MIRA
INFORM REPORT
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Report Date : |
10.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KCC CORP |
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Registered Office : |
1301-4, Seocho-Dong,
Seocho-Gu Seoul, 137070 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
12.08.1958 |
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Legal Form : |
Public Parent |
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Line of Business : |
Subject is engaged in the manufacture of chemical products
used in construction, automobile and other industries. |
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No. of Employees : |
4,789 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 and Address
KCC CORP
1301-4, Seocho-Dong,
Seocho-Gu
Seoul, 137070
Korea
Tel: 82-2-34805000
Fax: 82-2-34805437
Website: www.kccworld.co.kr
Employees: 4,789
Company Type: Public Parent
Corporate Family: 16 Companies
Traded: Korea
Stock Exchange: 002380
Incorporation Date: 12-Aug-1958
Auditor: KPMG LLP
Financials in: (USD In Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: South Korean Won
Net Income: 294.0
Market Value: 2,913.5
(28-Dec-2012)
Business Description
KCC Corporation is a Korea-based company engaged in the
manufacture of chemical products used in construction, automobile and other
industries. The Company mainly operates in two business divisions: construction
material division manufactures inorganic chemicals, such as clear float glass,
tinted glass, figured glass, insulation and fireproof materials, interior and
exterior materials, among others, which are used as construction interior
materials and lagging materials, and paint division manufactures organic
chemicals used in automobile, construction and ship industries, as well as
polyvinyl chloride (PVC) products, which are used as window materials and
flooring materials, and also used for PVC doors, tiles and others. The Company
acquired entire shares of Basildon Chemical Co Limited(UK), mainly engaged in
the manufacturing and sale of organic silicones, on April 28, 2011. For the
nine months ended 30 September 2012, KCC Corp revenues decreased 2% to W2.429T.
Net income increased 39% to W602.13B. Revenues reflect Paint segment decrease
of 7% to W807.32B, Other segment decrease of 15% to W315.61B, South Korea
segment decrease of 5% to W1.395T. Net income reflects Other segment loss
decrease of 53% to W48.42B, Paint segment income increase of 1% to W122.48B.
Dividend per share remained flat at W1000.00.
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Name |
Title |
Source |
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Assistant Managing Director |
Reuters |
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Mong-Ik Chung |
President |
LexisNexis |
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In Han Kim |
Chief Financial Officer |
infoUSA |
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Joung Kill Lee |
Head of Sales |
Graham & Whiteside |
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Moon Seoung Kim |
Managing Director-Strategic Planning |
infoUSA |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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3 |
22-Nov-2012 |
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1 |
9-Jan-2012 |
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2 |
19-Jul-2012 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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Combine
Solicitation - Marine Cargo Discharge/Delivery Survey Services |
4-Jan-2013 |
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BRIEF:
Former Carroll standout inks with IPFW |
3-Jan-2013 |
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Artists
from the coast to exhibit paintings in Bangalore |
3-Jan-2013 |
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Crazy way
to organise repair |
21-Dec-2012 |
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GT sports
set up Kingsmead clash in Stan milsom cup semi-finals |
13-Dec-2012 |
Financial Summary
As of 30-Sep-2012
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Key Ratios |
Company |
Industry |
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Current Ratio (MRQ) |
1.27 |
2.87 |
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Quick Ratio (MRQ) |
0.84 |
1.37 |
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Debt to Equity (MRQ) |
0.20 |
0.76 |
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Sales 5 Year Growth |
3.66 |
1.49 |
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Net Profit Margin (TTM) % |
14.93 |
3.92 |
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Return on Assets (TTM) % |
6.51 |
2.89 |
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Return on Equity (TTM) % |
9.39 |
4.01 |
Stock Snapshot
Traded: Korea Stock Exchange: 002380
As of 28-Dec-2012 Financials in: KRW
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Recent Price |
297,000.00 |
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EPS |
33,297.97 |
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52 Week High |
380,500.00 |
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Price/Sales |
0.93 |
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52 Week Low |
252,500.00 |
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Dividend Rate |
8,000.00 |
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Avg. Volume (mil) |
0.02 |
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Price/Earnings |
5.78 |
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Market Value (mil) |
3,124,440.00 |
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Price/Book |
0.58 |
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Beta |
1.30 |
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Price % Change |
Rel S&P 500% |
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4 Week |
3.85% |
0.51% |
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13 Week |
1.89% |
1.85% |
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52 Week |
4.03% |
-4.89% |
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Year to Date |
4.03% |
-4.89% |
1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate:
USD 1 = KRW 1152
Location
1301-4, Seocho-Dong, Seocho-Gu
Seoul, 137070
Korea, Republic of
Tel: 82-2-34805000
Fax: 82-2-34805437
Website: www.kccworld.co.kr
Quote Symbol – Exchange 002380 - Korea Stock Exchange
Sales KRW(mil): 3,370,854.8
Assets KRW(mil): 7,342,270.5
Employees: 4,789
Fiscal Year End: 31-Dec-2011
Industry: Construction
- Supplies and Fixtures
Incorporation Date: 12-Aug-1958
Company Type: Public
Parent
Quoted Status: Quoted
Previous Name: Keumkang
Korea Chemical Co Ltd
Assistant Managing Director: Yeong Jin Jung
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ANZSIC 2006 Codes: |
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2010 |
- |
Glass and Glass Product Manufacturing |
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1916 |
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Paint and Coatings Manufacturing |
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1821 |
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Synthetic Resin and Synthetic Rubber Manufacturing |
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1812 |
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Basic Organic Chemical Manufacturing |
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NACE 2002 Codes: |
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2611 |
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Manufacture of flat glass |
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2416 |
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Manufacture of plastics in primary forms |
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2430 |
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Manufacture of paints, varnishes and similar coatings, printing ink
and mastics |
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2615 |
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Manufacture and processing of other glass including technical
glassware |
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2414 |
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Manufacture of other organic basic chemicals |
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NAICS 2002 Codes: |
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327211 |
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Flat Glass Manufacturing |
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325199 |
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All Other Basic Organic Chemical Manufacturing |
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325211 |
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Plastics Material and Resin Manufacturing |
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327215 |
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Glass Product Manufacturing Made of Purchased Glass |
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325510 |
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Paint and Coating Manufacturing |
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US SIC 1987: |
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3211 |
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Flat Glass |
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3231 |
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Glass Products, Made of Purchased Glass |
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2821 |
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Plastics Materials, Synthetic Resins, and Nonvulcanizable Elastomers |
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2869 |
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Industrial Organic Chemicals, Not Elsewhere Classified |
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2851 |
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Paints, Varnishes, Lacquers, Enamels, and Allied Products |
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UK SIC 2003: |
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2611 |
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Manufacture of flat glass |
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2615 |
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Manufacture and processing of other glass including technical
glassware |
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24301 |
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Manufacture of paints, varnishes and similar coatings |
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2416 |
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Manufacture of plastics in primary forms |
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2414 |
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Manufacture of other organic basic chemicals |
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UK SIC 2007: |
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2311 |
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Manufacture of flat glass |
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2319 |
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Manufacture and processing of other glass, including technical
glassware |
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2014 |
- |
Manufacture of other organic basic chemicals |
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20301 |
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Manufacture of paints, varnishes and similar coatings, mastics and
sealants |
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2016 |
- |
Manufacture of plastics in primary forms |
KCC Corporation is a Korea-based company engaged in the
manufacture of chemical products used in construction, automobile and other
industries. The Company mainly operates in two business divisions: construction
material division manufactures inorganic chemicals, such as clear float glass,
tinted glass, figured glass, insulation and fireproof materials, interior and
exterior materials, among others, which are used as construction interior
materials and lagging materials, and paint division manufactures organic
chemicals used in automobile, construction and ship industries, as well as
polyvinyl chloride (PVC) products, which are used as window materials and
flooring materials, and also used for PVC doors, tiles and others. The Company
acquired entire shares of Basildon Chemical Co Limited(UK), mainly engaged in
the manufacturing and sale of organic silicones, on April 28, 2011. For the
nine months ended 30 September 2012, KCC Corp revenues decreased 2% to W2.429T.
Net income increased 39% to W602.13B. Revenues reflect Paint segment decrease
of 7% to W807.32B, Other segment decrease of 15% to W315.61B, South Korea
segment decrease of 5% to W1.395T. Net income reflects Other segment loss
decrease of 53% to W48.42B, Paint segment income increase of 1% to W122.48B.
Dividend per share remained flat at W1000.00.
More Business Descriptions
Production and export of insulation and fireproofing
materials, cement products and sheets; glass fibre, ceramic fibre, gypsum
board, mineral wool, mineral ceiling tiles, calcium silicate, float glass,
automotive safety glass; PVC window and door frames
Chemical Products Mfr
KCC Corporation (KCC) is a leading Korean manufacturer of
industrial paints, building materials, glass, and PVC products. These products
find use in applications across the construction, civil engineering,
shipbuilding, manufacturing, automobile, photovoltaic, electronics, electrical
and cosmetics industries. The company operates through a network of branch
offices, subsidiaries and affiliate companies spread across 18 countries across
Europe, the US, the Middle East, and Asia Pacific regions.The company
categorizes its product line into Paints, Building Materials, Specialty
Materials, and Silicone. The product portfolio includes industry paints,
building paints, paints for car maintenance and repair, paints for plants,
marine and protective paints, PCM paints, powder coatings, and resins. Its
building materials products are glass window materials, sense door insulation
materials, interior/exterior materials, flooring materials, LAMI film, and
fiber glass. Specialty Materials are epoxy molding compound and fine ceramics.
Its Silicone products include polysilicon, organic silicone, and sealants.For
the construction market KCC offers building paints, LamiFilm, interior/exterior
materials, insulation materials, flooring materials, powder coatings, glass,
window materials, and sealants. For civil engineering market the company offers
paints for plants, industry paints, PCM paints, powder coatings, and insulation
materials. For the shipbuilding industry KCC’s offerings are insulation
materials and marine coatings. Products offered to the manufacturing sector
include industry paints, PCM paints, powder coatings, and silicone. The
automobile sector product offerings are silicone, automotive paints, powder
coatings, industry paints, glass, fiber glass, paints for car maintenance and
repair. For the photovoltaic/electricity and electronics industry the company
offers polysilicon, PCM paints, glass, fine ceramics, and silicone. Cosmetic
industry product offerings include color cosmetics, skin care and hair care.The
company adheres to all required quality standards in manufacturing its products.
It owns a Central Research Institute, which is an integrated R&D center for
fine chemical industry with focus on developing organic materials such as
resins and paints, inorganic materials such as glass, fiber glass and composite
materials. The institute is also responsible for testing and inspection of its
products carried out at the KCC Analysis and Evaluation Center. The company has
obtained an ISO 17025 certificate for its quality standards.The subsidiaries of
the company include KCC (KUNSHAN) Co., Ltd., KCC (BEIJING) Co., Ltd., KCC
(Vietnam) Co., Ltd., KCC (America) Inc., KCC Paint (India) Pvt. Ltd., KCC Paint
(India) Pvt. Ltd., and PT. KCC Indonesia. It also operates through its
affiliate companies, namely, KCC Engineering & Construction Co., Ltd., KAC
Korea Autoglass Corporation, Kumgang Leisure Co., KCC Mineral Resources Co.,
and Korea Advanced Materials Co.In December 2011, KCC's vessel coatings,
‘Seacare A/F795’ and ‘Korepox EH2350,’ and its ‘ceramic for VI’
(Vacuum Interrupter), were named the World’s best products by the Korean
Ministry of Knowledge Economy. During the same month, KCC received an export
contract worth $700m for its products from the Korea International Trade
Association and the Ministry of Knowledge Economy.
KCC Corporation (KCC) a Korean fine chemicals manufacturer.
It is the holding company and the principal operating entity of the KCC Group.
The company and its subsidiaries manufacture a wide range of industrial paints,
building materials, glass, and PVC products. KCC’s key products include
interior ceiling roofing, insulation materials for building and industry, PVC
window and flooring, architectural float glass, automotive laminated glass,
paints and other products. The company operates through its subsidiaries,
affiliates, and branch offices in more than 18 countries spanning across
Europe, the US, the Middle East, and Asia Pacific regions. The company is
headquartered in Seoul, South Korea.Over the previous two years, the company
expanded its business by pursuing both organic and inorganic growth
opportunities. The company acquired Basildon Chemicals adding value to its
silicone operations. It brought into place new product facility to manufacture
safe glass for cars with an annual production capacity of 100,000 tons. KCC
integrated its eco-friendly flooring materials under one brand ‘KCC Sup’
and launched new products such as 'KCC Window Film', a glass window film.The
company reported revenues of (Won) KRW 3,370,854.63 million during the fiscal
year ended December 2011, an increase of 8.19% over 2010. The operating profit
of the company was KRW 143,131.48 million during the fiscal year 2011, a
decrease of 43.18% from 2010. The net profit of the company was KRW 325,772.88
million during the fiscal year 2011, a decrease of 18.86% from 2010.
