|
Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
ISU CHEMICAL CO., LTD. |
|
|
|
|
Registered Office : |
Isu Chem Co. 112-4, Banpo-Dong, Seocho-Gu Seoul, 137714 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
17.01.1969 |
|
|
|
|
Legal Form : |
Public Parent |
|
|
|
|
Line of Business : |
Manufacture of basic chemicals |
|
|
|
|
No. of Employees : |
378 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES
:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 is currently the world's 12th largest economy. 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. Korea''s export focused economy was
hit hard by the 2008 global economic downturn, but quickly rebounded in
subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade
Agreement was ratified by both governments in 2011 and went into effect in
March 2012. Throughout 2012 the economy experienced sluggish growth because of
market slowdowns in the United States, China, and the Eurozone.
The incoming administration in 2013, following the December 2012 presidential
election, is likely to face the challenges of balancing heavy reliance on
exports with developing domestic-oriented sectors, such as services. 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
Isu Chemical Co.,
Ltd.
|
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|
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Business
Description
|
ISU Chemical Co., Ltd is a Korea-based company engaged in the
manufacture of petrochemicals. The Company and its subsidiaries operates in three business divisions: petrochemical
division, construction division and fiber division. Its petrochemical
division produces two categories of products: petrochemicals and specialized
chemicals, including linear alkyl benzene (LAB), branched alkyl benzene
(BAB), normal paraffin (NP), kerosene, parasol, heavy LAB, heavy BAB,
tertiary alkyl benzene (TAB), linear alkylbenzene sulfonate (LAS), de-aromatized solvents, tertiary dodecyl mercaptan (TDM) and
others. It construction division constructs apartment, public buildings,
office buildings, residential, roads, bridges, railways, plants and others.
Its fiber division produces knit fabrics and exports yarns. For the three
months ended 31 March 2013, Isu Chemical Co., Ltd.
revenues decreased 10% to W510.05B. Net loss totaled W221.1M vs. income of
W14.45B. Revenues reflect Petrochemistry segment
decrease of 9% to W447.34B, Fiber segment decrease of 54% to W5.14B,
Construction segment decrease of 7% to W56.49B, South Korea segment decrease
of 8% to W423.86B, Asia segment decrease of 22% to W56.43B, Europe segment
decrease of 39% to W10.64B. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
ISIC Rev 4: |
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NACE Rev 2: |
|
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NAICS 2012: |
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|
UK SIC 2007: |
|
|
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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Strengths/Weaknesses (SWOT)
|
ISU Chemical Co., Ltd. (ISU) manufactures various petrochemicals and chemical
related products. ISU operates two business divisions such as petrochemicals
and Speciality chemicals. The company’s
broad product range insulates it from fall in demand for any particular product
line, giving it a balanced revenue platform. Its joint venture and positive
outlook for the petrochemical industry enable the company to expand into new
markets thereby contributing to increased revenue. However, the company’s increased debt could affect its future
expansion opportunities.
The strong focus on the R&D activities helps the company in the
development of new products and molecules, and also in sustaining and
maintaining the existing market share. The company is one of the the world’s largest companies
to develop and commercialize TDM, while carrying the production of Aceton based IPA. Through its sturdy R&D activities,
the company persists to attain the production of self developing electronic
chemicals such as NMP (N-methyl-2-Pyrrolidone) and EEP (Ethyl
3-Ethoxipropionate). ISU has world’s leading
production processes. ISU’s R&D activities are
carried out at its ISU Chemical Technology Research Centre. Through this
center, the company engages in the development of self reliant technology,
which enabled product development and growth of the company. The research
center is present in the site of its Onsan plant. Its
R&D activities are carried out through 40 researchers including 25 in the
quality development department. The company’s
quality development department is accountable for midterm quality management,
pilot product analysis and new product analysis. Focused R&D enables the
company to nurture its new growth platforms helping ISU to deliver sustainable
growth for the future years. For the fiscal year ended December 2012, the
company spent around KRW3848.43m towards the research and development
activities.
The company improved its efficiency in 2012 when compared with previous
year. This is justified with efficiency ratios, namely, asset turnover,
inventory turnover and capital employed turnover. All these ratios state how
effectively the resources are being put to use and a higher ratio suggests that
the firm is effectively using its assets, fixed assets, working capital, current
assets, and capital employed. It reported an asset turnover ratio of 1.73 times
in 2012 as compared to 1.72 times in 2011, followed by fixed asset turnover of
12.45 times in 2012 as compared to 10.38 times in 2011. Its current asset
turnover ratio for 2012 is 3.47 times as compared to 3.37 times in 2011,
inventory turnover is 14.91 times (12.66 times in 2011), and capital employed
turnover ratio is 4.8 times in 2012 as compared to 4.5 times in 2011.
ISU provides petrochemicals and chemical related products. The company
carries out its operations through two business divisions, namely,
Petrochemicals and Specialty chemicals. The company’s
petrochemical products are categorized into LAB (linear alkyl benzene) line,
BAB (branched alkyl benzene) line, NP (normal paraffin) and LAS (linear alkylbenzene sulfonate). LAB is
used as a powder and liquid laundry detergent and Heavy LAB is used as a base
oil and additive for the production of industrial and automotive lubricants.
BAB is used as a key element of DBSA (Dodecyl Benzene
Sulfonic Acid), which is an industrial cleanser and
emulsifier. The company also produces Heavy BAB, used as an additive for
refrigerant oil and lubricants. ISU produces TAB (Tertiary Alkyl Benzene) used
as a solvent in manufacturing of blue pigment. This pigment is used in printing
ink, pain, plastic, fiber, and rubber. NP is used as a metal cleaner,
fumigator, softanol, drilling oil and cutting oil and
LAS is used as an ingredient in powder and liquid laundry detergent. The company’s Specialty chemicals include IPA (Iso Propyl Alcohol), D-SOL
(de-aromatized solvent), PARASOL and TDM (tertiary docecyl
mercapton). ISU produces two types of IPA’s namely, industrial and electronic. Electronic IPA
is used as cleaner in semiconductor and LCD manufacturing process and
industrial IPA is pharmaceutical and reagent ingredient, printing ink, ant
freezing fluid for automotives and preservatives.
High debt burden could have a major impact on the operational
performance of the company as a major portion of the company's earnings would
be diverted towards servicing its debt obligations. The company reported an
increase in the debt to equity ratio of 123.17% in 2012 over the previous
year's figure of 102.59%. The increase in the debt to equity ratio of the
company signifies that the company's debt increased substantially, which means
that the company would incur more interest expenditure and it would have a
negative effect on the overall profitability. Moreover, the company's total
debt increased to KRW572132.87m in 2012 from KRW460484.88m in 2011. With such
high levels of debt, the company would have to dedicate a significant portion
of its cash flow from operations to service interest and principal payments
which could have been used for other expansion activities.
Eco-friendly Materials Offer Opportunities
ISU could focus on the use of diverse eco-friendly raw materials for
manufacturing chemicals. Increasing awareness of energy conservation and
burdening the environment with toxic chemicals have led to a change in the
method of chemical production, which is substantially different from the
conventional way of producing chemicals from fossil fuels. This method employs
biotechnology for the production of basic, fine and specialty chemicals and
functional polymers derived from biological and agricultural sources. This fast
emerging sector, with its growth further accentuated by the search for oil
substitutes, has broadened opportunities for the chemical industry. White
biotechnology, in particular, has influenced the chemical industry in large
measure. These products reduce the dependence of chemical producers on volatile
oil prices, which is the major source of feedstock and primary determinant of
pricing for most of the products in the chemical industry. This environmentally
friendly technology is set to offer opportunities of growth to the company.
ISU augments its growth of existing businesses with complementary
alliances and strategic acquisitions. The company has a joint venture with Indonesia’s Salim Group, a
diversified multinational conglomerate with interests in Agriculture, Food,
Real Estate, Communications, Infrastructure Construction, Chemicals and other
fields. The joint venture has been named Great Orient Chemical (GOC). This
joint venture entered into an investment agreement with China's Taichang City to establish a production factory that
manufactures synthetic detergent. The factory is established with a preliminary
production capacity of almost 100,000 tons per year. The company, along with Salim Group, aims to raise the production capacity up to
200,000 tons per year, depending on the market conditions. Presently, the
annual production capacity of the factory is around 180,000 tons. ISU Chemical
is among the top five producers in LAB industry worldwide and renowned for its
LAB quality. The company's ability to forge innovative alliances and strategic
outsourcing partnerships captures cost-efficiencies, and speeds-up its product
development activities.
Positive Outlook for Petrochemical Industry
The company could be benefited from the potential global petrochemicals
market. According to the in-house research reports, the global petrochemicals industry
was valued at $1,164 billion, and it is expected to grow at a rate of 5.8% to
reach $1,823 billion by 2020. Global market for polyethylene is expected to
reach $132 billion in 2020. In addition, total world market for polypropylene
is expected to grow at a rate of 5.3% during 2012-2020 to reach $99.37 billion.
Such growth in petrochemical sector is expected to be driven by Asia Pacific,
and Middle East and Africa regions. Petrochemicals demand in Middle East and
Africa is expected to grow at a rate of 14.79% from 2012 to 2014. Asia Pacific’s petrochemicals market is expected to register
CAGR of 7% during 2012-2020 to reach $1,086 billion. Such a strong outlook of
the petrochemical industry could help the company to expand its geographic
operations and explore untapped markets to bolster top-line growth.
M&A Holds Risk of Inefficient Integration
ISU faces a potential threat from the M&A (merger and acquisition)
activities in the chemical industry. The industry has witnessed a spree of aggressive
M&A activities in the recent past. Producers seeking growth through M&As have made some
significant transactions in the last two years. However, these aggressive M&As pose risks to the
company. Any M&A brings the desired growth only when the newly acquired
business integrates seamlessly with the company’s
existing line of business. If the company attempts to venture into new
businesses through M&As,
it places itself at a risk, as it requires technical and marketing expertise in
the new field of business. Lack of such expertise could make the acquisition a
risk to the company.
