MIRA
INFORM REPORT
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Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
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Name : |
SAMSUNG ENGINEERING CO LTD |
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Registered Office : |
Samsung GEC, 500, Sangil-Dong, Gangnam-Gu, Seoul, 134090 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
19.10.1978 |
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Legal Form : |
Public Subsidiary Company |
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Line of Business : |
Subject is engaged
in the engineering business |
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No. of Employees : |
6,833 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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South korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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.
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Source : CIA |
Company name & address
Samsung Engineering Co Ltd
Samsung GEC
500, Sangil-Dong, Gangnam-Gu
Seoul, 134090
Korea, Republic of
Tel: 82-2-34583000
Fax: 82-2-34584090
Web: www.samsungengineering.co.kr
Synthesis
Employees: 6,833
Company Type: Public Subsidiary
Corporate Family: 81
Companies
Ultimate Parent: Samsung
C&T
Traded: Korea
Stock Exchange: 028050
Incorporation Date:
19-Oct-1978
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: South
Korean Won
Annual Sales: 8,392.7 1
Net Income: 463.3
Total Assets: 4,504.0 2
Market Value: 6,775.3 (05-Oct-2012)
Business Description
Samsung Engineering
Co., Ltd. is a Korea-based company engaged in the engineering business. The
Company operates its business through three segments: energy segment, which
engages in the construction of oil refining plants and upstream facilities;
chemical segment, which engages in the construction of petrochemical plants and
gas plants, and industrial and infrastructure segment, which engages in the
construction of infrastructures, steel plants, power generation plants, water
treatment facilities and others. Its customers include Abu Dhabi Oil Refining
Company, Saudi Arabian Oil Company, SONATRACH Spa, S-OIL Corporation, INDIAN
Oil Corporation Ltd., Saudi Acrylic Monomer Company, Intel Products Vietnam Co.,
Ltd., among others. For the six months ended 30 June 2012, Samsung Engineering
Co Ltd revenues increased 46% to W5.77T. Net income increased 23% to W287.16B.
Revenues reflect Chemical Industry Segment increase from W937.69B to W1.892T,
Energy Segment increase of 44% to W2.465T, I & I segment increase of 10% to
W1.413T. Net income was partially offset by I & I segment income decrease
of 34% to W58.84B. Basic Earnings per Share excluding Extraordinary Items
Industry
Industry Construction Services
ANZSIC 2006: 3109 - Other Heavy
and Civil Engineering Construction
NACE 2002: 4521 - General
construction of buildings and civil engineering works
NAICS 2002: 23621 - Industrial
Building Construction
UK SIC 2003: 45213 -
Construction of civil engineering constructions
UK SIC 2007: 4221 -
Construction of utility projects for fluids
US SIC 1987: 1629 - Heavy
Construction, Not Elsewhere Classified
Key Executives
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Name |
Title |
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Gi Seok Park |
Chief Executive Officer, Co-President, Director |
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Jae Yeol Kim |
Co-President |
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Bong Ryeol Choi |
Vice President |
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Ki Seok Park |
President and Chief Executive Officer |
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Cheol Yoo |
Co-Auditor |
Significant Developments
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* number of significant developments within the last 12 months |
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News
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152
Corporate Overview
Location
Samsung GEC
500, Sangil-Dong, Gangnam-Gu
Seoul, 134090
Korea, Republic of
Tel: 82-2-34583000
Fax: 82-2-34584090
Web: www.samsungengineering.co.kr
Quote Symbol - Exchange
028050 - Korea
Stock Exchange
Sales KRW(mil): 9,298,184.0
Assets KRW(mil): 5,188,615.0
Employees: 6,833
Fiscal Year End: 31-Dec-2011
Industry: Construction
Services
Incorporation Date: 19-Oct-1978
Company Type: Public
Subsidiary
Quoted Status: Quoted
Chief Executive Officer,
Co-President, Director: Gi Seok
Park
Company Web Links
Corporate History/Profile
Employment Opportunities
Financial Information
Home Page
Investor Relations
News Releases
Products/Services
Contents
Industry Codes
Business Description
Financial Data
Market Data
Subsidiaries
Key Corporate Relationships
Industry Codes
ANZSIC 2006 Codes:
3109 - Other Heavy and Civil Engineering Construction
2812 - Sewerage and Drainage Services
3020 - Non-Residential Building Construction
NACE 2002 Codes:
4521 - General construction of buildings and civil engineering
works
9001 - Collection and treatment of sewage
NAICS 2002 Codes:
23621 - Industrial Building Construction
236210 - Industrial Building Construction
221320 - Sewage Treatment Facilities
US SIC 1987:
1629 - Heavy Construction, Not Elsewhere Classified
1541 - General Contractors-Industrial Buildings and Warehouses
4952 - Sewerage Systems
UK SIC 2003:
45213 - Construction of civil engineering constructions
9001 - Collection and treatment of sewage
45212 - Construction of domestic buildings
UK SIC 2007:
4221 - Construction of utility projects for fluids
41202 - Construction of domestic buildings
3700 - Sewerage
Business
Description
Samsung
Engineering Co., Ltd. is a Korea-based company engaged in the engineering
business. The Company operates its business through three segments: energy
segment, which engages in the construction of oil refining plants and upstream
facilities; chemical segment, which engages in the construction of
petrochemical plants and gas plants, and industrial and infrastructure segment,
which engages in the construction of infrastructures, steel plants, power
generation plants, water treatment facilities and others. Its customers include
Abu Dhabi Oil Refining Company, Saudi Arabian Oil Company, SONATRACH Spa, S-OIL
Corporation, INDIAN Oil Corporation Ltd., Saudi Acrylic Monomer Company, Intel
Products Vietnam Co., Ltd., among others. For the six months ended 30 June
2012, Samsung Engineering Co Ltd revenues increased 46% to W5.77T. Net income
increased 23% to W287.16B. Revenues reflect Chemical Industry Segment increase
from W937.69B to W1.892T, Energy Segment increase of 44% to W2.465T, I & I
segment increase of 10% to W1.413T. Net income was partially offset by I &
I segment income decrease of 34% to W58.84B. Basic Earnings per Share excluding
Extraordinary Items
More Business
Descriptions
Engineering and
construction of industrial plant; petrochemicals
Samsung
Engineering Co., Ltd. (SECL) is one of the leading engineering, procurement,
and construction (EPC) and project management (PM) companies. The company has a
diverse portfolio of projects under Hydrocarbon Plants and Industrial and
Infrastructure segments, offering its services to clients across the Middle
East, Asia, Europe and the Americas. SECL’s operations are organized in two
segments namely, Hydrocarbon Plants segment and Industrial and Infrastructure
segment. The Hydrocarbon Plants segment includes the company’s operations in
refinery, gas, petrochemical and hydrocarbon upstream markets; and the
Industrial and Infrastructure segment includes operations in power plants,
metallurgy, water treatment, industrial markets.In refining sector, SECL offers
services for Crude Distillation Unit (CDU)/ Vacuum Distillation Unit (VDU),
heavy oil upgrading, aromatics, HDS and alkylation. The company clientele
includes major national oil companies such as Saudi Aramco, ADNOC, Indian Oil
and SATORP. The company’s completed project in this segment includes Saudi
Aramco DHT project in the UAE, SONATRACH Skikda refinery in Algeria, and Ultra-low
Sulphur Diesel Production plant project from PETROTRIN in the Republic of
Trinidad & Tobago, Yukong No.5 Refinery and Hanwha No.2 Refinery in Korea.
In Gas sector, the company offers services including gas processing,
liquefaction, LNG terminal, reforming. The company’s completed projects in
this sector includes Gas phase VIII Project in Saudi Arabia, Ethylane
Separation Plant in Thailand, Gas Processing Facility in Donghae-1 Gas Field in
Korea, HYCO Plant in Korea, C2/C3 Recovery Plant in India. For petrochemical
industry, the company provides services for developing ethylene plants,
polymers, fertilizers, fine chemicals and coal gasification. Significant
projects in this sector include APPC PDH/PP plant, TASNEE ethylene plant, SHARQ
EG plant and MA’ADEN ammonia projects. In hydrocarbon upstream market, the
company serves pipeline, offshore, GOSP and FPSO markets. For the fiscal year
ended 2011, the Hydrocarbon Plants segment accounted for 64% of total
revenue.The Industrial and Infrastructure segment of the company offers EPC
services to power plants, metallurgy, water treatment, infrastructure and
industrial markets. In power plants, SECL provides services for thermal power,
co-gen and IGCC. In 2010, the company expanded its overseas market with the
combined cycle power plant contract from the Commission Federal de Electricidad
(CFE) of Mexico. The company also intends to further advance into strategic
markets and diversify its portfolio to include the IPP sector projects as well
as the IWPP, IGCC, renewable energy, and power transmission and distribution
market. In metallurgy market, the company offers services for mini-mill,
integrated steel mill and non-ferrous plants. The company’s clients include
POSCO and Hyundai. To diversify its portfolio, the company intends to offer its
services in the non-metallurgy industry. In Water Treatment / Environmental
sector, the company provides services for municipal waste, water and wastewater
treatment and greenhouse gas reduction and air pollution prevention facilities.
In Infrastructure sector, SECL offers services for railroads, sports complexes,
bridges, tunnels, harbors and urban development. The company intends to focus
on eco-friendly infrastructure and expand its presence in the transportation and
urban development market. The company serves industrial manufacturing
facilities under industrial market. SECL also plans to foray into new markets,
including pharmaceuticals, solar energy, carbon fiber and GMP. For the fiscal
year ended 2011, the Industrial and Infrastructure segment accounted for 64% of
total revenue.In April 2012, the company signed a contract with Marubeni
Corporation to provide construction service of rehabilitation of textile plant
at Africa textile worth is KRW 87,345.2m. In March, the company signed a
contract with Samsung Mobile Display Co.,LTD to provide construction service
worth KRW 979 billion. In the same month the company signed a contract with
LUKOIL MID-EAST LTD to provide engineering, procurement, and construction (EPC)
works for West Qurna (Phase 2) CPF project worth KRW1125.44 billion and
contract with SMP to provide engineering, procurement, and construction (EPC)
works for polysilicon project worth KRW 363 billion. In February 2012, the
company signed a contract with Abu Dhabi Gas Industries LTD. (GASCO) to provide
services in EPC for GASCO NGI project worth KRW 185.08 billion. The company was
awarded an EPC contract from PTT Public Company Ltd., for a Power Generation
and Heat Recovery (PHR) facilities worth $60m. In November 2011, the company
was awarded a Combined Cycle Power Plant (CCPP) contract by InterGen worth $1.5
billion.
Samsung
Engineering Co., Ltd. (SECL) is a Korea-based engineering, procurement and construction
(EPC) company. The company specializes in various turnkey projects in the
Hydrocarbon, Industrial and Infrastructure business areas, such as refinery,
gas, petrochemical plants, power, water treatment and metallurgical plants. The
company’s service portfolio comprises feasibility studies, project financing,
engineering studies, procurement, construction and pre-commissioning. The
company caters to commercial, industrial, environmental, infrastructural and
other public and private sectors. The company, along with its subsidiaries has
operations spread across Asia, the Middle East, Europe and Americas. SECL is
headquartered in Seoul, South Korea.The company focuses on expanding its
operations to new business areas and geographies across the world. The company
intends to broaden its portfolio in GOSP, FPSO/FLNG, subsea pipeline and oil
sand sectors, non-metallurgy industry, solar energy and carbon fiber. In 2012,
the company is planning to diversify its business area to offshore platform and
preparing to bid for four offshore platform projects primarily in the UAE.The
company reported revenues of (Won) KRW 9,298,184.26 million during the fiscal
year ended December 2011, an increase of 75.03% over 2010. The operating profit
of the company was KRW 717,266.26 million during the fiscal year 2011, an
increase of 73.99% over 2010. The net profit of the company was KRW 513,263.06
million during the fiscal year 2011, an increase of 51.27% over 2010.
