|
Report Date : |
10.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI WIA CORPORATION |
|
|
|
|
Registered Office : |
391-8, Gaeumjeong-Dong, Seongsan-Gu Changwon, 642110 |
|
|
|
|
Country : |
South Korea |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
29.03.1976 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacture of motor vehicles |
|
|
|
|
No. of Employees : |
2,591 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SOUTH KOREA - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible
growth and global integration to become a high-tech industrialized economy. In
the 1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and is currently the world''s 12th largest economy. Initially, a
system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea''s development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted
numerous economic reforms following the crisis, including greater openness to
foreign investment and imports. Growth moderated to about 4% annually between
2003 and 2007. Korea''s export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching 6.3%
growth in 2010. The US-South Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The incoming administration in 2013, following
the December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. The South Korean economy''s long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
Source
: CIA
Hyundai Wia
|
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Business
Description
|
HYUNDAI WIA CORPORATION is a Korea-based company mainly engaged in the
manufacture of automobile components. The Company operates in two business
divisions: automobile division and machinery division. Its automobile division
manufactures transmissions, transfer cases, couplings, constant velocity
joints (CVJs), power steering, chassis modules, tire modules, axle module,
automobile engines and others. Its machinery division manufactures machine
tools and industrial machineries, such as vertical machining centers, boring
machines, milling, lathe machines, press lines, cargo cranes, steelmaking
facilities and others. It also provides defense products, such as
artilleries, naval armaments, landing gears and aircrafts, among others. For
the three months ended 31 March 2013, Hyundai Wia revenues increased 8% to
W1.78T. Net income decreased 4% to W86.42B. Revenues reflect Cars segment
increase of 12% to W1.441T. Net income was offset by Machiney segment income
decrease of 32% to W17.6B. Basic Earnings per Share excluding Extraordinary
Items decreased from W3492.38 to W3358.78. |
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
|
|
NAICS 2002: |
33635 - Motor Vehicle Transmission and Power Train
Parts Manufacturing |
|
UK SIC 2003: |
|
|
UK SIC 2007: |
|
|
US SIC 1987: |
Key
Executives
|
Significant
Developments
|
Financial Summary
|
|
|
Stock
Snapshot
|
|
1 - Profit &
Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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Hyundai Wia |
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Auto and Truck Manufacturers |
74,961.0 |
61,411 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Auto and Truck Manufacturers |
2,435.9 |
3,815 |
|
|
Subsidiary |
Philadelphia, PA |
United States |
Railroads |
3.5 |
14 |
|
|
Facility |
Dangjin, Chungnam |
Korea, Republic of |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Istanbul |
Turkey |
