intangible Assets

0.7

0.7

0.5

0.0

0.0

    Services Expenses

-

-

-

0.8

5.3

    Packaging Expenses

-

-

-

-

8.4

    Miscellaneous Operating Expense

-

-

0.5

0.2

0.1

    Other Selling and Administrative Expense

2.3

1.4

-

-

-

    Adjustment for Selling and Administrativ

0.0

0.0

-

-

-

    Gain on Foreign Currency Transactions

-44.9

-40.5

-

-

-

    Gain on Foreign Currency Translation

-5.8

-9.5

-

-

-

    Reversal of Allowance for Doubtful Accou

-

0.0

-

-

-

    Gain on Disposal of Property, Plant and

-0.1

-0.3

-

-

-

    Others in Other Operating Income

-4.2

-3.5

-

-

-

    Adjustment for Other Operating Income

0.0

0.0

-

-

-

    Loss on Foreign Currency Transactions

50.1

42.6

-

-

-

    Loss on Foreign Currency Translation

5.9

8.8

-

-

-

    Donations Paid

1.3

0.8

-

-

-

    Loss on Disposal of Property, Plant and

2.1

0.1

-

-

-

    Others in Other Operating Expense

5.9

7.7

-

-

-

    Adjustment for Other Operating Expense

0.0

0.0

-

-

-

Total Operating Expense

3,837.0

2,814.3

1,973.2

1,990.1

2,126.0

 

 

 

 

 

 

    Interest Income

22.9

15.8

9.3

7.7

8.4

    Dividend Income

0.1

-

-

-

-

    Rental Income

-

-

0.1

0.2

-

    Gain on Valuation of Current Financial A

-

0.2

-

-

-

    Gain-Disposal of Investment Assets

-

-

-

-

0.4

    G-Tang Asst Disposal

-

-

0.0

7.8

0.2

    Gain on Foreign Currency Transactions

1.6

0.6

44.2

64.4

17.2

    Gain on Foreign Currency Translations

4.8

0.9

2.6

17.2

6.8

    Revers-Doubtful Acct

-

-

0.0

0.8

0.0

    Recovery-Negative Goodwill Amortization

-

-

13.3

0.4

0.5

    Gain-Disposal of Investment Securities

-

-

0.0

-

-

    Gain-Contract Cancellation

-

-

0.0

-

-

    Gain-Assets Contributed

-

-

13.1

-

-

    Fees Received

-

-

0.9

1.1

1.2

    Loss-Disposal of Sec Available-Sale

-

-

-

-

0.0

    Other Non-Op. Income

-

-

3.9

1.4

1.3

    Interest Expenses

-5.3

-4.0

-3.8

0.0

-0.1

    Other Amortization

-

-

-1.1

-2.4

0.0

    L-Tang.Asst Disposal

-

-

-0.1

-14.3

-1.7

    Loss-Reduction of Tangible Assets

-

-

0.0

-

-

    Loss on Foreign Currency Transactions

-0.2

-0.1

-48.8

-96.3

-16.3

    Loss on Foreign Currency Translations

-1.0

-0.4

-10.0

-8.0

-8.9

    Donations Paid

-

-

-0.4

-0.1

-0.2

    Suspension Fixed Construction Expense

-

-

-

-0.5

-0.3

    Loss on Disposal of Investments in Subsi

-

-0.1

-

-

-

    Loss-Disposal of Investment Securities

-

-

-0.1

-

-

    Depreciation-Suspended Assets

-

-

-0.2

-2.9

-2.2

    Other Non-Op Expense

-

-

-0.8

-0.8

-0.9

    Loss-Reduction of Equity Method Sec.