The increasing prices of raw materials could affect the ISU’s business. ISU uses various raw materials such as
crude oil, natural gas, electricity and other energy related products for the
manufacture of its products such as petrochemical products and fine
ingredients. However, over the past few years, the prices of these raw
materials have been on a rise, increasing the operating costs of the company.
Competition limits the options of increasing product prices to compensate for
the higher production costs. Moreover, the continuous supply of the raw
materials could be affected by the weather conditions, national emergencies,
strikes, governmental controls, natural disasters, supply shortages or other
events. Thus, price fluctuations and non-availability of raw materials may have
a material adverse effect on product costs and the operations of the company.
The company could be affected by the environmental regulations governing
the global chemical industry. REACH (Registration Evaluation and Authorization
of Chemicals), in Europe, is an example of the stringent environmental
regulations that impact chemical producers. REACH regulates the products
manufactured and marketed in Europe. Phased over a period of 11 years, the
regulation mandates all companies to develop and submit dossiers containing
data sets about their chemical products and detail their potential impact and
risk on environment. This could be a challenge while launching new products as
the process is time-consuming and expensive. It may also result in phasing out
many existing chemicals from the market, which are 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 on the principles of REACH. The US has already begun
implementing similar regulations with the reform of Toxic Substances Control
Act. China has its own version: RoHS (Restriction of
Hazardous Substances), which restricts the use of certain chemicals in the
market. Such stringent environmental regulations are set to tighten in the
coming years, affecting both existing and new products for the company.
Isu Chemical Co.,
Ltd.
Total Corporate Family Members: 4
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Basic Chemical Manufacturing |
1,980.3 |
378 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Residential and Commercial Building Construction |
301.1 |
295 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Petroleum Wholesale |
40.6 |
17 |
|
|
Subsidiary |
Mannheim, Baden-Württemberg |
Germany |
Miscellaneous Chemical Manufacturing |
|
17 |
|
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 |
Restated Normal |
Updated 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 |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
1,980.2 |
1,853.9 |
1,488.1 |
1,179.4 |
1,323.4 |
|
Revenue |
1,980.2 |
1,853.9 |
1,488.1 |
1,179.4 |
1,323.4 |
|
Other Revenue |
- |
1.8 |
8.1 |
- |
- |
|
Other Revenue, Total |
- |
1.8 |
8.1 |
- |
- |
|
Total Revenue |
1,980.2 |
1,855.7 |
1,496.2 |
1,179.4 |
1,323.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
1,863.3 |
1,720.7 |
1,364.3 |
1,071.1 |
1,235.8 |
|
Cost of Revenue, Total |
1,863.3 |
1,720.7 |
1,364.3 |
1,071.1 |
1,235.8 |
|
Gross Profit |
116.9 |
133.1 |
123.9 |
108.3 |
87.6 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
30.0 |
33.4 |
29.8 |
35.5 |
31.8 |
|
Labor & Related Expense |
19.3 |
17.8 |
16.1 |
19.0 |
11.6 |
|
Advertising Expense |
0.1 |
0.4 |
0.2 |
0.3 |
0.2 |
|
Total Selling/General/Administrative Expenses |
49.4 |
51.5 |
46.1 |
54.9 |
43.5 |
|
Research & Development |
3.4 |
3.4 |
3.1 |
3.6 |
2.7 |
|
Depreciation |
1.5 |
2.1 |
2.0 |
2.6 |
3.0 |
|
Amortization of Intangibles |
0.9 |
0.8 |
0.7 |
0.5 |
0.6 |
|
Depreciation/Amortization |
2.4 |
2.9 |
2.7 |
3.1 |
3.6 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
0.2 |
- |
- |
|
Other Unusual Expense (Income) |
- |
- |
0.8 |
- |
- |
|
Unusual Expense (Income) |
- |
- |
1.0 |
- |
- |
|
Other Operating Expense |
- |
0.0 |
14.5 |
- |
- |
|
Other, Net |
- |
- |
-3.6 |
- |
- |
|
Other Operating Expenses, Total |
- |
0.0 |
10.9 |
- |
- |
|
Total Operating Expense |
1,918.5 |
1,778.5 |
1,428.0 |
1,132.7 |
1,285.7 |
|
|
|
|
|
|
|
|
Operating Income |
61.8 |
77.1 |
68.2 |
46.7 |
37.8 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-28.2 |
-26.1 |
-22.3 |
-24.2 |
-19.4 |
|
Interest Expense, Net Non-Operating |
-28.2 |
-26.1 |
-22.3 |
-24.2 |
-19.4 |
|
Interest Income -
Non-Operating |
5.1 |
4.2 |
6.0 |
5.6 |
12.6 |
|
Investment Income -
Non-Operating |
3.0 |
-2.2 |
-3.1 |
-0.7 |
17.8 |
|
Interest/Investment Income - Non-Operating |
8.1 |
2.1 |
3.0 |
4.9 |
30.3 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-20.0 |
-24.1 |
-19.3 |
-19.4 |
10.9 |
|
Gain (Loss) on Sale of Assets |
2.2 |
-0.8 |
- |
0.2 |
-0.2 |
|
Other Non-Operating Income (Expense) |
-16.8 |
-9.1 |
0.2 |
5.7 |
-6.3 |
|
Other, Net |
-16.8 |
-9.1 |
0.2 |
5.7 |
-6.3 |
|
Income Before Tax |
27.1 |
43.2 |
49.0 |
33.3 |
42.2 |
|
|
|
|
|
|
|
|
Total Income Tax |
9.6 |
25.8 |
12.0 |
7.1 |
14.8 |
|
Income After Tax |
17.4 |
17.4 |
37.0 |
26.2 |
27.5 |
|
|
|
|
|
|
|
|
Minority Interest |
3.2 |
0.0 |
-0.2 |
2.1 |
1.0 |
|
Equity In Affiliates |
- |
- |
- |
-0.5 |
- |
|
Net Income Before Extraord Items |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
Net Income |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
14.7 |
13.4 |
12.9 |
10.1 |
9.2 |
|
Basic EPS Excl Extraord Items |
1.40 |
1.30 |
2.85 |
2.75 |
3.08 |
|
Basic/Primary EPS Incl Extraord
Items |
1.40 |
1.30 |
2.85 |
2.75 |
3.08 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
Diluted Weighted Average Shares |
14.8 |
14.5 |
13.7 |
11.1 |
9.2 |
|
Diluted EPS Excl Extraord Items |
1.39 |
1.20 |
2.69 |
2.51 |
3.08 |
|
Diluted EPS Incl Extraord
Items |
1.39 |
1.20 |
2.69 |
2.51 |
3.08 |
|
Dividends per Share - Common Stock Primary Issue |
0.40 |
0.54 |
0.52 |
0.39 |
0.41 |
|
Gross Dividends - Common Stock |
6.0 |
7.2 |
6.9 |
4.6 |
3.7 |
|
Interest Expense, Supplemental |
28.2 |
26.1 |
22.3 |
24.2 |
19.4 |
|
Depreciation, Supplemental |
13.3 |
14.7 |
9.4 |
8.6 |
9.2 |
|
Total Special Items |
-2.2 |
0.8 |
1.0 |
-0.2 |
0.3 |
|
Normalized Income Before Tax |
24.9 |
44.0 |
50.0 |
33.1 |
42.5 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-0.8 |
0.5 |
0.2 |
0.0 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
8.9 |
26.2 |
12.2 |
7.1 |
14.8 |
|
Normalized Income After Tax |
16.0 |
17.7 |
37.8 |
26.0 |
27.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.2 |
17.7 |
37.6 |
27.7 |
28.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.30 |
1.33 |
2.91 |
2.74 |
3.10 |
|
Diluted Normalized EPS |
1.29 |
1.23 |
2.74 |
2.50 |
3.10 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.0 |
0.0 |
|
Amort of Intangibles, Supplemental |
0.9 |
0.8 |
0.3 |
0.9 |
1.0 |
|
Rental Expenses |
0.5 |
0.3 |
0.4 |
0.9 |
0.2 |
|
Advertising Expense, Supplemental |
0.1 |
0.4 |
0.2 |
0.3 |