Engineering
Services
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Strategic Initiatives
Partnerships
(Lukoil) for the
project management, engineering, procurement, supply, transportation, construction,
pre-commissioning of facilities comprising the oil gathering system, central
processing facilities and water supply system for the development of the West
Qurna (Phase 2) contract area. Samsung Engineering will also provide assistance
to Lukoil with its carrying out of the commissioning and start up.The
facilities to be built in the southern part of Iraq near Basra city for the
development of the West Qurna Phase 2 oilfield and will process 400,000 barrels
of oil and gas a day. Samsung Engineering will execute the contract on a lump
sum turnkey basis and is expected to be completed within 29 months.Mar 14,
2012IRPC Announces Strategic Cooperation With Samsung Engineering To Send
Experts To Help Run UAE RefineryIRPC Public Company Limited (IRPC) signed a
collaboration agreement to send a team of expert engineers to commissioning and
start-up Samsung Engineering's project in UAE. IRPC chairman and chairman of
the executive committee Prasert Bunsumpun also presented at the ceremony held
on March 13, 2012.In agreeing to the strategic cooperation with IRPC, Samsung
recognises IRPC's potential as a company with high competency in terms of
manufacturing and maintenance in the petrochemical and refinery industries and
having skilful staff with long experience.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Growth Prospects: GCC Region |
Threats |
Overview
Samsung Engineering Co., Ltd. (SECL) is an EPC contractor offering a diverse range of services including feasibility studies, project financing, engineering studies, procurement, construction and pre-commissioning. It caters to commercial, industrial, environmental, infrastructural and other public and private sectors. The company’s diverse business operations coupled with wide geographic presence gives it a competitive advantage in the market. However, global economic, growing completion and cost overruns could pose several challenges to the company in sustaining profitable growth.
Strengths
Diversified Business Operations
SECL has diversified operations with presence in a number of end markets. The company operates through two business divisions, namely, Hydrocarbon and Industrial and Infrastructure. Hydrocarbon Plants segment provides EPC and commissioning services to petrochemical, refinery gas and liquefied natural gas (LNG), exploration and production markets. It offers services for developing ethylene plants, polymers, fertilizers, gas processing, and refining plants in the petrochemical industry. The company in Industrial and Infrastructure segment provides engineering and construction services to power plants, metallurgy, water treatment and industrial markets. information technology (IT), energy, automobile, aerospace, food, and sports facilities markets. It is also engaged in the construction of steel mill plants, IWPP, IGCC and renewable energy plants. In addition to its operational business segments, SECL is involved in various research activities in the areas of wastewater, domestic sewage, drinking water, air quality monitoring, biotechnology materials, sound micro vibration and waste soil management, as well as on the development of ultra pure water (UPW) processing technologies. Such diversified product and service offerings help the company reduce the impact of market volatility in any particular product category and provide economic stability.
Strong Revenue Growth
Consistent revenue growth would strengthen SECL’s financial position and enable it to carry out its growth and expansion plans successfully. During fiscal year 2011, the company reported revenues of (Won) KRW 9,298,184.26m, reflecting an increase of 75.03% over KRW5,312,261.56m in 2010. The increase in sales revenue was mainly led by an increase in EPC work in the Middle East. The company's compounded annual growth rate (CAGR) for revenue was 43.04% during 2007-2011. This was above the Construction Contractors sector average* of 18.9%. A higher than sector average* revenue CAGR indicates that the company has outperformed the average sector growth and gained market share over the last four years.
Wide Geographical
Presence
SECL has a diversified global presence. Wider reach in terms of geography would help the company improve sales and profit margins, attain economies of scale and recognition on a worldwide basis. With more than 1,700 plants installed in several countries across the world, the company employs a workforce of over 6,000 people to offer a strong portfolio of diversified services. It is one of the leading EPC companies engaged in the design and construction of petrochemical, refining and other industrial plants. SECL established its operations in the major economies of Europe, the Americas, and Asia Pacific. Few of the company’s significant projects in various countries include: FCC/DHDT Plant, LAB Plant, EG Plant for Indian Oil Corp, IPCL C2/C3 Plant, LLDPE/HDPE Plant, IISCO Steel Plant, OPaL DFCU/AU Plant for ONGC in India; Banyu Urip Project in Indonesia; Sabah Oil & Gas Terminal Project in Malaysia; GSP-1 Plant, GSP-5 Plant, GSP-6 Plant, ESP Plant in Thailand; PVC Plant, Fertilizer Plant and CO2 in Vietnam; PCR/TBR Plant, Tianjin LED Plant, HYCO Plant in China; SMD A2/A3 Project, Sewage Treatment Plants, Korea-Japan World Cup Main Stadium in Korea; UGCC PKG #B in Uzbekistan; PCR/TBR Plant in Hungary; LCD Module Line and LCD Parts Plant in Slovakia; Gas ASU Plant, Ethylene Plant, Ammonia Plant, Aluminum Complex, CO2 Capture & Injection Plant in Saudi Arabia; DHT Plant in Qatar, Ammonia/Urea Project, ICAD IWT Plant in the UAE; Skikda Refinery Plant in Algeria; Salamanca Refinery Plant, CGL Utility Plant in Mexico; CCR Refinery Plant in Trinidad & Tobago; SAS CU Ultrapure Water System and Dow Chlorine Manufacturing Facility in the US. Geographical diversity endows the company with a wider customer base and stronger brand presence. In addition, it enables the company to mitigate market volatility and attain economic stability.
Weaknesses
Declining
Profitability Ratios
The company
reported declining profitability ratios in 2011. Even though the company
reported 75.03% increase in revenue, 33.1% increase in gross profit, 74%
increase in operating profit and 51.3% increase in net profit, the profit
margins decreased. The company’s gross margin decreased from 15.3% in 2010 to
11.6% in 2011, followed by net profit margin decreased from 6.4% to 5.5% and
operating margin decreased from 7.8% to 7.7% in 2011. This was due to the
company’s voluntary conservative cost recognitions included in the fiscal
year 2011. The declined margins indicated that the company was not able to
capitalize on the robust growth achieved in 2011.
Opportunities
Growth Prospects: GCC Region
Construction
activities in the Gulf Corporation Council (GCC) provide opportunities for the
company to improve its revenue and business. A massive volume of infrastructure
and real estate projects in the GCC countries (Bahrain, Kuwait, Oman, Qatar,
Saudi Arabia and UAE) turned the region into one of the largest construction
and real estate markets in the world. Population growth and surging oil
revenues are the key factors stimulating both public and private sector
investment in construction projects. According to industry estimates, 3,339
projects, worth approximately $2.8 trillion, are underway in the region, with
the majority in the UAE and Saudi Arabia. Saudi Arabia is one of the most
active construction markets in the world, with projects valued at $1.1 trillion
followed by UAE (construction projects valued at $931 billion); Kuwait ($274
billion); Qatar ($205 billion); Oman ($103 billion); and Bahrain ($61 billion).
Governments in these regions have sufficient resources to embark on
long-planned improvements and expand infrastructure, real estate,
transportation, power and energy and water utilities projects. According to industry
projections, Saudi Arabia has plans to spend $ 400 billion in next five years
on construction and infrastructure. In the UAE, the majority of infrastructure
spending will be in Abu Dhabi, with projects worth $275 billion in pipeline for
the next five years. Further, the FIFA World Cup to be held in Qatar in 2022
would further increase the prospects for the company. As a key player in the
GCC market, SECL has enormous potential to capitalize on these opportunities
and increase its operations in the GCC region.
Government Support
Measures
SECL is likely to
benefit from the support measures announced by the South Korean government to
restructure the ailing construction sector in the country. The construction
sector in South Korea accounts for just 1.94% of total industry in terms of
production. However, it accounts for 13.9% to job creation in the country. In
May, 2011, the government unveiled a package of plans to ensure that the
weaknesses in the construction industry in the country do not affect the
national economy. Some of the measures announced by the government include
restructuring of the financing of construction companies facing the problem of
bad debts; providing tax breaks to investment in unsold new apartments in the
broader Seoul metropolitan area; and deregulating the usage of land to increase
supply. In June, the creditor banks will carry out an assessment of the default
risks of builders and provide financial support to the viable ones and write
off the bad loans of nonviable ones. The tax benefits announced by the
government will help in boosting investment in unsold new apartments and
increasing activity in the housing sector. Such support measures by the
government will help in reviving the construction industry in South Korea.
New Business Projects and Contracts
SECL entered into
business contracts aimed at increasing its presence and expanding its service
portfolio. The company acquired various new business projects in the recent
past to augment its business growth and to cater to the diverse needs of its
customers in an effective and efficient manner. SECL is expecting to receive
new orders worth KRW 8 to 9 trillion in the first half of 2012 and KRW 16
trillion by the fiscal year end 2012. In May and June, the company is expected
to sign contracts for Saudi Arabia’s Yanbu III power plant project worth $3
billion; Kazakhstan’s Balkhash power plant project worth $2.5 billion;
include Saudi Arabia’s Sadara petrochemical package worth $3.4 billion; Kenya
synthetic rubber package worth $2 billion and the UAE’ s carbon black
refinery package worth $1.5 billion. The company’s recently won contracts
include: contract from Marubeni Corporation to provide construction service of
rehabilitation of textile plant at Africa textile worth is KRW 87,345.2m in
April; contract from Samsung Mobile Display Co.,LTD to provide construction
service worth KRW 979 billion, contract from LUKOIL MID-EAST LTD to provide
engineering, procurement, and construction (EPC) works for West Qurna (Phase 2)
CPF project worth KRW1125.44 billion and contract with SMP to provide
engineering, procurement, and construction (EPC) works for polysilicon project
worth KRW 363 billion in March; contract from Abu Dhabi Gas Industries LTD.
(GASCO) to provide services in EPC for GASCO NGI project worth KRW 185.08
billion, and an EPC contract from PTT Public Company Ltd., for a Power
Generation and Heat Recovery (PHR) facilities worth $60m in February. These new
contracts would ensure the company’s progress for the near future by
providing cash flows and also several new expansion opportunities.
Growth Prospects: Petrochemical Market
The company could
benefit from the huge expansion in the petrochemical sector in Asia-Pacific and
the Middle East. The mature economies continue to record slow growth and the
global petrochemical industry expects emerging markets, mainly Asia-Pacific, to
make use of the new capacity and production, and avoid oversupply. Due to
abundant feedstock, the region has been attracting investments in the
petrochemical industry. The Asia-Pacific region has emerged as a major consumer
of petrochemicals, accounting for around 54% in 2011, according to in-house
research. China alone accounts for nearly 30% of the world’s petrochemical
demand. India, with its huge population base and increasing per capita income,
has significant demand potential. It is expected that in future China will
maintain a double digit GDP growth rate and India’s GDP growth is expected to
be in the range of 6-8%. Economic growth, combined with high and young
population and low per capita consumption, could lead to increased demand in
the future. In Middle East, the growth has been led by Saudi Arabia, and
supported by Qatar, Kuwait and Abu Dhabi. The region has modern and competitive
petrochemical production facilities, mainly due to its use of low-cost ethane,
which is a by-product of crude oil production. Although investment in the
Middle East is mainly in ethylene and polyethylene, it is bound to change as
the focus shifts to broadening the product portfolio. The region has become the
leading ethylene glycol producer, overtaking North America, and accounts for
about one-third of the global capacity. It is expected to become the leading producer
of polyethylene by 2015 with its share in global capacity rising to 20%,
according to in-house research. The support of governments in the Middle East
through tax incentives and their focus on diverse industries to reduce
dependence on revenue from oil increased investment in this sector. This offers
significant growth opportunities to EPC providers like SECL.
Threats
Growing Competition
Since commercial
and residential real estate markets are currently uninviting, the concentration
is growing upon the infrastructural projects in most of the countries. As part
of recovery policies several stimulus packages were brought out by the
government bodies to restore the economic growth or stabilize the economic
downturn. Major importance is given to infrastructure development projects
which include civil engineering, transportation, power and water utilities, and
energy projects. These projects are granted largely through tendering process.
To acquire these projects, the companies have to quote least price by
maintaining minimum margins. Reduced margins accompanied with increasing costs
will decrease the liquidity and also could lead to uncertainty in long term
sustenance of SECL. In addition, the company also faces stiff competition in
renewable energy and power sector. Due to the various subsidies being provided
by the governments to promote renewable energy, several new players are
entering this sector. In addition, big industry players in traditional energy
business are diversifying into renewable energy. Such companies have greater
financial leverage and technical capabilities to undertake prestigious projects
which will adversely affect the company’s operations. The company has ever
threat from major players such as Daelim Industrial Co, Hyundai Engineering
& Construction, Petrofac, Foster Wheeler AG among others. Failure to
sustain competition would adversely affect the company’s market share.