-

-

-

-

-0.1

    Gain under Equity Method

-

-

1.3

-

0.6

    Loss Under Equity Method

-

-

-1.3

-0.7

-

    Gain/Loss under Equity Method

0.9

2.1

-

-

-

    Adjustment for Finance Income

0.0

0.0

-

-

-

    Adjustment for Finance Expense

-

0.0

-

-

-

Net Income Before Taxes

375.3

241.8

209.2

-33.1

49.5

 

 

 

 

 

 

Provision for Income Taxes

101.1

68.0

50.4

-29.0

9.7

Net Income After Taxes

274.2

173.8

158.8

-4.1

39.7

 

 

 

 

 

 

    Minority Interest Gain

-12.1

-13.3

-3.7

0.9

0.2

    Earning Before Acquisition of Subsidiary

-

-

-26.6

-

-

Net Income Before Extra. Items

262.1

160.5

128.4

-3.2

39.9

Net Income

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Income Available to Com Excl E

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Income Available to Com Incl E

262.1

160.5

128.4

-3.2

39.9

 

 

 

 

 

 

Basic Weighted Average Shares

98.3

98.3

98.3

98.3

98.3

Basic EPS Excluding ExtraOrdin

2.67

1.63

1.31

-0.03

0.41

Basic EPS Including ExtraOrdin

2.67

1.63

1.31

-0.03

0.41

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

262.1

160.5

128.4

-3.2

39.9

Diluted Weighted Average Share

98.3

98.3

98.3

98.3

98.3

Diluted EPS Excluding ExtraOrd

2.67

1.63

1.31

-0.03

0.41

Diluted EPS Including ExtraOrd

2.67

1.63

1.31

-0.03

0.41

DPS-Common Stock

0.23

0.13

0.12

0.00

0.00

Gross Dividends - Common Stock

22.2

12.8

11.6

0.0

0.0

Normalized Income Before Taxes

377.3

241.6

209.2

-26.5

51.0

 

 

 

 

 

 

Inc Tax Ex. Impact of Sp Items

101.6

67.9

50.4

-26.7

10.0

Normalized Income After Taxes

275.7

173.7

158.8

0.2

41.0

 

 

 

 

 

 

Normalized Inc. Avail to Com.

263.6

160.4

128.5

1.1

41.1

 

 

 

 

 

 

Basic Normalized EPS

2.68

1.63

1.31

0.01

0.42

Diluted Normalized EPS

2.68

1.63

1.31

0.01

0.42

R&D Expense, Supplemental

-

-

-

1.6

2.4

Advertising Expense

1.1

0.3

0.3

0.2

0.2

Interest Expense

5.3

4.0

3.8

0.0

0.1

Rental Expense

0.6

0.7

0.5

0.7

0.7

Depreciation

60.3

86.1

75.6

94.1

118.5

Amort of Intangibles, Supplemental

1.0

0.9

0.6

0.1

0.0

Amort of Acquisition Costs,Negative

-

-

0.0

-

-

 

 

 

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
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1152