Paint and Coating Manufacturing
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Financials in: |
KRW(mil) |
1 Year Growth |
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Revenue: |
3,370,854.8 |
8.2% |
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Net Income: |
325,772.9 |
-18.9% |
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Assets: |
7,342,270.5 |
-13.7% |
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Long Term Debt: |
674,599.3 |
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Total Liabilities: |
2,348,037.8 |
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Working Capital: |
519.7 |
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Date of Financial Data: |
31-Dec-2011 |
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Quote Symbol: |
002380 |
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Exchange: |
Korea Stock Exchange |
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Currency: |
KRW |
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Stock Price: |
297,000.0 |
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Stock Price Date: |
12-28-2012 |
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52 Week Price Change %: |
4.0 |
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Market Value (mil): |
3,124,440,064.0 |
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SEDOL: |
6490917 |
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ISIN: |
KR7002380004 |
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Equity and Dept Distribution: |
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All financials are consolidated. FY'03 is reclassfied. |
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Auditor: |
KPMG LLP |
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Auditor: |
KPMG LLP |
During the same month, the company established a mass-production facility to manufacture safe glass for cars with an annual production capacity of 100,000 tons. This production facility will manufacture a variety of high-quality glass, such as solar glass and privacy glass needed for lightweight cars which are on high demand now-a-days. These strategic initiatives are expected to drive the demand for KCC’s products and allow generate higher returns in the future.Volatility in Raw Material PricesFluctuation in the prices of raw materials used by the company will have an adverse effect on its profitability. The company is involved in the manufacture of fine chemicals used in various industries such as construction, automobile and other industrial sectors. KCC is susceptible to fluctuations in raw materials.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities |
Threats · Volatility in Raw Material Prices |
Overview
KCC Corporation (KCC) is a leading manufacturer of coating and specialty chemicals. Strong domestic presence, broad range of products, and good liquidity position are its key strengths, even as, inventory turnover and limited operating margin remain major areas of concern. Intense competition, challenge of environmental regulations , and volatility in raw material prices could exert pressure over KCC’s business, operating results and financial condition. However, joint venture agreements, increasing demand and production for aromatics and derivatives, launch of eco-friendly products, and business expansion initiatives could allow the company to register growth in its revenues.
Strengths
KCC offers a broad range of products, which helps it in increasing its customer base. Primarily, the company produces paints, building and specialty materials and PVC products. Key products offered by KCC include interior, ceiling and roofing products made of noncombustible inorganic substances for safety in buildings; gypsum broad for interiors, mitone (Mineral Fiber Acoustic Ceiling Board); products used for sound proofing, heat insulating and watertight effect; customized PVC floorings for residential and commercial use; automobile glass products; automotive coatings; marine paints; cargo container coatings; industrial coatings and decorative coatings; glass fiber used as a reinforcement material for fiber reinforced plastics and various composites; alumina metallizing used in various electrical and electronic spare parts like vaccum tubes and high voltage armatures; and color cosmetics, skin care and hair care products. Such broad product range allows the company to cater to diverse customer needs.
KCC Corporation is a leading Korean coating and specialty chemicals manufacturer. The company marks strong presence in the Korean market. The company operates about 13 production plants in Republic of Korea engaged in the production of paints, building materials, specialty materials and silicone products. The way the company has expanded its production base reflects the demand for its products across the country. In October 2011, KCC was ranked first in two categories, namely, aqueous paints and PVC flooring materials, at the ‘Korean Standards-Quality Excellence Index (KS-QEI) Certification Awards’. This indicates that the products have strong market recognition and can gain market shares for the company. Strong domestic presence in core businesses would add value to KCC’s business growth.
The company has reported good liquidity position in 2011. KCC reported current ratio of 2.83 in 2011 as compared to 2.51 in 2009. It reported cash ratio of 1.09 in 2011 as compared to 1.00 in 2010. In 2011, the company also reported working capital growth of 18.98% over the previous year, indicating that it has sufficient cash balances to meet its working capital needs. A decent current ratio indicates that KCC is in a strong financial position and is more capable in meeting its short-term obligations when they become due.
Weaknesses
KCC operates in a capital-intensive fine chemicals industry with frequent changes in products demanded based on customer requirements. To do this, the company has to innovate, launch and deliver products on a timely basis. The way KCC turns around and maintains stock of its products reflects in its inventory turnover. The company reported an inventory turnover ratio of 4.56 in 2011 as compared to 5.10 in 2010. This indicates that KCC has extended the time it takes in replace its old stock with that of new stock. Lower inventory turnover indicates that KCC is unable to sell its products faster in the market which could lead to overstocking and obsolescence. This could increase holding costs such as rent, utilities, insurance, theft and other maintenance costs of goods to be sold. Sales remaining constant, lower inventory turnover leads to a decrease in net income and overall profitability of a company. Such low inventory levels might reduce the company’s ability to generate higher returns for its shareholders.
The company reported limited operating margin in 2011 as compared to the previous year. KCC reported an operating margin of 4.24% in 2011 as compared to 8.08% in 2010. A modest rise in revenue growth was offset by an increase in cost of revenue by 13.2% over 2010 reducing the gross profit to 9.3%. Following this was an increase in operating expenses by 12.7% on a y-o-y basis which led KCC to report operating income of KRW143,131m in 2011, a decrease of 43.2%, as compared to KRW251,892m in 2010. Such fall in operating income could be attributed to inefficient cost management. Eventually, this led KCC to report lower return on equity and return on assets of 6.52% and 4.43% in 2011 as compared to 6.87% and 4.71% in 2010. All of this indicates that the company did not make proper use of the resources available to generate higher returns for its shareholders.
Opportunities
Demand
Outlook: Aromatics and Derivatives
Fine chemicals form part of the aromatics and derivatives market. Over the past decade, the market has witnessed strong growth in its demand and production. Korea demand for aromatics and derivatives increased from 9.519 MMTPA in 2000 to 12.197 MMTPA in 2010, increasing at a CAGR of 2.5% for the period. Korea production of aromatics and derivatives increased from 12.826 MMTPA in 2000 to 18.426 MMTPA in 2010, increasing at a CAGR of 3.7% for the period. According to GlobalData forecasts, the demand and production for aromatics and derivatives is expected to increase to 14.894 MMTPA and 20.331 MMTPA in 2015, respectively. Participating in such markets with huge growth potential could improve KCC’s earnings capabilities.
Demand for eco-friendly materials is increasing day-by-day. Many companies are adopting biotechnology procedures to produce basic, fine and specialty chemicals and functional polymers mainly derived from biological and agricultural sources. In June 2011, KCC’s surface finishing material VICENTI, an easy to install, flame-resistant, and weather proof product, obtained a carbon footprint label. In May 2011, KCC’s flooring product ‘Green Maru Zenia’ obtained a carbon footprint label, which is developed and awarded by the Korean Environmental Industry and Technology, under the Ministry of the Environment. Green Maru Zenia is made of high-quality dry patterned wood and 1st-grade waterproofed plywood which helps to create a comfortable indoors atmosphere, emitting less harmful substances. Likewise, KCC obtained carbon certification for its window products in January, plaster boards in March, and PVC flooring materials in April. Eco-friendly products reduce the dependence of chemical producers on volatile oil prices, which is the major source of feedstock and primary determinant of pricing for most of the products in the chemical industry. Such eco-friendly products would drive demand from customers who care about the environment and would like to contribute to reduce an impact on it. Eventually, this is expected to the drive the top-line growth of KCC.
The company has pursued various organic growth opportunities such as new product launches, re-branding of its products and setting up new production facilities to enhance its business. In this regard, in June 2011, KCC launched ‘KCC Window Film’, a glass window film. This product comes in three types: high-performance safety film, high-efficiency insulation film, and luxury interior film. Based on increased safety concerns and stricter government regulations the demand for this product is expected to rise. During the same month, the company launched ‘KCC Sup’, an integrated brand for eco-friendly flooring materials. This initiative is a joint green marketing strategy for all of the company’s flooring material brands and is aimed at generating synergy. The products that would be offered under the brand include PVC flooring sheets, residential floor materials and PVC tiles. During the same month, the company established a mass-production facility to manufacture safe glass for cars with an annual production capacity of 100,000 tons. This production facility will manufacture a variety of high-quality glass, such as solar glass and privacy glass needed for lightweight cars which are on high demand now-a-days. These strategic initiatives are expected to drive the demand for KCC’s products and allow generate higher returns in the future.
Manage
Globalization: Joint Ventures
The petrochemicals industry has undergone rapid changes in last decade and has now entered a transitional phase. Globalization has changed the face of the global petrochemicals industry as China surpassed North America and Europe as the largest consumer of petrochemicals, and the Middle East has emerged as the most economical region for petrochemicals producers. Simultaneously, North American and European markets became saturated, and recession further restricted demand. The focus of petrochemical companies on attaining both economies of scale and geographic expansion has led to the consolidation of the global petrochemical industry. Producers are looking to diversify their product portfolios and trying to reach demand-rich geographies. As the global economy is highly integrated, competition is not limited within a single geography, leading to an increase in the number of partnerships between companies to manage the effects of globalization. Since European and North American producers are grappling with declining demand, they are setting up joint ventures with Asian or Middle Eastern companies to gain a competitive advantage. In the recent past, the majority of the joint venture deals have happened in the Middle East and Asia Pacific. Asia Pacific was the region that entered into most joint venture deals in 2010, registering 27 new joint venture deals that year. It was followed by the Middle East with a total of 10 deals in 2010. Europe, South and Central America, and North America registered only four, three and two joint venture deals respectively in the same period. This shows that joint venture deals in Asia Pacific and the Middle East are most attractive for petrochemicals businesses. Deals in Asia Pacific provide the advantage of higher demand, while deals in the Middle East provide advantage of lower production cost. In March 2011, Polysilicon Technology Company ( a joint venture between Mutajadedah Energy Company and KCC Corporation) signed a $380m EPC contract with Hyundai Engineering Co. and KCC Engineering and Construction Co., Ltd. to build a solar cell plant in Jubail. KCC operates eight subsidiaries across China, Vietnam, Malaysia, Indonesia, Singapore, and India. The company is thus placed in a position to take advantage of higher demand and lower costs to boost its earnings in the future.
Threats
Volatility
in Raw Material Prices
Fluctuation in the prices of raw materials used by the company will have an adverse effect on its profitability. The company is involved in the manufacture of fine chemicals used in various industries such as construction, automobile and other industrial sectors. KCC is susceptible to fluctuations in raw materials. Competition limits the option of increasing product prices to offset higher production costs. The continuous supply of raw materials could be affected by weather conditions, national emergencies, strikes, governmental controls, natural disasters, supply shortages or other events. Thus, price fluctuations and non-availability of raw materials may have a material adverse effect on product costs and operations of the company. Fluctuations in raw material prices could have an adverse impact on the company's financial performance.
Challenge
of Environmental Regulations
The company could be affected by the environmental regulations governing the global chemical industry. REACH (Registration Evaluation and Authorization of Chemicals), in Europe, is an example of the stringent environmental regulations that impact chemical producers. REACH regulates the products manufactured and marketed in Europe. Phased over a period of 11 years, the regulation mandates all companies to develop and submit dossiers containing datasets about their chemical products and detail their potential impact and risk on environment. Such regulations could impede the launch of new products as the process is time-consuming and expensive. It may also result in phasing out many existing chemicals from the market, which are regarded as toxic and hazardous. REACH applies directly to over 30,000 different chemical substances that are produced or sold in Europe and its implementation is expected to cost European chemical industry about $3 billion. Other countries too are expected to model their regulations on the principles of REACH. The US already began implementing similar regulations with the reform of Toxic Substances Control Act. China has its own version: RoHS (Restriction of Hazardous Substances), which restricts the use of certain chemicals in the market. Such tough environmental regulations are expected to become more stringent in the future, affecting both the existing and new products of the company.
Intense Competition
KCC operates in a highly competitive environment, which may affect the profitability of the company. The company competed with both national and international manufacturers of specialty and fine chemicals. A few of the key competitors of the company include LG Chemical Ltd., Sumitomo Chemicals, Korea Refractories Co., Ltd., Isolite Insulating Products Co., Ltd., Zhejiang Glass Company, Limited, and Nippon Sheet Glass Company, Limited. Key factors on which competition persists include meeting customer delivery requirements, providing technical assistance to customers in product application, formulating products for specific customer applications, price, and new technology offerings. Increase in competition could create pressure on pricing its products which could lead to lower revenue generation. Operating in such competitive environment developing innovative products on a timely basis could be a challenging task.
