|
Report Date : |
25.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
LG CHEM LTD |
|
|
|
|
Registered Office : |
LG Twin Tower 20, Yeouido-Dong, Yeongdeungpo-Gu Seoul, 150721 Korea |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.04.2001 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of other organic basic chemicals |
|
|
|
|
No. of Employees : |
11,675 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
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
LG Chem Ltd
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Business Description
|
LG CHEM, LTD. is a Korea-based company
engaged in the manufacture of petrochemicals and electronic materials. The
Company operates in two business segments: petrochemical segment and
electronic material segment. Its petrochemical segment produces basic
chemicals, polyvinyl chloride products, plasticizers, polyethylene compounds,
acrylic acids, performance polymers, engineering plastics, acrylonitrile
butadiene styrene, conductive resins and other chemicals. Its electronic
material segment produces rechargeable batteries, printed circuit materials,
toner products and other recording materials. On April 1, 2011, the Company
merged with its subsidiary, LG Polycarbonate Ltd. For the fiscal year ended
31 December 2012, LG Chem Ltd revenues increased 3% to W23.263T. Net income
applicable to common stockholders decreased 30% to W1.339T. Revenues reflect
Petrochemical Business(Hwasung) segment increase of 1% to W17.514T, Electric
Equipments segment increase of 9% to W2.478T, Information & Electronic
Material Business segment increase of 4% to W3.271T. |
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
2869 - Industrial Organic Chemicals, Not Elsewhere
Classified |
Key Executives
|
Significant Developments
|
Financial Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
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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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55 trillion for 2012, an increase of 8.2%
from 2011. The company intends to spend nearly KRW 1.75 trillion on building
new facilities and regular administrative-related affairs. The company plans
to allocate KRW 700 billion for the petrochemical; KRW 540 billion for
materials and KRW 470 billion for battery businesses. In mid 2011, it signed
a $4 billion deal with Kazakhstan Petrochemical Industries (KPI) for the
development of a large petrochemical complex in Kazakhstan. Such growth
initiatives give an opportunity for the company to increase its sales and
market share.Growing Demand for Hybrid-Electric Vehicles (HEVs)The growing
demand for clean vehicles would provide an opportunity for the company to
boost its sales and strengthen its market presence in its batteries segment. |
|
|
LG Chem, Ltd. (LG Chem) pioneers in the
manufacture and marketing of high quality petrochemicals, information and
electronic materials, and industrial materials. The company is the leader in a
few of its businesses, which allows it to achieve stellar performance enjoying
a competitive advantage. However, legal proceedings and huge debt compared to
various other companies in the sector are few causes for concern to the
company. Nonetheless, growing demand for hybrid electric vehicles (HEV) and
strategic plans would provide growth opportunities for the company. Yet,
stringent regulatory obligations restricting chemical industry, and competitive
pressure could pose several challenges to the company in sustaining profitable
growth.
Vertical
Integration in Petrochemicals Business
LG Chem is vertically integrated across the
value chain of petrochemical industry, which enables it to identify various
cost synergies. The company produces quality petrochemicals ranging from basic
distillates to specialty polymers. The company’s petrochemical business
engages in the production of ethylene, propylene, mixed C4s, and pyrolysis
gasoline, synthetic rubber and specialty resins, polyvinyl chloride (PVC),
acrylonitrile-butadienestyrene (ABS) materials, acrylates and plasticizers. The
company attained vertically integrated production system in the PVC and ABS
businesses through a merger with LG Daesan Petrochemicals in 2006 and LG
Petrochemical in 2007. Furthermore, capacity expansion of ABS plant in China
enhanced the company's position in the global ABS industry. LG Chem’s
vertically integrated petrochemical businesses would increase its cost
competitiveness and reduce the dependency on third party suppliers.
Strong Research
and Development Capabilities
Operating in technology intensive businesses,
LG Chem continues to invest in new and advanced technologies across all its
business fields, which will enhance its competitive position. The company
engages in basic and applied research to develop new products and processes to
enhance existing products and processes and to develop new applications for
existing products. Since its inception, the company introduced several
breakthrough products and technologies. It developed and launched TFT-LCD
polarizers, LCD color filter photoresists, OLED materials, printed circuit
board materials, and the industry’s first 2,400 mAh, 2,600 mAh, and 2,800 mAh
lithium-ion batteries. In the petrochemical business, the company develops
specialty products, catalysts, processes, and eco-friendly plasticizers. LG
Chem registered more than 9,000 patents worldwide, creating a strong
intellectual property portfolio that makes it increasingly competitive in the
global marketplace. The company has Research Park in Daejeon, Korea which
includes (Corporate R&D Center) and Information & Electronic Materials
R&D Center, Battery R&D Center and Petrochemicals & Polymers
R&D Center. LG Chem also has a global R&D network with satellite labs
in the US, Germany, Russia, and China. Thus, strong R&D base helps the
company develop new products and sustain its leading market position.
Dominant Market
Position in Polarizer Market
Business competency in terms of market
leadership would drive the company’s growth and provide it a competitive
advantage. LG Chem is a leading provider of petrochemicals to global polarizer
market. Polarizer for TFT-LCD comprises 95% of the entire polarizer market and
the company is the leader in large-area TFT-LCD polarizer market in 2011
following from 2010. According to industry estimates, as of mid 2011, LG Chem
had a market share of 27% overshadowing 26% market share of Nitto Denko and 20%
of Sumitomo Chem. In the TV-use polarizer market, LG Chem competes with Nitto
Denko and Sumitomo Chemical for the leading place. In the monitor-use polarizer
market, LG Chem dominates with a market share of 46%. The company’s
market-leading position is driven by its manufacturing know-how for value-added
products at competitive prices. The company’s leading market position would
enhance its brand image and provide multiple growth opportunities.
Debt Obligations
For the fiscal year 2011, the company
recorded a total debt of KRW2,526,718m. It total long-term debt stood at
KRW689,081m, an increase of 30% over 2010. This could impair its ability to
obtain additional financing for working capital, capital expenditures or
general corporate purposes, especially if the ratings assigned to its debt
securities by rating organizations were revised downward. It could restrict the
flexibility of the company in responding to changing market conditions and make
it more vulnerable during times of slowdown. Another major consequence of the
company's indebtedness would be that the company would require allocate a substantial
portion of the cash flow from operations to pay the principal and interest on
debt, thereby reducing funds which could be used for expansion through
acquisitions, on marketing and the expansion of product offerings.
Legal Proceedings
Involvement in litigations leading to legal
proceedings will incur additional costs to the company and affect its
profitability. Recently, Nippo Shokubai Co. Ltd. filed a lawsuit against LG
Chem seeking an injunction and damage for LG Chem's infringement of Nippon Shokubai's
Korean patent, 481,059 relating to the polymers for concrete admixture used in
construction industry. Nippo Shokubai stated that it heavily invested in
research and development to achieve improved quality and productivity of
polymers for concrete admixture such as AQUALOC. In response to the lawsuit
filing, it discontinued production and sale of its polycarboxylate copolymer;
namely, CP-ST. In addition, LG Chem filed a lawsuit against SK Innovation for
copying its key proprietary battery separator technology for electric cars.
Regardless the outcome, such lawsuits could impact the results of operations.
Adverse decisions could hamper its brand equity gained over the years.
Positive Outlook
of Petrochemical Industry
LG Chem could be benefit from the growing
global petrochemicals market. According to the in-house research reports, the
global petrochemicals industry is valued at $733.4 billion, and it is expected
to grow at a rate of 8.8% to reach $1699 billion by 2020. According to the China
Petroleum and Chemical Industry Federation (CPCIF), the value of chemical
industry output increased 32.6% in 2010 to reach $818.4 billion. China is
expected to overtake the US as the largest chemical market by 2012 year-end.
Global market for polyethylene is expected to reach $186 billion in 2020. In
addition, total world market for polypropylene is expected to grow at a rate of
8.4% during 2010-2020 to reach $109.1 billion. Such growth in petrochemical
sector is expected to be driven by Asia Pacific, and Middle East and Africa
regions. Asia Pacific’s petrochemicals market is expected to register CAGR of
10.2% during 2010-2020 to reach $1070 billion. Such strong outlook of the
petrochemical industry could help LG Chem expand its geographic operations and
explore untapped markets to strengthen top-line growth.
Strategic Growth
Initiatives
The company focuses on business expansion
through organic and inorganic methods. It plans to invest KRW 2.55 trillion for
increasing the output of petrochemical products; as well as LCD glasses,
batteries and films used in 3D televisions. The company’s investment
allocation falls in line with revenue target of KRW24.55 trillion for 2012, an
increase of 8.2% from 2011. The company intends to spend nearly KRW 1.75
trillion on building new facilities and regular administrative-related affairs.
The company plans to allocate KRW 700 billion for the petrochemical; KRW 540
billion for materials and KRW 470 billion for battery businesses. In mid 2011,
it signed a $4 billion deal with Kazakhstan Petrochemical Industries (KPI) for
the development of a large petrochemical complex in Kazakhstan. Such growth
initiatives give an opportunity for the company to increase its sales and
market share.
Growing Demand
for Hybrid-Electric Vehicles (HEVs)
The growing demand for clean vehicles would
provide an opportunity for the company to boost its sales and strengthen its
market presence in its batteries segment. LG Chem engages in production of both
lithium-ion and lithium-ion polymer rechargeable batteries. The company’s
batteries find application in various industries, including robots, robot
vacuum cleaners, electric bicycles, electric wheelchairs, and electric and
hybrid vehicles. The world demand for hybrid-electric vehicles (HEVs) is
expected to reach 4 million units in 2015. The HEV demand is high in Chinese
and South Korean market, mainly due to government interest in dealing with
mobile emissions (China), and planned local production of HEVs in both China
and South Korea. The rising demand will boost the battery market to $8.6
billion by 2015.