Railroads |
|
|
|
|
Facility |
Changwon, Kyungsangnam-do |
Korea, Republic of |
Railroads |
|
|
|
|
Subsidiary |
Changwon |
Korea, Republic of |
Auto and Truck Parts |
6,230.7 |
2,591 |
|
|
Subsidiary |
Offenbach Am Main, Hessen |
Germany |
Appliance and Tool |
52.4 |
16 |
|
|
Subsidiary |
Zhangjiagang, Jiangsu |
China |
Auto and Truck Parts |
369.0 |
|
|
|
Subsidiary |
Rizhao, Shandong |
China |
Miscellaneous Capital Goods |
28.2 |
|
|
|
Subsidiary |
Carlstadt, NJ |
United States |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Niznà Lhoty |
Czech Republic |
Auto and Truck Manufacturers |
3,933.3 |
2,538 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Consumer Financial Services |
918.5 |
2,385 |
|
|
Subsidiary |
Istanbul |
Turkey |
Retail (Specialty) |
|
1,647 |
|
|
Subsidiary |
Seosan-si, Chungcheongnam-Do |
Korea, Republic of |
Auto and Truck Parts |
1,006.4 |
1,075 |
|
|
Subsidiary |
Nosovice |
Czech Republic |
Furniture and Fixtures |
162.7 |
330 |
|
|
Subsidiary |
Villa De Reyes, San Luis Potosi |
Mexico |
Fabricated Plastic and Rubber |
0.8 |
41 |
|
|
Subsidiary |
Gunpo-si, Gyeonggi-do |
Korea, Republic of |
Auto and Truck Parts |
813.2 |
1,055 |
|
|
Subsidiary |
Fountain Valley, CA |
United States |
Auto and Truck Manufacturers |
8,606.0 |
800 |
|
|
Branch |
Montgomery, AL |
United States |
Auto and Truck Manufacturers |
4,216.3 |
3,000 |
|
|
Subsidiary |
Montgomery, AL |
United States |
Auto and Truck Manufacturers |
|
2,500 |
|
|
Subsidiary |
Irvine, CA |
United States |
Consumer Financial Services |
|
700 |
|
|
Branch |
Irvine, CA |
United States |
Business Services |
291.0 |
80 |
|
|
Branch |
Ypsilanti, MI |
United States |
Scientific and Technical Instruments |
11.5 |
6 |
|
|
Branch |
Washington, DC |
United States |
Business Services |
10.9 |
5 |
|
|
Branch |
Aurora, IL |
United States |
Business Services |
17.7 |
4 |
|
|
Branch |
Alpharetta, GA |
United States |
Business Services |
16.7 |
4 |
|
|
Branch |
Ontario, CA |
United States |
Business Services |
14.6 |
4 |
|
|
Branch |
Portland, OR |
United States |
Business Services |
13.1 |
4 |
|
|
Branch |
Lawrenceville, GA |
United States |
Business Services |
12.5 |
3 |
|
|
Branch |
Fountain Valley, CA |
United States |
Business Services |
10.9 |
3 |
|
|
Branch |
Fountain Valley, CA |
United States |
Consumer Financial Services |
|
3 |
|
|
Branch |
Fountain Valley, CA |
United States |
Consumer Financial Services |
|
3 |
|
|
Branch |
Huntington Beach, CA |
United States |
Business Services |
7.3 |
2 |
|
|
Branch |
Fredericksburg, VA |
United States |
Business Services |
11.0 |
1 |
|
|
Subsidiary |
Changwon-si, Gyeongsangnam-Do |
Korea, Republic of |
Iron and Steel |
295.7 |
390 |
|
|
Facility |
Ulsan |
Korea, Republic of |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Offenbach Am Main, Hessen |
Germany |
Retail (Specialty) |
5,792.8 |
300 |
|
|
Subsidiary |
Chennai, Tamilnadu |
India |
Miscellaneous Capital Goods |
|
250 |
|
|
Subsidiary |
Rüsselsheim, Hessen |
Germany |
Biotechnology and Drugs |
66.1 |
206 |
|
|
Subsidiary |
Markham, ON |
Canada |
Auto and Truck Manufacturers |
2,211.8 |
170 |
|
|
Subsidiary |
Sriperumbudur Taluk, Tamil Nadu |
India |
Auto and Truck Manufacturers |
|
160 |
|
|
Subsidiary |
High Wycombe |
United Kingdom |
Retail (Specialty) |
971.4 |
152 |
|
|
Subsidiary |
Neckarsulm, Baden-Württemberg |
Germany |
Retail (Specialty) |
970.7 |