Global Economic Scenario
The global
economic slowdown and vague recovery scenario are likely to create challenges
for the company over the next few years. Though economic recovery continued
during the first half of 2010, the global economy was affected by the turmoil
in sovereign debt markets during the second quarter of 2010. In accordance with
the recent FED releases in the US, Fed lowered its growth forecast for the U.S.
economy, as it now expects gross domestic product to rise at just a 2.2% to
2.7% rate in 2012. In addition, World Bank also lowered its world economic
growth of 2.5% in 2012 and 3.1% in 2013, well below the 3.6 % growth for each
year projected in June 2011. The global growth forecast were lowered in
accordance with the grim situation persisting in the Euro region, as the bank
expects that if the euro area debt crisis escalates, global growth would be
about 4% points lower. Furthermore, according to the World Bank estimates, high
income economies across the globe are expected to expand nearly 1.4% in 2012 as
the euro area shrinks 0.3%, as it witnessed sharp downward revisions from
growth forecasts last June of 2.7% and 1.8%, respectively. It also lowered the
growth forecast for developing economies to 5.4% for 2012 from its previous
forecast of 6.2%, as the expansion in Brazil and India, Russia, South Africa
and Turkey witnessed slowness. Furthermore, according to experts, the global
economy is expected to have a sluggish growth in 2013, with output growth
dragged down by a weak performance anticipated in the euro zone. Austerity
measures in Europe have led to cost-cutting initiatives across prominent
countries in Europe. Economic problems have prompted countries such as Italy
and France to undertake cost-cutting measures. Italy has a cost-cutting package
of €45 billion for the next two years and France, €11 billion in 2012. The
markets in Spain, Portugal and the Republic of Ireland have experienced
recession in the construction markets and other markets such as the UK, Italy
and France are uncertain about the future. The continuing uncertainty over
economic recovery and the sovereign debt crises could adversely affect
company’s earnings, and could continue to exert pressure on its growth
prospects in the long run.
Cost Overruns
SECL‘s business
could be adversely affected in case of a cost overrun. Contract prices are
established based, in part, on cost estimates that are subject to a number of
assumptions, including future economic conditions, third party costs, estimated
schedule to complete the work, availability of labor and materials. If these
estimates prove inaccurate or circumstances change, cost overruns result,
having a material adverse effect on its business and results of its operations.
For instance, any delay by subcontractors in completing their portion of the
project, or any failure by a subcontractor to satisfactorily complete its
portion of the project, may result in delay in the overall progress of the
project or cause additional costs, or both. This would affect the overall
profitability of the project. Additionally, rising raw material prices also
contribute significantly to cost overruns. Thus, it is important for SECL to be
thorough in selecting third party subcontractors and suppliers, be proactive in
monitoring the project schedules and budgets and efficiently manage its
operating costs.
|
Corporate Family |
Corporate
Structure News: |
|
|
Samsung
C&T |
|
Samsung Engineering Co Ltd |
|
|
|
|
|
Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Seoul |
Korea, Republic of |
Chemical Manufacturing |
19,447.3 |
7,790 |
|
|
|
Acquisition of Parallel Petroleum LLC
proposed/announced.See corporate
structure news on
Samsung C&T for details |
|||||||
|
Subsidiary |
Seoul |
Korea, Republic of |
Computer Networks |
3,567.6 |
12,365 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Software and Programming |
18.9 |
483 |
|
|
|
Subsidiary |
Songnam, Kyonggi-Do |
Korea, Republic of |
Software and Programming |
|
245 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Software and Programming |
9.8 |
123 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Software and Programming |
6.5 |
61 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Software and Programming |
12.2 |
|
|
|
|
Subsidiary |
Yongin |
Korea, Republic of |
Electronic Instruments and Controls |
4,913.7 |
7,419 |
|
|
|
Acquisition of Sb Limotive Co., Ltd.
proposed/announced.See corporate
structure news on
Samsung C&T for details |
|||||||
|
Subsidiary |
Dongguan, Guangdong |
China |
Scientific and Technical Instruments |
|
3,910 |
|
|
|
Subsidiary |
Negeri Sembilan, Darul Khusus |
Malaysia |
Scientific and Technical Instruments |
24.8 |
3,276 |
|
|
|
Subsidiary |
Manaus, AM |
Brazil |
Audio and Video Equipment |
337.5 |
1,611 |
|
|
|
Subsidiary |
Budapest |
Hungary |
Scientific and Technical Instruments |
|
1,000 |
|
|
|
Subsidiary |
Tijuana |
Mexico |
Scientific and Technical Instruments |
|
850 |
|
|
|
Subsidiary |
Shanghai |
China |
Scientific and Technical Instruments |
|
657 |
|
|
|
Subsidiary |
Göd |
Hungary |
Electronic Instruments and Controls |
486.8 |
609 |
|
|
|
Subsidiary |
Central |
Hong Kong |
Scientific and Technical Instruments |
|
|
|
|
|
Subsidiary |
Irvine, CA |
United States |
Scientific and Technical Instruments |
|
|
|
|
|
Subsidiary |
Tijuana |
Mexico |
Scientific and Technical Instruments |
|
|
|
|
|
Subsidiary |
Tianjin |
China |
Scientific and Technical Instruments |
|
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Construction Services |
8,392.7 |
6,833 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Insurance (Property and Casualty) |
14,440.2 |
5,580 |
|
|
|
Samsung
Fire & Marine Insurance Claim Adjustment Service Co., Ltd |
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Investment Services |
|
625 |
|
|
Subsidiary |
Jakarta |
Indonesia |
Insurance (Accident and Health) |
|
200 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Business Services |
|
100 |
|
|
|
Subsidiary |
|
|
|
|
|
|
|
|
Subsidiary |
London |
United Kingdom |
Insurance (Accident and Health) |
7.4 |
|
|
|
|
Samsung
Fire & Marine Insurance Co. , London Representative Office |
Subsidiary |
|
|
|
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Security Systems and Services |
926.2 |
4,942 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Security Systems and Services |
|
940 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Software and Programming |
48.2 |
189 |
|
|
|
Subsidiary |
Suwon, Kyonggi-Do |
Korea, Republic of |
Business Services |
|
112 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Investment Services |
2,382.5 |
3,508 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Investment Services |
84,026.7 |
239 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Investment Services |
109.5 |
227 |
|
|
|
Subsidiary |
Central District, Hong Kong |
Hong Kong |
Investment Services |
7.3 |
100 |
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Investment Services |
55.8 |
95 |
|
|
|
Subsidiary |
London |
United Kingdom |
Investment Services |
9.6 |
13 |
|
|
|
Subsidiary |
New York, NY |
United States |
Investment Services |
1.0 |
3 |
|
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Appliance and Tool |
315.8 |
1,400 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Advertising |
1,587.0 |
1,200 |
|
|
|
Division |
New York, NY |
United States |
Advertising |
|
250 |
|
|
|
Subsidiary |
New York, NY |
United States |
Advertising |
70.0 |
8 |
|
|
|
Subsidiary |
Boston, MA |
United States |
Advertising |
14.6 |
16 |
|
|
|
Subsidiary |
New York, NY |
United States |
Advertising |
0.7 |
3 |
|
|
|
Branch |
New York, NY |
United States |
Communications Services |
0.4 |
2 |
|
|
|
Subsidiary |
Durham, NC |
United States |
Advertising |
118.0 |
185 |
|
|
|
Recently acquired (previously owned by Mc
Kinney & Silver LLC).See corporate
structure news on
Samsung C&T for details |
|||||||
|
Subsidiary |
London |
United Kingdom |
Advertising |
28.2 |
118 |
|
|
|
Subsidiary |
Schwalbach Am Taunus, Hessen |
Germany |
Business Services |
99.1 |
84 |
|
|
|
Subsidiary |
Schwalbach |
Germany |
Business Services |
99.2 |
35 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Advertising |
|
30 |
|
|
|
Subsidiary |
Berlin, Berlin |
Germany |
Electronic Instruments and Controls |
|
1,000 |
|
|
|
Joint Venture |
Seosan |
Korea, Republic of |
Chemicals - Plastics and Rubber |
6,166.1 |
970 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
3,449.9 |
297 |
|
|
|
Subsidiary |
Ulsan |
Korea, Republic of |
Chemical Manufacturing |
277.1 |
188 |
|
|
|
Subsidiary |
New Delhi, Delhi |
India |
Appliance and Tool |
|
170 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Business Services |
413.9 |
120 |
|
|
|
Subsidiary |
Schwalbach Am Taunus, Hessen |
Germany |
Photography |
843.9 |
110 |
|
|
|
Subsidiary |
Targoviste, Judet Dambovita |
Romania |
Iron and Steel |
|
866 |
|
|
|
Subsidiary |
Lormaison |
France |
Miscellaneous Capital Goods |
12.2 |
21 |
|
|
|
Subsidiary |
Sesto San Giovanni, Milano |
Italy |
Chemical Manufacturing |
36.6 |
13 |
|
|
|
Subsidiary |
Porto Salvo, Lisboa |
Portugal |
Appliance and Tool |
434.2 |
110 |
|
|
|
Subsidiary |
Sandton |
South Africa |
Miscellaneous Capital Goods |
2.0 |
100 |
|
|
|
Subsidiary |
Kuala Lumpur |
Malaysia |
Construction Services |
|
100 |
|
|
|
Subsidiary |
Wan Chai, Hong Kong |
Hong Kong |
Miscellaneous Capital Goods |
847.3 |
48 |
|
|
|
Subsidiary |
Chertsey |
United Kingdom |
Miscellaneous Capital Goods |
32.0 |
42 |
|
|
|
Subsidiary |
Brentford |
United Kingdom |
Retail (Specialty) |
|
2 |
|
|
|
Subsidiary |
Brentford |
United Kingdom |
Nonclassifiable Industries |
|
|
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Miscellaneous Financial Services |
15.4 |
25 |
|
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
1,095.6 |
16 |
|
|
|
Subsidiary |
Paris |
France |
Chemical Manufacturing |
23.4 |
7 |
|
|
|
Subsidiary |
Ridgefield Park, NJ |
United States |
Investment Services |
7.1 |
7 |
|
|
|
Division |
New York, NY |
United States |
Retail (Apparel) |
|
42 |
|
|
|
Subsidiary |
Calamba City, Laguna |
Philippines |
Communications Equipment |
1,273.7 |
|
|
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Medical Equipment and Supplies |
272.9 |
|
|
|
|
Subsidiary |
Tsubame, Niigata |
Japan |
Iron and Steel |
161.8 |
|
|
|
|
Subsidiary |
New Delhi |
India |
Electronic Instruments and Controls |
1.0 |
|
|
|
|
Subsidiary |
London |
United Kingdom |
|
|
|
|
|
|
Subsidiary |
Riyadh, Ar Riyad |
Saudi Arabia |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Maadi, Cairo |
Egypt |
Miscellaneous Capital Goods |
|
|
|
|
|
Subsidiary |
Campo Alegre, Caracas |
Venezuela |
Food Processing |
|
|
|
|
|
S&G Biofuel Pte. Ltd. |
Subsidiary |
|
|
|
|
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Daelim Industrial Co., Ltd. |
Seoul, Korea, Republic of |
5,109 |
Public |
|
Daewoo Engineering & Construction Co
Ltd |
Seoul, Korea, Republic of |
5,005 |
Public |
|
Foster Wheeler AG |
Baar, Switzerland |
11,798 |
Public |
|
Hyundai Engineering & Construction Co. |
Seoul, Korea, Republic of |
4,957 |
Public |
|
Maire Tecnimont SpA |
Roma, Italy |
5,248 |
Public |
|
Petrofac Limited |
Saint Helier |
15,400 |
Public |
|
Technip |
Paris, France |
30,000 |
Public |
|
Tecnicas Reunidas SA |
Madrid, Spain |
6,389 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||||||
|
||||||||||||
|
Co-President |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Chief Executive Officer, Co-President, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Vice President, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
President & Chief Executive Officer |
Chief Executive Officer |
|
|||||||||
|
Chief Executive Officer, Co-President, Director |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
President and Chief Executive Officer |
Chief Executive Officer |
|
|
||||||||
|
Co-President |
President |
|
|
||||||||
|
||||||||||||
|
Managing Director-Proposal |
Division Head Executive |
|
|
||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director-Business |
Managing Director |
|
|
||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director-Human Resources |
Managing Director |
|
|
||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
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||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
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|
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Managing Director |
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Managing Director |
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Managing Director |
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Managing Director |
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Managing Director |
Managing Director |
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Managing Director |
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Managing Director |
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Executive Vice President-Environment & Infrastructure |
Environment/Safety Executive |
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Co-Auditor |
Finance Executive |
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Vice President-Sales |
Sales Executive |
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Vice President-Technology |
Information Executive |
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Significant Developments
Samsung Engineering Co Ltd Signs Contract with Yacimientos Petroliferos Fiscales Bolivianos Corporacion
Sep 14, 2012
Samsung Engineering Co Ltd announced that it has signed a contract with Yacimientos Petroliferos Fiscales Bolivianos Corporacion to provide design, purchase, construction and test operating services for YPFB Ammonia/Urea Project. The contract amount is KRW 950,413,693,105.