Infringement of
Intellectual Property
LG Chem’s intellectual property rights
could be challenged, invalidated, or infringed by its competitors. The company
owns trademarks for its various products, including. The company has strong
R&D activity which allowed it to develop several new technologies and
products. The company’s intellectual property includes copyrights, patents,
trademarks, industrial design rights and various trade secrets. Currently, the
company has more than 9,000 registered patents and several patent pending
applications worldwide. Failure to meet the requirements in securing its
technology could adversely hamper the company’s competitive position.
Similarly, the company could face infringement claims and incur additional
costs that would affect its profitability.
Competitive
Pressure
LG Chem's business operations face intense
competition from both domestic and foreign chemical manufacturers, which may
have a negative impact on its performance. Increased competition may lead the
company to reduce its prices, which could negatively affect its margins. The
company operates in a progressively more complex and challenging chemical
marketplace whose dynamics is ever-changing. Its key competitors include Hanwha
Chemical Corporation, Sumitomo Chemical, Mitsubishi Chemical, Dow Chemical and
others. Technological advances by any player in the market could render its
present or future products obsolete or uneconomical. The existing market
includes companies of varying sizes; some more specialized than the company
with respect to particular materials, and some with greater financial resources
than the company. It competes in this evolving marketplace on the basis of many
factors, including price, quality, innovation, service, reputation,
distribution and promotion.
Stringent
Environmental Regulations
LG Chem’s business could be affected by the
environmental regulations governing the global chemical industry. The company
is subject to variety of laws, regulations and policies by the Government of
South Korea and other foreign governments, where the company operates. One of
such is REACH (Registration Evaluation and Authorization of Chemicals), which
regulates the products manufactured and marketed in Europe. REACH exemplifies
the stringent regulatory environment that is set to affect chemical producers.
Phased over a period of 11 years, the regulation mandates all companies to
develop and submit dossiers containing datasets about their chemical products
and detail their potential impact and risk on environment. This will prove to
be a challenge while launching new products as it is a time-consuming and
expensive process. It may also result in phasing out many existing chemicals
from the market, which may be regarded as toxic and hazardous. REACH directly
applies to over 30,000 different chemical substances that are produced or sold
in Europe and its implementation is expected to cost European chemical industry
about $3 billion. Other countries too are expected to model their regulations
after REACH. The US also implements similar regulations with the reform of
Toxic Substances Control Act. China has its own version of RoHS (Restriction of
Hazardous Substances), which restricts the use of certain chemicals in the
market. Such stringent environmental regulations are set to get tightened in the
near future, affecting both existing and new products of the company.
|
LG Chem Ltd |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Chemical Manufacturing |
20,644.3 |
11,675 |
|
|
Joint Venture |
Ch'onan, Choongnam |
Korea, Republic of |
Chemical Manufacturing |
|
1,400 |
|
|
Subsidiary |
Englewood Cliffs, NJ |
United States |
Miscellaneous Capital Goods |
|
40 |
|
|
Subsidiary |
Bangkok, Wattana |
Thailand |
Chemical Manufacturing |
|
3 |
|
Executives Report
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
20,644.3 |
20,467.3 |
16,839.7 |
12,160.0 |
13,141.4 |
|
Revenue |
20,644.3 |
20,467.3 |
16,839.7 |
12,160.0 |
13,141.4 |
|
Other Revenue |
- |
- |
- |
- |
83.5 |
|
Other Revenue, Total |
- |
- |
- |
- |
83.5 |
|
Total Revenue |
20,644.3 |
20,467.3 |
16,839.7 |
12,160.0 |
13,224.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
17,708.7 |
16,784.0 |
13,381.3 |
9,606.0 |
11,175.7 |
|
Cost of Revenue, Total |
17,708.7 |
16,784.0 |
13,381.3 |
9,606.0 |
11,175.7 |
|
Gross Profit |
2,935.6 |
3,683.3 |
3,458.4 |
2,554.0 |
1,965.7 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
850.0 |
775.7 |
704.8 |
556.1 |
561.3 |
|
Labor & Related
Expense |
312.1 |
293.2 |
240.9 |
194.6 |
207.6 |
|
Advertising Expense |
18.0 |
16.6 |
9.9 |
8.2 |
9.9 |
|
Total Selling/General/Administrative
Expenses |
1,180.1 |
1,085.6 |
955.6 |
758.9 |
778.8 |
|
Research & Development |
- |
- |
- |
- |
25.5 |
|
Depreciation |
48.8 |
43.7 |
36.0 |
31.6 |
31.8 |
|
Amortization of Intangibles |
11.4 |
9.8 |
10.7 |
7.3 |
12.8 |
|
Depreciation/Amortization |
60.2 |
53.5 |
46.7 |
39.0 |
44.6 |
|
Investment
Income - Operating |
- |
- |
19.4 |
59.0 |
- |
|
Interest/Investment
Income - Operating |
- |
- |
19.4 |
59.0 |
- |
|
Interest Expense (Income) - Net Operating
Total |
- |
- |
19.4 |
59.0 |
- |
|
Loss (Gain) on Sale
of Assets - Operating |
- |
- |
7.0 |
21.3 |
- |
|
Unusual Expense (Income) |
- |
- |
7.0 |
21.3 |
- |
|
Other Operating
Expense |
- |
- |
19.6 |
55.1 |
- |
|
Other, Net |
- |
- |
-30.0 |
-22.9 |
- |
|
Other Operating Expenses, Total |
- |
- |
-10.4 |
32.2 |
- |
|
Total Operating Expense |
18,949.0 |
17,923.1 |
14,399.7 |
10,516.5 |
12,024.5 |
|
|
|
|
|
|
|
|
Operating Income |
1,695.3 |
2,544.3 |
2,440.0 |
1,643.5 |
1,200.4 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-64.8 |
-60.6 |
-53.0 |
-81.4 |
-88.6 |
|
Interest Expense,
Net Non-Operating |
-64.8 |
-60.6 |
-53.0 |
-81.4 |
-88.6 |
|
Interest
Income - Non-Operating |
26.7 |
24.7 |
23.1 |
14.9 |
5.4 |
|
Investment
Income - Non-Operating |
11.3 |
15.1 |
38.5 |
10.7 |
-82.8 |
|
Interest/Investment
Income - Non-Operating |
38.0 |
39.9 |
61.6 |
25.7 |
-77.4 |
|
Interest Income (Expense) - Net
Non-Operating Total |
-26.7 |
-20.7 |
8.7 |
-55.7 |
-166.0 |
|
Gain (Loss) on Sale of Assets |
-1.4 |
-3.9 |
- |
- |
-38.8 |
|
Other Non-Operating
Income (Expense) |
1.6 |
4.7 |
-11.2 |
-8.8 |
80.8 |
|
Other, Net |
1.6 |
4.7 |
-11.2 |
-8.8 |
80.8 |
|
Income Before Tax |
1,668.8 |
2,524.3 |