0.2 |
|
Research & Development Exp, Supplemental |
3.4 |
3.4 |
3.1 |
3.6 |
2.7 |
|
Normalized EBIT |
61.8 |
77.1 |
69.2 |
46.7 |
37.8 |
|
Normalized EBITDA |
76.0 |
92.7 |
78.8 |
56.3 |
48.0 |
|
|
|
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 |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
112.5 |
68.5 |
33.3 |
37.4 |
29.2 |
|
Short Term Investments |
11.0 |
11.3 |
13.3 |
32.3 |
13.5 |
|
Cash and Short Term Investments |
123.5 |
79.8 |
46.6 |
69.7 |
42.7 |
|
Accounts Receivable -
Trade, Gross |
211.3 |
214.9 |
106.4 |
234.7 |
94.3 |
|
Provision for Doubtful
Accounts |
-7.2 |
-11.4 |
-8.3 |
-3.4 |
-3.2 |
|
Trade Accounts Receivable - Net |
315.0 |
286.3 |
274.6 |
234.0 |
95.3 |
|
Other Receivables |
28.9 |
30.1 |
74.8 |
65.4 |
93.9 |
|
Total Receivables, Net |
343.9 |
316.4 |
349.4 |
299.5 |
189.2 |
|
Inventories - Finished Goods |
72.4 |
73.6 |
49.9 |
48.0 |
44.9 |
|
Inventories - Work In Progress |
9.9 |
2.3 |
2.5 |
2.2 |
2.0 |
|
Inventories - Raw Materials |
18.6 |
28.0 |
31.0 |
27.8 |
31.5 |
|
Inventories - Other |
31.2 |
26.8 |
24.6 |
40.2 |
19.8 |
|
Total Inventory |
132.0 |
130.7 |
108.2 |
118.2 |
98.2 |
|
Prepaid Expenses |
3.3 |
1.6 |
1.2 |
4.0 |
0.8 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
- |
0.3 |
|
Other Current Assets |
0.0 |
0.0 |
0.0 |
0.8 |
5.5 |
|
Other Current Assets, Total |
0.0 |
0.0 |
0.0 |
0.8 |
5.9 |
|
Total Current Assets |
602.8 |
528.5 |
505.4 |
492.1 |
336.8 |
|
|
|
|
|
|
|
|
Buildings |
38.3 |
40.3 |
39.6 |
86.4 |
74.7 |
|
Land/Improvements |
93.2 |
99.9 |
101.4 |
149.0 |
107.4 |
|
Machinery/Equipment |
204.2 |
192.4 |
176.1 |
158.1 |
142.3 |
|
Construction in
Progress |
16.5 |
0.8 |
5.8 |
3.3 |
2.5 |
|
Other
Property/Plant/Equipment |
8.5 |
10.4 |
9.9 |
21.7 |
17.2 |
|
Property/Plant/Equipment - Gross |
360.7 |
343.9 |
332.9 |
418.5 |
344.1 |
|
Accumulated Depreciation |
-192.6 |
-171.9 |
-159.6 |
-159.9 |
-138.6 |
|
Property/Plant/Equipment - Net |
168.1 |
172.0 |
173.2 |
258.5 |
205.5 |
|
Goodwill, Net |
- |
- |
- |
0.0 |
0.0 |
|
Intangibles, Net |
6.7 |
7.3 |
6.3 |
11.3 |
10.3 |
|
LT Investment - Affiliate Companies |
29.6 |
26.0 |
19.0 |
1.1 |
2.3 |
|
LT Investments - Other |
211.1 |
179.0 |
111.8 |
23.9 |
4.7 |
|
Long Term Investments |
240.7 |
205.0 |
130.8 |
25.1 |
7.0 |
|
Note Receivable - Long Term |
150.1 |
95.1 |
93.1 |
96.6 |
0.4 |
|
Other Long Term Assets |
39.7 |
25.2 |
22.5 |
21.2 |
2.3 |
|
Other Long Term Assets, Total |
39.7 |
25.2 |
22.5 |
21.2 |
2.3 |
|
Total Assets |
1,208.1 |
1,033.1 |
931.4 |
904.8 |
562.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
90.9 |
89.7 |
78.4 |
101.9 |
6.6 |
|
Accrued Expenses |
38.8 |
41.0 |
34.7 |
22.2 |
13.3 |
|
Notes Payable/Short Term Debt |
211.9 |
124.2 |
143.0 |
180.7 |
132.9 |
|
Current Portion - Long Term Debt/Capital Leases |
115.0 |
97.4 |
74.9 |
63.4 |
67.4 |
|
Customer Advances |
3.4 |
11.9 |
12.2 |
23.1 |
0.2 |
|
Security Deposits |
0.2 |
0.1 |
0.0 |
0.0 |
- |
|
Income Taxes Payable |
4.7 |
10.7 |
12.6 |
3.4 |
11.0 |
|
Other Payables |
37.2 |
24.0 |
26.9 |
23.0 |
10.4 |
|
Deferred Income Tax - Current Liability |
- |
- |
- |
0.5 |
0.4 |
|
Other Current Liabilities |
9.1 |
16.0 |
1.5 |
2.0 |
2.9 |
|
Other Current liabilities, Total |
54.6 |
62.8 |
53.2 |
52.0 |
24.8 |
|
Total Current Liabilities |
511.1 |
415.1 |
384.2 |
420.2 |
245.1 |
|
|
|
|
|
|
|
|
Long Term Debt |
209.6 |
178.2 |
110.1 |
59.1 |
38.1 |
|
Total Long Term Debt |
209.6 |
178.2 |
110.1 |
59.1 |
38.1 |
|
Total Debt |
536.5 |
399.7 |
328.0 |
303.2 |
238.5 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
13.3 |
17.1 |
17.8 |
16.1 |
8.4 |
|
Deferred Income Tax |
13.3 |
17.1 |
17.8 |
16.1 |
8.4 |
|
Minority Interest |
3.5 |
6.4 |
6.5 |
23.7 |
11.2 |
|
Reserves |
8.6 |
7.3 |
7.8 |
6.1 |
- |
|
Pension Benefits - Underfunded |
13.9 |
9.6 |
8.9 |
10.0 |
4.6 |
|
Other Long Term Liabilities |
12.5 |
9.7 |
11.1 |
12.0 |
9.5 |
|
Other Liabilities, Total |
34.9 |
26.6 |
27.8 |
28.1 |
14.1 |
|
Total Liabilities |
772.5 |
643.4 |
546.3 |
547.3 |
316.9 |
|
|
|
|
|
|
|
|
Common Stock |
71.6 |
58.6 |
59.5 |
50.8 |
38.0 |
|
Common Stock |
71.6 |
58.6 |
59.5 |
50.8 |
38.0 |
|
Additional Paid-In Capital |
86.2 |
50.8 |
51.5 |
122.6 |
81.5 |
|
Retained Earnings (Accumulated Deficit) |
237.2 |
211.2 |
204.1 |
125.9 |
90.6 |
|
Treasury Stock - Common |
-9.3 |
-2.2 |
-2.2 |
- |
-2.3 |
|
Unrealized Gain (Loss) |
53.7 |
69.3 |
70.3 |
55.6 |
35.1 |
|
Translation Adjustment |
-8.4 |
-0.7 |
-1.2 |
2.3 |
3.7 |
|
Other Equity |
2.0 |
1.9 |
1.9 |
- |
-1.1 |
|
Other Comprehensive Income |
2.5 |
0.7 |
1.1 |
0.4 |
- |
|
Other Equity, Total |
-3.9 |
1.9 |
1.8 |
2.7 |
2.6 |
|
Total Equity |
435.6 |
389.6 |
385.0 |
357.5 |
245.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
1,208.1 |
1,033.1 |
931.4 |
904.8 |
562.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
14.8 |
13.4 |
13.4 |
11.8 |
9.3 |
|
Total Common Shares Outstanding |
14.8 |
13.4 |
13.4 |
11.8 |
9.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.5 |
0.1 |
0.1 |
0.0 |
0.2 |
|
Employees |
- |
346 |
336 |
329 |
327 |
|
Number of Common Shareholders |
- |
- |
- |
7,286 |
6,316 |
|
Deferred Revenue - Current |
3.4 |
11.9 |
12.2 |
23.1 |
0.2 |
|
Total Long Term Debt, Supplemental |
324.6 |
275.5 |
- |
132.3 |
118.7 |
|
Long Term Debt Maturing within 1 Year |
115.0 |
97.4 |
- |
71.4 |
80.2 |
|
Long Term Debt Maturing in Year 2 |
143.6 |
177.0 |
- |
25.4 |
22.2 |
|
Long Term Debt Maturing in Year 3 |
- |
0.4 |
- |
- |
- |
|
Long Term Debt Maturing in Year 4 |
- |
0.4 |
- |
- |
- |
|
Long Term Debt Maturing in Year 5 |
- |
0.4 |
- |
- |
- |
|
Long Term Debt Maturing in 2-3 Years |
143.6 |
177.4 |
- |
25.4 |
22.2 |
|
Long Term Debt Maturing in 4-5 Years |
- |
0.8 |
- |
- |
- |
|
Long Term Debt Matur. in Year 6 & Beyond |
66.0 |
- |
- |
35.5 |
16.2 |
|
|
|
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 |
Restated Normal |
Updated 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 |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
17.4 |
17.4 |
37.0 |
25.7 |
27.5 |
|
Depreciation |
14.2 |
15.6 |
9.4 |
8.6 |
9.2 |
|
Depreciation/Depletion |
14.2 |
15.6 |
9.4 |
8.6 |
9.2 |
|
Amortization of Intangibles |
0.9 |
0.8 |
0.3 |
1.0 |
1.0 |
|
Amortization |
0.9 |
0.8 |
0.3 |
1.0 |
1.0 |
|
Deferred Taxes |
- |
- |
- |
-2.4 |
6.3 |
|
Unusual Items |
-8.3 |
0.7 |
0.2 |
4.4 |
-12.5 |
|
Equity in Net Earnings (Loss) |
5.6 |
2.0 |
3.3 |
-0.4 |
-0.1 |
|
Other Non-Cash Items |
49.0 |
65.2 |
49.7 |
-1.1 |
11.1 |
|
Non-Cash Items |
46.3 |
67.9 |
53.2 |
3.0 |
-1.5 |
|
Accounts Receivable |
-28.2 |
-14.8 |
-29.3 |
-28.1 |
-18.1 |
|
Inventories |
7.9 |
-21.2 |
-2.6 |
15.4 |
-25.2 |
|
Prepaid Expenses |
-6.2 |
-4.1 |
-4.1 |
2.4 |
-0.6 |
|
Other Assets |
-2.0 |
0.1 |
0.2 |
5.5 |
1.0 |
|
Accounts Payable |
-2.0 |
6.1 |
-18.9 |
1.0 |
10.0 |
|
Accrued Expenses |
-4.5 |
-0.1 |
11.9 |
-1.8 |
0.3 |
|
Taxes Payable |
0.1 |
6.0 |
-0.3 |