Corporate
Structure News
KCC
Corp
Total Corporate Family Members: 16
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Construction - Supplies and Fixtures |
3,042.6 |
4,789 |
|
|
Facility |
Beijing |
China |
Chemical Manufacturing |
|
170 |
|
|
Subsidiary |
Sosan, Chungchongnam-Do |
Korea, Republic of |
Chemical Manufacturing |
|
144 |
|
|
Subsidiary |
Kapyong, Kyonggi-Do |
Korea, Republic of |
Metal Mining |
|
128 |
|
|
Facility |
Kanchipuram, Tamil Nadu |
India |
Chemical Manufacturing |
|
100 |
|
|
Subsidiary |
Kanchipuram, Tamil Nadu |
India |
Chemical Manufacturing |
|
68 |
|
|
Subsidiary |
Kocaeli |
Turkey |
Chemical Manufacturing |
|
64 |
|
|
Subsidiary |
Singapore |
Singapore |
Chemical Manufacturing |
45.3 |
60 |
|
|
Subsidiary |
Abingdon |
United Kingdom |
Chemical Manufacturing |
14.2 |
58 |
|
|
Subsidiary |
Bien Hoa, Dong Nai |
Viet Nam |
Chemical Manufacturing |
14.1 |
50 |
|
|
Facility |
Gebze, Kocaeli |
Turkey |
Chemical Manufacturing |
|
50 |
|
|
Facility |
Athens |
Greece |
Chemical Manufacturing |
|
3 |
|
|
Facility |
Hamburg |
Germany |
Chemical Manufacturing |
|
2 |
|
|
Facility |
Causeway Bay |
Hong Kong |
Chemical Manufacturing |
|
2 |
|
|
Facility |
Tokyo |
Japan |
Chemical Manufacturing |
|
|
|
|
Facility |
Shah Alam, Selangor |
Malaysia |
Chemical Manufacturing |
|
|
|
CompanyName |
Location |
Employees |
Ownership |
|
Nippon Sheet Glass Company, Limited |
Tokyo, Japan |
29,702 |
Public |
|
Vesuvius PLC |
London, United Kingdom |
15,509 |
Public |
Board of Directors
|
|
|
||||||
|
Chairman |
Chairman |
||||||
|
President |
Chairman |
||||||
|
Assistant Managing Director |
Chairman |
||||||
|
||||||||
|
Director |
Director/Board Member |
|
|||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
|
President, Co-Chief Executive Officer, Director |
Director/Board Member |
|
|||||
|
||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
|
Managing Director |
Director/Board Member |
|
|||||
|
||||||||
|
Vice President, Director |
Director/Board Member |
|
|||||
|
||||||||
|
Director |
Director/Board Member |
|
|||||
|
Director |
Director/Board Member |
|
|||||
|
Director |
Director/Board Member |
|
|||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
|
Director |
Director/Board Member |
|
|||||
|
Vice President, Director |
Director/Board Member |
|
|||||
|
||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|||||
|
||||||||
Executives
|
|
|
|||||||
|
Assistant Managing Director |
Chief Executive Officer |
|||||||
|
|||||||||
|
President, Co-Chief Executive Officer, Director |
Chief Executive Officer |
|
||||||
|
|||||||||
|
President |
President |
|
||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director-Engineering |
Managing Director |
|
||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Assistant Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Managing Director-Strategic Planning |
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 |
|
||||||
|
|||||||||
|
Managing Director |
Managing Director |
|
||||||
|
|||||||||
|
Co-Auditor |
Finance Executive |
|
||||||
|
Chief Financial Officer |
Finance Executive |
|
||||||
|
Co-Auditor |
Finance Executive |
|
||||||
|
Director-Accounting |
Accounting Executive |
|
||||||
|
Manager-Recruitment |
Human Resources Executive |
|
||||||
|
Head of Sales |
Sales Executive |
|
||||||
|
Head of Sales |
Sales Executive |
|
||||||
|
Chief Information Officer |
Information Executive |
|
||||||
|
Vice President-Industrial Technology |
Engineering/Technical Executive |
|
||||||
|
Vice President Production and Research |
Research & Development Executive |
|
||||||
|
Vice President-Manufacturing |
Manufacturing Executive |
|
||||||
|
Director-Quality |
Quality Executive |
|
||||||
|
Director |
Other |
|
||||||
|
|||||||||
|
Director |
Other |
|
||||||
|
|||||||||
|
Manager-Privacy Policy |
Other |
|
||||||
KCC Corporation Signs Contract with SEMI MATERIALS,CO.,LTD
Nov 22, 2012
KCC Corporation announced that it has signed a contract with SEMI
MATERIALS,CO.,LTD to supply polysilicon. The contract amount is KRW
93,792,600,000.
KCC Corporation Announces Cancellation of Contract with Caltech semi Inc. and SEP.CO.LTD.
Oct 29, 2012
KCC Corporation announced that its contracts with Caltech semi Inc. and
SEP.CO.LTD. to supply poly silicon have been cancelled due to the requirement
of contracting party. The cancelled amounts are KRW 40,940,983,000 and KRW
137,928,435,000, and the contract was initially announced on November 14, 2008.
KCC Corporation Announces Cancellation of Contract with GLOSIL INC.
Oct 22, 2012
KCC Corporation announced that its contract with GLOSIL INC. to supply
polycrystalline silicon has been canceled due to the latter company's corporate
turnaround process. The contract was initially announced on November 12, 2008
and the canceled amount is KRW 195,429,975,000.
KCC Corporation Declares Q2 Cash Dividend for FY 2012
Jul 19, 2012
KCC Corporation announced that it has declared its second quarter cash dividend
of KRW 1,000 per share of common stock for the fiscal year 2012, to
shareholders of record on June 30, 2012. The dividend rate of market price is
0.35% and the total amount of the cash dividend is KRW 9,796,935,000.
KCC Corporation Declares Annual Cash Dividend for FY 2011
Feb 02, 2012
KCC Corporation announced that it has declared an annual cash dividend of KRW
7,000 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 2.46% and the
total amount of the cash dividend is KRW 68,578,545,000.
KCC Corporation Announces Changes in Shareholding Structure
Jan 09, 2012
KCC Corporation announced that National Pension Service has acquired 534,559
shares of the Company, representing a 5.08% stake.
News
|
Combine Solicitation
- Marine Cargo Discharge/Delivery Survey Services |
04-Jan-2013 |
|
BRIEF:
Former Carroll standout inks with IPFW |
03-Jan-2013 |
|
Artists
from the coast to exhibit paintings in Bangalore |
03-Jan-2013 |
|
Crazy way
to organise repair |
21-Dec-2012 |
|
GT sports
set up Kingsmead clash in Stan milsom cup semi-finals |
13-Dec-2012 |
|
Do not
drink and drive |
07-Dec-2012 |
|
BRIEF:
Rates to increase for KGS |
06-Dec-2012 |
|
Cafe's cash
good news as £131k to cover costs |
29-Nov-2012 |
|
Jason
Horwitz Joins KCC As Director Of Corporate Restructuring Services |
14-Nov-2012 |
|
Cold
Weather Rule goes into effect Thursday |
31-Oct-2012 |
Articles
|
KCC Triton
impress on opening day |
15-Dec-2012 |
|
KCC
Appoints Jason Horwitz as Director of Corporate Restructuring Services |
19-Nov-2012 |
|
3.38 lakh
farmers apply for KCC in Jammu division |
17-Nov-2012 |
|
Kenya : KCC
officially approves ABG's acquisition deal |
24-Oct-2012 |
|
Dy CM, Mir,
Malik distribute 40 KCC, 30 cheques |
08-Oct-2012 |
|
KCC, GGIC
roll on |
07-Oct-2012 |
|
J&K
Bank's KCC camp |
19-Sep-2012 |
|
KCC Mela at
Sangwal, Samba |
14-Sep-2012 |
|
EDB
organizes KCC Mela |
10-Sep-2012 |
|
India : KCC
upgrades existing version of TCS BaNCS to the latest version |
02-Aug-2012 |
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
3,042.6 |
2,694.5 |
3,052.4 |
3,252.1 |
3,234.2 |
|
Revenue |
3,042.6 |
2,694.5 |
3,052.4 |
3,252.1 |
3,234.2 |
|
Total Revenue |
3,042.6 |
2,694.5 |
3,052.4 |
3,252.1 |
3,234.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
2,478.8 |
2,098.7 |
2,362.2 |
2,584.0 |
2,505.2 |
|
Cost of Revenue, Total |
2,478.8 |
2,098.7 |
2,362.2 |
2,584.0 |
2,505.2 |
|
Gross Profit |
563.8 |
595.8 |
690.2 |
668.1 |
729.0 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
203.6 |
176.8 |
179.0 |
206.2 |
212.9 |
|
Labor & Related Expense |
130.6 |
102.9 |
118.2 |
114.8 |
122.6 |
|
Advertising Expense |
23.3 |
24.8 |
18.9 |
32.6 |
36.2 |
|
Total Selling/General/Administrative Expenses |
357.5 |
304.4 |
316.1 |
353.5 |
371.8 |
|
Research & Development |
83.1 |
78.9 |
64.6 |
73.8 |
62.5 |
|
Depreciation |
12.1 |
10.2 |
8.0 |
9.6 |
6.2 |
|
Amortization of Intangibles |
0.2 |
0.3 |
0.8 |
0.7 |
0.7 |
|
Depreciation/Amortization |
12.3 |
10.5 |
8.8 |
10.4 |
6.9 |
|
Other Unusual Expense (Income) |
- |
- |
- |
- |
0.7 |
|
Unusual Expense (Income) |
- |
- |
- |
- |
0.7 |
|
Other Operating Expense |
15.1 |
12.5 |
- |
- |
- |
|
Other, Net |
-33.5 |
-28.3 |
- |
- |
- |
|
Other Operating Expenses, Total |
-18.4 |
-15.9 |
- |
- |
- |
|
Total Operating Expense |
2,913.4 |
2,476.6 |
2,751.7 |
3,021.7 |
2,947.1 |
|
|
|
|
|
|
|
|
Operating Income |
129.2 |
217.8 |
300.7 |
230.4 |
287.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-24.6 |