1134.9

1164.475

1259.55

936.05

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Cash Equivalents

586.6

279.0

241.7

110.9

103.5

    ST Investment Assets

-

-

79.5

-

-

    Current Financial Instruments

64.8

220.2

-

4.0

52.3

    Current Financial Assets

0.2

0.3

-

-

-

    ST Securities Available for Sale

-

-

-

3.3

0.1

    Current Loans

0.5

-

-

-

-

    Trade Rcvbls,G

-

-

162.4

94.4

188.6

    Trade Receivables-General

328.3

313.2

-

-

-

    Trade Receivables from Related Parties

9.2

4.9

-

-

-

    Allowance for Doubtful Accounts for Trad

-0.1

0.0

-1.4

-1.2

-2.2

    Account Receivables

2.7

5.8

6.9

0.5

0.6

    Receivable-Recovery of Taxes

-

-

0.2

4.7

-

    Advance Payments

0.0

0.5

0.3

0.2

0.3

    Prepaid Expenses

5.2

4.3

4.9

2.8

3.8

    Prepaid Inc Tax

-

-

-

-

0.0

    Deferred Income Taxes-Debit, Current

-

-

0.4

6.6

0.7

    Prepaid Value Added Taxes

5.6

7.2

1.0

6.0

2.7

    Accrued Income

2.4

2.1

0.9

0.7

0.8

    Finished Goods

85.6

54.1

19.3

15.9

37.4

    Merchandises

0.0

-

-

-

-

    Semi-finish Good

45.2

33.2

30.4

30.4

63.8

    Work in Progress

12.6

10.7

9.4

11.6

15.6

    Raw Materials

70.0

65.6

54.7

20.6

44.1

    Stored Goods

18.7

15.0

11.4

9.6

13.3

    Stored Good-Tran

-

-

-

-

0.1

    Raw Mat.Transit

-

-

-

-

0.0

    Supplemental Raw Materials

4.6

0.4

-

-

-

    Residual Products

-

-

-

2.4

0.0

    Goods in Transit

23.1

14.5

1.4

-

-

    Merchandises in Transit

-

-

-

-

0.0

    Adjustment for Trade Receivables

0.0

0.0

-

-

-

    Adjustments for Other Financial Instrume

0.0

-

-

-

-

    Adjustment for Inventories

0.0

-

-

-

-

    Adjustment for Other Current Non-Financi

-

0.0

-

-

-

Total Current Assets

1,265.1

1,030.9

623.5

323.3

525.6

 

 

 

 

 

 

    Non-Current Financial Instruments

0.2

0.2

0.0

0.0

0.0

    Non-Current Financial Assets

149.3

86.7

-

-

-

    Secs for Sale

-

-

50.9

9.5

12.9

    Investment-Real Estate

5.8

2.0

-

-

-

    Investment in Associated Companies & Sub

4.3

3.5

40.7

-

0.8

    Guarantee Deposits, Non-Current Assets

3.4

2.8

3.9

4.1

5.9

    Non-Current Loans

4.0

4.3

4.6

4.0

6.0

    Non-Current Prepaid Expenses

7.4

9.3

10.7

10.7

16.5

    Deferred Income Tax, Debit

-

-

-

12.5

13.9

    Other Investment Assets

-

-

0.1

0.0

0.1

    Lands

59.2

63.6

58.5

26.6

34.2

    Buildings

-

-

59.2

39.6

41.5

    Deprec-Buildings

-

-

-22.6

-8.6

-10.0

    Structures

-

-

206.4

169.2

227.4

    Deprec-Structure

-

-

-167.3

-146.1

-185.8

    Buildings & Structures

270.4

273.1

-

-

-

    Buildings & Structures-Depreciation

-198.7

-199.2

-

-

-

    Tools/Equipments

-

-

2.4

2.1

2.6

    Depr-Tool/Equip

-

-

-2.0

-1.8

-2.1

    Machineries & Equipments

1,772.0

1,787.7

1,726.4

1,310.3

1,726.7

    Machineries & Equipments-Depreciation

-1,540.0

-1,523.0

-1,415.6

-1,086.6

-1,372.4

    Machinery & Equipment-Government Subsidy

-

-

-0.2

-0.2

-

    Transport Equip.

-

-

2.5

1.8

2.4

    Deprec-Transport

-

-

-2.2

-1.6

-2.0

    Misc. Fixtures

-

-

11.0

5.7

7.2

    Software, Intangible

-

-

2.4

0.3

0.1

    Deprec-Fixtures

-

-

-9.8

-4.7

-5.6

    Construc in Prog

45.3

27.7

20.0

51.8

49.3

    Equip In Transit

-

-

-

-

0.0

    Other Property Plant & Equipment

23.5

20.3

2.6

-

-

    Other Property Plant & Equipment-Depreci

-18.7

-16.1

-0.1

-

-

    Lands Lease Rights

3.5

3.8

4.0

0.7

0.6

    Membership Rights

0.7

0.7

-

-

-

    Other Intangible Assets

1.1

2.0

-

-

-

    Negiative Goodwill

-

-

-44.0

-2.1

-3.2

    Adjustment for Non-Current Financial Ins

-

0.0

-

-

-

    Adjustment for Property, Plant & Equipme

-

0.0

-

-

-

    Adjustment for Intangible Assets

-

0.0

-

-

-

    Adjustment for Other Non-Financial Instr

-

0.0

-

-

-

Total Assets

1,857.9

1,580.3

1,165.8

720.6

1,092.5

 

 

 

 

 

 