2,437.5 |
1,579.0 |
1,076.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
332.0 |
565.9 |
535.1 |
347.2 |
242.4 |
|
Income After Tax |
1,336.8 |
1,958.4 |
1,902.4 |
1,231.8 |
833.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-10.5 |
-28.7 |
-35.9 |
-24.0 |
15.1 |
|
Net Income Before Extraord Items |
1,326.3 |
1,929.7 |
1,866.5 |
1,207.8 |
848.9 |
|
Discontinued
Operations |
- |
- |
- |
-0.3 |
62.1 |
|
Extraord Items |
- |
- |
- |
0.0 |
- |
|
Total Extraord Items |
- |
- |
- |
-0.3 |
62.1 |
|
Net Income |
1,326.3 |
1,929.7 |
1,866.5 |
1,207.4 |
911.0 |
|
|
|
|
|
|
|
|
Preferred Dividends |
-137.8 |
-200.4 |
-193.8 |
-125.4 |
-94.9 |
|
Total Adjustments to Net Income |
-137.8 |
-200.4 |
-193.8 |
-125.4 |
-94.9 |
|
Income Available to Common Excl Extraord
Items |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.3 |
754.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.0 |
816.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
65.9 |
65.9 |
65.9 |
68.1 |
65.8 |
|
Basic EPS Excl Extraord Items |
18.03 |
26.24 |
25.38 |
15.89 |
11.46 |
|
Basic/Primary EPS Incl Extraord Items |
18.03 |
26.24 |
25.38 |
15.88 |
12.40 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.0 |
816.0 |
|
Diluted Weighted Average Shares |
65.9 |
65.9 |
65.9 |
68.1 |
65.8 |
|
Diluted EPS Excl Extraord Items |
18.03 |
26.24 |
25.38 |
15.89 |
11.46 |
|
Diluted EPS Incl Extraord Items |
18.03 |
26.24 |
25.38 |
15.88 |
12.40 |
|
Dividends per Share - Common Stock Primary
Issue |
3.55 |
3.61 |
3.46 |
2.74 |
2.58 |
|
Gross Dividends - Common Stock |
234.0 |
238.0 |
228.0 |
180.7 |
170.0 |
|
Interest Expense, Supplemental |
64.8 |
60.6 |
53.0 |
81.4 |
88.6 |
|
Interest Capitalized, Supplemental |
-26.9 |
-20.4 |
-16.1 |
-7.3 |
- |
|
Depreciation, Supplemental |
759.9 |
669.6 |
565.8 |
444.9 |
514.9 |
|
Total Special Items |
1.4 |
3.9 |
7.0 |
21.3 |
38.8 |
|
Normalized Income Before Tax |
1,670.2 |
2,528.2 |
2,444.5 |
1,600.3 |
1,115.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.3 |
0.9 |
1.5 |
4.7 |
8.7 |
|
Inc Tax Ex Impact of Sp Items |
332.3 |
566.8 |
536.6 |
351.9 |
251.2 |
|
Normalized Income After Tax |
1,337.9 |
1,961.4 |
1,907.9 |
1,248.4 |
863.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,189.5 |
1,732.4 |
1,678.2 |
1,098.9 |
784.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
18.05 |
26.28 |
25.46 |
16.13 |
11.92 |
|
Diluted Normalized EPS |
18.05 |
26.28 |
25.46 |
16.13 |
11.92 |
|
Amort of Intangibles, Supplemental |
16.9 |
14.2 |
15.5 |
13.3 |
22.3 |
|
Rental Expenses |
- |
- |
- |
- |
0.0 |
|
Advertising Expense, Supplemental |
18.0 |
16.6 |
9.9 |
8.2 |
9.9 |
|
Research & Development Exp,
Supplemental |
- |
- |
- |
- |
25.5 |
|
Normalized EBIT |
1,695.3 |
2,544.3 |
2,466.5 |
1,723.8 |
1,200.4 |
|
Normalized EBITDA |
2,472.0 |
3,228.0 |
3,047.7 |
2,182.0 |
1,737.6 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
675.9 |
1,197.4 |
1,205.4 |
950.3 |
408.3 |
|
Short Term
Investments |
- |
- |
- |
- |
118.3 |
|
Cash and Short Term Investments |
675.9 |
1,197.4 |
1,205.4 |
950.3 |
526.6 |
|
Accounts
Receivable - Trade, Gross |
2,945.6 |
2,710.3 |
2,235.7 |
1,973.7 |
1,262.6 |
|
Provision
for Doubtful Accounts |
-9.5 |
-4.4 |
-6.4 |
-10.8 |
-30.7 |
|
Trade Accounts
Receivable - Net |
2,943.3 |
2,707.9 |
2,233.2 |
1,965.7 |
1,234.3 |
|
Other Receivables |
92.9 |
96.8 |
53.5 |
52.5 |
79.2 |
|
Total Receivables, Net |
3,036.2 |
2,804.6 |
2,286.7 |
2,018.1 |
1,313.5 |
|
Inventories -
Finished Goods |
1,395.9 |
1,258.2 |
1,129.3 |
772.8 |
922.5 |
|
Inventories - Work
In Progress |
280.5 |
278.5 |
237.8 |
159.6 |
155.2 |
|
Inventories - Raw
Materials |
714.2 |
549.8 |
502.7 |
393.2 |
346.1 |
|
Inventories - Other |
119.2 |
97.2 |
76.9 |
80.9 |
62.2 |
|
Total Inventory |
2,509.8 |
2,183.7 |
1,946.8 |
1,406.5 |
1,486.0 |
|
Prepaid Expenses |
92.0 |
83.1 |
84.8 |
65.4 |
24.1 |
|
Deferred Income Tax
- Current Asset |
- |
- |
- |
- |
36.9 |
|
Other Current
Assets |
674.9 |
30.0 |
20.1 |
91.5 |
8.7 |
|
Other Current Assets, Total |
674.9 |
30.0 |
20.1 |
91.5 |
45.6 |
|
Total Current Assets |
6,988.9 |
6,298.8 |
5,543.8 |
4,531.8 |
3,395.9 |
|
|
|
|
|
|
|
|
Buildings |
2,620.9 |
2,108.4 |
1,853.2 |
1,591.0 |
- |
|
Land/Improvements |
667.9 |
525.1 |
390.7 |
371.1 |
407.5 |
|
Machinery/Equipment |
9,046.0 |
7,153.8 |
6,596.6 |
5,538.1 |
- |
|
Construction
in Progress |
1,256.7 |
1,263.8 |
784.8 |
414.6 |
281.0 |
|
Other
Property/Plant/Equipment |
185.4 |
161.6 |
83.4 |
15.4 |
- |
|
Property/Plant/Equipment
- Gross |
13,776.8 |
11,212.6 |
9,708.8 |
7,930.2 |
688.5 |
|
Accumulated
Depreciation |
-6,155.0 |
-5,075.3 |
-4,683.6 |
-3,884.6 |
- |
|
Property/Plant/Equipment - Net |
7,828.4 |
6,402.7 |
5,174.1 |
4,100.9 |
4,117.1 |
|
Goodwill, Net |
31.3 |
29.0 |
29.4 |
28.7 |
-159.3 |
|
Intangibles, Net |
188.0 |
150.8 |
129.3 |
110.6 |
99.5 |
|
LT Investment -
Affiliate Companies |
379.8 |
285.1 |
188.2 |
188.5 |
98.7 |
|
LT Investments -
Other |
20.5 |
5.2 |
3.7 |
3.9 |
49.2 |
|
Long Term Investments |
400.3 |
290.3 |
191.9 |
192.4 |
147.9 |
|
Note Receivable - Long Term |
0.1 |
0.6 |
0.6 |
0.2 |
0.8 |
|
Deferred Income Tax
- Long Term Asset |
53.9 |
28.0 |
39.9 |
14.0 |
22.1 |
|
Other Long Term
Assets |
57.7 |
68.5 |
58.0 |
64.7 |
105.4 |
|
Other Long Term Assets, Total |
111.7 |
96.4 |
97.9 |
78.7 |
127.4 |
|
Total Assets |
15,548.7 |
13,268.7 |
11,167.0 |
9,043.2 |
7,729.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,427.6 |
1,304.8 |
1,147.7 |
941.2 |
536.8 |
|
Accrued Expenses |
- |
- |
1.9 |
- |
59.8 |
|
Notes Payable/Short Term Debt |
1,562.9 |
1,260.3 |
1,110.1 |
1,110.5 |
647.9 |
|
Current Portion - Long Term Debt/Capital
Leases |
79.8 |
334.9 |
317.8 |
463.3 |
549.6 |
|
Dividends Payable |
1.0 |
1.0 |
0.0 |
0.1 |
0.4 |
|
Customer Advances |
46.6 |
29.6 |
34.2 |
36.3 |
31.0 |
|
Income Taxes
Payable |
134.0 |
251.3 |
361.0 |
172.0 |
284.1 |
|
Other Payables |
718.5 |
824.8 |
723.8 |
583.2 |
448.6 |
|
Other Current
Liabilities |
97.4 |
94.0 |
72.4 |
48.4 |
39.1 |
|
Other Current liabilities, Total |
997.6 |
1,200.7 |
1,191.4 |
840.0 |
803.1 |
|
Total Current Liabilities |
4,067.9 |
4,100.6 |
3,769.0 |
3,355.0 |
2,597.2 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,117.8 |
593.6 |
417.0 |
488.5 |
979.9 |
|
Capital Lease
Obligations |
2.9 |
4.5 |
6.4 |
7.7 |
- |
|
Total Long Term Debt |
1,120.7 |
598.2 |