-60.7 |
-56.1 |
-51.1 |
-26.3 |
|
Interest Expense, Net Non-Operating |
-24.6 |
-60.7 |
-56.1 |
-51.1 |
-26.3 |
|
Interest Income -
Non-Operating |
16.0 |
19.0 |
32.0 |
47.4 |
31.6 |
|
Investment Income -
Non-Operating |
330.0 |
288.5 |
123.7 |
41.4 |
58.2 |
|
Interest/Investment Income - Non-Operating |
346.0 |
307.5 |
155.7 |
88.8 |
89.8 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
- |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
321.4 |
246.8 |
99.6 |
37.7 |
63.5 |
|
Gain (Loss) on Sale of Assets |
-0.6 |
0.4 |
2.9 |
2.9 |
0.8 |
|
Other Non-Operating Income (Expense) |
-18.9 |
-2.4 |
-1.0 |
15.2 |
14.0 |
|
Other, Net |
-18.9 |
-2.4 |
-1.0 |
15.2 |
14.0 |
|
Income Before Tax |
431.1 |
462.6 |
402.2 |
286.3 |
365.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
135.9 |
112.2 |
84.5 |
83.7 |
100.0 |
|
Income After Tax |
295.2 |
350.4 |
317.7 |
202.6 |
265.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.1 |
-3.2 |
-32.1 |
-33.6 |
-53.1 |
|
Net Income Before Extraord Items |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
Net Income |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
9.8 |
10.0 |
10.1 |
10.1 |
10.1 |
|
Basic EPS Excl Extraord Items |
30.01 |
34.83 |
28.21 |
16.69 |
21.01 |
|
Basic/Primary EPS Incl Extraord Items |
30.01 |
34.83 |
28.21 |
16.69 |
21.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
Diluted Weighted Average Shares |
9.8 |
10.2 |
10.1 |
10.1 |
10.1 |
|
Diluted EPS Excl Extraord Items |
30.01 |
34.07 |
28.21 |
16.69 |
21.01 |
|
Diluted EPS Incl Extraord Items |
30.01 |
34.07 |
28.21 |
16.69 |
21.01 |
|
Dividends per Share - Common Stock Primary Issue |
7.22 |
6.05 |
5.48 |
6.36 |
10.76 |
|
Gross Dividends - Common Stock |
70.7 |
68.0 |
63.5 |
64.4 |
109.0 |
|
Interest Expense, Supplemental |
24.6 |
60.7 |
56.1 |
51.1 |
26.3 |
|
Depreciation, Supplemental |
211.3 |
181.2 |
149.5 |
214.5 |
223.3 |
|
Total Special Items |
0.6 |
-0.4 |
-2.9 |
-2.9 |
-0.2 |
|
Normalized Income Before Tax |
431.6 |
462.2 |
399.3 |
283.3 |
365.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.2 |
-0.1 |
-0.6 |
-0.9 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
136.0 |
112.2 |
83.9 |
82.8 |
100.0 |
|
Normalized Income After Tax |
295.6 |
350.1 |
315.5 |
200.5 |
265.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
294.4 |
346.9 |
283.3 |
166.9 |
212.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
30.06 |
34.80 |
27.98 |
16.49 |
21.00 |
|
Diluted Normalized EPS |
30.06 |
34.04 |
27.98 |
16.49 |
21.00 |
|
Amort of Intangibles, Supplemental |
0.6 |
0.5 |
1.6 |
1.7 |
2.1 |
|
Rental Expenses |
- |
- |
1.9 |
1.6 |
1.3 |
|
Advertising Expense, Supplemental |
23.3 |
24.8 |
18.9 |
32.6 |
36.2 |
|
Research & Development Exp, Supplemental |
83.1 |
78.9 |
64.6 |
73.8 |
62.5 |
|
Normalized EBIT |
129.2 |
217.8 |
300.7 |
230.4 |
287.8 |
|
Normalized EBITDA |
341.1 |
399.6 |
451.8 |
446.6 |
513.2 |
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
817.8 |
575.7 |
763.5 |
545.5 |
1,270.7 |
|
Short Term Investments |
0.8 |
9.8 |
48.4 |
89.5 |
170.4 |
|
Cash and Short Term Investments |
818.7 |
585.5 |
811.9 |
635.0 |
1,441.1 |
|
Accounts
Receivable - Trade, Gross |
- |
- |
945.7 |
810.5 |
923.6 |
|
Provision
for Doubtful Accounts |
- |
- |
-37.5 |
-32.6 |
-26.5 |
|
Trade Accounts Receivable - Net |
730.8 |
707.1 |
913.5 |
782.1 |
904.3 |
|
Other Receivables |
36.0 |
23.5 |
47.4 |
34.2 |
36.9 |
|
Total Receivables, Net |
766.9 |
730.6 |
960.9 |
816.3 |
941.2 |
|
Inventories - Finished Goods |
227.8 |
162.8 |
185.9 |
151.0 |
169.2 |
|
Inventories - Work In Progress |
72.2 |
53.3 |
46.9 |
44.0 |
41.4 |
|
Inventories - Raw Materials |
146.1 |
146.4 |
249.4 |
164.3 |
87.9 |
|
Inventories - Other |
75.6 |
56.3 |
91.3 |
115.3 |
88.6 |
|
Total Inventory |
521.7 |
418.8 |
573.5 |
474.6 |
387.1 |
|
Prepaid Expenses |
8.7 |
10.0 |
22.7 |
30.7 |
29.9 |
|
Deferred Income Tax - Current
Asset |
- |
- |
22.8 |
10.2 |
23.7 |
|
Other Current Assets |
1.2 |
7.2 |
14.0 |
- |
- |
|
Other Current Assets, Total |
1.2 |
7.2 |
36.8 |
10.2 |
23.7 |
|
Total Current Assets |
2,117.1 |
1,752.1 |
2,405.7 |
1,966.8 |
2,823.0 |
|
|
|
|
|
|
|
|
Buildings |
937.2 |
870.1 |
746.2 |
656.6 |
794.1 |
|
Land/Improvements |
1,178.4 |
1,189.5 |
1,238.3 |
398.1 |
531.0 |
|
Machinery/Equipment |
1,672.7 |
1,512.4 |
1,496.8 |
1,342.1 |
1,663.5 |
|
Construction
in Progress |
279.8 |
144.2 |
643.8 |
157.8 |
81.0 |
|
Other
Property/Plant/Equipment |
224.8 |
209.3 |
0.1 |
- |
- |
|
Property/Plant/Equipment - Gross |
4,292.9 |
3,925.5 |
4,125.2 |
2,554.6 |
3,069.7 |
|
Accumulated Depreciation |
-1,970.4 |
-1,514.9 |
-1,599.3 |
-1,356.8 |
-1,568.8 |
|
Property/Plant/Equipment - Net |
2,322.5 |
2,410.6 |
2,525.9 |
1,197.8 |
1,500.9 |
|
Goodwill, Net |
19.0 |
0.3 |
- |
- |
- |
|
Intangibles, Net |
9.2 |
9.4 |
11.6 |
8.0 |
11.3 |
|
LT Investment - Affiliate
Companies |
323.4 |
274.9 |
291.8 |
265.7 |
33.7 |
|
LT Investments - Other |
1,561.0 |
3,028.5 |
1,615.7 |
1,411.8 |
3,821.9 |
|
Long Term Investments |
1,884.4 |
3,303.4 |
1,907.6 |
1,677.5 |
3,855.6 |
|
Note Receivable - Long Term |
9.3 |
10.9 |
7.2 |
3.7 |
3.5 |
|
Deferred Income Tax - Long Term
Asset |
0.9 |
2.0 |
20.2 |
- |
- |
|
Other Long Term Assets |
11.1 |
11.0 |
121.5 |
126.0 |
19.8 |
|
Other Long Term Assets, Total |
12.0 |
12.9 |
141.7 |
126.0 |
19.8 |
|
Total Assets |
6,373.5 |
7,499.6 |
6,999.6 |
4,979.8 |
8,214.1 |
|
|
|
|
|
|
|
|
Accounts Payable |
197.6 |
245.3 |
345.1 |
233.0 |
251.1 |
|
Accrued Expenses |
9.8 |
8.5 |
10.1 |
17.4 |
31.3 |
|
Notes Payable/Short Term Debt |
60.3 |
71.5 |
131.1 |
296.2 |
101.6 |
|
Current Portion - Long Term Debt/Capital Leases |
136.1 |
2.9 |
18.5 |
16.1 |
194.0 |
|
Customer Advances |
13.3 |
11.5 |
95.5 |
93.8 |
162.9 |
|
Security Deposits |
19.2 |
13.0 |
14.8 |
9.1 |
11.7 |
|
Income Taxes Payable |
124.4 |
59.7 |
51.6 |
59.1 |
145.3 |
|
Other Payables |
148.1 |
160.6 |
248.6 |
179.5 |
204.4 |
|
Other Current Liabilities |
39.4 |
11.4 |
41.3 |
15.2 |
70.1 |
|
Other Current liabilities, Total |
344.3 |
256.1 |
451.9 |
356.6 |
594.3 |
|
Total Current Liabilities |
748.2 |
584.3 |
956.8 |
919.3 |
1,172.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
585.6 |
753.0 |
1,164.7 |
719.2 |
892.1 |
|
Total Long Term Debt |
585.6 |
753.0 |
1,164.7 |
719.2 |
892.1 |
|
Total Debt |
782.1 |
827.4 |
1,314.4 |
1,031.6 |
1,187.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
498.0 |
784.9 |
460.6 |
219.7 |
875.9 |
|
Deferred Income Tax |
498.0 |
784.9 |
460.6 |
219.7 |
875.9 |
|
Minority Interest |
27.1 |
27.3 |
400.1 |
290.9 |
328.2 |
|
Reserves |
7.4 |
6.5 |
41.1 |
27.3 |
38.3 |
|
Pension Benefits - Underfunded |
30.3 |
28.5 |
37.4 |
34.5 |
43.2 |
|
Other Long Term Liabilities |
141.7 |
165.7 |
86.6 |
26.4 |
54.0 |
|
Other Liabilities, Total |
179.3 |
200.8 |
165.0 |
88.2 |
135.6 |
|
Total Liabilities |
2,038.2 |
2,350.3 |
3,147.2 |
2,237.3 |
3,404.1 |
|
|
|
|
|
|
|
|
Common Stock |
48.8 |
49.6 |
48.3 |
44.7 |
60.1 |
|
Common Stock |
48.8 |
49.6 |
48.3 |
44.7 |
60.1 |
|
Additional Paid-In Capital |
387.3 |
393.2 |
741.9 |
685.9 |
929.9 |
|
Retained Earnings (Accumulated Deficit) |
3,055.1 |
2,894.9 |
1,404.6 |
1,065.4 |
1,342.8 |
|
Unrealized Gain (Loss) |
947.9 |
1,920.5 |
- |
- |
- |
|
Translation Adjustment |
2.9 |
-0.6 |
- |
- |
- |
|
Other Equity |
-106.7 |
-108.3 |
-23.9 |
946.6 |
2,477.3 |
|
Other Comprehensive Income |
- |
0.0 |
1,681.5 |
- |
- |
|
Other Equity, Total |
-103.8 |
-108.8 |
1,657.7 |
946.6 |
2,477.3 |
|
Total Equity |
4,335.3 |
5,149.3 |
3,852.4 |
2,742.5 |
4,810.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
6,373.5 |
7,499.6 |
6,999.6 |
4,979.8 |
8,214.1 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock
Primary Issue |
9.8 |
9.8 |
10.1 |
10.1 |
10.1 |
|
Total Common Shares Outstanding |
9.8 |
9.8 |
10.1 |
10.1 |
10.1 |
|
Treasury Shares - Common Stock Primary Issue |
0.7 |
0.7 |
0.4 |
0.4 |
0.4 |
|
Employees |
4,803 |
4,620 |
4,432 |
4,514 |
4,449 |
|
Number of Common Shareholders |
- |
9,701 |
12,326 |
6,701 |
8,530 |
|
Accumulated Intangible Amort, Suppl. |
8.3 |
7.8 |
- |
- |
- |
|
Deferred Revenue - Current |
13.3 |
11.5 |
95.5 |
93.8 |
162.9 |
|
Total Long Term Debt, Supplemental |
721.0 |
- |
1,252.7 |
771.3 |
1,202.2 |
|
Long Term Debt Maturing within 1 Year |
128.6 |
- |
18.5 |
0.3 |
193.6 |
|
Long Term Debt Maturing in Year 2 |
556.4 |
- |
88.2 |
1.6 |
0.4 |
|
Long Term Debt Maturing in Year 3 |
15.6 |
- |
818.7 |
0.6 |
0.5 |
|
Long Term Debt Maturing in Year 4 |