    Current Trade Payables

528.8

469.4

332.1

148.3

328.8

    Other Payables

20.1

40.7

28.1

48.9

48.7

    Current Tax Liabilities

53.9

32.3

0.1

0.6

12.4

    Accrued Expenses

5.0

22.5

22.2

2.6

0.0

    Advance from Customers, Current Liabilit

0.1

1.5

0.9

1.5

0.4

    Deferred Income

1.5

1.9

-

-

-

    Value Added Taxes Withholdings

4.5

9.2

-

0.2

-

    Sec Dep Withheld

0.4

0.1

0.0

0.0

0.1

    Withholdings

3.7

2.8

1.9

0.5

1.3

    Others in Other Current Financial Liabil

7.6

1.7

-

-

-

    Current Borrowings

3.6

8.1

-

0.6

0.8

    Current Capital Lease Payables

2.2

1.7

1.4

-

-

    Deferred Income Tax Credits

-

-

6.2

0.4

1.9

    Adjustment for Current Portion of Long-t

0.0

-

-

-

-

    Adjustment for Other Current Financial L

-

0.0

-

-

-

    Adjustment for Other Current Non-Financi

0.0

0.0

-

-

-

Total Current Liability

631.3

591.9

393.1

203.7

394.2

 

 

 

 

 

 

    Capital Leased Liabilities, LD

0.4

2.5

4.2

-

-

    Adjustment for Non-current Borrowings

0.0

0.0

-

-

-

Total Long Term Debt

0.4

2.5

4.2

-

-

 

 

 

 

 

 

    Accident Loss Reserves

0.6

0.6

0.5

0.4

0.5

    Deferred Income Taxes, Non-Current Liabi

31.8

28.1

11.6

0.9

1.4

    Security Deposit, LT

0.0

0.0

-

-

-

    Non-Current Other Payables

12.3

18.4

12.8

2.0

1.6

    Non-Current Employees Benefits Liabiliti

1.0

1.3

-

-

-

    Retirement & Severance Benefits, Non-Cur

3.1

4.3

16.7

5.2

8.1

    Deposit-Retirement Insurance

-

-

-10.0

-

-

    Transfer to National Pension Fund

-

-

-0.1

-

-

    Adjustment for Other Non-Current Financi

0.0

0.0

-

-

-

    Adj. for Other Non-Financial Liabilities

0.0

0.0

-

-

-

    Minority Interest

41.2

33.2

27.3

3.0

3.7

Total Liabilities

721.8

680.2

456.1

215.1

409.5

 

 

 

 

 

 

    Common Stock

426.8

433.2

422.2

390.4

525.3

    Retained Earnings or Accumulated Deficit

702.8

472.2

261.8

111.9

154.3

    Discounts on Stock Issuance

-

-

-

-

0.0

    G-Secs. for Sale Valuation

-

-

2.0

1.5

3.5

    Securities Available-for-Sale

12.5

-1.9

-

-

-

    Negative Capital Change U/ Equity Mtd.

-

-

-

0.0

0.0

    Capital Change, Equity Method

-

-

2.7

-

-

    Valuation of Equity Method Securities

0.3

0.1

-

-

-

    Overseas Business Translation Debit/Cred

-6.4

-3.4

-1.2

1.8

0.1

    Treasury Stock

0.0

0.0

0.0

0.0

0.0

    Loss-Valuation of Investment Securities

-

-

-1.0

-

-

    Gain-Revaluation

-

-

23.2

-

-

    Adjustment for Accumulated Other Compreh

0.0

-

-

-

-

Total Equity

1,136.0

900.1

709.7

505.5

683.0

 

 

 

 

 

 

Total Liabilities & Shareholde

1,857.9

1,580.3

1,165.8

720.6

1,092.5

 

 

 

 

 

 

    S/O-Common Stock

98.3

98.3

98.3

98.3

98.3

Total Common Shares Outstandin

98.3

98.3

98.3

98.3

98.3

T/S-Common Stock

0.0

0.0

0.0

0.0

0.0

Deferred Revenue, Current

1.6

3.4

0.9

1.5

0.4

Accumulated Intangible Amort, Suppl.