-11.9 |
20.9 |
|
Other Liabilities |
-16.7 |
7.5 |
-13.2 |
3.1 |
-4.1 |
|
Other Assets & Liabilities, Net |
0.0 |
-1.6 |
1.0 |
- |
- |
|
Other Operating Cash Flow |
-39.9 |
-45.7 |
-24.3 |
- |
- |
|
Changes in Working Capital |
-91.5 |
-67.8 |
-79.5 |
-14.5 |
-15.9 |
|
Cash from Operating Activities |
-12.7 |
33.9 |
20.4 |
21.3 |
26.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-20.6 |
-24.8 |
-24.0 |
-12.1 |
-13.3 |
|
Purchase/Acquisition of Intangibles |
-0.9 |
-2.0 |
-0.1 |
-2.8 |
-5.0 |
|
Capital Expenditures |
-21.4 |
-26.8 |
-24.1 |
-14.9 |
-18.3 |
|
Sale of Fixed Assets |
23.1 |
8.8 |
8.2 |
1.9 |
4.1 |
|
Sale/Maturity of Investment |
14.8 |
8.4 |
42.3 |
43.8 |
40.8 |
|
Purchase of Investments |
-46.9 |
-44.0 |
-54.8 |
-57.8 |
-23.2 |
|
Sale of Intangible Assets |
- |
0.0 |
- |
- |
- |
|
Other Investing Cash Flow |
-23.1 |
-14.0 |
-16.7 |
-6.7 |
-82.9 |
|
Other Investing Cash Flow Items, Total |
-32.1 |
-40.7 |
-21.1 |
-18.8 |
-61.2 |
|
Cash from Investing Activities |
-53.5 |
-67.5 |
-45.1 |
-33.7 |
-79.4 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
0.2 |
-1.0 |
0.5 |
3.5 |
0.2 |
|
Financing Cash Flow Items |
0.2 |
-1.0 |
0.5 |
3.5 |
0.2 |
|
Cash Dividends Paid - Common |
-7.1 |
-7.2 |
-5.1 |
-3.5 |
-2.1 |
|
Total Cash Dividends Paid |
-7.1 |
-7.2 |
-5.1 |
-3.5 |
-2.1 |
|
Sale/Issuance of
Common |
1.2 |
- |
16.4 |
50.3 |
7.0 |
|
Repurchase/Retirement
of Common |
-6.6 |
- |
-2.2 |
- |
-3.5 |
|
Common Stock, Net |
-5.4 |
- |
14.2 |
50.3 |
3.5 |
|
Warrants Converted |
17.7 |
- |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
12.3 |
- |
14.2 |
50.3 |
3.5 |
|
Short Term Debt Issued |
59.9 |
248.8 |
194.0 |
248.9 |
134.6 |
|
Short Term Debt
Reduction |
-114.7 |
-259.0 |
-210.7 |
-267.6 |
-47.7 |
|
Short Term Debt, Net |
-54.7 |
-10.2 |
-16.7 |
-18.7 |
86.9 |
|
Long Term Debt Issued |
208.7 |
189.5 |
113.2 |
81.6 |
25.2 |
|
Long Term Debt
Reduction |
-56.1 |
-100.5 |
-80.2 |
-94.8 |
-49.6 |
|
Long Term Debt, Net |
152.6 |
89.0 |
33.0 |
-13.2 |
-24.4 |
|
Issuance (Retirement) of Debt, Net |
97.9 |
78.8 |
16.3 |
-31.9 |
62.5 |
|
Cash from Financing Activities |
103.3 |
70.6 |
25.9 |
18.3 |
64.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.7 |
0.2 |
-0.1 |
- |
- |
|
Net Change in Cash |
36.4 |
37.1 |
1.1 |
5.9 |
11.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
70.1 |
34.1 |
31.6 |
29.4 |
22.8 |
|
Net Cash - Ending Balance |
106.5 |
71.3 |
32.7 |
35.3 |
34.1 |
|
Cash Interest Paid |
28.7 |
23.6 |
17.1 |
- |
- |
|
Cash Taxes Paid |
18.8 |
27.9 |
11.5 |
- |
- |
|
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 |
Restated Normal |
Updated 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 |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Goods Revenue |
- |
1,533.8 |
1,170.8 |
- |
- |
|
Merchandise Revenue |
- |
32.0 |
20.9 |
- |
- |
|
Construction Revenue |
- |
284.1 |
292.9 |
- |
- |
|
Rent Income |
- |
3.9 |
3.5 |
- |
- |
|
Other Revenues |
- |
1.8 |
8.1 |
- |
- |
|
Sales Revenue Adjustment |
- |
0.0 |
0.0 |
- |
- |
|
Sales Revenue |
1,980.2 |
- |
- |
1,179.4 |
1,323.4 |
|
Total Revenue |
1,980.2 |
1,855.7 |
1,496.2 |
1,179.4 |
1,323.4 |
|
|
|
|
|
|
|
|
Costs of Goods & Services Sold |
1,863.3 |
1,720.7 |
1,364.3 |
1,071.1 |
1,235.8 |
|
Salaries & Wages |
16.2 |
13.7 |
13.1 |
14.5 |
9.1 |
|
Retirement & Severance Benefits |
1.3 |
2.3 |
1.4 |
2.0 |
1.3 |
|
Employee Benefits |
1.8 |
1.8 |
1.5 |
1.4 |
1.2 |
|
Stock-Based Compensation |
- |
- |
0.0 |
1.1 |
0.0 |
|
Commissions |
18.0 |
17.5 |
14.3 |
12.4 |
7.4 |
|
Travel Expense |
0.4 |
0.5 |
0.6 |
0.5 |
0.3 |
|
Utility Expense |
0.5 |
0.5 |
0.4 |
0.4 |
0.4 |
|
Taxes & Dues |
1.5 |
1.9 |
1.5 |
1.6 |
1.1 |
|
Electricity Expense |
0.2 |
0.2 |
0.1 |
0.1 |
0.2 |
|
Communication Expense |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Insurance Expenses |
0.5 |
0.5 |
1.0 |
0.6 |
0.2 |
|
Entertainment Expense |
0.8 |
0.8 |
0.6 |
0.7 |
0.5 |
|
Pollution Prevention Expense |
- |
- |
- |
0.0 |
0.1 |
|
Overseas Market Development Cost |
1.2 |
1.0 |
0.9 |
0.7 |
0.8 |
|
Office Supplies Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Sample Expense |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Association Due |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Packaging Expense |
- |
- |
- |
0.0 |
- |
|
Shipping & Storage Expense |
3.1 |
2.2 |
2.4 |
- |
- |
|
Shipping & Handling Expense |
0.7 |
0.7 |
0.6 |
13.2 |
16.8 |
|
Consumable Expense |
0.2 |
0.2 |
0.2 |
0.2 |
0.1 |
|
Repair Expense |
0.3 |
0.5 |
0.5 |
0.5 |
0.6 |
|
Defective Repair Expense |
0.3 |
0.4 |
- |
0.4 |
- |
|
Order Receipt Expense |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Service Expense |
0.3 |
1.2 |
0.1 |
0.6 |
- |
|
Publication Expense |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Vehicle Maintenance Expense |
0.4 |
0.3 |
0.3 |
0.3 |
0.3 |
|
Education & Training Expense |
0.3 |
0.2 |
0.2 |
0.3 |
0.4 |
|
Conference Expense |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Maintenance Expense |
0.0 |
- |
- |
0.1 |
0.2 |
|
Rental Expense |
0.5 |
0.3 |
0.4 |
0.9 |
0.2 |
|
Advertising Expense |
0.1 |
0.4 |
0.2 |
0.3 |
0.2 |
|
R & D Expense |
3.4 |
3.4 |
3.1 |
3.6 |
2.7 |
|
Depreciation |
1.5 |
2.1 |
2.0 |
2.6 |
3.0 |
|
Amort. of Intangibless |
0.9 |
0.8 |
0.7 |
0.5 |
0.6 |
|
Expense of Allow. for DA |
0.4 |
3.9 |
5.0 |
1.6 |
0.8 |
|
Miscellaneous Expense |
0.2 |
0.1 |
0.0 |
0.1 |
0.9 |
|
Administrative Expense |
0.0 |
- |
0.1 |
- |
- |
|
Damage Compensation Expense |
- |
0.2 |
- |
- |
- |
|
Home Maintenanc
Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Selling & Admin. Expense |
- |
- |
0.0 |
- |
- |
|
Commission Income |
- |
- |
-1.7 |
- |
- |
|
Reversal of Allow. for DA |
- |
- |
-0.2 |
- |
- |
|
Gain on Disposal of PPT |
- |
- |
-0.4 |
- |
- |
|
Miscellaneous Income |
- |
- |
-1.5 |
- |
- |
|
Rec. of Prov. for
Defect Repai |
- |
- |
-0.2 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
0.0 |
- |
- |
|
Loss on Disposal of PPT |
- |
- |
0.0 |
- |
- |
|
Loss on Disposal of Trade Receivable |
- |
- |
0.5 |
- |
- |
|
Damage Compensation Expense |
- |
- |
0.8 |
- |
- |
|
Commissions |
- |
- |
1.8 |
- |
- |
|
Other Allow. for DA |
- |
- |
12.1 |
- |
- |
|
Donations Paid |
- |
- |
0.2 |
- |
- |
|
Miscellaneous Loss |
- |
- |
0.4 |
- |
- |
|
Adj. for Other Operating Expense |
- |
0.0 |
0.0 |
- |
- |
|
Total Operating Expense |
1,918.5 |
1,778.5 |
1,428.0 |
1,132.7 |
1,285.7 |
|
|
|
|
|
|
|
|
Interest Income |
5.1 |
4.2 |
6.0 |
5.6 |
12.6 |
|
Dividend Income |
0.2 |
0.2 |
0.1 |
0.0 |
0.0 |
|
Rental Income |
- |
- |
- |
- |
0.0 |
|
Recovery-Defect Repair Reserve |
- |
6.6 |
- |
3.0 |
- |
|
Recovery-Negative Goodwill Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Recapture Doubt Acct |
- |
- |
- |
11.2 |
- |
|
Recovery-Guarantee Loss Reserve |
- |
- |
- |
- |
9.4 |
|
Recovery-Loss on Revaluation of Assets |
- |
- |
- |
0.0 |
- |
|
Recovery-Loss on Redc.