4.9 |
- |
2.4 |
759.1 |
0.5 |
|
Long Term Debt Maturing in Year 5 |
4.9 |
- |
311.6 |
0.5 |
994.0 |
|
Long Term Debt Maturing in 2-3 Years |
572.0 |
- |
906.9 |
2.2 |
0.8 |
|
Long Term Debt Maturing in 4-5 Years |
9.8 |
- |
314.0 |
759.5 |
994.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
10.6 |
- |
13.2 |
9.3 |
13.3 |
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 |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period
Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
295.2 |
350.4 |
317.7 |
202.6 |
265.4 |
|
Depreciation |
211.3 |
181.2 |
149.5 |
214.5 |
223.3 |
|
Depreciation/Depletion |
211.3 |
181.2 |
149.5 |
214.5 |
223.3 |
|
Amortization of Intangibles |
0.6 |
0.5 |
1.6 |
1.7 |
2.1 |
|
Amortization |
0.6 |
0.5 |
1.6 |
1.7 |
2.1 |
|
Deferred Taxes |
- |
- |
9.9 |
10.9 |
-67.8 |
|
Unusual Items |
-279.0 |
-287.1 |
-9.2 |
27.0 |
-18.1 |
|
Equity in Net Earnings (Loss) |
-21.7 |
-32.2 |
-13.1 |
3.1 |
-0.3 |
|
Other Non-Cash Items |
155.8 |
186.9 |
2.4 |
53.4 |
59.5 |
|
Non-Cash Items |
-144.9 |
-132.4 |
-19.9 |
83.5 |
41.1 |
|
Accounts Receivable |
-22.4 |
-85.9 |
-75.3 |
-162.8 |
-52.0 |
|
Inventories |
-110.0 |
-33.1 |
-53.9 |
-209.4 |
-53.7 |
|
Prepaid Expenses |
0.2 |
0.1 |
5.2 |
-0.4 |
-9.3 |
|
Other Assets |
- |
- |
5.0 |
0.7 |
2.9 |
|
Accounts Payable |
-57.5 |
90.4 |
134.5 |
73.3 |
-33.1 |
|
Accrued Expenses |
- |
- |
-7.9 |
-4.6 |
1.9 |
|
Taxes Payable |
- |
- |
-11.2 |
-55.9 |
39.0 |
|
Other Liabilities |
-29.0 |
-29.0 |
55.5 |
-6.3 |
47.1 |
|
Other Operating Cash Flow |
-107.2 |
-69.9 |
39.4 |
35.1 |
5.6 |
|
Changes in Working Capital |
-325.9 |
-127.5 |
91.4 |
-330.2 |
-51.6 |
|
Cash from Operating Activities |
36.3 |
272.2 |
550.2 |
183.0 |
412.6 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-463.4 |
-295.0 |
-569.5 |
-259.8 |
-238.9 |
|
Purchase/Acquisition of
Intangibles |
-0.5 |
-0.9 |
-6.4 |
-1.6 |
-0.9 |
|
Capital Expenditures |
-463.9 |
-295.8 |
-575.8 |
-261.4 |
-239.8 |
|
Acquisition of Business |
-29.5 |
- |
- |
- |
- |
|
Sale of Fixed Assets |
9.0 |
5.9 |
10.5 |
7.1 |
5.7 |
|
Sale/Maturity of Investment |
801.4 |
229.9 |
87.7 |
78.1 |
47.2 |
|
Purchase of Investments |
-60.2 |
-1.1 |
-94.5 |
-287.1 |
-136.1 |
|
Sale of Intangible Assets |
0.0 |
0.7 |
- |
- |
- |
|
Other Investing Cash Flow |
63.5 |
59.8 |
0.7 |
10.7 |
-0.7 |
|
Other Investing Cash Flow Items, Total |
784.1 |
295.2 |
4.4 |
-191.2 |
-83.9 |
|
Cash from Investing Activities |
320.3 |
-0.6 |
-571.4 |
-452.5 |
-323.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-12.3 |
62.3 |
0.1 |
48.3 |
11.7 |
|
Financing Cash Flow Items |
-12.3 |
62.3 |
0.1 |
48.3 |
11.7 |
|
Cash Dividends Paid - Common |
-71.4 |
-70.5 |
-81.6 |
-111.2 |
-82.2 |
|
Total Cash Dividends Paid |
-71.4 |
-70.5 |
-81.6 |
-111.2 |
-82.2 |
|
Sale/Issuance
of Common |
- |
- |
- |
- |
150.6 |
|
Repurchase/Retirement
of Common |
- |
-82.6 |
- |
- |
- |
|
Common Stock, Net |
- |
-82.6 |
- |
- |
150.6 |
|
Issuance (Retirement) of Stock, Net |
- |
-82.6 |
- |
- |
150.6 |
|
Short Term
Debt Issued |
- |
- |
262.4 |
294.7 |
316.6 |
|
Short Term
Debt Reduction |
-11.2 |
-31.9 |
-433.0 |
-56.3 |
-444.0 |
|
Short Term Debt, Net |
-11.2 |
-31.9 |
-170.5 |
238.4 |
-127.4 |
|
Long Term
Debt Issued |
0.5 |
575.8 |
466.6 |
18.2 |
970.4 |
|
Long Term
Debt Reduction |
-3.4 |
-748.0 |
-33.7 |
-380.0 |
-108.0 |
|
Long Term Debt, Net |
-2.9 |
-172.2 |
432.9 |
-361.8 |
862.5 |
|
Issuance (Retirement) of Debt, Net |
-14.1 |
-204.1 |
262.3 |
-123.4 |
735.1 |
|
Cash from Financing Activities |
-97.8 |
-294.9 |
180.9 |
-186.3 |
815.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.1 |
0.2 |
- |
- |
- |
|
Net Change in Cash |
260.0 |
-23.2 |
159.7 |
-455.9 |
904.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
592.8 |
591.1 |
539.2 |
1,081.2 |
376.5 |
|
Net Cash - Ending Balance |
852.7 |
567.9 |
698.9 |
625.3 |
1,280.6 |
|
Cash Interest Paid |
12.3 |
22.6 |
- |
- |
- |
|
Cash Taxes Paid |
107.2 |
69.9 |
- |
- |
- |
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Total Revenues |
3,042.6 |
2,694.5 |
3,052.4 |
3,252.1 |
3,234.2 |
|
Total Revenue |
3,042.6 |
2,694.5 |
3,052.4 |
3,252.1 |
3,234.2 |
|
|
|
|
|
|
|
|
Costs of Goods and Services Sold |
2,478.8 |
2,098.7 |
2,362.2 |
2,584.0 |
2,505.2 |
|
Salaries and Wages |
106.1 |
84.8 |
93.0 |
91.5 |
95.9 |
|
Retirement & Severance
Benefits |
8.8 |
5.9 |
13.2 |
9.5 |
13.3 |
|
Employee Benefits |
15.7 |
12.1 |
12.0 |
13.8 |
13.4 |
|
Travel Expenses |
- |
- |
6.3 |
7.9 |
8.0 |
|
Communication Exp. |
- |
- |
2.7 |
2.9 |
3.0 |
|
Utility Expenses |
- |
- |
0.3 |
0.3 |
0.3 |
|
Taxes and Dues |
- |
- |
5.4 |
7.4 |
5.9 |
|
Rent |
- |
- |
1.9 |
1.6 |
1.3 |
|
Repair Expenses |
- |
- |
2.7 |
1.7 |
2.8 |
|
Insurance Expenses |
- |
- |
2.2 |
2.2 |
1.7 |
|
Entertainment |
- |
- |
3.7 |
4.4 |
4.2 |
|
Advertising Expense |
23.3 |
24.8 |
18.9 |
32.6 |
36.2 |
|
Depreciation |
12.1 |
10.2 |
8.0 |
9.6 |
6.2 |
|
Amortization of Intangible Assets |
0.2 |
0.3 |
0.8 |
0.7 |
0.7 |
|
Reserve for Defective Repair |
3.1 |
2.9 |
8.8 |
6.1 |
17.9 |
|
Defective Repair Expense |
- |
- |
1.9 |
3.2 |
- |
|
Expenses for Samples |
- |
- |
2.5 |
4.1 |
6.0 |
|
Packaging Expenses |
- |
- |
2.0 |
2.3 |
2.3 |
|
Shipping/Handling |
83.6 |
75.6 |
64.9 |
83.2 |
87.6 |
|
Commissions |
30.8 |
21.9 |
29.0 |
25.9 |
25.7 |
|
Error Adj. Expense |
- |
- |
- |
- |
0.7 |
|
Publishing Expenses |
- |
- |
1.2 |
1.1 |
1.0 |
|
Athletic Competition |
- |
- |
0.3 |
0.4 |
0.3 |
|
Education & Training |
- |
- |
1.7 |
2.1 |
2.5 |
|
Transportation Equip |
- |
- |
3.4 |
3.6 |
3.6 |
|
Consumable Expense |
- |
- |
1.5 |
1.7 |
1.6 |
|
Expenses of Allowance for Doubtful
Accou |
14.8 |
16.7 |
24.0 |
29.7 |
20.3 |
|
Building Maint.Exp |
- |
- |
3.7 |
4.3 |
4.4 |
|
Technology Development Cost |
83.1 |
78.9 |
64.6 |
73.8 |
62.5 |
|
Conference Expenses |
- |
- |
0.2 |
0.3 |
0.4 |
|
Selling Expenses |
- |
- |
5.7 |
6.0 |
7.9 |
|
Other Expenses |
- |
- |
2.8 |
3.1 |
3.7 |
|
Provision for Forest Damaged
Restoration |
0.3 |
0.2 |
0.3 |
0.7 |
0.6 |
|
Other Selling and Administrative
Expense |
71.1 |
59.4 |
- |
- |
- |
|
Adjustment for Selling and
Administrativ |
0.0 |
0.0 |
- |
- |
- |
|
Rental Income |
-4.0 |
-3.7 |
- |
- |
- |
|
Miscellaneous Income |
-22.6 |
-19.7 |
- |
- |
- |
|
Loyalty Income |
-6.0 |
-5.0 |
- |
- |
- |
|
Reversal of Allowance for Doubtful
Accou |
-0.8 |
- |
- |
- |
- |
|
Adjustment for Other Operating
Income |
- |
- |
- |
- |
- |
|
Depreciation of Idle Assets not
Operatio |
0.3 |
0.2 |
- |
- |
- |
|
Miscellaneous Loss |
14.8 |
12.3 |
- |
- |
- |
|
Adjustment for Other Operating
Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
2,913.4 |
2,476.6 |
2,751.7 |
3,021.7 |
2,947.1 |
|
|
|
|
|
|
|
|
Interest Income |
16.0 |
19.0 |
32.0 |
47.4 |
31.6 |
|
Dividend Income |
41.6 |
26.0 |
30.4 |
51.5 |
24.7 |
|
Rental Income |
- |
- |
2.5 |
3.0 |
3.5 |
|
Gain on Foreign Currency
Transactions |
24.1 |
22.1 |
36.5 |
74.1 |
7.7 |
|
Gain on Foreign Currency
Translations |
3.2 |
37.6 |
85.8 |
52.9 |
5.4 |
|
Gain on Disposal of Secs aval. for
Sale |
604.0 |
318.0 |
29.0 |
35.1 |
20.3 |
|
Gain on Disposal of Investments in
Affil |
- |
70.3 |
- |
- |
- |
|
Gain on Disposal of Property,
Plant and |
0.9 |
1.0 |
5.6 |
3.1 |
1.8 |
|
Gain on Derivatives Transaction |
5.3 |
2.9 |
11.9 |
0.8 |
- |
|
Gain on Valuations of Derivatives |
11.7 |
6.9 |
52.7 |
10.2 |
39.3 |
|
Gain on Redemption of Bonds |
- |
7.5 |
- |
- |
- |
|
G-Reduction Loss of Sec.
Avail-for-Sale |
- |
- |
0.0 |
0.2 |
0.3 |
|
G Recovery Bad Debt |
- |
- |
13.2 |
0.0 |
- |
|
Miscellaneous Income |
- |
- |
25.0 |
21.5 |
20.3 |
|
Rev Error Adj Allow |
- |
- |
0.6 |
2.1 |
1.2 |
|
Recovery of Impairment Loss on
Tangible |
- |
0.2 |
- |
- |
- |
|
Gain-Currency Swap Transaction |
- |
- |
- |
26.0 |
- |
|
Gain-Valuation of Currency Swap |
- |
- |
- |
125.0 |
1.5 |
|
Recovery-Forest Restoration
Reserve |
- |
- |
- |
- |
0.5 |
|
Interest Expense, Non-Operating |
-24.6 |
-60.7 |
-56.1 |
-51.1 |
-26.3 |
|
Loss on Foreign Currency
Transactions |
-25.9 |
-56.9 |
-54.9 |
-62.4 |
-6.3 |
|
Loss on Foreign Currency
Translations |
-16.5 |
-5.1 |
-16.0 |
-201.5 |
-31.9 |
|
L-Secs for Sale Disposal |
- |
-0.2 |
0.0 |
0.0 |
- |
|
Loss on Disposal of Property,
Plant and |
-1.5 |
-0.6 |
-2.7 |
-0.2 |
-1.0 |
|
Loss-Valuation of Debentures |
- |
- |
- |
- |
-2.5 |
|
Loss-Valuation of Derivatives |
-11.6 |
-61.4 |
-42.1 |
-2.4 |
- |
|
Loss on Derivative Transaction |
-3.1 |
-2.4 |
- |
- |
- |
|
Loss-Reduct. of Sec.