Samsung Engineering Co Ltd Wins USD 843 Million Contract To Build Chemical Plant In Bolivia-Reuters Aug 13, 2012
reported that Samsung Engineering Co Ltd has won USD 843 million contract to build a chemical plant in Cochabamba, Bolivia. The ammonia and urea plant will be operated by the Bolivian government, according to a contract, which is expected to be signed in September 2012. Construction of the plant is scheduled to be concluded in 2015. The facility will be built to produce 650,000 tons of ammonia per year and 725,000 tons of urea, which is used to make fertilizer and a slew of other products.
Samsung Engineering Co., Ltd. Announces Changes in Shareholding Structure Jul 26, 2012
Samsung Engineering Co., Ltd. announced that JF Asset Management Limited and its eight related parties have acquired a total of 2,007,371 shares, representing a 5.02% stake in the Company.
Samsung Engineering Co., Ltd. Signs Contract with BALKHASH THERMAL POWER PLANT JOINT STOCK COMPANy Jun 26, 2012
Samsung Engineering Co., Ltd. announced that it has signed a contract with BALKHASH THERMAL POWER PLANT JOINT STOCK COMPAN to provide design and construction service in Balkhash Thermal power plant project. The contract amount is KRW 2,404,397,420,451.
Samsung Engineering Co., Ltd. Amends Amount of Contract with UZ-Kor Gas Chemicals LLC May 30, 2012
Samsung
Engineering Co., Ltd. announced that it has made an amendment to the contract
with UZ-Kor Gas Chemicals LLC to provide design and construction service in
Ustyurt gas chemicals complex project, initially announced on August 24, 2011.
Now, the contract amount has been amended to KRW 886,502,651,953 from KRW
884,844,911,477.
Samsung
Engineering Co., Ltd. Signs Contract with SAMSUNG TOTAL PETROCHEMICALS Co.,
Ltd. May 17, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with SAMSUNG
TOTAL PETROCHEMICALS Co., Ltd. to provide construction service of No.2
aromatics. The contract amount is KRW 970,310 million.
Samsung Engineering
Co., Ltd. Signs Contract with Marubeni Corporation Apr 13, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with Marubeni
Corporation to provide construction service of rehabilitation of textile plant
at Africa textile. The contract amount is KRW 87,345,204,000.
Samsung
Engineering Co., Ltd. Signs Contract with Samsung Mobile Display Co.,LTD Mar
29, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with Samsung
Mobile Display Co.,LTD to provide construction service. The contract amount is
KRW 979 billion.
Samsung
Engineering Co., Ltd. Signs Contract with LUKOIL MID-EAST LTD Mar 23, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with LUKOIL
MID-EAST LTD to provide engineering, procurement, and construction (EPC) works
for West Qurna (Phase 2) CPF project. The contract amount is KRW
1,125,442,833,600.
Samsung
Engineering Co., Ltd. Signs Contract with SMP Mar 19, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with SMP to
provide engineering, procurement, and construction (EPC) works for polysilicon
project. The contract amount is KRW 363 billion.
Samsung
Engineering Co., Ltd. Signs Contract with Abu Dhabi Gas Industries LTD. (GASCO)
Feb 03, 2012
Samsung
Engineering Co., Ltd. announced that it has signed a contract with Abu Dhabi
Gas Industries LTD. (GASCO) to provide services in EPC for GASCO NGI project.
The contract amount is KRW 185,076,714,106.
Samsung
Engineering Co., Ltd. Declares Annual Cash Dividend for FY 2011 Jan 30, 2012
Samsung
Engineering Co., Ltd. announced that it has declared an annual cash dividend of
KRW 3,000 per share of common stock to shareholders of record on December 31,
2011 for the fiscal year 2011. The dividend rate of market price is 1.5% and
the total amount of the cash dividend is KRW 110,872,086,000. The Company's
annual cash dividend for the fiscal year 2010 was KRW 2,500 per share.
Samsung
Engineering Co., Ltd. Issues FY 2012, FY 2013 and FY 2014 Revenue Outlook Above
Analysts' Estimates Jan 30, 2012
Samsung
Engineering Co., Ltd. announced that it expects the revenue for the fiscal year
2012, 2013 and 2014 to record KRW 11,500 billion, KRW 14,000 billion and KRW
16,500 billion, respectively. According to I/B/E/S Estimates, analysts on
average are expecting the Company to report revenue of KRW 10,930.10 billion
and KRW 12,603.38 billion for the fiscal year 2012 and 2013, respectively.
Samsung
Engineering Co., Ltd. to Acquire Stake in Sung Jin Geotec Co Ltd Jan 05, 2012
Samsung
Engineering Co., Ltd. announced that it will acquire 5,206,671 shares of Sung
Jin Geotec Co Ltd, for KRW 56,752,713,900, representing a 10% stake, to secure its
competitiveness. The expected transaction settlement date is January 10, 2012.
Samsung
Engineering Co., Ltd. Signs Contract with ENERGIA SAN LUIS DE LA PAZ, S.A. DE
C.V. Nov 21, 2011
Samsung
Engineering Co., Ltd. announced that it has signed a contract with ENERGIA SAN
LUIS DE LA PAZ, S.A. DE C.V. to provide construction service of integrated gas
combined cycle. The contract amount is KRW 140,440,857,600.
Samsung
Engineering Co., Ltd. to Sell Shares of IMARKETKOREA CO.,LTD Oct 28, 2011
Samsung Engineering
Co., Ltd. announced that it will sell 1,576,340 shares of IMARKETKOREA CO.,LTD,
for KRW 37,989,794,000, on October 31, 2011. After the transaction, the Company
will hold 323,660 shares, or 0.90% of IMARKETKOREA CO.,LTD.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
8,392.7 |
4,594.3 |
3,164.9 |
2,804.3 |
2,390.1 |
|
Revenue |
8,392.7 |
4,594.3 |
3,164.9 |
2,804.3 |
2,390.1 |
|
Total Revenue |
8,392.7 |
4,594.3 |
3,164.9 |
2,804.3 |
2,390.1 |
|
|
|
|
|
|
|
|
Cost of Revenue |
7,419.0 |
3,893.4 |
2,681.2 |
2,389.2 |
1,991.1 |
|
Cost of Revenue, Total |
7,419.0 |
3,893.4 |
2,681.2 |
2,389.2 |
1,991.1 |
|
Gross Profit |
973.7 |
700.8 |
483.8 |
415.1 |
399.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
140.9 |
116.1 |
219.8 |
90.9 |
83.0 |
|
Labor & Related Expense |
250.7 |
190.7 |
- |
140.6 |
140.3 |
|
Advertising Expense |
4.1 |
3.1 |
- |
0.9 |
1.1 |
|
Total Selling/General/Administrative Expenses |
395.6 |
309.9 |
219.8 |
232.5 |
224.4 |
|
Research & Development |
- |
- |
- |
1.3 |
1.1 |
|
Depreciation |
15.7 |
17.3 |
- |
12.2 |
11.9 |
|
Amortization of Intangibles |
3.6 |
3.0 |
- |
2.7 |
3.0 |
|
Depreciation/Amortization |
19.4 |
20.2 |
- |
14.9 |
14.9 |
|
Investment Income -
Operating |
-89.2 |
3.8 |
- |
- |
- |
|
Interest/Investment Income - Operating |
-89.2 |
3.8 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
-89.2 |
3.8 |
- |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
13.3 |
7.2 |
- |
- |
- |
|
Unusual Expense (Income) |
13.3 |
7.2 |
- |
- |
- |
|
Other Operating Expense |
17.9 |
22.1 |
- |
- |
- |
|
Other, Net |
-30.7 |
-19.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
-12.8 |
3.2 |
- |
- |
- |
|
Total Operating Expense |
7,745.3 |
4,237.7 |
2,901.0 |
2,637.9 |
2,231.5 |
|
|
|
|
|
|
|
|
Operating Income |
647.4 |
356.5 |
263.9 |
166.4 |
158.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-3.9 |
-3.7 |
-1.6 |
-1.8 |
-0.6 |
|
Interest Expense, Net Non-Operating |
-3.9 |
-3.7 |
-1.6 |
-1.8 |
-0.6 |
|
Interest Income -
Non-Operating |
19.8 |
43.0 |
25.8 |
37.3 |
30.2 |
|
Investment Income - Non-Operating |
-43.2 |
1.1 |
-17.1 |
36.7 |
16.2 |
|
Interest/Investment Income - Non-Operating |
-23.4 |
44.1 |
8.7 |
74.0 |
46.4 |
|
Interest Income (Expense) - Net Non-Operating Total |
-27.3 |
40.5 |
7.2 |
72.2 |
45.8 |
|
Gain (Loss) on Sale of Assets |
- |
- |
0.0 |
-0.1 |
0.0 |
|
Other Non-Operating Income (Expense) |
- |
- |
3.1 |
7.6 |
15.9 |
|
Other, Net |
- |
- |
3.1 |
7.6 |
15.9 |
|
Income Before Tax |
620.1 |
397.0 |
274.1 |
246.1 |
220.3 |
|
|
|
|
|
|
|
|
Total Income Tax |
155.7 |
105.9 |
67.1 |
64.4 |
59.8 |
|
Income After Tax |
464.4 |
291.1 |
207.0 |
181.7 |
160.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.1 |
2.3 |
-3.8 |
-9.1 |
-1.5 |
|
Net Income Before Extraord Items |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