423.4 |
496.3 |
979.9 |
|
Total Debt |
2,763.4 |
2,193.3 |
1,851.3 |
2,070.1 |
2,177.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
141.1 |
52.4 |
12.6 |
0.0 |
30.5 |
|
Deferred Income Tax |
141.1 |
52.4 |
12.6 |
0.0 |
30.5 |
|
Minority Interest |
127.6 |
133.9 |
123.7 |
100.9 |
129.4 |
|
Reserves |
10.6 |
2.0 |
- |
- |
- |
|
Pension Benefits -
Underfunded |
99.3 |
52.8 |
7.2 |
46.7 |
76.8 |
|
Other Long Term
Liabilities |
14.1 |
36.0 |
43.5 |
55.6 |
33.6 |
|
Other Liabilities, Total |
124.0 |
90.8 |
50.6 |
102.3 |
110.4 |
|
Total Liabilities |
5,581.3 |
4,975.8 |
4,379.2 |
4,054.5 |
3,847.3 |
|
|
|
|
|
|
|
|
Preferred Stock -
Non Redeemable |
35.8 |
33.1 |
33.6 |
32.8 |
34.4 |
|
Preferred Stock - Non Redeemable, Net |
35.8 |
33.1 |
33.6 |
32.8 |
34.4 |
|
Common Stock |
310.7 |
287.6 |
292.0 |
284.6 |
298.7 |
|
Common Stock |
310.7 |
287.6 |
292.0 |
284.6 |
298.7 |
|
Additional Paid-In Capital |
1,085.7 |
1,005.0 |
1,020.2 |
994.2 |
1,043.7 |
|
Retained Earnings (Accumulated Deficit) |
8,631.6 |
6,990.7 |
5,510.5 |
4,153.0 |
2,411.0 |
|
Treasury Stock - Common |
-14.5 |
-13.4 |
-13.6 |
-13.3 |
-11.9 |
|
Unrealized Gain (Loss) |
- |
- |
- |
- |
11.7 |
|
Translation
Adjustment |
- |
- |
- |
- |
107.0 |
|
Other Equity |
-0.2 |
-0.2 |
-0.2 |
-398.5 |
0.3 |
|
Other Comprehensive
Income |
-81.6 |
-9.9 |
-54.6 |
-64.0 |
-12.7 |
|
Other Equity, Total |
-81.8 |
-10.1 |
-54.8 |
-462.6 |
94.5 |
|
Total Equity |
9,967.5 |
8,293.0 |
6,787.8 |
4,988.7 |
3,882.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders Equity |
15,548.7 |
13,268.7 |
11,167.0 |
9,043.2 |
7,729.4 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
65.9 |
65.9 |
65.9 |
65.9 |
65.9 |
|
Total Common Shares Outstanding |
65.9 |
65.9 |
65.9 |
65.9 |
65.9 |
|
Treasury Shares - Common Stock Primary
Issue |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
Shares Outstanding
- Preferred Stock Primary Issue |
7.6 |
7.6 |
7.6 |
7.6 |
7.6 |
|
Total Preferred Stock Outstanding |
7.6 |
7.6 |
7.6 |
7.6 |
7.6 |
|
Treasury Shares - Preferred Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
10,722 |
9,304 |
8,194 |
10,698 |
|
Number of Common Shareholders |
- |
- |
90,994 |
- |
46,173 |
|
Deferred Revenue - Current |
46.6 |
29.6 |
34.2 |
36.3 |
31.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
316.2 |
- |
1,282.3 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
316.2 |
- |
550.1 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
- |
404.4 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
- |
184.2 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
- |
72.8 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
- |
588.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
- |
72.8 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
- |
- |
0.0 |
- |
70.8 |
|
Total Capital Leases, Supplemental |
4.9 |
6.3 |
8.0 |
9.2 |
- |
|
Capital Lease Payments Due in Year 1 |
2.0 |
1.7 |
1.6 |
1.4 |
- |
|
Capital Lease Payments Due in Year 2 |
0.7 |
1.1 |
1.6 |
1.9 |
- |
|
Capital Lease Payments Due in Year 3 |
0.7 |
1.1 |
1.6 |
1.9 |
- |
|
Capital Lease Payments Due in Year 4 |
0.7 |
1.1 |
1.6 |
1.9 |
- |
|
Capital Lease Payments Due in Year 5 |
0.7 |
1.1 |
1.6 |
1.9 |
- |
|
Capital Lease Payments Due in 2-3 Years |
1.4 |
2.3 |
3.2 |
3.9 |
- |
|
Capital Lease Payments Due in 4-5 Years |
1.4 |
2.3 |
3.2 |
3.9 |
- |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1,668.8 |
2,524.3 |
2,437.5 |
1,544.5 |
895.9 |
|
Depreciation |
758.3 |
668.8 |
565.8 |
444.9 |
514.9 |
|
Depreciation/Depletion |
758.3 |
668.8 |
565.8 |
444.9 |
514.9 |
|
Amortization of
Intangibles |
16.9 |
14.2 |
15.5 |
13.3 |
22.3 |
|
Amortization |
16.9 |
14.2 |
15.5 |
13.3 |
22.3 |
|
Deferred Taxes |
- |
- |
- |
- |
-60.8 |
|
Unusual Items |
23.6 |
42.1 |
38.2 |
31.7 |
-50.0 |
|
Equity in Net
Earnings (Loss) |
- |
- |
- |
- |
-0.6 |
|
Other Non-Cash
Items |
30.7 |
64.4 |
4.2 |
26.8 |
208.7 |
|
Non-Cash Items |
54.3 |
106.6 |
42.3 |
58.5 |
158.1 |
|
Accounts Receivable |
-125.2 |
-514.6 |
-128.3 |
-517.1 |
-17.1 |
|
Inventories |
-196.0 |
-248.8 |
-461.8 |
47.2 |
-247.6 |
|
Prepaid Expenses |
- |
- |
- |
- |
-3.0 |
|
Other Assets |
- |
- |
- |
- |
-0.9 |
|
Accounts Payable |
-60.9 |
251.1 |
246.5 |
712.8 |
-499.4 |
|
Accrued Expenses |
- |
- |
- |
- |
20.2 |
|
Taxes Payable |
- |
- |
- |
- |
98.9 |
|
Other Liabilities |
-62.0 |
-65.9 |
-113.0 |
-34.8 |
-56.9 |
|
Other Operating
Cash Flow |
-487.3 |
-713.5 |
-436.2 |
-537.0 |
69.8 |
|
Changes in Working Capital |
-931.4 |
-1,291.7 |
-892.8 |
-328.9 |
-635.9 |
|
Cash from Operating Activities |
1,566.9 |
2,022.2 |
2,168.3 |
1,732.3 |
894.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-1,692.7 |
-1,981.6 |
-1,398.6 |
-861.3 |
-822.7 |
|
Purchase/Acquisition
of Intangibles |
-29.4 |
-24.5 |
-21.0 |
-18.4 |
-38.7 |
|
Capital Expenditures |
-1,722.1 |
-2,006.1 |
-1,419.7 |
-879.7 |
-861.3 |
|
Sale of Fixed
Assets |
8.2 |
4.4 |
4.4 |
29.2 |
26.5 |
|
Sale/Maturity of
Investment |
- |
0.0 |
0.5 |
5.7 |
180.4 |
|
Purchase of
Investments |
-81.1 |
-39.0 |
-66.4 |
-18.8 |
-160.0 |
|
Sale of Intangible
Assets |
1.8 |
- |
0.2 |
0.6 |
0.5 |
|
Other Investing
Cash Flow |
-562.6 |
-17.8 |
78.3 |
33.5 |
27.8 |
|
Other Investing Cash Flow Items, Total |
-633.7 |
-52.3 |
16.9 |
50.1 |
75.1 |
|
Cash from Investing Activities |
-2,355.8 |
-2,058.4 |
-1,402.7 |
-829.6 |
-786.2 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
- |
-6.7 |
3.0 |
-153.6 |
-598.8 |
|
Financing Cash Flow Items |
- |
-6.7 |
3.0 |
-153.6 |
-598.8 |
|
Total Cash Dividends Paid |
-280.6 |
-287.6 |
-242.1 |
-165.0 |
-151.7 |
|
Sale/Issuance
of Common |
- |
- |
- |
- |
19.5 |
|
Repurchase/Retirement
of Common |
- |
- |
0.0 |
-1.8 |
- |
|
Common Stock, Net |
- |
- |
0.0 |
-1.8 |
19.5 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
-1.8 |
19.5 |
|
Short
Term Debt Issued |
- |
- |
- |
- |
296.5 |
|
Short
Term Debt Reduction |
- |
- |
- |
- |
-17.8 |
|
Short Term Debt,
Net |
- |
- |
- |
- |
278.7 |
|
Long
Term Debt Issued |
- |
- |
- |
234.0 |
237.7 |
|
Long
Term Debt Reduction |
-400.8 |
-891.2 |
-501.3 |
-469.1 |
-4.5 |
|
Long Term Debt, Net |
-400.8 |
-891.2 |
-501.3 |
-235.1 |
233.3 |
|
Total Debt Issued |
899.8 |
1,242.3 |
200.4 |
111.5 |
- |
|
Issuance (Retirement) of Debt, Net |
499.0 |
351.1 |
-300.8 |
-123.6 |
512.0 |
|
Cash from Financing Activities |
218.4 |