Invest Assets |
0.2 |
- |
- |
- |
- |
|
Fees Received |
0.7 |
1.6 |
- |
0.4 |
1.4 |
|
Miscellaneous Non-Operating Income |
1.2 |
0.5 |
- |
1.0 |
0.1 |
|
Recovery of Impairment Losses on Availab |
- |
0.2 |
- |
- |
- |
|
Gain Redemption Bond |
- |
- |
- |
7.1 |
- |
|
Gain on Foreign Currency Transaction |
9.8 |
17.5 |
15.9 |
17.7 |
41.0 |
|
Gain on Foreign Currency Translation |
1.0 |
1.8 |
0.6 |
0.3 |
8.1 |
|
Gain on Derivatives Transaction |
4.7 |
3.5 |
0.5 |
2.2 |
0.9 |
|
Gain on Valt of
Derivatives |
3.5 |
0.1 |
0.1 |
0.2 |
6.4 |
|
Gain-Disposal of F.A. Avail. for Sale |
- |
- |
0.0 |
0.0 |
19.1 |
|
Gain Disposal Investment Assets |
7.2 |
- |
- |
- |
- |
|
Gain Disposa
Tangible Assets |
7.5 |
0.0 |
- |
- |
- |
|
Gain Disposa Other
Receivable |
- |
- |
- |
0.6 |
0.1 |
|
Gain-Disposal of Trade Receivable |
- |
- |
- |
0.9 |
- |
|
Fincl Guarantee
Income |
- |
0.7 |
0.5 |
- |
- |
|
Interest Expense |
-28.2 |
-26.1 |
-22.3 |
-24.2 |
-19.4 |
|
Fee & Commission Paid |
-2.8 |
-0.7 |
- |
-0.7 |
- |
|
Donations Paid |
0.0 |
-0.1 |
- |
-0.1 |
-0.3 |
|
Miscellaneous Non-Operating Expense |
-0.2 |
-0.3 |
- |
-0.9 |
-4.1 |
|
Compensation Expense |
-1.5 |
-3.5 |
- |
-1.8 |
- |
|
Expense-Defect Repair |
- |
- |
- |
0.0 |
- |
|
Other Allow. for DA |
-7.7 |
-13.7 |
- |
-4.1 |
-12.8 |
|
Loss on Foreign Currency Transaction |
-14.0 |
-17.5 |
-15.6 |
-18.8 |
-36.6 |
|
Loss on Foreign Currency Translation |
-2.2 |
-0.7 |
-0.7 |
-2.7 |
-11.3 |
|
Loss on Derivative Transaction |
-0.3 |
- |
0.0 |
-1.4 |
-1.5 |
|
Loss on Valt of
Derivatives |
0.0 |
-2.5 |
-0.1 |
-0.1 |
-2.1 |
|
Loss on Redemption of Bonds |
- |
-0.3 |
-0.5 |
-1.9 |
-2.9 |
|
Loss-Reduction of Intangible Assets |
-1.1 |
- |
- |
-0.6 |
-1.6 |
|
Loss-Reduction of Investment Securities |
-0.2 |
-2.4 |
- |
-3.1 |
- |
|
Reduction Loss on Damage Expense |
-6.4 |
- |
- |
- |
- |
|
Disp of Inv. Assets |
- |
-0.1 |
- |
- |
-0.1 |
|
Loss-Revaluation |
- |
- |
- |
-0.1 |
-1.7 |
|
Loss Disp Tang. Ast |
-5.2 |
-0.2 |
- |
0.0 |
-0.2 |
|
Loss-Disposal of Trade Receivable |
-0.2 |
-0.7 |
- |
- |
- |
|
Loss-Disposal of Accounts Receivable |
- |
0.0 |
- |
-0.6 |
-0.1 |
|
Loss-Disposal of inventory |
- |
- |
- |
-0.3 |
- |
|
Loss-Scrap of Inventory |
- |
- |
- |
-0.4 |
- |
|
Loss on Asset |
- |
- |
- |
-2.5 |
- |
|
Fincl Guarantee
Expense |
- |
-0.2 |
-0.4 |
- |
- |
|
Gain under Equity Method |
- |
- |
- |
0.5 |
0.4 |
|
Loss under Equity Method |
- |
- |
- |
-0.1 |
-0.4 |
|
Other Finance Expense |
-0.1 |
- |
- |
- |
- |
|
Adj. for Finance Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Finance Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Gain/Loss under Equity Method |
-5.6 |
-2.0 |
-3.3 |
- |
- |
|
Adj.-Other Non-Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Adj.-Other Non-Operating Expense |
- |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
27.1 |
43.2 |
49.0 |
33.3 |
42.2 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
9.6 |
25.8 |
12.0 |
7.1 |
14.8 |
|
Net Income After Taxes |
17.4 |
17.4 |
37.0 |
26.2 |
27.5 |
|
|
|
|
|
|
|
|
Earning Before Acquisition of Subsidiary |
- |
- |
- |
-0.5 |
- |
|
Minority Interest |
3.2 |
0.0 |
-0.2 |
2.1 |
1.0 |
|
Net Income Before Extra. Items |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
Net Income |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
14.7 |
13.4 |
12.9 |
10.1 |
9.2 |
|
Basic EPS Excluding ExtraOrdinary Items |
1.40 |
1.30 |
2.85 |
2.75 |
3.08 |
|
Basic EPS Including ExtraOrdinary Items |
1.40 |
1.30 |
2.85 |
2.75 |
3.08 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
20.6 |
17.4 |
36.9 |
27.8 |
28.5 |
|
Diluted Weighted Average Shares |
14.8 |
14.5 |
13.7 |
11.1 |
9.2 |
|
Diluted EPS Excluding ExtraOrd Items |
1.39 |
1.20 |
2.69 |
2.51 |
3.08 |
|
Diluted EPS Including ExtraOrd Items |
1.39 |
1.20 |
2.69 |
2.51 |
3.08 |
|
DPS-Common Stock |
0.40 |
0.54 |
0.52 |
0.39 |
0.41 |
|
Gross Dividends - Common Stock |
6.0 |
7.2 |
6.9 |
4.6 |
3.7 |
|
Normalized Income Before Taxes |
24.9 |
44.0 |
50.0 |
33.1 |
42.5 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
8.9 |
26.2 |
12.2 |
7.1 |
14.8 |
|
Normalized Income After Taxes |
16.0 |
17.7 |
37.8 |
26.0 |
27.7 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
19.2 |
17.7 |
37.6 |
27.7 |
28.6 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.30 |
1.33 |
2.91 |
2.74 |
3.10 |
|
Diluted Normalized EPS |
1.29 |
1.23 |
2.74 |
2.50 |
3.10 |
|
R&D Expense, Supplemental |
3.4 |
3.4 |
3.1 |
3.6 |
2.7 |
|
Advertising Expense, Supplemental |
0.1 |
0.4 |
0.2 |
0.3 |
0.2 |
|
Interest Expense, Supplemental |
28.2 |
26.1 |
22.3 |
24.2 |
19.4 |
|
Rental Expense, Supplemental |
0.5 |
0.3 |
0.4 |
0.9 |
0.2 |
|
Depreciation, Supplemental |
13.3 |
14.7 |
9.4 |
8.6 |
9.2 |
|
Amort of Intangibles, Supplemental |
0.9 |
0.8 |
0.3 |
0.9 |
1.0 |
|
Amortization of Acquisition Costs |
- |
- |
- |
0.1 |
0.1 |
|
Negative Goodwill Costs |
- |
- |
- |
0.0 |
0.0 |
|
|
|
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 |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
112.5 |
68.5 |
33.3 |
37.4 |
29.2 |
|
Current Fincl Assets |
11.0 |
11.1 |
12.9 |
32.3 |
13.5 |
|
Current Derivative Assets |
- |
0.2 |
0.4 |
- |
- |
|
Current Loans |
23.5 |
17.7 |
64.7 |
52.8 |
87.2 |
|
Allow. for DA for Current Loans |
-2.5 |
- |
- |
- |
- |
|
Trade Rcvb Gross |
123.9 |
109.8 |
102.3 |
111.2 |
94.3 |
|
Allow. for DA |
-0.5 |
-3.4 |
-3.5 |
-3.4 |
-3.2 |
|
Account Receivable |
8.1 |
12.5 |
10.2 |
12.4 |
6.7 |
|
Allow. for DA for Account Receivable |
-0.2 |
- |
- |
- |
- |
|
Other Receivable from Constructions |
87.1 |
105.0 |
4.0 |
123.2 |
- |
|
Allow. for DA for
Construction Recv. |
-6.7 |
-8.0 |
-4.9 |
- |
- |
|
Other Receivable from Real Estate Sale |
0.3 |
0.1 |
0.1 |
0.3 |
- |
|
Allow. for DA-Recv. fr Real-estate Sales |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Unbilled Constructions |
107.1 |
79.0 |
173.3 |
- |
- |
|
Receivable-Recovery of Taxes |
- |
- |
- |
0.2 |
0.1 |
|
Advance Payments |
7.9 |
6.7 |
10.6 |
16.7 |
8.8 |
|
Allow. for DA for Advance Payments |
0.0 |
- |
- |
- |
- |
|
Prepaid Expense |
2.3 |
1.5 |
1.0 |
3.9 |
0.8 |
|
Prepaid Expense from Constructions |
11.9 |
7.6 |
4.0 |
11.2 |
- |
|
Prepaid VAT |
- |
- |
- |
0.1 |
0.0 |
|
Current Tax Assets |
1.1 |
0.1 |
0.2 |
- |
- |
|
Derivatives |
- |
- |
- |
0.8 |
5.5 |
|
Accrued Income |
4.1 |
3.9 |
3.2 |
2.8 |
4.2 |
|
Allow. for DA for Accrued Income |
-0.4 |
- |
- |
- |
- |
|
Deferred Income Tax |
- |
- |
- |
- |
0.3 |
|
Merchandises |
0.2 |
0.4 |
- |
1.6 |
0.8 |
|
Finished Goods |
68.0 |
66.8 |
46.4 |
39.6 |
32.6 |
|
Lots |