Net Income |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
36.9 |
37.6 |
37.9 |
38.2 |
38.8 |
|
Basic EPS Excl Extraord Items |
12.54 |
7.81 |
5.36 |
4.51 |
4.10 |
|
Basic/Primary EPS Incl Extraord Items |
12.54 |
7.81 |
5.36 |
4.51 |
4.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
Diluted Weighted Average Shares |
37.0 |
37.6 |
38.0 |
38.3 |
39.1 |
|
Diluted EPS Excl Extraord Items |
12.53 |
7.80 |
5.35 |
4.50 |
4.07 |
|
Diluted EPS Incl Extraord Items |
12.53 |
7.80 |
5.35 |
4.50 |
4.07 |
|
Dividends per Share - Common Stock Primary Issue |
2.71 |
2.16 |
1.57 |
1.36 |
1.29 |
|
Gross Dividends - Common Stock |
100.1 |
79.8 |
59.4 |
51.7 |
50.0 |
|
Interest Expense, Supplemental |
3.9 |
3.7 |
1.6 |
1.8 |
0.6 |
|
Depreciation, Supplemental |
30.9 |
22.5 |
13.7 |
14.3 |
12.6 |
|
Total Special Items |
13.3 |
7.2 |
0.0 |
0.1 |
0.0 |
|
Normalized Income Before Tax |
633.5 |
404.2 |
274.2 |
246.2 |
220.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
3.4 |
1.9 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
159.0 |
107.8 |
67.1 |
64.5 |
59.8 |
|
Normalized Income After Tax |
474.4 |
296.4 |
207.0 |
181.8 |
160.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
473.3 |
298.7 |
203.2 |
172.6 |
159.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
12.81 |
7.95 |
5.36 |
4.51 |
4.10 |
|
Diluted Normalized EPS |
12.80 |
7.94 |
5.35 |
4.51 |
4.07 |
|
Amort of Intangibles, Supplemental |
3.8 |
3.1 |
2.1 |
2.7 |
3.0 |
|
Rental Expenses |
18.9 |
15.9 |
8.6 |
7.5 |
3.6 |
|
Advertising Expense, Supplemental |
4.1 |
3.1 |
1.9 |
0.9 |
1.1 |
|
Research & Development Exp, Supplemental |
- |
- |
0.7 |
1.3 |
1.1 |
|
Normalized EBIT |
571.5 |
367.5 |
263.9 |
166.4 |
158.6 |
|
Normalized EBITDA |
606.2 |
393.1 |
279.8 |
183.4 |
174.3 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
486.1 |
360.1 |
325.4 |
127.4 |
309.4 |
|
Short Term Investments |
146.9 |
562.9 |
708.6 |
404.5 |
505.4 |
|
Cash and Short Term Investments |
633.0 |
923.0 |
1,033.9 |
531.9 |
814.8 |
|
Accounts Receivable -
Trade, Gross |
915.4 |
357.4 |
603.5 |
542.3 |
409.0 |
|
Provision for Doubtful
Accounts |
-18.4 |
-25.1 |
-9.5 |
-14.5 |
-17.6 |
|
Trade Accounts Receivable - Net |
2,320.0 |
1,010.7 |
601.5 |
538.1 |
402.8 |
|
Other Receivables |
44.1 |
58.9 |
28.0 |
17.6 |
43.7 |
|
Total Receivables, Net |
2,364.0 |
1,069.6 |
629.4 |
555.7 |
446.5 |
|
Inventories - Other |
514.6 |
342.9 |
116.6 |
119.9 |
48.9 |
|
Total Inventory |
514.6 |
342.9 |
116.6 |
119.9 |
48.9 |
|
Prepaid Expenses |
38.2 |
98.8 |
102.5 |
38.2 |
38.9 |
|
Deferred Income Tax - Current Asset |
- |
- |
12.9 |
4.6 |
2.5 |
|
Other Current Assets |
58.5 |
60.7 |
21.3 |
16.0 |
7.6 |
|
Other Current Assets, Total |
58.5 |
60.7 |
34.1 |
20.6 |
10.1 |
|
Total Current Assets |
3,608.4 |
2,495.1 |
1,916.6 |
1,266.3 |
1,359.2 |
|
|
|
|
|
|
|
|
Buildings |
- |
- |
98.2 |
90.6 |
120.7 |
|
Land/Improvements |
- |
- |
129.9 |
41.2 |
55.5 |
|
Machinery/Equipment |
- |
- |
64.4 |
48.7 |
57.4 |
|
Construction in
Progress |
- |
- |
28.2 |
13.9 |
- |
|
Property/Plant/Equipment - Gross |
- |
- |
320.7 |
194.5 |
233.6 |
|
Accumulated Depreciation |
- |
- |
-55.8 |
-38.6 |
-52.5 |
|
Property/Plant/Equipment - Net |
607.9 |
407.1 |
264.9 |
155.9 |
181.1 |
|
Intangibles, Net |
29.7 |
26.0 |
3.9 |
2.8 |
4.3 |
|
LT Investment - Affiliate Companies |
0.3 |
0.3 |
3.4 |
0.4 |
- |
|
LT Investments - Other |
53.9 |
102.6 |
50.2 |
44.6 |
61.1 |
|
Long Term Investments |
54.3 |
102.9 |
53.5 |
45.0 |
61.1 |
|
Note Receivable - Long Term |
- |
- |
0.1 |
0.1 |
0.1 |
|
Deferred Income Tax - Long Term Asset |
1.9 |
1.8 |
0.3 |
0.0 |
- |
|
Other Long Term Assets |
201.9 |
81.7 |
79.4 |
62.2 |
59.0 |
|
Other Long Term Assets, Total |
203.8 |
83.6 |
79.6 |
62.2 |
59.0 |
|
Total Assets |
4,504.0 |
3,114.7 |
2,318.6 |
1,532.3 |
1,664.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,608.7 |
797.0 |
451.0 |
319.9 |
314.3 |
|
Accrued Expenses |
44.6 |
39.0 |
12.8 |
5.6 |
12.3 |
|
Notes Payable/Short Term Debt |
3.8 |
18.1 |
5.8 |
8.4 |
0.0 |
|
Customer Advances |
- |
- |
891.8 |
465.0 |
533.7 |
|
Income Taxes Payable |
103.0 |
72.0 |
26.1 |
45.1 |
34.6 |
|
Other Payables |
180.9 |
115.9 |
89.3 |
49.7 |
57.1 |
|
Other Current Liabilities |
1,223.0 |
1,076.7 |
53.9 |
62.1 |
45.8 |
|
Other Current liabilities, Total |
1,506.9 |
1,264.6 |
1,061.1 |
621.9 |
671.2 |
|
Total Current Liabilities |
3,163.9 |
2,118.7 |
1,530.6 |
955.8 |
997.7 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
3.8 |
18.1 |
5.8 |
8.4 |
0.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
19.9 |
10.2 |
6.0 |
6.4 |
7.2 |
|
Deferred Income Tax |
19.9 |
10.2 |
6.0 |
6.4 |
7.2 |
|
Minority Interest |
-32.4 |
-35.4 |
1.0 |
11.0 |
2.5 |
|
Reserves |
28.0 |
16.1 |
14.8 |
14.8 |
9.2 |
|
Pension Benefits - Underfunded |
20.9 |
24.6 |
19.6 |
18.1 |
13.9 |
|
Other Long Term Liabilities |
131.2 |
101.9 |
82.9 |
78.2 |
87.2 |
|
Other Liabilities, Total |
180.1 |
142.7 |
117.3 |
111.1 |
110.3 |
|
Total Liabilities |
3,331.6 |
2,236.2 |
1,654.9 |
1,084.4 |
1,117.7 |
|
|
|
|
|
|
|
|
Common Stock |
173.6 |
176.2 |
171.8 |
158.8 |
213.7 |
|
Common Stock |
173.6 |
176.2 |
171.8 |
158.8 |
213.7 |
|
Additional Paid-In Capital |
59.4 |
60.6 |
59.1 |
45.0 |
60.9 |
|
Retained Earnings (Accumulated Deficit) |
1,179.1 |
826.3 |
555.1 |
356.2 |
324.7 |
|
Treasury Stock - Common |
-247.2 |
-251.2 |
-131.6 |
-121.8 |
-61.5 |
|
Unrealized Gain (Loss) |
12.1 |
49.9 |
6.8 |
3.5 |
9.4 |
|
Translation Adjustment |
4.8 |
2.3 |
2.7 |
6.6 |
0.6 |
|
Other Equity |
-0.1 |
0.0 |
0.0 |
-0.3 |
-0.4 |
|
Other Comprehensive Income |
-9.3 |
14.3 |
- |
- |
- |
|
Other Equity, Total |
-4.6 |
16.6 |
2.7 |
6.3 |
0.1 |
|
Total Equity |
1,172.4 |
878.4 |
663.7 |
448.0 |
547.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,504.0 |
3,114.7 |
2,318.6 |
1,532.3 |
1,664.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
37.0 |
36.9 |
37.9 |
37.9 |
38.7 |
|
Total Common Shares Outstanding |
37.0 |
36.9 |
37.9 |
37.9 |
38.7 |
|
Treasury Shares - Common Stock Primary Issue |
3.0 |
3.1 |
2.1 |
2.1 |
1.3 |
|
Employees |
6,294 |
4,852 |
3,894 |
3,459 |
2,891 |
|
Number of Common Shareholders |
- |
32,888 |
22,740 |
19,085 |
19,085 |
|
Deferred Revenue - Current |
- |
- |
891.8 |
465.0 |
533.7 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
464.4 |
291.1 |
207.0 |
181.7 |
160.5 |
|
Depreciation |
30.9 |
22.5 |
13.7 |
14.3 |
12.6 |
|
Depreciation/Depletion |
30.9 |
22.5 |
13.7 |
14.3 |
12.6 |
|
Amortization of Intangibles |
3.8 |
3.1 |
2.1 |
2.7 |
3.0 |
|
Amortization |
3.8 |
3.1 |
2.1 |
2.7 |
3.0 |
|
Deferred Taxes |
- |
- |
-10.7 |
-2.7 |
5.3 |
|
Unusual Items |
-15.8 |
38.1 |
11.9 |
-2.9 |
-7.4 |
|
Equity in Net Earnings (Loss) |
0.0 |
- |
0.3 |
-1.0 |
- |
|
Other Non-Cash Items |
170.8 |
97.3 |
8.6 |
45.0 |
14.7 |
|
Non-Cash Items |
155.0 |
135.4 |
20.8 |
41.1 |
7.2 |
|
Accounts Receivable |
-1,368.2 |
-231.1 |
28.3 |
-247.8 |
158.1 |
|
Inventories |
-188.1 |
-221.9 |
14.6 |
-90.0 |
-6.5 |
|
Prepaid Expenses |
64.0 |
6.6 |
-58.1 |
-8.8 |
0.2 |
|
Other Assets |
-24.6 |
-6.4 |
-6.8 |
- |
- |
|
Accounts Payable |
926.7 |
355.8 |
133.3 |
91.1 |
-78.8 |
|
Accrued Expenses |
2.2 |
0.9 |
5.8 |
-2.1 |
7.5 |
|
Taxes Payable |
- |
- |
-18.5 |
15.1 |
-1.9 |
|
Other Liabilities |
182.2 |
-124.7 |
271.0 |
56.8 |
99.0 |
|
Other Assets & Liabilities, Net |
-30.3 |
-6.5 |
-4.1 |
2.0 |
-0.3 |
|
Other Operating Cash Flow |
-59.6 |
-41.1 |
- |
- |
- |
|
Changes in Working Capital |
-495.7 |
-268.3 |
365.5 |
-183.7 |
177.2 |
|
Cash from Operating Activities |
158.4 |
183.8 |
598.4 |
53.4 |
365.9 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-241.4 |
-146.9 |
-103.2 |
-36.2 |
-33.8 |
|
Purchase/Acquisition of Intangibles |
-9.2 |
-8.1 |
-2.9 |
-2.3 |
-3.3 |
|
Capital Expenditures |
-250.6 |
-155.0 |
-106.0 |
-38.5 |
-37.1 |
|
Sale of Business |
- |
-0.5 |
- |
- |
- |
|
Sale of Fixed Assets |
2.2 |
1.2 |
0.4 |
0.4 |
0.1 |
|
Sale/Maturity of Investment |
35.0 |
1.2 |