56.9 |
-540.0 |
-444.0 |
-219.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-14.0 |
-10.4 |
0.5 |
5.8 |
41.5 |
|
Net Change in Cash |
-584.5 |
10.2 |
226.1 |
464.5 |
-69.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
1,224.1 |
1,234.8 |
957.0 |
402.4 |
536.6 |
|
Net Cash - Ending Balance |
639.6 |
1,245.0 |
1,183.1 |
867.0 |
467.3 |
|
Cash Interest Paid |
88.3 |
79.5 |
70.8 |
90.1 |
- |
|
Cash Taxes Paid |
383.7 |
621.5 |
366.2 |
459.0 |
- |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Product
Revenues |
- |
- |
- |
- |
12,611.5 |
|
Merchandise
Revenues |
- |
- |
- |
- |
529.9 |
|
Other Revenue |
- |
- |
- |
- |
83.5 |
|
Sales Revenue |
20,644.3 |
20,467.3 |
16,839.7 |
12,160.0 |
- |
|
Total Revenue |
20,644.3 |
20,467.3 |
16,839.7 |
12,160.0 |
13,224.9 |
|
|
|
|
|
|
|
|
Cost Manufacturing |
- |
- |
- |
- |
10,624.9 |
|
Merchandise Cost |
- |
- |
- |
- |
529.5 |
|
Cost of Other Sales |
- |
- |
- |
- |
21.3 |
|
Costs of Goods
& Services Sold |
17,708.7 |
16,784.0 |
13,381.3 |
9,606.0 |
- |
|
Gain on Foreign
Currency Transaction |
- |
- |
-335.1 |
-366.0 |
- |
|
Gain on Foreign
Currency Translation |
- |
- |
-16.2 |
-22.9 |
- |
|
Gain on Disposal of
PPT |
- |
- |
-4.0 |
-0.4 |
- |
|
Gains on Sale of
Intangible Assets |
- |
- |
- |
-0.5 |
- |
|
Other Operating
Income |
- |
- |
-30.0 |
-22.9 |
- |
|
Loss on Foreign
Currency Transaction |
- |
- |
339.4 |
374.2 |
- |
|
Loss on Foreign
Currency Translation |
- |
- |
14.2 |
16.4 |
- |
|
Loss on Disposal of
PPT |
- |
- |
10.4 |
21.3 |
- |
|
Loss on Disposal of
Intangibless |
- |
- |
0.6 |
0.9 |
- |
|
Impmt Loss on PPT |
- |
- |
17.1 |
44.0 |
- |
|
Loss-Reduction of
Intangible Assets |
- |
- |
- |
13.3 |
- |
|
Other Operating
Expense |
- |
- |
19.6 |
55.1 |
- |
|
Salaries &
Wages |
234.4 |
228.4 |
190.5 |
149.0 |
157.9 |
|
Retirement
Allowance |
16.6 |
13.1 |
7.9 |
10.6 |
14.2 |
|
Employee Benefits |
61.1 |
51.7 |
42.5 |
35.0 |
34.6 |
|
Travel Expense |
26.3 |
20.8 |
19.4 |
14.9 |
17.3 |
|
Utility Expense |
18.4 |
16.5 |
13.5 |
12.1 |
18.4 |
|
Packaging Expense |
4.2 |
4.1 |
3.5 |
3.0 |
2.5 |
|
Usage Fee |
81.6 |
84.8 |
59.7 |
36.0 |
53.0 |
|
Commission Paid |
165.7 |
161.2 |
150.2 |
108.0 |
96.7 |
|
Depreciation |
48.8 |
43.7 |
36.0 |
31.6 |
31.8 |
|
Advertising Expense |
18.0 |
16.6 |
9.9 |
8.2 |
9.9 |
|
Shipping &
Handling Expense |
332.4 |
300.2 |
295.3 |
242.0 |
289.0 |
|
Education &
Training Expense |
10.9 |
10.2 |
8.8 |
6.3 |
6.7 |
|
Amort. of
Intangibless |
11.4 |
9.8 |
10.7 |
7.3 |
12.8 |
|
Other Sales and
Administrative Expens |
- |
- |
- |
- |
71.8 |
|
Sample Expense |
11.8 |
7.6 |
6.8 |
5.4 |
5.8 |
|
Research &
Development Expense |
- |
- |
- |
- |
25.5 |
|
Expenses-Stock
Compensation |
- |
- |
- |
- |
0.9 |
|
Other Selling &
Administrative Expense |
198.6 |
170.5 |
147.7 |
128.3 |
- |
|
Total Operating Expense |
18,949.0 |
17,923.1 |
14,399.7 |
10,516.5 |
12,024.5 |
|
|
|
|
|
|
|
|
Interest Income |
26.7 |
24.7 |
23.1 |
14.9 |
5.4 |
|
Dividend Income |
0.1 |
0.1 |
0.2 |
0.4 |
0.1 |
|
Gain on Foreign
Currency Transaction |
267.4 |
348.0 |
51.8 |
61.5 |
388.8 |
|
Gain on Foreign
Currency Transaction-Fin |
36.6 |
84.0 |
- |
- |
- |
|
Gain on Foreign
Currency Translation |
29.8 |
19.5 |
17.6 |
39.6 |
44.3 |
|
Gain on Foreign
Currency Translation-Fin |
14.0 |
26.0 |
- |
- |
- |
|
Gain on Disposal of
Derivatives to Tradt |
- |
- |
8.6 |
- |
- |
|
Gain on Sale of
Risk Avers Derivatives |
- |
- |
2.1 |
24.7 |
- |
|
Gain on Valuatio of
Derivatives to Tradt |
- |
- |
1.9 |
- |
- |
|
Other Finance
Income |
- |
- |
1.9 |
3.4 |
- |
|
Recovery-Loan Loss
Reserve |
- |
- |
- |
- |
6.1 |
|
Gain on Disposal of
PPT |
4.4 |
2.1 |
- |
- |
2.6 |
|
Gain on Disposal of
Intangibless |
0.1 |
- |
- |
- |
0.0 |
|
Recovery-Negative
Goodwill Amortization |
- |
- |
- |
- |
35.6 |
|
Loss-Reduction of
Intangible Asset |
- |
- |
- |
- |
-0.1 |
|
Gain on Sale of
Derivative for Trading |
9.1 |
32.9 |
- |
- |
66.7 |
|
Gain on Disposal of
Derivative for Trad |
- |
8.0 |
- |
- |
48.7 |
|
Gain on Valts of
Derivatives for Sale |
2.1 |
- |
11.6 |
0.3 |
- |
|
Gain on Insurance
Settlement |
- |
- |
- |
- |
52.5 |
|
Other Non-Operating
Income |
28.4 |
39.1 |
- |
- |
27.9 |
|
Interest Expense |
-64.8 |
-60.6 |
-53.0 |
-81.4 |
-88.6 |
|
Loss on Foreign
Currency Transaction |
-258.0 |
-360.1 |
-64.1 |
-66.6 |
-414.9 |
|
Loss on Foreign
Currency Transaction-Fin |
-59.2 |
-68.5 |
- |
- |
- |
|
Loss on Foreign
Currency Translation |
-27.2 |
-21.0 |
-14.5 |
-1.5 |
-195.9 |
|
Loss on Foreign
Currency Translation-Fin |
-8.0 |
-8.1 |
- |
- |
- |
|
Loss on Sale of
Derivative for Trading |
-4.6 |
-59.5 |
-25.3 |
- |
- |
|
Loss - Valuation of
Derivatives to Tradt |
- |
- |
- |
-17.3 |
- |
|
Loss-Valuat of Risk
Avers Derivatives |
- |
- |
-1.0 |
-18.1 |
- |
|
Other Finance
Expense |
- |
0.0 |
-0.4 |
0.0 |
- |
|
L-Disposal of
Investment Assets |
- |
- |
- |
- |
0.0 |
|
Other Amortization |
- |
- |
- |
- |
0.0 |
|
L-Disposal of
Accounts Receivables |
- |
- |
- |
- |
-33.2 |
|
Loss-Disposal of
Investment Securities |
- |
- |
- |
- |
0.0 |
|
Impmt Loss on PPT |
-1.9 |
- |
- |
- |
- |
|
Loss on Disposal of
PPT |
-4.9 |
-6.0 |
- |
- |
-7.4 |
|
Loss on Disposal of
Intangibless |
-0.9 |
0.0 |
- |
- |
-0.8 |
|
Donations Paid |
-21.6 |
-22.0 |
- |
- |
-6.5 |
|
Loss-Valt of Derivatives |
- |
- |
- |
- |
-20.4 |
|
Other Non-Operating
Expense |
-5.2 |
-12.4 |
-11.2 |
-8.8 |
-34.8 |
|
Gain/Loss under
Equity Method |
11.0 |
13.8 |
48.0 |
- |
3.5 |
|
Loss under Equity
Method |
- |
- |
- |
-15.5 |
-3.7 |
|
Net Income Before Taxes |
1,668.8 |
2,524.3 |
2,437.5 |
1,579.0 |
1,076.3 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
332.0 |
565.9 |
535.1 |
347.2 |
242.4 |
|
Net Income After Taxes |
1,336.8 |
1,958.4 |
1,902.4 |
1,231.8 |
833.8 |
|
|
|
|
|
|
|
|
Minority Interest |
-10.5 |
-28.7 |
-35.9 |
-24.0 |
15.1 |
|
Net Income Before Extra. Items |
1,326.3 |
1,929.7 |
1,866.5 |
1,207.8 |
848.9 |
|
G/L-Discontinuing
Operation |
- |
- |
- |
-25.9 |
62.1 |
|
Common&Preferred
Discon. Operation |
- |
- |
- |
25.5 |
- |
|
Miscellaneous
Adjustment |
- |
- |
- |
0.0 |
- |
|
Net Income |
1,326.3 |
1,929.7 |
1,866.5 |
1,207.4 |
911.0 |
|
|
|
|
|
|
|
|
Preferred Dividends |
-27.4 |
-27.9 |
-26.7 |
-21.2 |
-94.9 |
|
Participated
Preferred Dividend |
-110.4 |
-172.5 |
-167.1 |
-104.2 |
- |
|