6.9 |
4.2 |
4.3 |
6.9 |
- |
|
Works in Process |
4.2 |
2.3 |
2.5 |
2.2 |
2.0 |
|
Unfinished Constructions, Current |
5.6 |
- |
- |
- |
- |
|
Raw Materials |
11.7 |
23.8 |
26.7 |
20.9 |
31.5 |
|
Supplemental Raw Materials |
- |
- |
- |
0.1 |
- |
|
Supplies |
2.2 |
2.5 |
2.7 |
2.6 |
1.4 |
|
Finished Residential Units, Current |
0.3 |
0.3 |
0.3 |
0.3 |
- |
|
Goods in Transit |
3.9 |
6.1 |
3.3 |
6.4 |
11.6 |
|
Catalyst |
6.7 |
6.1 |
5.4 |
5.5 |
9.6 |
|
Sample House |
2.6 |
4.0 |
2.0 |
4.1 |
- |
|
Adj. for Current Fincl
Assets |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Trade Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adjustment for Other Receivable |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Inventories |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Assets |
602.8 |
528.5 |
505.4 |
492.1 |
336.8 |
|
|
|
|
|
|
|
|
Non-Current Fincl Instrm |
1.1 |
0.3 |
0.2 |
0.9 |
0.0 |
|
Non-Current Securities Available-for-Sal |
- |
37.4 |
29.5 |
- |
- |
|
Non-Current Securities Held-to-Maturitie |
- |
0.3 |
0.3 |
- |
- |
|
Non-Current Invmt
Sec. |
58.5 |
- |
- |
22.8 |
4.5 |
|
Other Non-Current Invmt
Assets |
0.0 |
61.3 |
- |
0.2 |
0.2 |
|
Invmt in Properties |
151.5 |
79.8 |
81.8 |
- |
- |
|
Invmt in Affiliates |
7.7 |
8.7 |
8.9 |
1.1 |
2.3 |
|
Invmt in Associates |
21.9 |
17.3 |
10.1 |
- |
- |
|
Non-Current Loans |
178.1 |
89.9 |
84.4 |
82.9 |
0.4 |
|
Allow. for DA for LT Loans |
-49.6 |
- |
- |
- |
- |
|
Allow. for DA for LT Trade Receivable |
-0.2 |
- |
- |
- |
- |
|
LT Other Receivable from Constructions |
53.4 |
5.1 |
8.7 |
13.7 |
- |
|
Allow. for DA-LT Recv. for Constructions |
-31.7 |
- |
- |
- |
- |
|
Guarantee Deposits, Non-Current Assets |
10.7 |
6.4 |
3.3 |
2.6 |
- |
|
Non-Current Prepaid Expense |
4.1 |
0.0 |
0.2 |
- |
- |
|
Non-Current Prepaid Construction Expense |
24.8 |
19.0 |
19.3 |
15.8 |
- |
|
Allowance for Doubtful Accounts for Non- |
- |
-0.2 |
-0.2 |
- |
- |
|
Lands |
93.2 |
99.9 |
101.4 |
149.0 |
107.4 |
|
Buildings |
23.3 |
25.4 |
24.7 |
73.4 |
65.3 |
|
Buildings-Depreciation |
-7.0 |
-7.2 |
-6.6 |
-10.9 |
-8.5 |
|
Structures |
15.0 |
14.9 |
14.9 |
13.0 |
9.4 |
|
Structures-Depreciation |
-9.5 |
-8.4 |
-6.5 |
-4.5 |
-3.1 |
|
Machineries & Equipments |
183.4 |
170.2 |
157.3 |
143.0 |
128.1 |
|
Machineries & Equipments-Depreciation |
-157.4 |
-137.8 |
-131.7 |
-122.7 |
-110.0 |
|
Vehicles |
7.3 |
7.0 |
6.1 |
2.5 |
0.5 |
|
Vehicles-Depreciation |
-6.4 |
-4.3 |
-2.1 |
-0.9 |
-0.3 |
|
Other Property Plant & Equipment |
8.5 |
10.4 |
9.9 |
21.7 |
17.2 |
|
Other Tangible Assets-Depreciation |
-6.8 |
-8.5 |
-7.7 |
-16.8 |
-12.5 |
|
Chemical Tanks |
13.5 |
15.2 |
12.7 |
12.6 |
13.7 |
|
Chemical Tanks-Depreciation |
-5.4 |
-5.7 |
-5.0 |
-4.2 |
-4.2 |
|
Construction in Progress |
16.5 |
0.8 |
5.8 |
3.3 |
2.5 |
|
Membership Rights |
5.2 |
5.7 |
3.9 |
- |
- |
|
Development Cost |
- |
- |
- |
9.5 |
7.3 |
|
Other Intangibless |
1.5 |
1.6 |
2.4 |
1.8 |
3.0 |
|
Goodwill |
- |
- |
- |
- |
0.1 |
|
Negative Goodwill |
- |
- |
- |
0.0 |
0.0 |
|
Other Non-Current Assets |
- |
- |
- |
2.8 |
2.3 |
|
Adj. for Non-Current Fincl
Instrm |
- |
- |
0.0 |
- |
- |
|
Adj.-Non-Current Loans & Receivables |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Property, Plant & Equipment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Intangibless |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Non-Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Assets |
1,208.1 |
1,033.1 |
931.4 |
904.8 |
562.3 |
|
|
|
|
|
|
|
|
Current Trade Payable |
90.9 |
89.7 |
78.4 |
101.9 |
6.6 |
|
Other Payable |
37.2 |
24.0 |
26.9 |
23.0 |
10.4 |
|
Current Tax Liabilities |
4.7 |
10.7 |
12.6 |
3.4 |
11.0 |
|
Accrued Expense |
24.2 |
26.7 |
26.0 |
12.8 |
1.2 |
|
Value Added Taxes Withheld |
14.7 |
14.3 |
8.7 |
9.4 |
12.1 |
|
Advance from Customers, Current |
2.6 |
1.9 |
1.8 |
1.2 |
0.1 |
|
Unearned Income |
0.8 |
1.0 |
0.7 |
0.2 |
0.1 |
|
Advance from Constructions |
- |
9.0 |
9.8 |
21.7 |
- |
|
Rental Guarantee Deposit |
- |
- |
0.0 |
- |
- |
|
Guarantee Deposit Withheld |
0.2 |
0.1 |
0.0 |
0.0 |
- |
|
Bonds, Current Liabilities |
46.9 |
26.0 |
33.5 |
55.7 |
12.5 |
|
Current Borrowings |
165.0 |
98.2 |
109.5 |
125.0 |
120.4 |
|
Current Borrowings Adjustment |
0.0 |
- |
0.0 |
- |
- |
|
Deferred Income Tax Credits |
- |
- |
- |
0.5 |
0.4 |
|
Current Portion of Long-term Liabilities |
115.0 |
97.4 |
74.9 |
63.4 |
64.4 |
|
Bonds with Warrant, Current |
- |
- |
- |
- |
3.0 |
|
Current Derivatives Liabilities |
0.1 |
2.9 |
0.1 |
0.1 |
1.8 |
|
Withheld |
1.9 |
1.4 |
1.4 |
1.5 |
0.7 |
|
Other Current Liabilities |
0.1 |
- |
- |
0.4 |
0.5 |
|
Adj. for Other Current Fincl
Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Overbilled
Constructions |
7.0 |
11.7 |
- |
- |
- |
|
Adj. for Other Current Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
511.1 |
415.1 |
384.2 |
420.2 |
245.1 |
|
|
|
|
|
|
|
|
Bonds with Warrant |
- |
- |
- |
16.1 |
- |
|
Bonds |
- |
- |
- |
33.9 |
16.3 |
|
Non-Current Borrowings |
209.6 |
178.2 |
110.1 |
9.1 |
21.9 |
|
Total Long Term Debt |
209.6 |
178.2 |
110.1 |
59.1 |
38.1 |
|
|
|
|
|
|
|
|
LT Accounts Pay |
- |
- |
- |
3.0 |
1.9 |
|
Rental Guarantee Deposit, LT Liabilities |
9.1 |
7.1 |
7.7 |
7.8 |
7.6 |
|
PV Disc. |
-0.9 |
- |
- |
- |
- |
|
Deferred Income Taxes, LT Liabilities |
13.3 |
17.1 |
17.8 |
16.1 |
8.4 |
|
Retirement & Severance Benefits, Non-Cur |
13.9 |
9.6 |
8.9 |
18.5 |
4.6 |
|
Minority Interest |
3.5 |
6.4 |
6.5 |
23.7 |
11.2 |
|
LT Accrued Expense |
- |
- |
- |
1.2 |
- |
|
Deposit-Retirement Insurance |
- |
- |
- |
-8.4 |
- |
|
Transfer to National Pension Fund |
- |
- |
- |
-0.1 |
- |
|
Reserve-Loss on Compensation for Damage |
- |
- |
- |
0.1 |
- |
|
Reserve-Construction Loss |
0.4 |
0.3 |
- |
0.3 |
- |
|
Reserve-Defective Guarantee |
8.2 |
7.0 |
7.8 |
5.7 |
- |
|
Other Non-Current Liabilities |
- |
0.0 |
- |
- |
- |
|
Non-Current Fincl
Deposits Liabilities |
4.3 |
2.6 |
3.3 |
- |
- |
|
Adj. for Other LT Fincl
Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
772.5 |
643.4 |
546.3 |
547.3 |
316.9 |
|
|
|
|
|
|
|
|
Capital Stock |
71.6 |
58.6 |
59.5 |
50.8 |
38.0 |
|
Additional Paid in Capital |
63.9 |
48.4 |
49.2 |
- |
- |
|
Gains on Disposal of Treasury Stock |
2.2 |
2.0 |
2.0 |
- |
- |
|
Other Capital Surplus |
1.3 |
1.2 |
1.2 |
- |
- |
|
Consideration for Stock Warrants |
- |
1.1 |
1.1 |
122.5 |
81.5 |
|
Stock Options |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Equity Method Capital Surplus |
20.9 |
- |
- |
- |
- |
|
Legal Resvs |
- |
8.3 |
7.7 |
- |
- |
|
Retained Earnings Carried Forward |