293.3 |
343.0 |
303.5 |
|
Investment, Net |
423.9 |
53.4 |
- |
- |
- |
|
Purchase of Investments |
-0.1 |
-1.7 |
-548.7 |
-346.0 |
-517.6 |
|
Sale of Intangible Assets |
1.1 |
0.3 |
- |
- |
- |
|
Other Investing Cash Flow |
-129.4 |
-9.6 |
-13.2 |
-17.7 |
-18.7 |
|
Other Investing Cash Flow Items, Total |
332.6 |
44.3 |
-268.2 |
-20.3 |
-232.7 |
|
Cash from Investing Activities |
82.0 |
-110.7 |
-374.2 |
-58.8 |
-269.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
2.4 |
0.6 |
-3.6 |
16.4 |
24.9 |
|
Financing Cash Flow Items |
2.4 |
0.6 |
-3.6 |
16.4 |
24.9 |
|
Cash Dividends Paid - Common |
-83.3 |
-65.6 |
-46.5 |
-42.7 |
-34.1 |
|
Total Cash Dividends Paid |
-83.3 |
-65.6 |
-46.5 |
-42.7 |
-34.1 |
|
Repurchase/Retirement
of Common |
- |
-114.1 |
- |
-88.8 |
-58.7 |
|
Common Stock, Net |
- |
-114.1 |
- |
-88.8 |
-58.7 |
|
Options Exercised |
0.1 |
0.0 |
0.1 |
1.0 |
0.9 |
|
Issuance (Retirement) of Stock, Net |
0.1 |
-114.0 |
0.1 |
-87.8 |
-57.9 |
|
Short Term Debt Issued |
- |
- |
3.9 |
2.1 |
- |
|
Short Term Debt
Reduction |
- |
- |
-6.9 |
- |
- |
|
Short Term Debt, Net |
- |
- |
-3.0 |
2.1 |
- |
|
Issuance (Retirement) of Debt, Net |
-14.6 |
10.8 |
-3.0 |
2.1 |
- |
|
Cash from Financing Activities |
-95.4 |
-168.2 |
-53.0 |
-111.9 |
-67.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-8.4 |
0.5 |
- |
- |
- |
|
Net Change in Cash |
136.6 |
-94.6 |
171.1 |
-117.3 |
29.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
368.9 |
448.1 |
125.7 |
263.1 |
282.6 |
|
Net Cash - Ending Balance |
505.5 |
353.5 |
296.8 |
145.8 |
311.6 |
|
Cash Interest Paid |
10.1 |
3.1 |
- |
- |
- |
|
Cash Taxes Paid |
87.0 |
67.8 |
- |
- |
- |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
8,392.7 |
4,594.3 |
3,164.9 |
2,804.3 |
2,390.1 |
|
Total Revenue |
8,392.7 |
4,594.3 |
3,164.9 |
2,804.3 |
2,390.1 |
|
|
|
|
|
|
|
|
Costs of Goods and Services Sold |
7,419.0 |
3,893.4 |
2,681.2 |
2,389.2 |
1,991.1 |
|
Salaries and Wages |
204.1 |
152.4 |
- |
114.0 |
112.7 |
|
Retirement & Severance Benefits |
14.9 |
7.1 |
- |
10.4 |
11.1 |
|
Employee Benefits |
31.7 |
31.2 |
- |
16.3 |
16.4 |
|
Commissions |
30.9 |
17.8 |
- |
18.5 |
17.4 |
|
Travel Expenses |
16.3 |
10.3 |
- |
9.7 |
8.5 |
|
Utility Expenses |
8.2 |
4.7 |
- |
3.4 |
1.7 |
|
Taxes and Dues |
5.2 |
3.5 |
- |
2.9 |
8.9 |
|
Communication Expenses |
3.8 |
2.5 |
- |
2.5 |
2.2 |
|
Copying Expenses |
- |
- |
- |
0.2 |
0.2 |
|
Rental Expenses |
18.9 |
15.9 |
- |
7.5 |
3.6 |
|
Insurance Expenses |
2.1 |
1.4 |
- |
0.5 |
0.5 |
|
Overseas Market Development Expense |
- |
- |
- |
0.0 |
- |
|
Entertainment Expense |
3.4 |
2.2 |
- |
1.8 |
2.3 |
|
Shipping/Handling |
- |
- |
- |
0.3 |
0.2 |
|
Activity Expenses |
4.7 |
3.9 |
- |
2.6 |
2.9 |
|
Consumable Expense |
2.0 |
1.6 |
- |
1.7 |
1.5 |
|
Repair Expenses |
1.5 |
1.1 |
- |
0.8 |
0.9 |
|
Publishing Expenses |
- |
- |
- |
1.0 |
1.0 |
|
Vehicle Maintenance Expenses |
1.4 |
1.1 |
- |
0.9 |
0.8 |
|
Education & Training |
10.3 |
7.7 |
- |
7.8 |
9.3 |
|
Conference Expenses |
4.5 |
3.4 |
- |
3.1 |
2.9 |
|
Material Expense |
- |
- |
- |
0.0 |
0.7 |
|
Advertising Expense |
4.1 |
3.1 |
- |
0.9 |
1.1 |
|
Outsourcing Expenses |
22.8 |
15.9 |
- |
14.6 |
12.3 |
|
Research/Survey Exp |
- |
- |
- |
0.3 |
0.1 |
|
Tech. Develop. Exp |
- |
- |
- |
1.1 |
1.0 |
|
Depreciation |
15.7 |
17.3 |
- |
12.2 |
11.9 |
|
Amort. of Bad Debts |
- |
15.1 |
- |
5.4 |
- |
|
Amortization of Intangible Assets |
3.6 |
3.0 |
- |
2.7 |
3.0 |
|
Miscellaneous Expenses |
3.1 |
6.2 |
- |
5.8 |
5.2 |
|
Other Selling and Administrative Expense |
1.6 |
1.7 |
- |
- |
- |
|
Adjustment for Selling and Administrativ |
0.0 |
0.0 |
- |
- |
- |
|
Selling and Administrative Expenses |
- |
- |
219.8 |
- |
- |
|
Dividend Income |
-1.4 |
-1.5 |
- |
- |
- |
|
Commission Income |
-9.2 |
-5.9 |
- |
- |
- |
|
Gain on Disposal of Intangible Assets |
- |
0.0 |
- |
- |
- |
|
Gain on Disposal of Property, Plant and |
-0.2 |
-0.2 |
- |
- |
- |
|
Reversal of Allowance for Doubtful Accou |
-6.1 |
- |
- |
- |
- |
|
Rental Income |
-5.0 |
-3.8 |
- |
- |
- |
|
Gain on Foreign Currency Transactions |
-167.0 |
-97.2 |
- |
- |
- |
|
Gain on Foreign Currency Translation |
-25.2 |
-6.2 |
- |
- |
- |
|
Gain on Currency Forwards Transactions |
-30.7 |
-23.8 |
- |
- |
- |
|
Gain on Valuation of Currency Forwards |
-2.7 |
-8.9 |
- |
- |
- |
|
Gain on Valuation of Confirmed Contracts |
-13.2 |
-7.2 |
- |
- |
- |
|
Gain on Disposal of Financial Assets Ava |
-32.1 |
- |
- |
- |
- |
|
Recovery of Provision for Defect Repai |
-1.3 |
-2.0 |
- |
- |
- |
|
Recovery of Lawsuit Reserve |
-0.1 |
- |
- |
- |
- |
|
Miscellaneous Income |
-7.6 |
-5.7 |
- |
- |
- |
|
Adjustment for Other Operating Income |
- |
0.0 |
- |
- |
- |
|
Other Allowance for Doubtful Accounts |
0.7 |
3.6 |
- |
- |
- |
|
Commissions |
1.8 |
0.5 |
- |
- |
- |
|
Loss on Disposal of Trade Receivable |
12.7 |
7.0 |
- |
- |
- |
|
Loss on Disposal of Intangible Assets |
0.1 |
0.1 |
- |
- |
- |
|
Loss on Disposal of Property, Plant and |
0.7 |
0.3 |
- |
- |
- |
|
Donations Paid |
4.4 |
3.5 |
- |
- |
- |
|
Loss on Foreign Currency Transactions |
141.8 |
86.9 |
- |
- |
- |
|
Loss on Foreign Currency Translation |
19.0 |
9.4 |
- |
- |
- |
|
Loss on Currency Forward Transactions |
14.1 |
26.0 |
- |
- |
- |
|
Loss on Valuation of Currency Forwards |
6.9 |
25.0 |
- |
- |
- |
|
Loss on Valuation of Confirmed Contracts |
9.3 |
13.2 |
- |
- |
- |
|
Provision for Restoration |
0.1 |
- |
- |
- |
- |
|
Provisions for Lawsuit |
1.2 |
0.7 |
- |
- |
- |
|
Miscellaneous Loss |
0.4 |
0.5 |
- |
- |
- |
|
Adjustment for Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
7,745.3 |
4,237.7 |
2,901.0 |
2,637.9 |
2,231.5 |
|
|
|
|
|
|
|
|
Interest Income |
19.8 |
43.0 |
25.8 |
37.3 |
30.2 |
|
Dividend Income |
- |
- |
0.8 |
0.8 |
0.8 |
|
Gain-Disposal of Sec. Available-Sale |
- |
- |
0.4 |
0.1 |
- |
|
Rental Income |
- |
- |
3.0 |
3.5 |
4.0 |
|
Gain Disposal of Tangible Assets |
- |
- |
0.1 |
0.1 |
0.1 |
|
Gain Currency Future Value. |
- |
- |
16.5 |
17.9 |
7.5 |
|
Gain Currency Future Trade |
- |
- |
18.7 |
8.2 |
4.7 |
|
Recovery-Defect Repair Reserve |
- |
- |
3.9 |
0.1 |
1.6 |
|
Gain on Foreign Currency Transactions |
27.0 |
12.7 |
108.9 |
123.0 |
12.9 |
|
Gain on Foreign Currency Translations |
10.8 |
4.3 |
8.7 |
28.3 |
6.1 |
|
Recapture Doubt Acct |
- |
- |
4.9 |
- |
3.2 |
|
Miscellaneous Income |
- |
- |
7.0 |
3.9 |
4.6 |
|
Fees Received |
- |
- |
4.2 |
6.8 |
8.1 |
|
Interest Expenses |
-3.9 |
-3.7 |
-1.6 |
-1.8 |
-0.6 |
|
Loss-Reduction of Investment Assets |
- |
- |
- |
0.0 |
- |
|
Loss-Disposal of Sec Available-Sale |
- |
- |
0.0 |
0.0 |
- |
|
Loss Disp Tang. Ast |
- |
- |
-0.1 |
-0.2 |
-0.1 |
|
Loss-Currency Forwards Transaction |
- |
- |
-22.3 |
-8.0 |
-0.9 |
|
Loss-Valuation of Confirmed Contracts |
- |
- |
-13.9 |
- |
- |
|
Loss-Disposal of Accounts Receivable |
- |
- |
-0.1 |
-0.1 |
0.0 |
|
Loss-Disposal of Investment Assets |
- |
- |
0.0 |
- |
- |
|
Loss-Curr Fut. Valuation |
- |
- |
-14.8 |
-14.3 |
0.0 |
|
Loss on Foreign Currency Transactions |
-63.7 |
-12.2 |
-110.1 |
-85.8 |
-13.1 |
|
Loss on Foreign Currency Translations |
-17.4 |
-3.7 |
-23.5 |
-33.7 |
-1.7 |
|
Miscellaneous Exp. |
- |
- |
-2.2 |
-0.6 |
-2.7 |
|
Donations Paid |
- |
- |
-3.0 |
-1.2 |
-1.4 |
|
Fee & Charges Exp |
- |
- |
-0.8 |
-1.2 |
-1.5 |
|
Bad Debt Expense |
- |
- |
- |
-3.6 |
- |
|
Gain under Equity Method |
0.0 |
- |
- |
1.0 |
- |
|
Loss Under Equity Method |
- |
- |
-0.3 |
- |
- |
|
Loss-Disposal of Equity Method Sec. |
- |
- |
- |
-0.6 |
- |
|
Net Income Before Taxes |
620.1 |
397.0 |
274.1 |
246.1 |
220.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
155.7 |
105.9 |
67.1 |
64.4 |
59.8 |
|
Net Income After Taxes |
464.4 |
291.1 |
207.0 |
181.7 |
160.5 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.1 |
2.3 |
-3.8 |
-9.1 |
-1.5 |
|
Net Income Before Extra. Items |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
Net Income |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