Income Available to Com Excl E |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.3 |
754.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.0 |
816.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
65.9 |
65.9 |
65.9 |
68.1 |
65.8 |
|
Basic EPS Excluding ExtraOrdin |
18.03 |
26.24 |
25.38 |
15.89 |
11.46 |
|
Basic EPS Including ExtraOrdin |
18.03 |
26.24 |
25.38 |
15.88 |
12.40 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1,188.5 |
1,729.4 |
1,672.7 |
1,082.0 |
816.0 |
|
Diluted Weighted Average Share |
65.9 |
65.9 |
65.9 |
68.1 |
65.8 |
|
Diluted EPS Excluding ExtraOrd |
18.03 |
26.24 |
25.38 |
15.89 |
11.46 |
|
Diluted EPS Including ExtraOrd |
18.03 |
26.24 |
25.38 |
15.88 |
12.40 |
|
DPS-Common Stock |
3.55 |
3.61 |
3.46 |
2.74 |
2.58 |
|
Gross Dividends - Common Stock |
234.0 |
238.0 |
228.0 |
180.7 |
170.0 |
|
Normalized Income Before Taxes |
1,670.2 |
2,528.2 |
2,444.5 |
1,600.3 |
1,115.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
332.3 |
566.8 |
536.6 |
351.9 |
251.2 |
|
Normalized Income After Taxes |
1,337.9 |
1,961.4 |
1,907.9 |
1,248.4 |
863.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1,189.5 |
1,732.4 |
1,678.2 |
1,098.9 |
784.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
18.05 |
26.28 |
25.46 |
16.13 |
11.92 |
|
Diluted Normalized EPS |
18.05 |
26.28 |
25.46 |
16.13 |
11.92 |
|
Interest Expense, Supplemental |
64.8 |
60.6 |
53.0 |
81.4 |
88.6 |
|
Interest Capitalized, Supplemental |
-26.9 |
-20.4 |
-16.1 |
-7.3 |
- |
|
Rental Expense, Supplemental |
- |
- |
- |
- |
0.0 |
|
Advertising Expense, Supplemental |
18.0 |
16.6 |
9.9 |
8.2 |
9.9 |
|
R&D Expense, Supplemental |
- |
- |
- |
- |
25.5 |
|
Depreciation, Supplemental |
759.9 |
669.6 |
565.8 |
444.9 |
514.9 |
|
Amort of Intangibles, Suppleme |
16.9 |
14.2 |
15.5 |
13.3 |
22.3 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Loans |
- |
- |
0.1 |
- |
- |
|
ST Invmt Assets |
- |
- |
- |
- |
118.3 |
|
Cash & Cash
Equivalents |
675.9 |
1,197.4 |
1,205.4 |
950.3 |
408.3 |
|
Other Current Fincl
Instrm |
2.2 |
- |
1.9 |
0.3 |
- |
|
Short-Term
Guarantee Deposit |
- |
- |
- |
- |
0.0 |
|
Deferred Taxes |
- |
- |
- |
- |
36.9 |
|
Trade Receivable,
Net |
2,945.6 |
2,710.3 |
2,235.7 |
1,973.7 |
1,262.6 |
|
Allow. for DA for
Trade Receivable |
-9.5 |
-4.4 |
-6.4 |
-10.8 |
-30.7 |
|
Prepaid Income
Taxes |
6.9 |
15.5 |
3.0 |
3.5 |
0.5 |
|
Advance Payments |
45.5 |
35.0 |
23.7 |
34.6 |
19.0 |
|
Prepaid Expense |
20.0 |
19.0 |
23.1 |
18.7 |
23.7 |
|
Prepaid Value Added
Taxes |
65.1 |
48.7 |
58.7 |
43.2 |
- |
|
Other in Other Current
Assets |
48.2 |
12.4 |
6.9 |
4.1 |
- |
|
Other Quick Assets |
- |
- |
- |
- |
8.6 |
|
Merchandises |
81.3 |
77.5 |
53.4 |
39.4 |
93.1 |
|
Allow. for Loss on
Valt of Merch |
- |
- |
-0.1 |
-0.3 |
- |
|
Finished Goods |
1,047.1 |
1,000.7 |
898.5 |
607.5 |
692.1 |
|
Allowance for Loss
on Valuation of Finis |
- |
- |
-6.9 |
-5.0 |
- |
|
Semi-finished Goods |
280.2 |
275.5 |
236.9 |
159.1 |
154.7 |
|
Work in Progress |
0.3 |
3.0 |
0.9 |
0.5 |
0.5 |
|
Raw Materials |
714.2 |
549.8 |
503.6 |
393.8 |
346.1 |
|
Allowance for Loss
on Valuation of Raw M |
- |
- |
-0.9 |
-0.6 |
- |
|
Supplies |
73.6 |
62.2 |
53.2 |
46.4 |
43.2 |
|
Goods in Transit |
267.5 |
180.0 |
184.4 |
131.2 |
137.3 |
|
Account Receivable |
92.9 |
96.8 |
53.5 |
52.5 |
79.2 |
|
Current Fincl
Deposits |
602.6 |
10.8 |
4.9 |
87.0 |
- |
|
Guarantee Deposits,
Current Assets |
21.9 |
6.7 |
6.4 |
0.1 |
- |
|
Accrued Income |
7.2 |
1.9 |
3.9 |
2.8 |
2.4 |
|
Total Current Assets |
6,988.9 |
6,298.8 |
5,543.8 |
4,531.8 |
3,395.9 |
|
|
|
|
|
|
|
|
LT Financial Assets |
- |
- |
- |
- |
0.0 |
|
Derivatives |
- |
- |
0.0 |
15.5 |
- |
|
Securities
Available for Sale |
20.5 |
5.2 |
3.7 |
3.6 |
- |
|
LT Trade Receivable |
- |
- |
- |
0.0 |
0.2 |
|
Allowance for
Doubtful Accounts for LT T |
- |
- |
- |
0.0 |
- |
|
LT Trade
Receivable, Net |
- |
- |
- |
- |
0.2 |
|
Loans |
0.1 |
0.6 |
0.6 |
0.2 |
0.5 |
|
Affiliates Stock |
379.8 |
285.1 |
188.2 |
188.5 |
98.7 |
|
Investment
Securities |
- |
- |
- |
- |
1.7 |
|
Non-Current Fincl
Deposits |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Guarantee Deposits,
Non-Current Assets |
19.3 |
28.6 |
17.6 |
17.0 |
26.8 |
|
Other LT Assets |
- |
- |
- |
- |
47.5 |
|
Non-Current Prepaid
Expense |
38.4 |
39.9 |
40.4 |
32.2 |
37.4 |
|
Other Invmt Assets |
0.0 |
0.0 |
0.0 |
0.3 |
- |
|
Futures-Debit |
- |
- |
- |
- |
41.2 |
|
Deferred Income
Tax, Debit |
- |
- |
- |
- |
22.1 |
|
Buildings-Net |
- |
- |
- |
- |
913.9 |
|
Lands |
667.9 |
525.1 |
390.7 |
371.1 |
407.5 |
|
Buildings |
1,857.7 |
1,532.5 |
1,300.0 |
1,093.1 |
- |
|
Buildings-Depreciation |
-312.8 |
-253.6 |
-228.1 |
-189.4 |
- |
|
Buildings-Reduction |
0.0 |
0.0 |
-3.7 |
-5.9 |
- |
|
Structures-Net |
- |
- |
- |
- |
303.1 |
|
Structures |
763.4 |
575.9 |
556.9 |
503.8 |
- |
|
Structures-Depreciation |
-307.5 |
-261.7 |
-245.1 |
-210.4 |
- |
|
Structures-Reduction |
-0.3 |
0.0 |
0.0 |
0.0 |
- |
|
Machinery &
Equipment-Net |
- |
- |
- |
- |
1,922.6 |
|
Machineries &
Equipments |
8,270.5 |
6,545.2 |
6,104.6 |
5,113.9 |
- |
|
Machineries &
Equipments-Depreciation |
-4,975.9 |
-4,126.2 |
-3,852.4 |
-3,195.9 |
- |
|
Machineries &
Equipments-Reduction |
-8.5 |
-8.3 |
-23.1 |
-9.2 |
- |
|
Vehicles &
Transportation Equipment-Net |
- |
- |
- |
- |
11.0 |
|
Vehicles |
36.5 |
35.8 |
30.3 |
31.3 |
- |
|
Vehicles-Depreciation |
-26.8 |
-24.6 |
-22.9 |
-21.4 |
- |
|
Tools &
Equipments-Net |
- |
- |
- |
- |
163.2 |
|
Tools &
Equipments |
534.8 |
410.9 |
329.8 |
268.5 |
- |
|
Tools &
Equipments-Depreciation |
-296.9 |
-232.0 |
-198.4 |
-164.3 |
- |
|
Tools &
Equipments-Reduction |
-3.8 |
-3.5 |
-3.6 |
-3.5 |
- |
|
Fixtures-Net |
- |
- |
- |
- |
50.7 |
|
Fixtures |
216.5 |
173.9 |
158.6 |
137.1 |
- |
|
Fixtures-Depreciation |
-132.5 |
-115.6 |
-107.5 |
-96.9 |
- |
|
Fixtures-Reduction |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
- |
|
Other Tangible
Assets-Net |
- |
- |
- |
- |
0.0 |
|
Other Property
Plant & Equipment |
185.4 |
161.6 |
83.4 |
15.4 |
- |
|
Other
Tangibles-Depreciation |
-102.6 |
-61.5 |
-29.1 |
-6.3 |
- |
|
Construction in
Progress |
1,289.4 |
1,294.0 |
815.5 |
444.5 |
281.0 |
|
Construction in
Progress-Reduction |
-32.6 |
-30.2 |
-30.7 |
-29.9 |
- |
|
Machines in Transit |
206.5 |
265.4 |
148.9 |
55.3 |
64.0 |
|
Usage Rights on
Facility |
- |
- |
- |
- |
7.0 |
|
Development Costs |
39.8 |
29.5 |