6.1

4.3

-

-

-

Full-Time Employees

610

600

606

607

604

Number of Common Shareholders

-

22,113

15,626

17,381

10,998

Current maturities

-

-

1.4

-

-

Total Long Term Debt, Supplemental

-

-

1.4

-

-

Capital Leases Due in 1 Year

2.2

1.7

1.4

-

-

Capital Lease Payments Due in Year 2

0.4

2.5

-

-

-

Capital Leases Due in 5 Year

-

-

4.2

-

-

Total Capital Leases

2.6

4.2

5.7

-

-

 

 

 

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
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Updated Normal
31-Dec-2007

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1107.891393

1156.281981

1276.385219

1100.562842

929.183333

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income

274.2

173.8

132.2

-4.1

39.7

    Depreciation

60.3

86.1

75.6

94.1

118.5

    Amortization of Intangible Assets

1.0

0.9

0.6

0.1

0.0

    Corporate Taxes Expense

101.1

68.0

-

-

-

    Payment for Retirement Allowance, ONCI

3.5

2.8

3.7

4.0

4.4

    Expense of Allowance for Doubtful Accoun

0.0

-0.3

0.4

1.4

1.2

    Losses on Foreign Currency Translation

-4.5

1.9

3.8

6.3

8.9

    Repair Expense

-

-

-

-

0.2

    Loss Under Equity Method

-

-

1.3

0.7

-

    Amort-Other Bad Debt Exp

-

-

1.0

2.4

0.0

    Loss-Reduct. of Sec. under Equity Method

-

-

-

-

0.1

    Loss-Disposal of Sec. Available-for-Sale

-

-

-

-

0.0

    L-Inventory Valuatn

-

-

-

12.0

4.4

    Loss on Disposal of Property, Plant and

1.9

-0.1

0.1

14.3

1.7

    Loss-Reduction of Tangible Assets

-

-

0.0

-

-

    Loss-Disposal of Investment Securities

-

-

0.1

-

-

    Miscellaneous Gain

-

-

-

0.0

0.0

    Gain under Equity Method

-

-

-1.3

-

-0.6

    Interest Income

-17.6

-12.3

-0.1

-0.2

-0.2

    Dividend Income

-0.1

-

-

-

-

    G-For Exch Translatn

-

-

-2.3

-17.2

-6.6

    Gain-Disposal of Investment Assets

-

-

-

-

-0.4

    Revers-Doubtful Acct

-

-

0.0

-0.8

0.0

    Recovery-Negative Goodwill Amortization

-

-

-13.3

-0.4

-0.5

    G-Tangible Asst Disp

-

-

0.0

-7.8

-0.2

    Gain-Valuation of ST Investment Assets

-

-0.2

-

-

-

    Gain-Disposal of Investment Securities

-

-

0.0

-

-

    Gain-Assets Contributed

-

-

-13.1

-

-

    Recovery-Inventory Valuation Loss

2.7

0.0

-9.9

-

-

    Gain/Loss on Investment in Susidiary&Ass

-0.9

-2.0

-

-

-

    Trade Receivables

-9.0

-140.8

-43.8

46.8

11.6

    Account Receivables

-

-

0.2

-0.1

0.4

    Accrued Income

-

-

-0.1

-0.1

0.3

    Advance Payments

-

-

0.3

0.0

0.0

    Ppd Valu Added Taxes

-

-

5.0

-4.5

0.5

    Prepaid Expenses

-

-

0.8

1.8

2.3

    Recovery of Taxes Receivable

-

-

4.4

-5.3

2.8

    LT Prepaid Expense

-

-

-0.2

-

-

    Inventories

-73.7

-62.6

11.7

33.0

-30.7

    Current Fianacial Assets

-1.6

5.6

-

-

-

    Other Assets

8.2

0.3

-

-

-

    Other Current Non-Financial Assets

-

-10.0

-

-

-

    Trade Payables

-2.6

152.1

121.7

-98.2