36.9 |
37.6 |
37.9 |
38.2 |
38.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
12.54 |
7.81 |
5.36 |
4.51 |
4.10 |
|
Basic EPS Including ExtraOrdinary Item |
12.54 |
7.81 |
5.36 |
4.51 |
4.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
463.3 |
293.4 |
203.2 |
172.5 |
159.0 |
|
Diluted Weighted Average Shares |
37.0 |
37.6 |
38.0 |
38.3 |
39.1 |
|
Diluted EPS Excluding ExtraOrd Items |
12.53 |
7.80 |
5.35 |
4.50 |
4.07 |
|
Diluted EPS Including ExtraOrd Items |
12.53 |
7.80 |
5.35 |
4.50 |
4.07 |
|
DPS-Common Stock |
2.71 |
2.16 |
1.57 |
1.36 |
1.29 |
|
Gross Dividends - Common Stock |
100.1 |
79.8 |
59.4 |
51.7 |
50.0 |
|
Normalized Income Before Taxes |
633.5 |
404.2 |
274.2 |
246.2 |
220.3 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
159.0 |
107.8 |
67.1 |
64.5 |
59.8 |
|
Normalized Income After Taxes |
474.4 |
296.4 |
207.0 |
181.8 |
160.5 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
473.3 |
298.7 |
203.2 |
172.6 |
159.0 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
12.81 |
7.95 |
5.36 |
4.51 |
4.10 |
|
Diluted Normalized EPS |
12.80 |
7.94 |
5.35 |
4.51 |
4.07 |
|
Interest Expense, Supplemental |
3.9 |
3.7 |
1.6 |
1.8 |
0.6 |
|
Rental Expense, Supplemental |
18.9 |
15.9 |
8.6 |
7.5 |
3.6 |
|
Advertising Expense |
4.1 |
3.1 |
1.9 |
0.9 |
1.1 |
|
R&D Expense, Supplemental |
- |
- |
0.7 |
1.3 |
1.1 |
|
Depreciation, Supplemental |
30.9 |
22.5 |
13.7 |
14.3 |
12.6 |
|
Amort of Intangibles, Supplemental |
3.8 |
3.1 |
2.1 |
2.7 |
3.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
486.1 |
360.1 |
325.4 |
127.4 |
309.4 |
|
Current Financial Instruments |
146.1 |
562.1 |
707.4 |
403.6 |
502.4 |
|
ST Investment Assets |
0.8 |
0.8 |
1.2 |
1.0 |
3.0 |
|
ST Loans |
- |
- |
- |
- |
0.0 |
|
Trade Receivables, Gross |
915.4 |
357.4 |
603.5 |
542.3 |
409.0 |
|
Allowance for Doubtful Accounts for Trad |
-18.4 |
-25.1 |
-9.5 |
-14.5 |
-17.6 |
|
Adjustment for Trade Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Account Receivables |
44.1 |
58.9 |
28.0 |
17.6 |
43.7 |
|
Unbilled Constructions |
1,423.0 |
678.4 |
- |
- |
- |
|
Currency Futures |
8.7 |
14.5 |
2.9 |
16.0 |
7.6 |
|
Prepaid Consruction Expenses |
5.4 |
24.3 |
8.3 |
4.2 |
0.1 |
|
Fixed Contract Assets |
10.9 |
9.7 |
18.4 |
- |
- |
|
Advance Payments |
514.6 |
342.9 |
105.0 |
110.8 |
48.9 |
|
Prepaid Expenses |
32.8 |
74.6 |
93.5 |
31.4 |
34.6 |
|
Deferred Taxes |
- |
- |
12.9 |
4.6 |
2.5 |
|
Prepaid Taxes |
- |
- |
0.7 |
2.2 |
4.2 |
|
Miscellaneous Prepaid Taxes |
- |
- |
- |
0.4 |
- |
|
Accrued Income |
- |
- |
7.5 |
10.3 |
11.4 |
|
Stored Goods |
- |
- |
11.6 |
9.1 |
- |
|
Other Current Assets |
39.0 |
36.5 |
- |
- |
- |
|
Total Current Assets |
3,608.4 |
2,495.1 |
1,916.6 |
1,266.3 |
1,359.2 |
|
|
|
|
|
|
|
|
LT Financial Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Investment in Affiliates |
0.3 |
0.3 |
3.4 |
0.4 |
- |
|
Non-Current Securities Held-to-Maturitie |
4.6 |
2.9 |
3.4 |
3.4 |
4.8 |
|
Non-Current Securities Available-for-Sal |
49.3 |
99.7 |
46.8 |
41.2 |
56.2 |
|
LT Loan |
- |
- |
0.1 |
0.1 |
0.1 |
|
Guarantee Deposits, Non-Current Assets |
191.4 |
73.0 |
78.3 |
61.6 |
58.2 |
|
Currency Futures, Non-Current Assets |
0.1 |
3.6 |
- |
- |
- |
|
Advances on Confirmed Contracts |
0.6 |
0.9 |
- |
- |
- |
|
Other Non-Current Assets |
4.8 |
0.1 |
- |
- |
- |
|
Non-Current Prepaid Expenses |
4.9 |
4.1 |
1.0 |
0.6 |
0.8 |
|
Property, Plant & Equipment, Net |
607.9 |
407.1 |
- |
- |
- |
|
Land |
- |
- |
129.9 |
41.2 |
55.5 |
|
Buildings |
- |
- |
98.1 |
90.5 |
120.5 |
|
Buildings Depre. |
- |
- |
-19.5 |
-15.5 |
-17.5 |
|
Structures |
- |
- |
0.1 |
0.1 |
0.1 |
|
Structure Depre. |
- |
- |
0.0 |
0.0 |
0.0 |
|
Tools/Equip./Fix |
- |
- |
35.7 |
28.7 |
41.9 |
|
Tool/Equip Depr. |
- |
- |
-22.9 |
-14.6 |
-28.3 |
|
Machinery/Equip. |
- |
- |
17.6 |
13.7 |
9.6 |
|
Mach/Equip Depre |
- |
- |
-7.9 |
-4.6 |
-2.9 |
|
Transport Equip. |
- |
- |
11.1 |
6.4 |
5.9 |
|
Transport Deprec |
- |
- |
-5.5 |
-4.0 |
-3.8 |
|
Non-Current Deferred Income Taxes Assets |
1.9 |
1.8 |
0.3 |
0.0 |
- |
|
Construction in Progress |
- |
- |
28.2 |
13.9 |
- |
|
Software |
10.1 |
7.8 |
3.9 |
2.8 |
4.3 |
|
Membership Rights |
19.6 |
18.1 |
- |
- |
- |
|
Other Intangible Assets |
0.1 |
0.1 |
- |
- |
- |
|
Adjustment for Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
4,504.0 |
3,114.7 |
2,318.6 |
1,532.3 |
1,664.9 |
|
|
|
|
|
|
|
|
Current Trade Payables |
1,608.7 |
797.0 |
451.0 |
319.9 |
314.3 |
|
Other Payables |
180.9 |
115.9 |
89.3 |
49.7 |
57.1 |
|
Accrued Expenses |
44.6 |
39.0 |
8.6 |
4.9 |
12.3 |
|
Customer Advance |
- |
- |
891.8 |
465.0 |
533.7 |
|
Withholdings |
11.3 |
28.6 |
11.9 |
13.3 |
21.3 |
|
Current Borrowings |
3.8 |
18.1 |
5.8 |
8.4 |
- |
|
Currency Futures, Current Liabilities |
28.9 |
23.8 |
29.7 |
9.0 |
0.0 |
|
Overbilled Constructions |
1,176.7 |
1,018.0 |
- |
- |
- |
|
Income Taxes Payables |
103.0 |
72.0 |
26.1 |
45.1 |
34.6 |
|
Current Contracts on Settlements Liabili |
4.5 |
2.8 |
12.4 |
39.9 |
16.8 |
|
VAT Withheld |
- |
- |
4.2 |
0.7 |
- |
|
Other Current Liabilities |
1.5 |
3.4 |
- |
- |
7.6 |
|
Total Current Liabilities |
3,163.9 |
2,118.7 |
1,530.6 |
955.8 |
997.7 |
|
|
|
|
|
|
|
|
LT Accounts Pay |
- |
- |
9.4 |
6.4 |
2.6 |
|
Discount for Present Value, Credit |
- |
- |
-0.6 |
- |
- |
|
LL Security Dep |
- |
- |
74.1 |
71.8 |
84.6 |
|
Rsv-Error Adjus. |
- |
- |
14.8 |
14.8 |
9.2 |
|
Non-Current Provisions |
28.0 |
16.1 |
- |
- |
- |
|
Deferred Income Taxes, Non-Current Liabi |
19.9 |
10.2 |
6.0 |
6.4 |
7.2 |
|
Minority Interests |
-32.4 |
-35.4 |
1.0 |
11.0 |
2.5 |
|
Retirement & Severance Benefits, Non-Cur |
20.9 |
24.6 |
70.5 |
18.1 |
13.9 |
|
Deposit-Retirement Insurance |
- |
- |
-11.3 |
- |
- |
|
Plan Assets |
- |
- |
-39.2 |
- |
- |
|
Transfer to National Pension Fund |
- |
- |
-0.3 |
- |
- |
|
Currency Futures, Non-Current Liabilitie |
2.0 |
9.6 |
- |
- |
- |
|
Non-Current Fixed Contracts Liabilities |
0.0 |
0.1 |
- |
- |
- |
|
Other Non-Current Liabilities |
129.1 |
92.2 |
- |
- |
- |
|
Total Liabilities |
3,331.6 |
2,236.2 |
1,654.9 |
1,084.4 |
1,117.7 |
|
|
|
|
|
|
|
|
Share Capital |
173.6 |
176.2 |
171.8 |
158.8 |
213.7 |
|
Paid-in Capital |
49.2 |
49.9 |
48.6 |
45.0 |
60.5 |
|
Reserve for R&D |
262.2 |
178.0 |
- |
- |
- |
|
Reserve for Investments |
372.8 |
248.9 |
- |
- |
- |
|
Voluntary Reserve |
- |
- |
286.4 |
175.9 |
138.3 |
|
Legal Reserve |
99.8 |
74.9 |
47.2 |
27.8 |
20.3 |
|
Reserve for Loss on Disposal of Treasury |
1.7 |
1.8 |
- |
- |
- |
|
Retained Earnings Carried Forward |
442.6 |
322.8 |
221.5 |
152.5 |
166.1 |
|
Adjustment for Retained Earnings or Accu |
0.0 |
0.0 |
- |
- |
- |
|
Gain on Valuation of Currency Futures |
5.1 |
15.5 |
- |
- |
- |
|
Gain on Valuation of Securities Availabl |
12.1 |
49.9 |
5.4 |
3.5 |
9.5 |
|
Loss-Valu. of Sec. Available for Sale |
- |
- |
- |
0.0 |
- |
|
Loss on Valuation of Currency Futures |
-14.4 |
-1.2 |
- |
- |
- |
|
Stock Options |
0.0 |
0.0 |
0.1 |
0.1 |
0.4 |
|
Capital Change, Equity Method |
0.0 |
- |
1.4 |
0.0 |
- |
|
Capital Change under Equity Mtd.(Loss) |
- |
- |
-0.1 |
-0.1 |
-0.1 |
|
Losses on Disposal of Treasury Stock |
-0.1 |
0.0 |
0.0 |
-0.3 |
-0.4 |
|
Treasury Stock |
-247.2 |
-251.2 |
-131.6 |
-121.8 |
-61.5 |
|
Overseas Business Translation Debit/Cred |
4.8 |
2.3 |
2.7 |
6.6 |
0.6 |
|
Other Capital Surplus |
10.2 |
10.7 |
10.4 |
- |
- |
|
Adjustment for Other Capital Items |
0.0 |
- |
- |
- |
- |
|
Total Equity |
1,172.4 |
878.4 |
663.7 |
448.0 |
547.2 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,504.0 |
3,114.7 |
2,318.6 |
1,532.3 |
1,664.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
37.0 |
36.9 |
37.9 |
37.9 |
38.7 |
|
Total Common Shares Outstanding |
37.0 |
36.9 |
37.9 |
37.9 |
38.7 |
|
T/S-Common Stock |
3.0 |
3.1 |
2.1 |
2.1 |
1.3 |
|
Deferred Revenue, Current |
- |
- |
891.8 |
465.0 |
533.7 |
|
Full-Time Employees |
6,294 |
4,852 |
3,894 |
3,459 |
2,891 |
|