22.7 |
20.9 |
37.1 |
|
Industrial Property
Rights |
73.7 |
53.7 |
49.1 |
40.5 |
25.7 |
|
Goodwill |
31.3 |
29.0 |
29.4 |
28.7 |
27.3 |
|
Membership Rights |
48.5 |
44.4 |
43.4 |
40.1 |
- |
|
Other Intangibless |
26.0 |
23.2 |
14.1 |
9.0 |
29.7 |
|
Negative Goodwill |
- |
- |
- |
- |
-186.6 |
|
Non-Current
Deferred Income Taxes Assets |
53.9 |
28.0 |
39.9 |
14.0 |
- |
|
Total Assets |
15,548.7 |
13,268.7 |
11,167.0 |
9,043.2 |
7,729.4 |
|
|
|
|
|
|
|
|
Current Trade Payable |
1,427.6 |
1,304.8 |
1,147.7 |
941.2 |
536.8 |
|
Other Current
Payable |
718.5 |
824.8 |
723.8 |
583.2 |
448.6 |
|
Dividend Payable |
1.0 |
1.0 |
0.0 |
0.1 |
0.4 |
|
Advances Received |
35.1 |
18.9 |
24.8 |
27.8 |
22.4 |
|
Unearned Income |
11.5 |
10.8 |
9.3 |
8.6 |
8.6 |
|
VAT Withheld |
- |
- |
1.9 |
- |
- |
|
Withheld |
42.2 |
39.1 |
30.9 |
35.1 |
39.1 |
|
Income Taxes
Payable |
134.0 |
251.3 |
361.0 |
172.0 |
284.1 |
|
Accrued Expenses |
- |
- |
- |
- |
59.8 |
|
Other Current
Liabilities |
53.3 |
48.2 |
19.0 |
8.7 |
0.0 |
|
Current Borrowings |
1,562.9 |
1,260.3 |
- |
- |
647.9 |
|
Discount Notes |
- |
- |
759.8 |
815.3 |
- |
|
Bank Borrowings |
- |
- |
350.3 |
295.2 |
- |
|
Current Portion of
Bonds |
- |
130.1 |
122.9 |
135.9 |
549.6 |
|
Current Portion of
Long-Term Borrowings |
77.8 |
203.1 |
193.3 |
325.9 |
- |
|
Current Fincl Lease
Liabilities |
2.0 |
1.7 |
1.6 |
1.4 |
- |
|
Liabilities Reserve |
1.8 |
6.3 |
4.4 |
4.5 |
- |
|
Other Current Fincl
Liabilities |
0.1 |
0.5 |
18.1 |
0.0 |
- |
|
Total Current Liability |
4,067.9 |
4,100.6 |
3,769.0 |
3,355.0 |
2,597.2 |
|
|
|
|
|
|
|
|
Non-Current
Borrowings |
557.0 |
334.3 |
285.3 |
252.0 |
693.2 |
|
Bonds |
560.8 |
259.3 |
131.8 |
236.6 |
286.7 |
|
Capital Leased
Liabilities, LD |
2.9 |
4.5 |
6.4 |
7.7 |
- |
|
Total Long Term Debt |
1,120.7 |
598.2 |
423.4 |
496.3 |
979.9 |
|
|
|
|
|
|
|
|
Non-Current
Derivatives Liabilities |
- |
0.1 |
1.4 |
30.1 |
28.9 |
|
Other Non-Current
Payable |
14.1 |
35.9 |
42.1 |
25.3 |
- |
|
LT Trade Account
Payable |
- |
- |
- |
- |
0.0 |
|
Security Deposits |
- |
- |
- |
- |
4.7 |
|
Deferred Income
Taxes, LT Liabilities |
141.1 |
52.4 |
12.6 |
0.0 |
30.5 |
|
Reserve for Group
Severance and Retireme |
- |
- |
- |
- |
76.8 |
|
Provisions for
Retirement and Severance |
99.3 |
52.8 |
7.2 |
46.7 |
- |
|
Other LT
Liabilities |
- |
- |
- |
0.2 |
0.0 |
|
Non-Current Prov.s |
10.6 |
2.0 |
- |
- |
- |
|
Minority Interests |
127.6 |
133.9 |
123.7 |
100.9 |
129.4 |
|
Total Liabilities |
5,581.3 |
4,975.8 |
4,379.2 |
4,054.5 |
3,847.3 |
|
|
|
|
|
|
|
|
Common Stock |
310.7 |
287.6 |
292.0 |
284.6 |
298.7 |
|
Preferred Stock |
35.8 |
33.1 |
33.6 |
32.8 |
34.4 |
|
Voluntary Reserve |
- |
- |
- |
- |
1,555.1 |
|
Legal Reserve |
- |
- |
- |
- |
58.3 |
|
Other Capital
Surplus |
- |
- |
- |
- |
207.9 |
|
Paid-in Capital in
Excess of Par |
- |
- |
- |
- |
835.7 |
|
Capital Surplus |
1,085.7 |
1,005.0 |
1,020.2 |
994.2 |
- |
|
Retained Earning
Carried Forward |
- |
- |
- |
- |
797.6 |
|
Other Capital Adj. |
- |
- |
- |
- |
0.3 |
|
Capital Change,
Equity Method |
- |
- |
- |
- |
12.5 |
|
Capital Change,
Equity Method (Loss) |
- |
- |
- |
- |
-0.8 |
|
L-Derivatives
Valuation |
- |
- |
- |
- |
-12.7 |
|
Overseas Business
Trans. Debit/Credit |
- |
- |
- |
- |
107.0 |
|
Treasury Stock |
-14.5 |
-13.4 |
-13.6 |
-13.3 |
-11.9 |
|
Consolidated Equity
Transaction |
-0.2 |
-0.2 |
-0.2 |
0.2 |
- |
|
Loss on Capital
Reduction |
- |
- |
- |
-398.7 |
- |
|
Appropriated
Retained Earnings for Statu |
- |
- |
135.2 |
84.5 |
- |
|
Voluntary
Reserve(1) |
- |
- |
3,073.9 |
2,343.7 |
- |
|
Retained Earnings |
8,631.6 |
6,990.7 |
2,301.5 |
1,724.9 |
- |
|
Accumulated Other
Comprehensive Income |
-81.6 |
-9.9 |
-54.6 |
-64.0 |
- |
|
Total Equity |
9,967.5 |
8,293.0 |
6,787.8 |
4,988.7 |
3,882.1 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
15,548.7 |
13,268.7 |
11,167.0 |
9,043.2 |
7,729.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
65.9 |
65.9 |
65.9 |
65.9 |
65.9 |
|
Total Common Shares Outstandin |
65.9 |
65.9 |
65.9 |
65.9 |
65.9 |
|
T/S-Common Stock |
0.4 |
0.4 |
0.4 |
0.4 |
0.3 |
|
S/O-Preferred Stock |
7.6 |
7.6 |
7.6 |
7.6 |
7.6 |
|
Total Preferred Shares Outstan |
7.6 |
7.6 |
7.6 |
7.6 |
7.6 |
|
T/S-Preferred Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
46.6 |
29.6 |
34.2 |
36.3 |
31.0 |
|
Full-Time Employees |
- |
10,722 |
9,304 |
8,194 |
10,698 |
|
Number of Common Shareholders |
- |
- |
90,994 |
- |
46,173 |
|
Long-Term Debts Due in 1 Year |
- |
- |
316.2 |
- |
550.1 |
|
Long-Term Debts Due in 2 Years |
- |
- |
- |
- |
404.4 |
|
Long-Term Debts Due in 3 Years |
- |
- |
- |
- |
184.2 |
|
Long-Term Debts Due in 4 Years |
- |
- |
- |
- |
72.8 |
|
Long-Term Debts Due Remaining |
- |
- |
- |
- |
70.8 |
|
Total Long Term Debt, Supplemental |
- |
- |
316.2 |
- |
1,282.3 |
|
Capital Lease Payments Due within 1 Year |
2.0 |
1.7 |
1.6 |
1.4 |
- |
|
Capital Lease Payments Due in Year 5 |
2.9 |
4.5 |
6.4 |
7.7 |
- |
|
Total Capital Leases |
4.9 |
6.3 |
8.0 |
9.2 |
- |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
1,668.8 |
2,524.3 |
2,437.5 |
1,544.5 |
895.9 |
|
Depreciation |
758.3 |
668.8 |
565.8 |
444.9 |
514.9 |
|
Amort. of
Intangibless |
16.9 |
14.2 |
15.5 |
13.3 |
22.3 |
|
Stock Compensation
Expense |
- |
- |
- |
- |
1.2 |
|
Payment for
Retirement Allow., ONCI |
50.0 |
39.7 |
34.2 |
35.4 |
59.3 |
|
Provision-Doubtful
Account |
- |
- |
- |
- |
1.3 |
|
Cash-Interest Paid |
-88.3 |
-79.5 |
-70.8 |
-90.1 |
- |
|
Cash-Tax Paid |
-383.7 |
-621.5 |
-366.2 |
-459.0 |
- |
|
Amort-Otr Bad Debt
E |
- |
- |
- |
- |
0.0 |
|
Finance Income |
-82.8 |
-111.1 |
-66.3 |
-85.9 |
- |
|
Finance Expense |
103.2 |
149.3 |
97.4 |
91.2 |
- |
|
G/L on Foreign
Currency Transaction |
-54.1 |
7.6 |
-16.8 |
-118.0 |
- |
|
L-For Currency
Translatn |
- |
- |
- |
- |
226.8 |
|
L-Inv.Asset
Disposal |
- |
- |
- |
- |
0.2 |
|
Impmt Loss on
Tangibles |
1.9 |
- |
- |
- |
0.0 |
|
L-Tangible Asst
Disp |
- |
- |
- |
- |
13.0 |
|
Loss-Disposal of
Trade Receivable |
- |
- |
- |
- |
36.0 |
|
G-Tangible Asst
Disp |
-4.4 |
-2.1 |
-4.0 |
-0.6 |
-6.5 |
|
Other Non-Operating
Expense |
- |
- |
- |
- |
12.0 |
|
Accrued Interest
Expense |
- |
- |
- |
- |
1.8 |
|
L-LT Investment
Secs. Disposal |
- |
- |
- |
- |
0.0 |
|
Loss under Equity
Method |
- |
- |
- |
- |
5.5 |
|
Loss-Reduction of
Intangible Assets |
- |
- |
- |
- |
0.2 |