-150.6

    Account Payables

-

-

-24.7

15.5

5.8

    Advances Received

-

-

-1.1

1.4

0.2

    Deposits Withheld

-

-

1.2

-0.5

0.7

    Security Deposit Withheld

-

-

0.1

0.0

-

    Accrued Expenses

-

-

-1.4

3.0

0.0

    VAT Withheld

-

-

-0.2

0.3

-

    Accrued Inc Tax

-

-

2.3

-9.9

12.5

    LT Account Payable

-

-

9.7

0.9

0.0

    Other Financial Liabilities

6.7

-6.2

-

-

-

    Other Current Non-Financial Liabilities

-

1.4

-

-

-

    Other Liabilities

1.6

7.1

-

-

-

    Deferred Taxes-Asset

-

-

0.8

-2.4

-3.8

    Deferred Income Tax Debit, Current

-

-

18.8

-7.0

-

    Deferred Income Tax Credit, Current, A/L

-

-

-0.4

-1.2

-

    Deferred Taxes-Liability

-

-

3.7

-0.1

-0.1

    Retiremt Allow Paymt

-11.4

-2.1

-1.8

-4.6

-2.3

    Plan Assets

4.6

-2.6

-

-

-

    Deposits for Retirement Insurance

-

-

-1.0

-0.8

0.0

    Nation Pension Fnd

-

-

0.0

0.0

0.1

    Government Subsidy, A/L

-

-

-

0.3

-

    Increase-Reserve for Severance & Retirem

-

-

-

0.5

-

    Reserve-Contingent Loss

-

-

0.0

-

-

    Cash-Tax Paid

-73.3

-46.4

-

-

-

Cash From Operating Activities

271.1

214.3

284.6

73.8

20.3

 

 

 

 

 

 

    Dec-ST Finl Assets

-

-

-

84.5

70.9

    Decrease-Other Investment Assets

-

-

-

-

0.4

    Disposal-Securities Available-for-Sale

-

-

0.2

0.1

0.0

    Disposal-Securities under Equity Method

-

3.3

-

-

-

    Disposal of Other Financial Instruments

159.6

278.4

-

-

-

    Disposal of Other Non-Finacial Instrumen

17.4

-

-

-

-

    Dec-LT Loans

-

-

0.4

1.0

0.6

    Dec-Guarantee Dep.

-

-

-

1.3

0.3

    Disposal of Property, Plant and Equipmen

0.1

2.1

-

-

-

    Disposal-Machinery & Equipments

-

-

0.0

0.5

0.4

    Disposal-Transportation

-

-

0.0

0.0

-

    Disposal-Structure

-

-

-

-

0.0

    Disp-Vehicles

-

-

0.3

0.0

-

    Cash Interest Received

22.5

14.0

-

-

-

    Dividend Received

0.1

-

-

-

-

    Inc-ST Finl Asset

-

-

-65.5

-44.5

-101.7

    Increase in Securities for Sale

-

-

-24.9

-5.7

-0.2

    Increase-Securities under Equity Method

-

-

-31.7

-

-

    Increase-Other Investment Assets

-

-0.2

0.0

-

-

    Purchase of Other Financial Instruments

-48.3

-416.8

-

-

-

    Inc-LT Loans

-

-

-

-0.5

-1.8

    Inc-Guarantee Dep

-

-

-

-0.9

-0.5

    Purchase of Property, Plant and Equipmen

-54.1

-47.5

-

-

-

    Acq-Fixtures

-

-

-0.1

-0.2

-0.3

    Acq-Constructn Prog

-

-

-35.0

-70.2

-39.2

    Increase in Raw Materials in Transit

-

-

-

-

-25.5

    Increase-Investment Real Estate

-0.4

-0.6

-

-

-

    Purchase of Intangible Assets

-

-0.3

0.0

0.0

-

    Acq-Buildings

-

-

-0.1

-

-

    Acq-Machinery

-

-

-4.3

-

-

    Acq-Vehicles

-

-

-0.1

0.0

0.0

    Increase-Other Tangible Assets

-

-

-0.5

-

-

    Increase-Software

-

-

-

-

-0.1

Cash From Investing Activities

97.0

-167.6

-161.1

-34.7

-96.7

 

 

 

 

 

 