Number of Common Shareholders |
- |
32,888 |
22,740 |
19,085 |
19,085 |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
464.4 |
291.1 |
207.0 |
181.7 |
160.5 |
|
Depreciation |
30.9 |
22.5 |
13.7 |
14.3 |
12.6 |
|
Amortization of Intangible Assets |
3.8 |
3.1 |
2.1 |
2.7 |
3.0 |
|
Expense of Allowance for Doubtful Accoun |
- |
15.1 |
- |
5.4 |
- |
|
Expenses of Allowance for Other Doubtful |
0.7 |
3.6 |
- |
3.6 |
- |
|
Payment for Retirement Allowance, ONCI |
33.7 |
21.9 |
17.2 |
23.4 |
20.6 |
|
Other Non-Operating Expense |
- |
- |
0.0 |
0.0 |
- |
|
Loss on Disposal of Trade Receivables |
12.7 |
7.0 |
0.1 |
0.1 |
0.0 |
|
L-Equity Method Valu |
- |
- |
0.3 |
- |
- |
|
Loss-Disposal of Sec under Equity Method |
- |
- |
- |
0.6 |
- |
|
Loss-Disposal of Sec. Available-for-Sale |
- |
- |
0.0 |
0.0 |
- |
|
Loss-Investment Assets Disposal |
- |
- |
0.0 |
- |
- |
|
Loss-Reduction of Investment Assets |
- |
- |
- |
0.0 |
- |
|
Loss on Valuation of Fixed Contracts Lia |
9.3 |
13.2 |
13.9 |
- |
- |
|
Loss on Disposal of Property, Plant and |
0.7 |
0.3 |
0.1 |
0.2 |
0.1 |
|
Accrued Interest Expense |
- |
- |
0.4 |
0.2 |
0.4 |
|
Losses on Foreign Currency Translation |
36.4 |
13.1 |
3.9 |
32.1 |
1.6 |
|
Loss on Valuation of Currency Forwards |
6.9 |
25.0 |
14.8 |
14.3 |
0.0 |
|
Loss on Disposal of Intangible Assets |
0.1 |
0.1 |
- |
- |
- |
|
Interest Expenses |
11.8 |
3.7 |
- |
- |
- |
|
Corporate Taxes Expense |
155.7 |
105.9 |
- |
- |
- |
|
Recovery of Allowance for Doubtful Accou |
-6.1 |
- |
-4.9 |
- |
-3.2 |
|
Interest Income |
-19.8 |
-43.0 |
- |
- |
- |
|
Dividend Income |
-1.4 |
-1.5 |
- |
- |
- |
|
Gain on Disposal of Securities Available |
-32.1 |
- |
-0.4 |
-0.1 |
- |
|
Gain-Disposal of Investment Assets |
- |
0.0 |
- |
- |
- |
|
Gain-Value Curr. Fut |
- |
- |
-16.5 |
-17.9 |
-7.5 |
|
Gain on Valuation of Currency Forwards |
-2.7 |
-8.9 |
- |
- |
- |
|
Gain on Valuation of Fixed Contracts Lia |
-13.2 |
-7.2 |
- |
- |
- |
|
Recovery of Provisions for Construction |
-1.3 |
-2.0 |
-3.9 |
-0.1 |
-1.6 |
|
Gain on Disposal of Property, Plant and |
-0.2 |
-0.2 |
-0.1 |
-0.1 |
-0.1 |
|
Gains on Foreign Currency Translation |
-36.1 |
-10.5 |
-5.2 |
-19.6 |
-3.2 |
|
Gain under Equity Method |
0.0 |
- |
- |
-1.0 |
- |
|
Currency Forward |
-30.3 |
-6.5 |
-4.1 |
2.0 |
-0.3 |
|
Trade Receivables |
-598.9 |
134.6 |
33.9 |
-262.3 |
171.3 |
|
Account Receivables |
15.4 |
-30.1 |
-8.9 |
16.4 |
-11.8 |
|
Unbilled Constructions |
-784.7 |
-335.5 |
- |
- |
- |
|
Accrued Income |
- |
- |
3.3 |
-1.9 |
-1.4 |
|
Inventory |
- |
11.4 |
-1.7 |
-10.4 |
0.0 |
|
Advance Payments |
-188.1 |
-233.3 |
16.2 |
-79.6 |
-6.5 |
|
Prepaid Construction Expenses |
19.2 |
-15.2 |
-3.4 |
-4.7 |
11.8 |
|
Prepaid Expenses |
45.7 |
24.8 |
-54.4 |
-6.1 |
-13.0 |
|
Prepaid Income Taxes |
- |
- |
0.0 |
0.3 |
-2.6 |
|
Prepaid Taxes |
- |
- |
0.1 |
1.6 |
3.3 |
|
Non-Current Prepaid Expenses |
-0.9 |
-3.1 |
-0.3 |
0.0 |
0.6 |
|
Fixed Contract Assets |
- |
- |
-6.8 |
- |
- |
|
Other Current Assets |
-24.6 |
-6.4 |
- |
- |
- |
|
Trade Payables |
857.4 |
330.2 |
100.0 |
84.9 |
-88.9 |
|
Other Payables |
69.3 |
25.6 |
33.4 |
6.2 |
10.1 |
|
LT Accrued Expenses |
- |
- |
4.0 |
5.6 |
7.7 |
|
Accrued Expenses |
2.2 |
0.0 |
1.8 |
-7.8 |
-0.3 |
|
Accrued Dividends |
- |
0.9 |
- |
- |
- |
|
Accrued Income Taxes |
- |
- |
-21.7 |
20.9 |
-1.9 |
|
VAT Taxes Withheld |
- |
- |
3.2 |
-5.7 |
- |
|
Other Current Liabilities |
- |
- |
- |
- |
0.0 |
|
Unearned Income |
-1.3 |
-0.5 |
- |
- |
- |
|
Advances Received |
- |
- |
317.7 |
32.6 |
91.1 |
|
Overbilled Constructions |
180.7 |
-129.5 |
- |
- |
- |
|
Fixed Contracts Liabilities |
4.4 |
5.0 |
- |
- |
- |
|
Non-Current Provisions |
10.4 |
6.5 |
- |
- |
- |
|
Withholdings |
-18.5 |
9.3 |
-2.2 |
-4.6 |
10.4 |
|
Guarantee Deposits Withholdings |
38.3 |
13.6 |
-2.6 |
3.3 |
23.3 |
|
Provision for Defect Repair |
5.3 |
-7.4 |
3.3 |
8.6 |
-0.3 |
|
Retirement Pension Operating Fund |
- |
- |
-13.4 |
-8.0 |
-5.5 |
|
National Pension |
- |
- |
0.0 |
0.0 |
0.1 |
|
Reserve-Construction Loss |
- |
- |
-28.1 |
31.3 |
-2.6 |
|
Deferred Taxes-Asset |
- |
- |
-10.7 |
-2.7 |
5.3 |
|
Provision for Retirement Allowance |
-37.2 |
-21.6 |
-4.6 |
-6.9 |
-12.0 |
|
Retirement Insurance Deposits |
- |
- |
0.8 |
0.4 |
-5.5 |
|
Overseas Business Translation Debit |
- |
- |
1.1 |
- |
- |
|
Adjustment for Operating Activities |
- |
0.0 |
- |
- |
- |
|
Adjustment for Operating Assets & Liabil |
0.0 |
0.0 |
- |
- |
- |
|
Cash-Interest Received |
36.0 |
28.2 |
- |
- |
- |
|
Cash-Interest Paid |
-10.1 |
-3.1 |
- |
- |
- |
|
Cash-Dividend Income |
1.4 |
1.5 |
- |
- |
- |
|
Cash-Tax Paid |
-87.0 |
-67.8 |
- |
- |
- |
|
Cash from Operating Activities |
158.4 |
183.8 |
598.4 |
53.4 |
365.9 |
|
|
|
|
|
|
|
|
Dec-ST Financial Assets |
- |
- |
291.9 |
339.8 |
298.8 |
|
Disposal of Current Securities Held-to-M |
0.9 |
1.2 |
1.0 |
2.6 |
4.8 |
|
Disp-LT Securities Available-for-Sale |
- |
- |
0.4 |
0.5 |
- |
|
Disposal of Securities Available-for-Sal |
34.1 |
- |
- |
- |
- |
|
Disposal-Securities under Equity Method |
- |
- |
- |
0.2 |
- |
|
Dec-LT Investment Stock |
- |
- |
- |
- |
0.0 |
|
Dec in ST Loans |
- |
- |
- |
0.0 |
0.3 |
|
Decrease in LT Loans |
- |
- |
0.0 |
0.4 |
0.5 |
|
Decrease in Guarantee Deposit |
40.9 |
30.5 |
0.2 |
5.5 |
5.2 |
|
Disposal of Other Non-CurrentAssets |
0.0 |
0.0 |
- |
- |
- |
|
Disposal of Property, Plant and Equipmen |
2.2 |
1.2 |
- |
- |
- |
|
Disp-Machinery |
- |
- |
0.1 |
0.1 |
- |
|
Disposal Trans Equip |
- |
- |
0.2 |
0.2 |
0.0 |
|
Disp Tools/Supplies |
- |
- |
0.1 |
0.1 |
0.1 |
|
Disposal of Intangible Assets |
1.1 |
0.3 |
- |
- |
- |
|
Purchase of Securities Available-for-Sal |
- |
-1.1 |
-0.2 |
-5.9 |
-5.0 |
|
Inc-ST Financial Assets |
- |
- |
-547.6 |
-339.2 |
-511.5 |
|
Purchase of Investment in Affiliates |
0.0 |
-0.3 |
-0.2 |
- |
- |
|
Purchase of Financial Assets Held to Mat |
-0.1 |
-0.3 |
-0.7 |
-0.9 |
-1.2 |
|
Increase in LT Loans |
- |
- |
0.0 |
-0.4 |
0.0 |
|
Increase in Guarantee Deposit |
-164.6 |
-40.2 |
-13.3 |
-23.3 |
-24.7 |
|
Purchase of Other Non-CurrentAssets |
-5.7 |
- |
- |
- |
- |
|
Purchase of Property, Plant and Equipmen |
-241.4 |
-146.9 |
- |
- |
- |
|
Increase-Land |
- |
- |
-1.7 |
- |
-5.7 |
|
Acquis. of Building |
- |
- |
-0.2 |
-1.1 |
-9.5 |
|
Purch. of Structure |
- |
- |
- |
- |
0.0 |
|
Purch. of Mach/Equip |
- |
- |
-3.1 |
-6.3 |
-5.3 |
|
Acq. of Trans Equip |
- |
- |
-4.5 |
-1.4 |
-1.6 |
|
Acq. in Tools/Suppl. |
- |
- |
-5.2 |
-11.5 |
-11.7 |
|
Acq-Software |
- |
- |
-2.9 |
-2.3 |
-3.3 |
|
Purchase of Intangible Assets |
-9.2 |
-8.1 |
- |
- |
- |
|
Increase-Construction Progress |
- |
- |
-88.6 |
-15.9 |
- |
|
Current Finacial Instruments, Net |
423.9 |
53.4 |
- |
- |
- |
|
Disposal of Subsidiaries |
- |
-0.5 |
- |
- |
- |
|
Cash from Investing Activities |
82.0 |
-110.7 |
-374.2 |
-58.8 |
-269.8 |
|
|
|
|
|
|
|
|
Increase-ST Borrowings |
- |
- |
3.9 |
2.1 |
- |
|
Stock Options |
0.1 |
0.0 |
0.1 |
1.0 |
0.9 |
|
Decrease-ST Borrowings |
- |
- |
-6.9 |
- |
- |
|
Increase in Treasury Stocks |
- |
-114.1 |
- |
-88.8 |
-58.7 |
|
Dividends Paid |
-83.3 |
-65.6 |
-46.5 |
-42.7 |
-34.1 |
|
Cash Inflow-Consol. Scope Change, FN |
- |
- |
-1.4 |
10.7 |
22.4 |
|
Change-Foreign Currency Translation |
- |
- |
-2.1 |
5.7 |
2.5 |
|
Purchase of Subsidiaries |
0.1 |
- |
- |
- |
- |
|
Borrowings |
-14.6 |
10.8 |
- |
- |
- |
|
Cash Inflow/Outflow from Foreign Currenc |
2.3 |
0.6 |
- |
- |
- |
|
Cash from Financing Activities |
-95.4 |
-168.2 |
-53.0 |
-111.9 |
-67.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-8.4 |
0.5 |
- |
- |
- |
|
Net Change in Cash |
136.6 |
-94.6 |
171.1 |
-117.3 |
29.1 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
368.9 |
448.1 |
125.7 |
263.1 |
282.6 |
|
Cash and Cash Equivalents at End |
505.5 |
353.5 |
296.8 |
145.8 |
311.6 |
|
Cash Interest Paid |
10.1 |
3.1 |
- |
- |
- |
|
Cash Taxes Paid |
87.0 |
67.8 |
- |
- |
- |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.