Available-Sale |
- |
- |
-1.2 |
- |
-0.2 |
|
Loss on Valuation of Currency Swap |
-32.3 |
-73.7 |
-15.1 |
- |
-0.4 |
|
Loss on Currency Swap Transaction |
- |
-17.4 |
- |
- |
- |
|
Loss-Valuation of inventory |
- |
- |
- |
-3.0 |
- |
|
Loss-Revaluation Assets |
- |
- |
-3.1 |
- |
- |
|
Loss on Redemption of Bonds |
- |
-15.1 |
- |
- |
- |
|
Loss-Redemption of Debentures |
- |
- |
- |
-61.7 |
- |
|
Impairment Loss on Property, Plant
and E |
-292.1 |
- |
-3.2 |
-0.2 |
- |
|
Impairment Loss on Intangible
Assets |
- |
-2.6 |
- |
- |
- |
|
Donations Paid |
-18.9 |
-2.6 |
-6.6 |
-2.9 |
-1.5 |
|
Suspend Assets Amort |
- |
- |
-0.2 |
-0.2 |
-0.5 |
|
Other Amortization |
- |
- |
-5.4 |
0.0 |
-1.1 |
|
Miscellaneous Exp. |
- |
- |
-30.0 |
-8.3 |
-8.4 |
|
Gain under Equity Method |
21.7 |
36.3 |
13.1 |
0.7 |
1.0 |
|
Loss under Equity Method |
- |
-4.1 |
- |
-3.8 |
-0.7 |
|
Adjustment for Finance Income |
- |
0.0 |
- |
- |
- |
|
Adjustment for Finance Expense |
- |
0.0 |
- |
- |
- |
|
Adjustment for Other Non-Operating
Incom |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Non-Operating
Expen |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
431.1 |
462.6 |
402.2 |
286.3 |
365.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
135.9 |
112.2 |
84.5 |
83.7 |
100.0 |
|
Net Income After Taxes |
295.2 |
350.4 |
317.7 |
202.6 |
265.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-1.1 |
-3.2 |
-32.1 |
-33.6 |
-53.1 |
|
Net Income Before Extra. Items |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
Net Income |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
9.8 |
10.0 |
10.1 |
10.1 |
10.1 |
|
Basic EPS Excluding ExtraOrdinary Items |
30.01 |
34.83 |
28.21 |
16.69 |
21.01 |
|
Basic EPS Including ExtraOrdinary Item |
30.01 |
34.83 |
28.21 |
16.69 |
21.01 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
294.0 |
347.2 |
285.6 |
169.0 |
212.3 |
|
Diluted Weighted Average Shares |
9.8 |
10.2 |
10.1 |
10.1 |
10.1 |
|
Diluted EPS Excluding ExtraOrd Items |
30.01 |
34.07 |
28.21 |
16.69 |
21.01 |
|
Diluted EPS Including ExtraOrd Items |
30.01 |
34.07 |
28.21 |
16.69 |
21.01 |
|
DPS-Common Stock |
7.22 |
6.05 |
5.48 |
6.36 |
10.76 |
|
Gross Dividends - Common Stock |
70.7 |
68.0 |
63.5 |
64.4 |
109.0 |
|
Normalized Income Before Taxes |
431.6 |
462.2 |
399.3 |
283.3 |
365.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
136.0 |
112.2 |
83.9 |
82.8 |
100.0 |
|
Normalized Income After Taxes |
295.6 |
350.1 |
315.5 |
200.5 |
265.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
294.4 |
346.9 |
283.3 |
166.9 |
212.1 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
30.06 |
34.80 |
27.98 |
16.49 |
21.00 |
|
Diluted Normalized EPS |
30.06 |
34.04 |
27.98 |
16.49 |
21.00 |
|
Interest Expense, Supplemental |
24.6 |
60.7 |
56.1 |
51.1 |
26.3 |
|
Rental Expense, Supplemental |
- |
- |
1.9 |
1.6 |
1.3 |
|
R&D Expense, Supplemental |
83.1 |
78.9 |
64.6 |
73.8 |
62.5 |
|
Advertising Expense |
23.3 |
24.8 |
18.9 |
32.6 |
36.2 |
|
Depreciation, Supplemental |
211.3 |
181.2 |
149.5 |
214.5 |
223.3 |
|
Amort of Intangibles, Supplemental |
0.6 |
0.5 |
1.6 |
1.7 |
2.1 |
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 |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
820.1 |
578.6 |
763.5 |
545.5 |
1,270.7 |
|
Cash & Cash Equivalents-Government Subsi |
-2.3 |
-3.0 |
- |
- |
- |
|
Current Securities Held-to-Maturities |
0.8 |
0.1 |
5.8 |
2.2 |
3.2 |
|
ST Finl Assets |
- |
- |
42.5 |
30.2 |
90.3 |
|
ST Loans |
6.9 |
4.2 |
12.2 |
11.2 |
10.4 |
|
Current Securities Available-for-Sale |
- |
9.7 |
- |
57.2 |
76.9 |
|
Current Derivative Assets |
0.1 |
7.0 |
14.0 |
- |
- |
|
Trade Receivables, Net |
727.6 |
706.6 |
- |
- |
- |
|
Trade Rcvb Gross |
- |
- |
945.7 |
810.5 |
923.6 |
|
Doubtful Account |
- |
- |
-37.5 |
-32.6 |
-26.5 |
|
Account Receivables |
28.9 |
19.1 |
35.1 |
23.0 |
26.5 |
|
Advance Payments |
11.1 |
11.9 |
29.2 |
48.3 |
37.3 |
|
Accrued Income |
3.2 |
0.6 |
5.2 |
4.3 |
7.3 |
|
Prepaid Expenses |
3.6 |
3.8 |
22.7 |
30.7 |
29.9 |
|
Prepaid Value Added Taxes |
5.2 |
6.2 |
- |
- |
- |
|
Receivable of Corporate Tax Refund |
0.2 |
0.3 |
0.2 |
- |
- |
|
Adjustment for Other Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Dfrd Taxes |
- |
- |
22.8 |
10.2 |
23.7 |
|
Guarantee Deposits, Current Assets |
1.1 |
0.2 |
- |
- |
- |
|
Merchandise |
21.0 |
17.8 |
10.5 |
10.8 |
18.8 |
|
Finished Goods |
206.9 |
145.0 |
146.8 |
138.3 |
145.9 |
|
Finished Houses |
- |
- |
28.6 |
1.9 |
4.6 |
|
Semi-finish Good |
44.8 |
36.9 |
31.1 |
26.3 |
23.1 |
|
Works in Process |
27.3 |
16.5 |
14.5 |
17.7 |
18.3 |
|
Residential Units in Progress |
- |
- |
1.2 |
- |
- |
|
Raw Materials |
146.1 |
146.4 |
133.0 |
144.1 |
82.8 |
|
Paper |
- |
- |
116.4 |
20.2 |
5.1 |
|
Stored Goods |
27.1 |
26.4 |
22.2 |
20.5 |
21.3 |
|
Goods in Transit |
37.4 |
18.0 |
29.7 |
36.6 |
23.7 |
|
Raw Materials for Construction |
- |
- |
7.3 |
7.7 |
4.8 |
|
Display Materials |
- |
- |
3.0 |
2.2 |
1.6 |
|
Adjustment for Inventories |
0.0 |
- |
- |
- |
- |
|
Total Current Assets |
2,117.1 |
1,752.1 |
2,405.7 |
1,966.8 |
2,823.0 |
|
|
|
|
|
|
|
|
LT Finl Assets |
- |
- |
0.0 |
0.0 |
0.0 |
|
Non-Current Securities Available-for-Sal |
1,471.5 |
2,937.1 |
1,580.5 |
1,380.2 |
3,790.4 |
|
Non-Current Securities Held-to-Maturitie |
1.7 |
2.2 |
11.7 |
12.7 |
15.3 |
|
Investment in Properties |
86.0 |
87.5 |
- |
- |
- |
|
Investments in Joint Ventures and Associ |
323.4 |
274.9 |
291.8 |
265.7 |
33.7 |
|
LT Loan |
1.7 |
1.8 |
23.4 |
18.9 |
16.2 |
|
Other Investments Assets |
0.0 |
0.0 |
- |
- |
- |
|
LT Trade Rcvbls |
9.3 |
10.9 |
7.2 |
3.7 |
3.5 |
|
Currency Swap, LT Assets |
- |
- |
101.6 |
109.2 |
- |
|
Guarantee Deposits, Non-Current Assets |
4.8 |
4.3 |
17.4 |
16.1 |
19.4 |
|
Non-Current Prepaid Expenses |
6.4 |
6.6 |
2.0 |
0.4 |
- |
|
LT Accrued Income |
- |
- |
0.4 |
0.3 |
0.5 |
|
Non-Current Derivatives Assets |
- |
0.0 |
- |
- |
- |
|
Non-Current Deferred Income Taxes Assets |
0.9 |
2.0 |
20.2 |
- |
- |
|
Lands |
1,178.4 |
1,189.5 |
1,238.3 |
398.1 |
531.0 |
|
Buildings |
750.8 |
700.7 |
633.0 |
551.5 |
667.9 |
|
Buildings-Reduction |
- |
- |
-3.7 |
-0.2 |
- |
|
Buildings Depre. |
-287.0 |
-229.9 |
-215.5 |
-173.8 |
-194.5 |
|
Buildings-Government Subsidy |
-0.8 |
-0.7 |
-0.1 |
-0.1 |
- |
|
Structures |
188.0 |
171.0 |
117.9 |
106.0 |
126.7 |
|
Structure Depre. |
-105.5 |
-52.3 |
-44.7 |
-34.9 |
-38.3 |
|
Structures-Reduction |
- |
- |
-0.1 |
- |
- |
|
S Govt Subsidies |
-0.8 |
-1.0 |
-0.7 |
-0.6 |
-0.5 |
|
Machineries & Equipments |
1,674.2 |
1,513.7 |
1,285.1 |
1,165.1 |
1,473.4 |
|
Machineries & Equipments-Depreciation |
-1,393.7 |
-1,070.5 |
-1,158.5 |
-999.9 |
-1,172.0 |
|
Machineries & Equipments-Government Subs |
-1.5 |
-1.2 |
-0.5 |
-0.2 |
-0.3 |
|
Transport Equip. |
- |
- |
24.4 |
19.1 |
23.5 |
|
Transport Deprec |
- |
- |
-19.0 |
-16.2 |
-19.9 |
|
Tools/Equipments |
- |
- |
145.0 |
122.3 |
125.7 |
|
Tool/Equip Depr. |
- |
- |
-123.8 |
-100.0 |
-107.2 |
|
T Govt Subsidies |
- |
- |
-0.7 |
-0.7 |
-0.7 |
|
Fixtures |
- |
- |
43.5 |
36.7 |
41.9 |
|
Deprec. Fixtures |
- |
- |
-37.8 |
-32.0 |
-36.9 |
|
Construction |
279.8 |
144.2 |
643.8 |
157.8 |
81.0 |
|
Other Property Plant & Equipment |
226.9 |
210.0 |
0.1 |
- |
- |
|
Other Property Plant & Equipment-Depreci |
-184.3 |
-162.3 |
0.0 |
- |
- |
|
Other Property Plant & Equipment-Governm |
-2.0 |
-0.7 |
- |
- |
- |
|
Goodwill |
19.0 |
0.3 |
- |
- |
- |
|
Land Usufruct |
- |
- |
5.1 |
4.6 |
5.2 |
|
Industrial Property Rights |
0.9 |
1.1 |
0.6 |
0.5 |
0.7 |
|
Development |
- |
- |
0.4 |
0.4 |
1.1 |
|
Telecom. Enrollment Rights & Membership |
7.2 |
6.9 |
- |
- |
- |
|
Other Intangible Assets |
1.1 |
1.4 |
5.6 |
2.5 |
4.2 |
|
Adjustment for Other Non-Current Receiva |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Property, Plant & Equipme |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
6,373.5 |
7,499.6 |
6,999.6 |
4,979.8 |
8,214.1 |
|
|
|
|
|
|
|
|
Current Trade Payables |
197.6 |
245.3 |
345.1 |
233.0 |
251.1 |
|
Current Borrowings |
60.3 |
71.5 |
131.1 |
296.2 |
101.6 |
|
Other Payables |
148.1 |
160.6 |
248.6 |
179.5 |
204.4 |
|
Advance from Customers, Current Liabilit |
13.3 |
11.5 |
95.5 |
93.8 |
162.9 |
|
Currency Swap |
- |
- |
- |
- |
62.6 |
|
Withholdings |
35.2 |
10.5 |
10.7 |
7.7 |
6.2 |
|
Accrued Expenses |
9.8 |
8.5 |
10.1 |
17.4 |
31.3 |
|
Income Taxes Payables |
124.4 |
59.7 |
51.6 |
59.1 |
145.3 |
|
Guarantee Deposits Received |
19.2 |
13.0 |
14.8 |
9.1 |
11.7 |
|