145 |
|
|
Subsidiary |
Madrid |
Spain |
Auto and Truck Manufacturers |
442.5 |
99 |
|
|
Subsidiary |
Milano, MI |
Italy |
Auto and Truck Manufacturers |
869.9 |
95 |
|
|
Subsidiary |
San Diego, CA |
United States |
Mobile Homes and RVs |
|
60 |
|
|
Subsidiary |
Tijuana, Baja California |
Mexico |
Auto and Truck Manufacturers |
|
2,500 |
|
|
Branch |
N Richland Hills, TX |
United States |
Auto and Truck Manufacturers |
4.4 |
1 |
|
|
Subsidiary |
Tokyo |
Japan |
Auto and Truck Manufacturers |
|
50 |
|
|
Subsidiary |
Saint Petersburg |
Russian Federation |
Auto and Truck Parts |
|
45 |
|
|
Subsidiary |
Warszawa |
Poland |
Auto and Truck Manufacturers |
217.0 |
41 |
|
|
Subsidiary |
Ann Arbor, MI |
United States |
Auto and Truck Manufacturers |
19.5 |
30 |
|
|
Subsidiary |
Oslo |
Norway |
Auto and Truck Manufacturers |
84.8 |
27 |
|
|
Subsidiary |
Offenbach Am Main, Hessen |
Germany |
Computer Networks |
25.3 |
25 |
|
|
Subsidiary |
West Point, GA |
United States |
Auto and Truck Manufacturers |
20.2 |
17 |
|
|
Subsidiary |
Beijing, Beijing |
China |
Business Services |
|
11 |
|
|
Subsidiary |
Beijing |
China |
Auto and Truck Parts |
945.5 |
|
|
|
Subsidiary |
Bogotá DC |
Colombia |
Auto and Truck Manufacturers |
539.6 |
|
|
|
Subsidiary |
Metro Manila |
Philippines |
Retail (Specialty) |
343.2 |
|
|
|
Subsidiary |
Dublin |
Ireland |
Retail (Specialty) |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Victoria Island, Lagos |
Nigeria |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Rizhao, Shandong |
China |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Chonju, Chollabuk-Do |
Korea, Republic of |
Recreational Activities |
|
|
|
|
Subsidiary |
Dangjin |
Korea, Republic of |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Inzai, Chiba |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Nosovice |
Czech Republic |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Seosan, Chungnam |
Korea, Republic of |
Auto and Truck Parts |
|
|
|
|
Subsidiary |
Beijing |
China |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Ann Arbor, MI |
United States |
Auto and Truck Manufacturers |
|
|
|
|
Subsidiary |
Frankfurt am Main, Hessen |
Germany |
Investment Services |
|
|
|
|
Subsidiary |
Chennai, Tamilnadu |
India |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Beijing |
China |
Miscellaneous Capital Goods |
|
|
Executives Report
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
6,230.7 |
5,770.2 |
4,432.3 |
2,443.0 |
2,895.4 |
|
Revenue |
6,230.7 |
5,770.2 |
4,432.3 |
2,443.0 |
2,895.4 |
|
Total Revenue |
6,230.7 |
5,770.2 |
4,432.3 |
2,443.0 |
2,895.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
5,499.7 |
5,243.8 |
4,070.5 |
2,230.3 |
2,656.8 |
|
Cost of Revenue, Total |
5,499.7 |
5,243.8 |
4,070.5 |
2,230.3 |
2,656.8 |
|
Gross Profit |
731.0 |
526.3 |
361.7 |
212.7 |
238.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
141.6 |
129.7 |
102.0 |
66.2 |
78.1 |
|
Labor & Related Expense |
72.3 |
66.7 |
50.4 |
29.6 |
29.7 |
|
Advertising Expense |
26.1 |
32.4 |
23.9 |
12.5 |
19.3 |
|
Total Selling/General/Administrative Expenses |
240.0 |
228.8 |
176.3 |
108.2 |
127.0 |
|
Research & Development |
5.5 |
4.6 |
5.9 |
4.9 |
4.4 |
|
Depreciation |
2.7 |
3.4 |
2.1 |
0.9 |
1.0 |
|
Amortization of Intangibles |
3.9 |
2.6 |
3.3 |
2.6 |
3.6 |
|
Depreciation/Amortization |
6.6 |
6.0 |
5.4 |
3.5 |
4.7 |
|
Investment Income -