    Increase-ST Borrowings

-

-

-

0.1

-

    Dec-ST Borrowings

-

-

-

-0.3

-3.6

    Dec-Current Portion of LT Liabilities

-

-

-0.1

-

-

    Increase-Expense for Stock Issuance

-

-

-

-

0.0

    Cash Inflow-Consol. Scope Change, FN

-

-

-5.4

-

-

    Change-Foreign Currency Translation

-

-

-6.9

0.0

-

    Dividends Paid

-15.6

-14.9

-

-

-

    Increase in Borrowings

5.2

7.9

-

-

-

    Decrease in Borrowings

-10.1

-1.9

-

-

-

    Increase in Capital Lease Liabilities, N

0.4

3.9

-

-

-

    Decrease in Current Capital Lease Liabil

-1.7

-1.4

-

-

-

    Decrease in Capital Lease Liabilities, N

-19.0

-3.7

-

-

-

    Cash-Interest Paid

-5.3

-2.9

-

-

-

    Cash Inflow/Outflow from Foreign Currenc

2.3

-3.3

-

-

-

Cash From Financing Activities

-43.9

-16.3

-12.4

-0.2

-3.7

 

 

 

 

 

 

Foreign Exchange Effects

-

-

-

-

0.1

Net Change in Cash

324.2

30.4

111.1

38.9

-80.0

 

 

 

 

 

 

Net Cash Beginning Balance

285.8

243.4

109.5

88.0

184.3

Cash and Cash Equivalents at End

610.0

273.8

220.5

126.9

104.3

    Cash Interest Paid

5.3

2.9

-

-

-

    Cash Taxes Paid

73.3

46.4

-

-

-

 

 

 

KP Chemical Corp

 

Ulsan, Korea, Republic of, Tel: 82-2-8400000, URL: http://www.kpchem.co.kr

Financial Health

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2011

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

934.0

-6.21%

4,188.4

31.96%

28.61%

22.76%

Operating Income1

-4.7

-

351.4

48.37%

-

-

Income Available to Common Excl Extraord Items1

1.6

-97.52%

262.1

56.49%

-

134.89%

Basic EPS Excl Extraord Items1

0.02

-97.52%

2.67

56.49%

-

134.33%

Capital Expenditures2

58.1

155.49%

54.5

7.85%

-7.99%

21.15%

Cash from Operating Activities2

-25.6

-

271.1

21.20%

54.63%

98.37%

Free Cash Flow

-82.6

-

208.3

25.09%

299.86%

-

Total Assets3

1,821.8

-0.41%

1,857.9

19.34%

33.10%

14.22%

Total Liabilities3

682.9

-10.38%

721.8

7.72%

45.33%

10.60%

Total Long Term Debt3

0.0

-

0.4

-82.88%

-

-

Employees3

-

-

610

1.67%

0.16%

0.03%

Total Common Shares Outstanding3

98.3

0.00%

98.3

0.00%

0.00%

0.24%

1-ExchangeRate: KRW to USD Average for Period

1152.046336

 

1107.891393

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1141.692062

 

1107.891393

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1157.641477

 

1152.000000

 

 

 

Key Ratios

 

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

31-Dec-2007

Profitability

Gross Margin

10.62%

10.15%

10.71%

3.06%

5.73%

Operating Margin

8.39%

7.46%

8.66%

-0.42%

2.01%

Pretax Margin

8.96%

7.95%

9.68%

-1.67%

2.28%

Net Profit Margin

6.26%

5.28%

5.95%

-0.16%

1.84%

Financial Strength

Current Ratio

2.00

1.74

1.59

1.59

1.33

Long Term Debt/Equity

0.00

0.00

0.01

0.00

0.00

Total Debt/Equity

0.01

0.01

0.01

0.00

0.00

Interest Coverage

12,975,714,624.67

-

-

-

-

Management Effectiveness

Return on Assets

15.45%

12.75%

17.90%

-0.47%

3.48%

Return on Equity

24.93%

20.09%

22.41%

-0.55%

6.00%

Efficiency

Receivables Turnover

12.13

12.41

17.14

14.51

11.14

Inventory Turnover

15.87

17.03

18.62

15.21

12.57

Asset Turnover

2.36

2.23

2.43

2.26

1.90

Market Valuation USD (mil)

P/E (TTM)

12.08

.

Enterprise Value2

504.7

Price/Sales (TTM)

0.26

.