- |
194.9 |
188.3 |
125.9 |
90.6 |
|
Other Capital Adj. |
-0.1 |
-0.1 |
-0.1 |
- |
-1.1 |
|
Voluntary Reserve |
- |
8.0 |
8.1 |
- |
- |
|
Gain/Loss-Valt of
Sec. Avail.-for-Sale |
0.4 |
0.8 |
0.5 |
- |
- |
|
Losses on Valuation of Securities Availa |
- |
-0.2 |
- |
0.3 |
-0.3 |
|
Capital Change, Equity Method (Loss) |
- |
- |
- |
0.0 |
-2.5 |
|
Capital Change, Equity Method |
- |
19.4 |
19.7 |
- |
- |
|
Overseas Bus. Translation Debit/Credit |
-8.4 |
-0.7 |
-1.2 |
2.3 |
3.7 |
|
Resv for Assets ReValt |
53.3 |
49.3 |
50.1 |
55.3 |
37.8 |
|
Gain/Losses on Valt
of Derivatives |
0.1 |
-0.3 |
0.2 |
0.4 |
- |
|
Associated Companies-Accumulated Other C |
2.4 |
1.1 |
0.9 |
- |
- |
|
Treasury Stock |
-9.3 |
-2.2 |
-2.2 |
- |
-2.3 |
|
Adj. for Capital Surplus |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Capital Items |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj.-Accum. Other
Comprehensive Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Retained Earnings |
- |
0.0 |
- |
- |
- |
|
Retained Earnings |
237.2 |
- |
- |
- |
- |
|
Total Equity |
435.6 |
389.6 |
385.0 |
357.5 |
245.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
1,208.1 |
1,033.1 |
931.4 |
904.8 |
562.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
14.8 |
13.4 |
13.4 |
11.8 |
9.3 |
|
Total Common Shares Outstanding |
14.8 |
13.4 |
13.4 |
11.8 |
9.3 |
|
T/S-Common Stock |
0.5 |
0.1 |
0.1 |
0.0 |
0.2 |
|
Deferred Revenue, Current |
3.4 |
11.9 |
12.2 |
23.1 |
0.2 |
|
Full-Time Employees |
- |
346 |
336 |
329 |
327 |
|
Number of Common Shareholders |
- |
- |
- |
7,286 |
6,316 |
|
Long Term Debt Matuirng wtihin
1 Year |
115.0 |
97.4 |
- |
71.4 |
80.2 |
|
Long Term Debt Matuirng wtihin
2 Years |
143.6 |
177.0 |
- |
25.4 |
22.2 |
|
Long Term Debt Matuirng wtihin
5 Years |
- |
1.2 |
- |
- |
- |
|
Long Term Debt Remaining Maturities |
66.0 |
- |
- |
35.5 |
16.2 |
|
Total Long Term Debt, Supplemental |
324.6 |
275.5 |
- |
132.3 |
118.7 |
|
|
|
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 |
Restated Normal |
Updated 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 |
Sunjin Accounting
Corp. |
Yeil Accounting |
Yeil Accounting |
Yeil Accounting |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
17.4 |
17.4 |
37.0 |
25.7 |
27.5 |
|
Depreciation |
14.2 |
15.6 |
9.4 |
8.6 |
9.2 |
|
Amort. of
Intangibles |
0.9 |
0.8 |
0.3 |
1.0 |
1.0 |
|
Stock-Based Compensation |
- |
- |
0.0 |
1.1 |
0.0 |
|
Expense of Allow. for DA |
- |
3.9 |
5.0 |
1.6 |
0.8 |
|
Expenses of Allow. for Other DA |
7.7 |
13.7 |
12.1 |
4.1 |
12.8 |
|
Accrued Interest Expense |
- |
- |
- |
4.1 |
1.6 |
|
Retirement and Severance Benefits |
3.8 |
4.0 |
3.6 |
4.8 |
3.4 |
|
Development Cost |
- |
- |
- |
0.0 |
0.5 |
|
Interest Expenses |
28.2 |
26.1 |
22.3 |
- |
- |
|
Losses on Foreign Currency Translation |
2.2 |
0.6 |
0.6 |
2.6 |
9.8 |
|
Prov. for Defect
Repair |
0.6 |
0.9 |
0.8 |
1.3 |
- |
|
Rrovisions for
Construction Loss |
- |
0.3 |
- |
- |
- |
|
Miscellaneous Loss |
- |
- |
- |
0.0 |
- |
|
Corporate Taxes Expense |
9.6 |
25.8 |
12.0 |
- |
- |
|
Overseas Market Expense |
- |
0.2 |
- |
- |
- |
|
Repair Expenses |
- |
- |
- |
0.4 |
2.5 |
|
Reserve-Loss on Compensation for Damage |
- |
- |
- |
0.1 |
- |
|
Impmt Loss on Damage |
6.4 |
- |
- |
- |
- |
|
Loss-Redemption of Bond |
- |
- |
- |
- |
2.9 |
|
Loss on Redemption of Bonds |
- |
0.3 |
0.5 |
1.9 |
- |
|
Loss on Valt of
Derivative Fincl Assets |
0.0 |
2.5 |
0.1 |
0.1 |
2.1 |
|
Loss-Revaluation |
- |
- |
- |
0.1 |
1.7 |
|
Impmt Losses on Invmt Sec. |
0.2 |
- |
- |
3.1 |
- |
|
Impmt Loss on
Intangibles |
1.1 |
- |
- |
0.6 |
1.6 |
|
Loss on Disposal of Financial Assets Ava |
- |
0.1 |
- |
- |
- |
|
Losses on Sale of Invmt
Assets |
- |
- |
- |
- |
0.1 |
|
Loss-Scrap of Inventory |
- |
- |
- |
0.4 |
- |
|
Loss-Disposal of Inventory |
- |
- |
- |
0.3 |
- |
|
Loss on Sale of Tangibles |
5.2 |
0.2 |
0.0 |
0.0 |
0.2 |
|
Loss on Sale of Trade Receivables |
0.2 |
0.7 |
0.5 |
0.6 |
0.1 |
|
Loss on Disposal of Other Receviable |
- |
0.0 |
- |
- |
- |
|
Loss under Equity Method |
6.1 |
2.6 |
3.6 |
0.1 |
0.4 |
|
Fincl Guarantee
Expense |
- |
0.2 |
0.4 |
- |
- |
|
Earning Before Acquisition of Subsidiary |
- |
- |
- |
0.5 |
- |
|
Rec. of Allow. for DA |
- |
-6.6 |
-0.2 |
-11.2 |
- |
|
Rec. of Prov.for
Construction Warranties |
- |
- |
-0.2 |
-0.9 |
- |
|
Recovery-Defect Repair Reserve |
- |
- |
- |
-3.0 |
- |
|
Recovery-Negative Goodwill Amortization |
- |
- |
- |
0.0 |
0.0 |
|
Adjustment-Government Subsidy |
- |
- |
- |
-0.2 |
- |
|
Gains on Foreign Currency Translation |
-1.0 |
-1.6 |
-0.6 |
0.0 |
-6.5 |
|
Interest Income |
-5.1 |
-4.2 |
-6.0 |
- |
- |
|
Gain on Fincl
Guarantees |
- |
-0.7 |
-0.5 |
- |
- |
|
Recovery-Guarantee Deposit Loss Reserve |
- |
- |
- |
- |
-9.4 |
|
Gain-Debt Adjustment |
- |
- |
- |
-7.1 |
- |
|
Dividend Income |
- |
-0.2 |
-0.1 |
- |
- |
|
Gain-Disposal of Trade Receivable |
- |
- |
- |
-0.9 |
- |
|
Recovery of Loss on Revaluation |
- |
- |
- |
0.0 |
- |
|
Gains on Valts of
Derivatives Assets |
-3.5 |
-0.1 |
-0.1 |
-0.2 |
-6.4 |
|
Gain on Sale of Invmt
Assets |
-7.2 |
- |
- |
0.0 |
-19.1 |
|
Gain on Sale of Tangibles |
-7.5 |
0.0 |
-0.4 |
-0.6 |
-0.1 |
|
Revc. Of Reduction
of Invmt Assets |
-0.2 |
-0.2 |
- |
- |
- |
|
Gain under Equity Method |
-0.4 |
-0.6 |
-0.2 |
-0.5 |
-0.4 |
|
Inventory |
6.5 |
-25.2 |
-4.1 |
18.0 |
-18.3 |
|
LT Recv. from
Construction Contract |
-19.7 |
-104.5 |
45.5 |
-42.9 |
- |
|
Trade Receivables |
-15.7 |
-6.5 |
10.8 |
11.2 |
-12.4 |
|
Corporate Tax Refundable |
- |
- |
- |
0.0 |
0.5 |
|
Other Receivables from Real Estate Sales |
-0.1 |
- |
0.2 |
0.8 |
- |
|
Account Receivables |
4.3 |
-1.9 |
-1.2 |
0.9 |
-2.9 |
|
Unbilled Constructions |
-20.7 |
95.5 |
-86.4 |
- |
- |
|
Accrued Income |
- |
-0.7 |
0.9 |
1.9 |
-3.3 |
|
Other Recv. from
Construction Contracts |
25.0 |
3.3 |
1.0 |
- |
- |
|
Other Receivables |
-1.4 |
- |
- |
- |
- |
|
Other Current Assets |
-0.5 |
- |
- |
- |
0.4 |
|
Other Non-Current Assets |
-1.5 |
- |
- |
- |
- |
|
Decrease in Derivative Assets |
- |
0.1 |
0.2 |
5.5 |
0.6 |
|
Prepaid Expenses |
-0.4 |
-1.4 |
-0.1 |
1.2 |
-0.6 |
|
Prepaid Income Taxes |
- |
- |
- |
0.0 |
- |
|
Prepaid Value Added Taxes |
- |
- |
- |
0.0 |
-0.1 |
|
Prepaid Construction Expense |
-3.6 |
-2.7 |
-1.1 |
1.2 |
- |
|
Non-Current Prepaid Expenses |
-2.2 |
0.0 |
-2.8 |
- |
- |
|
Advance Payments |
1.4 |
4.0 |
1.4 |
-2.6 |
-6.9 |
|
Trade Payable |
-5.6 |
11.3 |
-23.3 |
11.7 |
4.8 |
|
Account Payable |
3.6 |
-5.3 |
4.5 |
-10.7 |
5.3 |
|
Accrued Expenses |
-4.5 |
-0.1 |
11.9 |
-1.8 |
0.3 |