Current Portion of Long-term Borrowings |
5.5 |
2.9 |
1.4 |
0.3 |
0.3 |
|
Cur Port of Bond |
130.6 |
- |
17.2 |
15.8 |
193.7 |
|
Construct L Res. |
- |
- |
30.6 |
7.4 |
1.2 |
|
Derivatives in Liabilities, Current |
4.2 |
0.8 |
- |
- |
- |
|
Adjustment for Current Portion of Long-t |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for Other Current Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liabilities |
748.2 |
584.3 |
956.8 |
919.3 |
1,172.4 |
|
|
|
|
|
|
|
|
Exchangeable Bonds |
- |
- |
17.2 |
706.8 |
877.0 |
|
Bonds |
483.8 |
645.0 |
1,055.9 |
0.0 |
- |
|
Non-Current Borrowings |
101.8 |
108.0 |
91.5 |
12.4 |
15.1 |
|
Adjustment for Non-current Borrowings |
0.0 |
0.0 |
- |
- |
- |
|
Total Long Term Debt |
585.6 |
753.0 |
1,164.7 |
719.2 |
892.1 |
|
|
|
|
|
|
|
|
Derivative Products in Liabilities |
- |
- |
68.6 |
9.2 |
25.8 |
|
Rental Guarantee Deposits, Non-Current L |
26.5 |
26.4 |
18.0 |
17.1 |
28.1 |
|
LT Dep Witthld |
- |
- |
- |
0.1 |
0.1 |
|
Non-Current Derivative Liabilities |
115.2 |
139.3 |
- |
- |
- |
|
Non-Current Provisions |
7.4 |
6.5 |
- |
- |
- |
|
Reserve-Defective Guarantee |
- |
- |
38.1 |
24.7 |
33.6 |
|
Res RestorForest |
- |
- |
3.0 |
2.6 |
4.8 |
|
Deferred Income Taxes, Non-Current Liabi |
498.0 |
784.9 |
460.6 |
219.7 |
875.9 |
|
Non-Current Fixed Benefit Liabilities |
30.3 |
28.5 |
- |
- |
- |
|
Retire Reserve |
- |
- |
135.0 |
34.5 |
43.2 |
|
Transfer to National Pension Fund |
- |
- |
-1.0 |
- |
- |
|
Deposit-Retirement Insurance |
- |
- |
-96.7 |
- |
- |
|
Minority Interests |
27.1 |
27.3 |
400.1 |
290.9 |
328.2 |
|
Total Liabilities |
2,038.2 |
2,350.3 |
3,147.2 |
2,237.3 |
3,404.1 |
|
|
|
|
|
|
|
|
Common Stock |
48.8 |
49.6 |
48.3 |
44.7 |
60.1 |
|
Capital Surplus |
387.3 |
393.2 |
741.9 |
685.9 |
929.9 |
|
Retained Earnings or Accumulated Deficit |
3,055.1 |
2,894.9 |
1,404.6 |
1,065.4 |
1,342.8 |
|
Capital Adjustment |
-106.7 |
-108.3 |
-23.9 |
946.6 |
2,477.3 |
|
Accumulated Other Comprehensive Income |
- |
- |
1,681.5 |
- |
- |
|
Overseas Business Translation Debit/Cred |
2.9 |
-0.6 |
- |
- |
- |
|
Gain on Securities Available-for-Sale |
950.9 |
1,922.7 |
- |
- |
- |
|
Loss on Securities Available-for-Sale |
-1.0 |
- |
- |
- |
- |
|
Capital Change, Equity Method |
-0.2 |
- |
- |
- |
- |
|
Capital Change, Equity Method (Loss) |
-1.9 |
-2.2 |
- |
- |
- |
|
Adjustment for Accumulated Other Compreh |
- |
0.0 |
- |
- |
- |
|
Total Equity |
4,335.3 |
5,149.3 |
3,852.4 |
2,742.5 |
4,810.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
6,373.5 |
7,499.6 |
6,999.6 |
4,979.8 |
8,214.1 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
9.8 |
9.8 |
10.1 |
10.1 |
10.1 |
|
Total Common Shares Outstanding |
9.8 |
9.8 |
10.1 |
10.1 |
10.1 |
|
T/S-Common Stock |
0.7 |
0.7 |
0.4 |
0.4 |
0.4 |
|
Deferred Revenue, Current |
13.3 |
11.5 |
95.5 |
93.8 |
162.9 |
|
Accumulated Intangible Amort, Suppl. |
8.3 |
7.8 |
- |
- |
- |
|
Full-Time Employees |
4,803 |
4,620 |
4,432 |
4,514 |
4,449 |
|
Number of Common Shareholders |
- |
9,701 |
12,326 |
6,701 |
8,530 |
|
LT Debt 1 yr |
128.6 |
- |
18.5 |
0.3 |
193.6 |
|
LT Debt 2 yrs |
556.4 |
- |
88.2 |
1.6 |
0.4 |
|
LT Debt 3 yrs |
15.6 |
- |
818.7 |
0.6 |
0.5 |
|
LT Debt 4 yrs |
4.9 |
- |
2.4 |
759.1 |
0.5 |
|
LT Debt 5 yrs |
4.9 |
- |
311.6 |
0.5 |
994.0 |
|
LT Debt thereafter |
10.6 |
- |
13.2 |
9.3 |
13.3 |
|
Total Long Term Debt, Supplemental |
721.0 |
- |
1,252.7 |
771.3 |
1,202.2 |
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 |
Reclassified
Normal |
Reclassified
Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
KPMG LLP |
|
Auditor Opinion |
Unqualified |
Unqualified with
Explanation |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
295.2 |
350.4 |
317.7 |
202.6 |
265.4 |
|
Depreciation |
211.3 |
181.2 |
149.5 |
214.5 |
223.3 |
|
Amortization of Intangible Assets |
0.6 |
0.5 |
1.6 |
1.7 |
2.1 |
|
Payment for Retirement Allowance |
21.7 |
17.3 |
34.4 |
26.4 |
37.8 |
|
Expense of Allowance for Doubtful Accoun |
14.8 |
16.7 |
24.0 |
29.7 |
20.3 |
|
Recovery of Allowance for Doubtful Accou |
-0.8 |
- |
5.4 |
0.0 |
1.1 |
|
Recovery-Impairment on Tangible Assets |
- |
-0.2 |
- |
- |
- |
|
Recovery-Sec. Avail-for-Sale Reduction |
- |
- |
0.0 |
-0.2 |
-0.3 |
|
Translation Gain |
- |
- |
-85.6 |
-52.9 |
-0.9 |
|
Translation Loss |
- |
- |
15.4 |
200.4 |
24.0 |
|
Corporate Taxes Expense |
135.9 |
112.2 |
- |
- |
- |
|
Interest Expenses |
24.6 |
60.7 |
- |
- |
- |
|
Repair Expenses |
3.0 |
0.4 |
1.4 |
1.0 |
1.5 |
|
Dividend Income |
-41.6 |
-26.0 |
- |
- |
- |
|
Reversal-PV Discount |
-16.0 |
-19.0 |
-0.2 |
0.0 |
-0.9 |
|
Reversal-Contr Loss |
- |
- |
-7.3 |
-1.0 |
-0.3 |
|
Reversal Prov. Doubt |
- |
- |
-13.2 |
0.0 |
- |
|
Prov Construction L |
- |
- |
28.0 |
8.5 |
1.2 |
|
Provision-Defect Repair |
- |
- |
15.9 |
7.8 |
19.6 |
|
Prov Forest Restore |
- |
- |
0.3 |
0.7 |
0.6 |
|
Error Adj Allow Rcpt |
- |
- |
-0.6 |
-2.1 |
-1.2 |
|
Provisions |
3.3 |
3.1 |
- |
- |
- |
|
Losses on Foreign Currency Translation |
16.5 |
5.1 |
- |
- |
- |
|
Loss-Valuation of Derivatives |
11.6 |
61.4 |
42.1 |
2.4 |
- |
|
Loss on Derivatives Transaction |
3.1 |
2.4 |
- |
- |
- |
|
Loss on Redemption of Bonds |
- |
15.1 |
- |
61.7 |
- |
|
Loss-Currency Swap Transaction |
- |
17.4 |
- |
- |
- |
|
L-Currency Swap Valu |
32.3 |
73.7 |
15.1 |
- |
0.4 |
|
Loss on Disposal of Property, Plant and |
1.5 |
0.6 |
2.7 |
0.2 |
1.0 |
|
L-Secs for Sale Disposal |
- |
0.2 |
0.0 |
0.0 |
- |
|
Loss-Revaluation Assets |
- |
- |
3.1 |
- |
- |
|
Impairment Loss on Property, Plant and E |
292.1 |
- |
3.2 |
0.2 |
- |
|
Impairment Loss on Intangible Assets |
- |
2.6 |
- |
- |
- |
|
Miscellaneous Loss |
- |
- |
- |
- |
0.3 |
|
Recovery-Sec. Avail-for-Sale Reduction |
- |
- |
1.2 |
- |
0.2 |
|
Loss-Valuation of Bond |
- |
- |
- |
- |
2.5 |
|
Loss-Valuation of Inventory |
- |
- |
- |
3.0 |
- |
|
Gains on Valuations of Derivatives Asset |
-11.7 |
-6.9 |
-52.7 |
-10.2 |
-39.3 |
|
Gains on Foreign Currency Translation |
-3.2 |
-37.6 |
- |
- |
- |
|
Gain on Derivatives Transaction |
-5.3 |
-2.9 |
- |
- |
- |
|
Gain-Currency Swap Transaction |
- |
- |
- |
-26.0 |
- |
|
Gain-Valuation of Currency Swap |
- |
- |
- |
-125.0 |
-1.5 |
|
Gain on Disposal of Property, Plant and |
-0.9 |
-1.0 |
-5.6 |
-3.1 |
-1.8 |
|
Gain on Disposal of Investment in Affili |
- |
-70.3 |
- |
- |
- |
|
Recovery-Forest Restoration Reserve |
- |
- |
- |
- |
-0.5 |
|
Gain-Redemption of Bond |
- |
-7.5 |
- |
- |
- |
|
G-Secs for Sale Disposal |
-604.0 |
-318.0 |
-29.0 |
-35.1 |
-20.3 |
|
G-Equity Method Valu |
-21.7 |
-36.3 |
-13.1 |
-0.7 |
-1.0 |
|
Loss under Equity Method |
- |
4.1 |
- |
3.8 |
0.7 |
|
Non-Current Trade Receivables |
-11.3 |
-19.7 |
- |
- |
- |
|
Trade Receivables |
-33.1 |
-60.3 |
-65.5 |
-162.2 |
-50.6 |
|
Account Receivables |
- |
- |
-9.5 |
-3.4 |
4.4 |
|
Current Other Receivable |
21.8 |
-6.0 |
- |
- |
- |
|
Other Non-Current Receivables |
0.2 |
- |
- |
- |
- |
|
Accrued Income |
- |
- |
0.1 |
2.9 |
-5.9 |
|
LT Accrued Income |
- |
- |
-0.5 |
- |
- |
|
Advance Payments |
0.7 |
-1.5 |
22.0 |
-32.8 |
-32.0 |
|
Prepaid Income Taxes |
- |
- |
0.1 |
-0.3 |
- |
|
Prepaid Expenses |
0.2 |
0.1 |
4.7 |
-0.7 |
-11.5 |
|
LT Prepaid Expense |
- |
- |
0.4 |
0.1 |
2.2 |
|
Ppd Valu Added Taxes |
- |
- |
- |
0.6 |
- |
|
Deferred Taxes-Liability |
- |
- |
39.0 |
1.6 |
-67.5 |
|
Deferred Taxes-Asset |
- |
- |
-29.1 |
9.4 |
-0.3 |
|
Inventory |
-110.7 |
-31.6 |
-75.9 |
-176.5 |
-21.7 |
|
Trade Payables |
-48.1 |
97.7 |
84.9 |
50.8 |
-23.3 |
|
Account Payable |
- |
- |
49.6 |
22.5 |
-9.8 |
|
Current Other Payables |
-9.8 |
-7.5 |
- |
- |
- |
|
Other Non-Current Payables |
0.5 |
0.2 |
- |
- |
- |
|
Accrued Expenses |
- |
- |
-7.9 |
-4.6 |
1.9 |
|
Accrued Income Taxes |
- |
- |
-11.2 |
-55.9 |
39.0 |
|
Advances Received |
- |
- |
-5.4 |
-31.3 |
77.5 |
|
Deposits Withheld |
- |
- |
2.1 |
0.1 |
0.0 |
|
Payment for Retirement Allowance |
-10.1 |
-40.7 |
-26.1 |
-22.7 |
-22.5 |
|
Plan Assets |
-22.7 |
13.8 |
- |
- |
- |
|
Conversion Retirement Pension Assets |
0.1 |
0.3 |
- |
- |
- |
|
Retirement & Severance Benefits from Aff |
-0.2 |
- |
- |
- |
- |
|
Overseas Business Translation Credit |
6.4 |
-0.6 |
93.2 |
48.6 |
10.8 |
|
Provisions |
-2.4 |
-1.9 |
- |
- |
- |
|
Reserve-Defect Repair |
- |
- |
-5.0 |
-6.0 |
-2.3 |
|
Reserve-National Pension |
- |
- |
0.2 |
0.3 |
0.4 |
|
Retirement Insurance Deposits |
- |
- |
-8.5 |
-1.3 |
-19.1 |
|
Guarantee Deposit Received |
- |
- |
4.6 |
0.6 |
2.7 |
|
Securities under Equity Method |
- |
- |
0.5 |