Enterprise Value/Revenue (TTM)

0.13

Price/Book (MRQ)

0.89

.

Enterprise Value/EBITDA (TTM)

3.61

Market Cap as of 12-Oct-20121

1,055.7

.

 

 

1-ExchangeRate: KRW to USD on 12-Oct-2012

1113.120841

 

 

 

2-ExchangeRate: KRW to USD on 30-Jun-2012

1157.641477

 

 

 

 

 

 

KP Chemical Corp

 

Ulsan, Korea, Republic of, Tel: 82-2-8400000, URL: http://www.kpchem.co.kr

Annual Ratios

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

Financial Strength

Current Ratio

2.00

1.74

1.59

1.59

1.33

Quick/Acid Test Ratio

1.58

1.39

1.25

1.07

0.87

Working Capital1

633.9

439.0

230.5

119.6

131.4

Long Term Debt/Equity

0.00

0.00

0.01

0.00

0.00

Total Debt/Equity

0.01

0.01

0.01

0.00

0.00

Long Term Debt/Total Capital

0.00

0.00

0.01

0.00

0.00

Total Debt/Total Capital

0.01

0.01

0.01

0.00

0.00

Interest Coverage

12,975,714,624.67

-

-

-

-

Payout Ratio

8.46%

7.95%

9.00%

0.00%

0.00%

Effective Tax Rate

26.93%

28.12%

24.08%

-

19.65%

Total Capital1

1,142.3

912.4

715.3

506.1

683.8

 

 

 

 

 

 

Efficiency

Asset Turnover

2.36

2.23

2.43

2.26

1.90

Inventory Turnover

15.87

17.03

18.62

15.21

12.57

Days In Inventory

23.00

21.43

19.60

24.00

29.03

Receivables Turnover

12.13

12.41

17.14

14.51

11.14

Days Receivables Outstanding

30.09

29.41

21.29

25.15

32.76

Revenue/Employee2

6,603,284

5,164,143

3,907,202

2,852,891

3,565,684

Operating Income/Employee2

553,950

385,308

338,226

-11,857

71,599

EBITDA/Employee2

650,563

532,994

476,127

123,738

266,426

 

 

 

 

 

 

Profitability

Gross Margin

10.62%

10.15%

10.71%

3.06%

5.73%

Operating Margin

8.39%

7.46%

8.66%

-0.42%

2.01%

EBITDA Margin

9.85%

10.32%

12.19%

4.34%

7.47%

EBIT Margin

8.39%

7.46%

8.66%

-0.42%

2.01%

Pretax Margin

8.96%

7.95%

9.68%

-1.67%

2.28%

Net Profit Margin

6.26%

5.28%

5.95%

-0.16%

1.84%

R&D Expense/Revenue

-

-

-

0.08%

0.11%

COGS/Revenue

88.83%

89.14%

88.50%

96.79%

94.27%

SG&A Expense/Revenue

2.51%

3.17%

2.82%

3.53%

3.59%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

15.45%

12.75%

17.90%

-0.47%

3.48%

Return on Equity

24.93%

20.09%

22.41%

-0.55%

6.00%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

2.12

1.72

2.73

0.03

-0.45

Operating Cash Flow/Share 2

2.65

2.22

3.17

0.66

0.20

1-ExchangeRate: KRW to USD Period End Date

1152

1134.9

1164.475

1259.55

936.05

2-ExchangeRate: KRW to USD Average for Period

1152

1134.9

1164.475

1259.55

936.05

 

Current Market Multiples

Market Cap/Earnings (TTM)

12.08

Market Cap/Equity (MRQ)

0.89

Market Cap/Revenue (TTM)

0.26

Market Cap/EBIT (TTM)

11.99

Market Cap/EBITDA (TTM)

7.26

Enterprise Value/Earnings (TTM)

6.00

Enterprise Value/Equity (MRQ)

0.44

Enterprise Value/Revenue (TTM)

0.13

Enterprise Value/EBIT (TTM)

5.96

Enterprise Value/EBITDA (TTM)

3.61


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.63

UK Pound

1

Rs.86.17

Euro

1

Rs.69.74

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.