|
Increase or Decrease in Long-term Accrue |
- |
- |
- |
0.0 |
- |
|
Value Added Tax Withheld |
0.1 |
6.0 |
-0.3 |
-3.4 |
8.5 |
|
Accrued Income Taxes |
- |
- |
- |
-8.5 |
12.4 |
|
LT Account Payable |
- |
- |
- |
- |
-0.1 |
|
Deferred Taxes-Asset |
- |
- |
- |
- |
7.3 |
|
Deferred Taxes-Asset, Current |
- |
- |
- |
0.3 |
0.2 |
|
Deferred Income Tax Credit, Current, A/L |
- |
- |
- |
- |
0.4 |
|
Deferred Income Tax Credit, A/L |
- |
- |
- |
-2.7 |
-1.7 |
|
Unearned Income |
-0.3 |
0.4 |
-0.4 |
0.1 |
0.1 |
|
Advance from Customers |
1.4 |
0.1 |
-0.1 |
0.2 |
0.0 |
|
Withholdings |
0.1 |
0.0 |
-0.1 |
0.3 |
0.2 |
|
Guarantee Deposit Withholdings |
0.0 |
0.1 |
0.0 |
0.0 |
- |
|
Fincl Guarantee
Liabilities |
-2.3 |
- |
- |
- |
- |
|
Other Current Liability |
-1.8 |
- |
- |
-0.2 |
-0.2 |
|
Other Non-Current Liability |
9.4 |
- |
- |
- |
- |
|
Advances from Construction |
- |
-0.6 |
9.6 |
13.4 |
- |
|
Overbilled
Constructions |
-14.3 |
12.1 |
-17.7 |
- |
- |
|
National Pension Fund |
0.0 |
- |
- |
0.0 |
0.0 |
|
Derivative Liabilities |
- |
-0.1 |
-0.1 |
-1.7 |
-1.9 |
|
Payment for Defect Repair Expense |
- |
-1.7 |
-1.3 |
-0.5 |
- |
|
Retirement Pension Operating Fund |
-6.6 |
- |
- |
-2.0 |
- |
|
Reserve for Damage Compensation Expense |
- |
- |
-0.1 |
-2.3 |
- |
|
Payment for Retirement Allow. |
-2.0 |
-2.3 |
-2.3 |
-5.3 |
-2.2 |
|
Deposit for Retirement Insurance |
- |
-0.6 |
-0.6 |
1.3 |
-0.1 |
|
Prov. for Retirement
Allow. |
-0.2 |
- |
- |
- |
- |
|
Assets&Liabilities |
- |
-1.6 |
1.0 |
- |
- |
|
Cash-Tax Paid |
-18.8 |
-27.9 |
-11.5 |
- |
- |
|
Cash-Interest Paid |
-28.7 |
-23.6 |
-17.1 |
- |
- |
|
Cash-Interest Received |
7.4 |
5.6 |
4.2 |
- |
- |
|
Cash-Dividend Income |
0.1 |
0.2 |
0.1 |
- |
- |
|
Adj.-Added Expense |
0.0 |
- |
- |
- |
- |
|
Adj.-Deducted Incomes |
0.0 |
- |
- |
- |
- |
|
Adj,-Operating
Assets & Liabilities |
0.0 |
- |
- |
- |
- |
|
Cash from Operating Activities |
-12.7 |
33.9 |
20.4 |
21.3 |
26.7 |
|
|
|
|
|
|
|
|
Disposal of Current Financial Instrument |
- |
7.9 |
41.3 |
42.1 |
0.8 |
|
Dec-LT Finl Assets |
- |
0.0 |
0.9 |
1.7 |
- |
|
Decrease in Invmt in
Susidiary&Associate |
8.7 |
- |
- |
- |
39.8 |
|
Sale of Other Fincl
Instruments |
6.1 |
- |
- |
- |
- |
|
Disp of Invest Secs. |
0.0 |
0.5 |
0.1 |
0.0 |
0.1 |
|
Decrease in Other Receivables |
0.9 |
- |
- |
- |
- |
|
Dec in ST Loans |
- |
3.8 |
12.2 |
23.1 |
23.1 |
|
Decrease in Non-Current Loans |
- |
0.8 |
1.0 |
4.9 |
0.0 |
|
Decs in Non-Current
Loans & Receivable |
3.1 |
- |
- |
- |
- |
|
Decrease in Guarantee Deposit |
- |
0.9 |
4.3 |
0.6 |
- |
|
Increase-Government Subsidy |
- |
- |
- |
- |
2.3 |
|
Disposal-Land |
- |
- |
- |
0.2 |
0.2 |
|
Disposal-Buildings |
- |
- |
- |
0.2 |
2.6 |
|
Disposal-Structure |
- |
- |
- |
- |
0.2 |
|
Disposal-Machinery & Equipments |
- |
- |
- |
- |
0.1 |
|
Disposal Trans Equip |
- |
- |
- |
0.1 |
0.0 |
|
Disposal Other Tang. |
- |
- |
- |
0.1 |
0.2 |
|
Disp. Chemical Tanks |
- |
- |
- |
1.3 |
0.7 |
|
Disposal of Property, Plant and Equipmen |
23.1 |
8.8 |
8.2 |
- |
- |
|
Disposal of Intangible Assets |
- |
0.0 |
- |
- |
- |
|
Purchase of Current Fincl
Instruments |
- |
-6.2 |
-41.0 |
-49.8 |
-15.5 |
|
Purchase of Non-Current Fincl
Instrm |
- |
-0.3 |
-0.2 |
-0.1 |
- |
|
Purchase of Sec. Available-for-Sale |
-8.0 |
-8.8 |
-6.2 |
-7.0 |
-0.1 |
|
Purchase of Other Invmt
Assets |
- |
-19.4 |
- |
-1.0 |
-0.7 |
|
Acq-Affiliates
Stocks |
- |
- |
- |
- |
-6.9 |
|
Purchase Invmt in
Associates |
-7.3 |
-8.0 |
-7.4 |
- |
- |
|
Purchase of Invmt in
Affiliates |
- |
-1.4 |
- |
- |
- |
|
Purchase of Invmt in
Subsidiaries |
- |
- |
-0.1 |
- |
- |
|
Purchase of Other Fincl
Instruments |
-31.6 |
- |
- |
- |
- |
|
Increase in Current Loans |
- |
-0.3 |
-21.8 |
-19.7 |
-108.3 |
|
Increase in Non-Current Loans |
- |
-15.0 |
-7.1 |
-14.9 |
- |
|
Incs in Non-Current
Loans & Receivable |
-27.2 |
- |
- |
- |
- |
|
Increase in Guarantee Deposit |
- |
-4.3 |
-5.3 |
-0.6 |
- |
|
Acquisition of Land |
- |
- |
- |
-0.2 |
-0.3 |
|
Acquis. of Building |
- |
- |
- |
-0.8 |
-1.7 |
|
Purch. of Structure |
- |
- |
- |
-2.4 |
- |
|
Purch. of Mach/Equip |
- |
- |
- |
-3.0 |
-1.3 |
|
Increase-Tools & Supplies |
- |
- |
- |
0.0 |
- |
|
Acq. of Trans Equip |
- |
- |
- |
-1.8 |
-0.1 |
|
Inc. Const. In Prog |
- |
- |
- |
-3.1 |
-9.2 |
|
Acq. Other Tangible |
- |
- |
- |
-0.8 |
-0.6 |
|
Increase-Chemical Tanks |
- |
- |
- |
- |
-0.1 |
|
Purchase of Tangibles |
-20.6 |
-24.8 |
-24.0 |
- |
- |
|
Purchase of Intangibless |
-0.9 |
-2.0 |
-0.1 |
-0.1 |
0.0 |
|
Increase-Development Cost |
- |
- |
- |
-2.7 |
-5.0 |
|
Cash from Investing Activities |
-53.5 |
-67.5 |
-45.1 |
-33.7 |
-79.4 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
59.9 |
248.8 |
194.0 |
248.9 |
134.6 |
|
Increase in Non-Current Borrowings |
171.1 |
135.4 |
56.1 |
- |
5.9 |
|
Issuance-Bond with Warrant |
- |
- |
- |
15.7 |
3.6 |
|
Increase in Bonds |
37.6 |
54.2 |
57.1 |
65.9 |
15.7 |
|
Increase in Rental Guarantee Deposit |
0.2 |
0.8 |
0.6 |
0.6 |
0.7 |
|
Rights Issue |
1.2 |
- |
16.4 |
47.3 |
- |
|
Disposal-Treasury Stock |
- |
- |
- |
3.0 |
7.0 |
|
Increase-Subsidy from Government |
- |
- |
- |
2.9 |
- |
|
Decrease in Bonds |
-29.0 |
-34.3 |
-55.6 |
-28.7 |
- |
|
Decrease in Bonds with Warrant |
- |
-9.0 |
-8.6 |
-3.1 |
-36.3 |
|
Decrease in Current Borrowings |
-114.7 |
-259.0 |
-210.7 |
-267.6 |
-47.7 |
|
Decrease-LT Borrowings |
- |
- |
- |
-0.5 |
- |
|
Decs in Current
Portion of LT Liability |
-27.1 |
-57.3 |
-16.0 |
-62.5 |
-13.2 |
|
Decrease-LT Accrued Payment |
- |
- |
- |
-0.2 |
- |
|
Decrease in Rental Guarantee Deposit |
- |
-1.8 |
-0.1 |
-1.2 |
-0.5 |
|
Increase in Treasury Stocks |
-6.6 |
- |
-2.2 |
- |
-3.5 |
|
Dividend Paid |
-7.1 |
-7.2 |
-5.1 |
-3.5 |
-2.1 |
|
Cash Inflow-Consol. Scope Change, FN |
- |
- |
- |
1.4 |
- |
|
Exercise of Stock Warrants |
17.7 |
- |
- |
- |
- |
|
Cash from Financing Activities |
103.3 |
70.6 |
25.9 |
18.3 |
64.1 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-0.7 |
0.2 |
-0.1 |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
36.4 |
37.1 |
1.1 |
5.9 |
11.3 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
70.1 |
34.1 |
31.6 |
29.4 |
22.8 |
|
Cash and Cash Equivalents at End |
106.5 |
71.3 |
32.7 |
35.3 |
34.1 |
|
Cash Interest Paid |
28.7 |
23.6 |
17.1 |
- |
- |
|
Cash Taxes Paid |
18.8 |
27.9 |
11.5 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Financials in: USD (mil) |
|
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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.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.