0.1 |
0.2 |
|
Cost-Restoring Forest |
- |
- |
-0.1 |
-1.8 |
-0.1 |
|
Accrued Interest Expense |
- |
- |
39.5 |
36.9 |
5.7 |
|
Cash-Tax Paid |
-107.2 |
-69.9 |
- |
- |
- |
|
Cash from Operating Activities |
36.3 |
272.2 |
550.2 |
183.0 |
412.6 |
|
|
|
|
|
|
|
|
Dec-ST Finl Asset |
- |
- |
- |
15.5 |
15.8 |
|
Disposal of Investment in Associates&Joi |
11.0 |
8.8 |
- |
- |
- |
|
Disp of Invest Secs. |
790.3 |
111.2 |
87.7 |
61.1 |
29.1 |
|
Disposal-Securities under Equity Method |
- |
105.5 |
- |
- |
- |
|
Disposal of Financial Assets Held to Mat |
0.1 |
4.4 |
- |
- |
- |
|
Disposal of Property, Plant and Equipmen |
9.0 |
5.9 |
- |
- |
- |
|
Disposal of Land |
- |
- |
5.3 |
0.1 |
2.6 |
|
Disposal of Building |
- |
- |
1.0 |
0.0 |
0.4 |
|
Disposal Structure |
- |
- |
0.1 |
0.5 |
0.0 |
|
Disposal Mach./Equip |
- |
- |
1.4 |
0.5 |
0.2 |
|
Disposal Trans Equip |
- |
- |
0.3 |
0.3 |
0.2 |
|
Disp Tools/Supplies |
- |
- |
1.4 |
2.5 |
0.9 |
|
Disposal of Supplies |
- |
- |
1.1 |
1.0 |
1.5 |
|
Disposal Intangibles |
0.0 |
0.7 |
- |
- |
- |
|
Disposal-Construction in Progress |
- |
- |
- |
2.2 |
- |
|
Disposal-Securities Held to Maturities |
- |
- |
0.1 |
2.8 |
3.5 |
|
Decrease in Guarantee Deposit |
5.7 |
2.1 |
-0.1 |
- |
-0.1 |
|
Decrease-Guarantee Deposit,IP |
- |
- |
- |
- |
8.1 |
|
Decrease in Non-Current Loans |
- |
0.0 |
- |
6.4 |
0.4 |
|
Decrease in Current Loans |
4.3 |
2.4 |
- |
2.8 |
7.4 |
|
Decrease in Derivatives |
8.6 |
14.6 |
- |
- |
- |
|
Decrease in Government Subsidy |
-3.0 |
- |
- |
- |
- |
|
Redemption in Government Subsidy |
-0.5 |
- |
- |
- |
- |
|
Increase-Security Deposit Withheld |
- |
- |
- |
- |
0.3 |
|
Increase-LT Rent Guarantee Deposit |
- |
- |
- |
- |
-9.1 |
|
Increase-LT Rent Guarantee Deposit,IP |
- |
- |
- |
1.5 |
2.2 |
|
Dividend Received |
41.6 |
26.0 |
- |
- |
- |
|
Cash Interest Received |
12.5 |
18.9 |
- |
- |
- |
|
Increase in LT Loans |
- |
- |
-2.0 |
- |
-3.9 |
|
Increase in ST Loans |
-7.2 |
-2.4 |
0.0 |
-5.1 |
-8.8 |
|
Increase in Guarantee Deposit |
-6.1 |
-2.2 |
- |
- |
- |
|
Increase in Subsidies from Government |
- |
- |
2.6 |
3.8 |
1.4 |
|
Increase in Government Subsidy |
7.6 |
0.4 |
- |
- |
- |
|
Increase-LT Financial Assets |
- |
- |
0.0 |
0.0 |
- |
|
Increase-LT Rent Guarantee Deposit |
- |
- |
-0.5 |
- |
- |
|
Increase-ST Financial Assets |
- |
- |
-9.0 |
-13.6 |
-85.4 |
|
Acquis in Invest Sec |
- |
- |
-83.5 |
-6.7 |
-30.7 |
|
Acq-Secs under Equity Method |
- |
- |
- |
-246.9 |
-17.2 |
|
Purchase of Securities Available-for-Sal |
-14.1 |
-0.2 |
- |
- |
- |
|
Purchase of Investment Properties |
0.0 |
0.0 |
- |
- |
- |
|
Purchase of Investment in Affiliates |
-45.9 |
- |
- |
- |
- |
|
Purchase of Financial Assets Held to Mat |
-0.3 |
-0.9 |
-1.5 |
-19.9 |
-2.8 |
|
Purchase of Intangible Assets |
-0.5 |
-0.9 |
- |
- |
- |
|
Increase-Other Intangible Assets |
- |
- |
-4.4 |
-0.1 |
- |
|
Inc Industrial Ptnt |
- |
- |
-0.1 |
-0.2 |
-0.3 |
|
Increase-Land Usufruct |
- |
- |
-1.8 |
-1.2 |
-0.6 |
|
Purchase of Property, Plant and Equipmen |
-463.4 |
-295.0 |
- |
- |
- |
|
Acquisition of Land |
- |
- |
-0.3 |
-1.0 |
-1.6 |
|
Acquis. of Building |
- |
- |
-16.2 |
-8.4 |
-1.3 |
|
Purch. of Structure |
- |
- |
-3.0 |
-6.6 |
-1.4 |
|
Purch. of Mach/Equip |
- |
- |
-11.4 |
-15.6 |
-5.3 |
|
Acq. of Trans Equip |
- |
- |
-3.8 |
-2.2 |
-2.4 |
|
Acq. in Tools/Suppl. |
- |
- |
-2.1 |
-3.7 |
-2.4 |
|
Acquis. of Supplies |
- |
- |
-6.4 |
-5.7 |
-5.3 |
|
Acq. Const. In Prog |
- |
- |
-525.6 |
-215.0 |
-217.7 |
|
Decrease-Government Subsidy |
- |
- |
-0.7 |
-1.5 |
-1.1 |
|
Decrease-Guarantee Deposit,IN |
- |
- |
- |
- |
0.0 |
|
Decrease-Gov't Subsidy-Develop Expense |
- |
- |
- |
- |
-0.3 |
|
Purchase of Subsidiaries |
-29.5 |
- |
- |
- |
- |
|
Cash from Investing Activities |
320.3 |
-0.6 |
-571.4 |
-452.5 |
-323.7 |
|
|
|
|
|
|
|
|
Inc in ST Borrowings |
- |
- |
262.4 |
294.7 |
316.6 |
|
Issuance-Exchangeable Bond |
- |
- |
311.3 |
- |
970.4 |
|
Decrease-Currency Forwards |
- |
- |
- |
8.0 |
- |
|
Increase in Non-Current Borrowings |
0.5 |
89.5 |
84.8 |
- |
- |
|
Increase-Bond |
- |
486.3 |
70.5 |
18.2 |
- |
|
Inc-LT Lease Guarant |
- |
- |
- |
0.9 |
- |
|
Disposal Treas. Stk |
- |
- |
- |
- |
150.6 |
|
Repay-Curr LT Borrow |
- |
- |
-12.6 |
-0.3 |
-0.3 |
|
Decrease-Current Portion of Bond |
-2.9 |
-1.4 |
-15.7 |
-186.5 |
-107.6 |
|
Increase-Currency Forwards |
- |
- |
- |
-46.3 |
- |
|
Decrease in Non-Current Borrowings |
-0.4 |
- |
- |
- |
- |
|
Decrease in Bonds |
- |
-746.6 |
- |
- |
- |
|
Decrease-Exchangeable Bond |
- |
- |
-5.5 |
-193.2 |
- |
|
Decrease in Current Borrowings |
-11.2 |
-31.9 |
-433.0 |
-56.3 |
-444.0 |
|
Decrease-Currency Swap |
- |
84.9 |
- |
- |
- |
|
Cash Inflow-Consol. Scope Change, FN |
- |
- |
0.1 |
85.7 |
11.7 |
|
Cash Interest Paid |
-12.3 |
-22.6 |
- |
- |
- |
|
Acquis of Treas Stck |
- |
-82.6 |
- |
- |
- |
|
Dividend Paid |
-71.4 |
-70.5 |
-81.6 |
-111.2 |
-82.2 |
|
Cash from Financing Activities |
-97.8 |
-294.9 |
180.9 |
-186.3 |
815.2 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
1.1 |
0.2 |
- |
- |
- |
|
Net Change in Cash |
260.0 |
-23.2 |
159.7 |
-455.9 |
904.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
592.8 |
591.1 |
539.2 |
1,081.2 |
376.5 |
|
Net Cash - Ending Balance |
852.7 |
567.9 |
698.9 |
625.3 |
1,280.6 |
|
Cash Interest Paid |
12.3 |
22.6 |
- |
- |
- |
|
Cash Taxes Paid |
107.2 |
69.9 |
- |
- |
- |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items
(actual units)
|
Key Indicators USD (mil) |
||||||
|
 |
Quarter |
Quarter |
Annual |
1 Year |
3 Year |
5 Year |
|
Total Revenue1 (?) |
701.2 |
-5.29% |
3,042.6 |
8.19% |
-1.98% |
3.66% |
|
Research & Development1 (?) |
- |
- |
83.1 |
1.01% |
4.28% |
13.79% |
|
Operating Income1 (?) |
45.3 |
24.02% |
129.2 |
-43.18% |
-17.36% |
-12.69% |
|
Income Available to Common Excl Extraord Items1 (?) |
17.8 |
-90.22% |
294.0 |
-18.86% |
20.55% |
11.07% |
|
Basic EPS Excl Extraord Items1 (?) |
1.82 |
-90.22% |
30.01 |
-17.44% |
21.88% |
10.55% |
|
Capital Expenditures2 (?) |
351.3 |
8.25% |
463.9 |
50.23% |
21.34% |
11.99% |
|
Cash from Operating Activities2 (?) |
-25.1 |
- |
36.3 |
-87.20% |
-41.53% |
-38.07% |
|
Free Cash Flow
(?) |
-383.2 |
- |
-411.1 |
- |
- |
- |
|
Total Assets3 (?) |
6,571.4 |
-6.15% |
6,373.5 |
-13.74% |
5.39% |
10.81% |
|
Total Liabilities3 (?) |
2,015.1 |
-6.79% |
2,038.2 |
-11.97% |
-5.90% |
4.99% |
|
Total Long Term Debt3 (?) |
137.6 |
-81.71% |
585.6 |
-21.06% |
-9.36% |
28.25% |
|
Employees3 (?) |
- |
- |
4803 |
3.96% |
2.09% |
1.71% |
|
Total Common Shares Outstanding3 (?) |
9.8 |
0.00% |
9.8 |
0.00% |
-1.09% |
0.38% |
|
1-ExchangeRate: KRW to USD Average for Period |
1135.684261 |
 |
1107.891393 |
 |
 |
 |
|
2-ExchangeRate: KRW to USD Average for Period |
1139.544072 |
 |
1107.891393 |
 |
 |
 |
|
3-ExchangeRate: KRW to USD Period End Date |
1119.259952 |
 |
1152.000000 |
 |
 |
 |
|
Key Ratios |
|||||
|
 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Profitability |
|||||
|
Gross Margin (?) |
18.53% |
22.11% |
22.61% |
20.54% |
22.54% |
|
Operating Margin (?) |
4.25% |
8.08% |
9.85% |
7.09% |
8.88% |
|
Pretax Margin (?) |
14.17% |
17.17% |
13.18% |
8.80% |
11.30% |
|
Net Profit Margin (?) |
9.66% |
12.89% |
9.36% |
5.20% |
6.56% |
|
Financial Strength |
|||||
|
Current Ratio (?) |
2.83 |
3.00 |
2.51 |
2.14 |
2.41 |
|
Long Term Debt/Equity (?) |
0.14 |
0.15 |
0.30 |
0.26 |
0.19 |
|
Total Debt/Equity (?) |
0.18 |
0.16 |
0.34 |
0.38 |
0.25 |
|
Interest Coverage (?) |
- |
8,396,430,905.00 |
- |
- |
- |
|
Management Effectiveness |
|||||
|
Return on Assets (?) |
4.13% |
4.86% |
5.62% |
3.19% |
4.08% |
|
Return on Equity (?) |
6.01% |
7.77% |
9.18% |
4.67% |
5.59% |
|
Efficiency |
|||||
|
Receivables Turnover (?) |
3.94 |
3.20 |
3.63 |
3.75 |
3.58 |
|
Inventory Turnover (?) |
5.10 |
4.25 |
4.76 |
5.92 |
6.95 |
|
Asset Turnover (?) |
0.43 |
0.37 |
0.54 |
0.51 |
0.50 |
|
Market Valuation USD (mil) |
||||
|
P/E (TTM) (?) |
5.90 |
. |
Enterprise Value2 (?) |
3,356.0 |
|
Price/Sales (TTM) (?) |
0.94 |
. |
Enterprise Value/Revenue (TTM) (?) |
1.13 |
|
Price/Book (MRQ) (?) |
0.57 |
. |
Enterprise Value/EBITDA (TTM) (?) |
10.18 |
|
Market Cap as of 28-Dec-20121 (?) |
2,913.5 |
. |
|
|
|
1-ExchangeRate: KRW to USD on 28-Dec-2012 |
1072.385874 |
|
|
|
|
2-ExchangeRate: KRW to USD on 30-Sep-2012 |
1119.259952 |
|
|
|
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.54.96 |
|
UK Pound |
1 |
Rs.88.23 |
|
Euro |
1 |
Rs.71.92 |
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%)