|
L-Tang Asset Disp |
4.9 |
6.0 |
10.4 |
26.6 |
- |
|
Gain on Sale of
Intangibless |
-0.1 |
- |
0.0 |
-0.5 |
-0.1 |
|
L-Intang Asset Disp |
0.9 |
0.0 |
0.6 |
0.9 |
1.0 |
|
Other Expense |
12.0 |
-9.2 |
-35.3 |
90.6 |
- |
|
L-Derivatives
Valuation |
- |
- |
- |
- |
23.1 |
|
Gain on Foreign
Exchange Translation |
- |
- |
- |
- |
-51.3 |
|
Cash-Interest
Received |
22.8 |
26.3 |
22.1 |
18.8 |
-0.1 |
|
Rvrs-Bad Debt
Expenses |
- |
- |
- |
- |
-6.1 |
|
Other Non-Operating
Income |
- |
- |
- |
- |
-0.8 |
|
Gain under Equity
Method |
- |
- |
- |
- |
-6.1 |
|
Recovery of
Negative Goodwill |
- |
- |
- |
- |
-35.6 |
|
Gain-Derivatives
Valuation |
- |
- |
- |
- |
-59.4 |
|
Gain-Derivatives
Transaction |
- |
- |
- |
- |
-57.5 |
|
Inventory |
-196.0 |
-248.8 |
-461.8 |
47.2 |
-255.8 |
|
Trade Receivables |
-106.4 |
-481.7 |
-134.9 |
-504.6 |
-33.1 |
|
Other Receivables |
-18.9 |
-32.9 |
6.6 |
-12.4 |
15.4 |
|
Accrued Income |
- |
- |
- |
- |
0.6 |
|
Advance Payments |
- |
- |
- |
- |
8.2 |
|
Prepaid Expenses |
- |
- |
- |
- |
-4.9 |
|
Prepaid Income
Taxes |
- |
- |
- |
- |
1.9 |
|
Other Quick Assets |
- |
- |
- |
- |
-0.9 |
|
Trade Payable |
82.4 |
155.7 |
108.1 |
569.3 |
-445.4 |
|
Other Payable |
-143.2 |
95.4 |
138.4 |
143.5 |
-53.9 |
|
Advances Received |
- |
- |
- |
- |
14.8 |
|
Deposits Withheld |
- |
- |
- |
- |
-13.1 |
|
Derivative
Transaction |
4.5 |
-24.6 |
-16.3 |
9.3 |
- |
|
Accrued Expenses |
- |
- |
- |
- |
20.2 |
|
Accrued Income
Taxes |
- |
- |
- |
- |
98.9 |
|
Unearned Income |
- |
- |
- |
- |
2.5 |
|
Cash-Dividend
Income |
1.4 |
1.7 |
1.0 |
1.1 |
- |
|
Insurance Settlement
Proceeds |
- |
- |
- |
- |
69.8 |
|
Payment-Retirement
Bonus |
- |
- |
- |
- |
-61.2 |
|
Reserve-Severance
& Retirement Benefit |
- |
- |
- |
- |
0.6 |
|
Nation Pension Fund |
- |
- |
- |
- |
0.7 |
|
Retirement
Insurance |
- |
- |
- |
- |
-1.1 |
|
Retiremt Allow
Paymt |
-66.6 |
-41.3 |
-96.7 |
-44.1 |
- |
|
Other Cash Flow
from Operating Activity |
-16.6 |
-14.2 |
-0.3 |
10.9 |
- |
|
Deferred
Taxes-Current Asset |
- |
- |
- |
- |
-35.6 |
|
Deferred Income Tax
Debit |
- |
- |
- |
- |
-7.7 |
|
Deferred Income Tax
Credit, A/L |
- |
- |
- |
- |
-17.4 |
|
Cash from Operating Activities |
1,566.9 |
2,022.2 |
2,168.3 |
1,732.3 |
894.5 |
|
|
|
|
|
|
|
|
Dec-LT Loans |
- |
- |
- |
- |
0.0 |
|
Decrease in Other
Receivables |
158.3 |
93.5 |
247.0 |
118.0 |
- |
|
Decs in Other
Non-Current Receivables |
0.3 |
11.4 |
6.8 |
2.7 |
- |
|
Decrease-Other
Non-Current Assets |
- |
- |
- |
0.2 |
- |
|
Decrease-Investment
Securities |
- |
- |
- |
- |
0.1 |
|
Disposal-ST
Investment Assets |
- |
- |
- |
- |
121.8 |
|
Decreased Other LT
Financial Assets |
- |
0.0 |
0.5 |
5.7 |
- |
|
Dec-LT Finl Asset |
- |
- |
- |
- |
0.1 |
|
Decrease-Derivatives |
- |
- |
- |
- |
58.5 |
|
Dec-Guarantee
Deposits |
- |
- |
- |
- |
29.3 |
|
Decrease-Tangible
Assets |
8.2 |
4.4 |
4.4 |
29.2 |
- |
|
Disp-Land |
- |
- |
- |
- |
6.9 |
|
Disposal of
Building |
- |
- |
- |
- |
0.8 |
|
Disp-Structure |
- |
- |
- |
- |
0.0 |
|
Disp-Machinery |
- |
- |
- |
- |
14.7 |
|
Disp-Vehicles |
- |
- |
- |
- |
0.6 |
|
Disp-Tools/Equipment |
- |
- |
- |
- |
3.4 |
|
Disp-Fixtures |
- |
- |
- |
- |
0.2 |
|
Sale of
Intangibless |
1.8 |
- |
0.2 |
0.6 |
0.5 |
|
Increase-ST
Investment Assets |
- |
- |
- |
- |
-134.8 |
|
Increase in Other
Receivables |
-721.2 |
-99.8 |
-164.3 |
-83.7 |
- |
|
Purchase of Other
LT Finacial Instrm |
-14.1 |
-1.6 |
-0.5 |
-3.1 |
- |
|
Incs in Other
Non-Current Receivables |
- |
-22.8 |
-11.3 |
-3.5 |
- |
|
Increase-ST
Guarantee Deposit |
- |
- |
- |
- |
-0.7 |
|
Decrease-Other LT
Assets |
- |
- |
- |
- |
21.2 |
|
Decrease-Other LT
Assets |
- |
- |
- |
- |
-24.0 |
|
Increase-Investment
Securities |
- |
- |
- |
- |
-0.5 |
|
Cash Flow from Subsidiaries |
- |
- |
-53.6 |
- |
-0.8 |
|
Purchase of
Investment in Affiliates & J |
-67.1 |
-37.4 |
-12.3 |
-15.8 |
- |
|
Inc-Guarantee Dep |
- |
- |
- |
- |
-21.9 |
|
Increase-Other
Non-Current Assets |
- |
- |
- |
-0.1 |
- |
|
Inc-LT Loans |
- |
- |
- |
- |
-0.1 |
|
Purchase of
Tangibles |
-1,692.7 |
-1,981.6 |
-1,398.6 |
-861.3 |
- |
|
Acq-Building |
- |
- |
- |
- |
-0.2 |
|
Acq-Structure |
- |
- |
- |
- |
-0.3 |
|
Acq-Machinery |
- |
- |
- |
- |
-9.0 |
|
Acq-Transportation |
- |
- |
- |
- |
-0.8 |
|
Acq-Tools/Equipmt |
- |
- |
- |
- |
-13.2 |
|
Acq-Fixtures |
- |
- |
- |
- |
-4.2 |
|
Acq-Constructn Prog |
- |
- |
- |
- |
-648.7 |
|
Acq-Mach. in
Transit |
- |
- |
- |
- |
-146.3 |
|
Purchase of
Intangibless |
-29.4 |
-24.5 |
-21.0 |
-18.4 |
-38.7 |
|
Cash from Investing Activities |
-2,355.8 |
-2,058.4 |
-1,402.7 |
-829.6 |
-786.2 |
|
|
|
|
|
|
|
|
Inc-ST Borrowings |
- |
- |
- |
- |
296.5 |
|
Increase in Borrowings |
899.8 |
1,242.3 |
200.4 |
111.5 |
- |
|
Inc-Bonds |
- |
- |
- |
- |
131.4 |
|
Inc-LT Borrowing |
- |
- |
- |
- |
106.4 |
|
Proceeds from
Issuance of Bonds |
- |
- |
- |
234.0 |
- |
|
Dec-ST Borrowings |
- |
- |
- |
- |
-17.8 |
|
Dividend Paid |
-280.6 |
-287.6 |
-242.1 |
-165.0 |
-151.7 |
|
Dec-Curr LT Liabs |
- |
- |
- |
- |
-578.6 |
|
Dec-LT Borrowings |
- |
- |
- |
- |
-4.5 |
|
Increase-Security
Deposit Received |
- |
- |
- |
- |
0.2 |
|
Acq-Treasury Stock |
- |
- |
0.0 |
-1.8 |
- |
|
Disposal-Treasury
Stock |
- |
- |
- |
- |
19.5 |
|
Decrease in
Borrowings |
-400.8 |
-891.2 |
-501.3 |
-469.1 |
- |
|
Decrease-Security
Deposit |
- |
- |
- |
- |
-0.6 |
|
Dec-Minority
Interest |
- |
- |
- |
- |
-19.9 |
|
Consolid Scope Adj. |
- |
- |
- |
- |
0.0 |
|
Subsidiaries'
Capital Increase |
- |
- |
3.0 |
5.4 |
- |
|
Decrease in
Derivatives |
- |
-6.7 |
- |
22.3 |
- |
|
Cash
Outflow-Business Spin-Off |
- |
- |
- |
-181.3 |
- |
|
Cash from Financing Activities |
218.4 |
56.9 |
-540.0 |
-444.0 |
-219.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-14.0 |
-10.4 |
0.5 |
5.8 |
41.5 |
|
Net Change in Cash |
-584.5 |
10.2 |
226.1 |
464.5 |
-69.3 |
|
|
|
|
|
|
|
|
Cash Interest Paid |
88.3 |
79.5 |
70.8 |
90.1 |
- |
|
Cash Taxes Paid |
383.7 |
621.5 |
366.2 |
459.0 |
- |
|
Cash and Cash Equivalents at Beginning |
1,224.1 |
1,234.8 |
957.0 |
402.4 |
536.6 |
|
Cash and Cash Equivalents at End |
639.6 |
1,245.0 |
1,183.1 |
867.0 |
467.3 |
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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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.54.30 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.