Operating |
- |
- |
-1.8 |
- |
- |
|
Interest/Investment Income - Operating |
- |
- |
-1.8 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
-1.8 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
1.8 |
- |
- |
|
Unusual Expense (Income) |
- |
- |
1.8 |
- |
- |
|
Other Operating Expense |
- |
- |
6.7 |
- |
- |
|
Other, Net |
- |
- |
-23.1 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
-16.3 |
- |
- |
|
Total Operating Expense |
5,751.8 |
5,483.2 |
4,241.9 |
2,346.9 |
2,792.9 |
|
|
|
|
|
|
|
|
Operating Income |
478.9 |
286.9 |
190.4 |
96.1 |
102.5 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-45.3 |
-50.2 |
-53.4 |
-36.5 |
-38.5 |
|
Interest Capitalized -
Non-Operating |
5.4 |
6.0 |
1.2 |
- |
- |
|
Interest Expense, Net Non-Operating |
-39.9 |
-44.2 |
-52.2 |
-36.5 |
-38.5 |
|
Interest Income -
Non-Operating |
13.1 |
6.1 |
- |
2.5 |
4.3 |
|
Investment Income -
Non-Operating |
18.4 |
20.3 |
11.9 |
20.2 |
-3.3 |
|
Interest/Investment Income - Non-Operating |
31.5 |
26.4 |
11.9 |
22.7 |
1.0 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
4.6 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-8.4 |
-17.8 |
-35.7 |
-13.7 |
-37.5 |
|
Gain (Loss) on Sale of Assets |
5.0 |
-0.4 |
- |
0.2 |
-1.4 |
|
Other Non-Operating Income (Expense) |
18.1 |
13.0 |
-11.4 |
-7.8 |
-8.1 |
|
Other, Net |
18.1 |
13.0 |
-11.4 |
-7.8 |
-8.1 |
|
Income Before Tax |
493.7 |
281.7 |
143.2 |
74.7 |
55.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
116.9 |
64.3 |
28.7 |
14.2 |
13.3 |
|
Income After Tax |
376.8 |
217.4 |
114.5 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.4 |
-2.8 |
-3.9 |
- |
- |
|
Net Income Before Extraord Items |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
Net Income |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
25.7 |
25.2 |
21.7 |
21.7 |
21.7 |
|
Basic EPS Excl Extraord Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Basic/Primary EPS Incl Extraord Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
Diluted Weighted Average Shares |
25.7 |
25.2 |
21.7 |
21.7 |
21.7 |
|
Diluted EPS Excl Extraord Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Diluted EPS Incl Extraord Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Dividends per Share - Common Stock Primary Issue |
0.44 |
0.45 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
11.4 |
11.6 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
39.9 |
44.2 |
52.2 |
36.5 |
38.5 |
|
Interest Capitalized, Supplemental |
-5.4 |
-6.0 |
-1.2 |
- |
- |
|
Depreciation, Supplemental |
82.6 |
73.1 |
61.0 |
34.8 |
36.8 |
|
Total Special Items |
-5.0 |
0.4 |
1.8 |
0.0 |
2.4 |
|
Normalized Income Before Tax |
488.7 |
282.1 |
145.1 |
74.6 |
57.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-1.2 |
0.1 |
0.4 |
0.0 |
0.3 |
|
Inc Tax Ex Impact of Sp Items |
115.7 |
64.4 |
29.1 |
14.2 |
13.6 |
|
Normalized Income After Tax |
373.0 |
217.7 |
116.0 |
60.5 |
44.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.5 |
214.9 |
112.1 |
60.5 |
44.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
14.28 |
8.52 |
5.16 |
2.78 |
2.03 |
|
Diluted Normalized EPS |
14.28 |
8.52 |
5.16 |
2.78 |
2.03 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.1 |
0.9 |
|
Amort of Intangibles, Supplemental |
17.2 |
15.8 |
15.8 |
10.1 |
9.5 |
|
Rental Expenses |
4.5 |
3.6 |
1.9 |
0.5 |
0.5 |
|
Advertising Expense, Supplemental |
26.1 |
32.4 |
23.9 |
12.5 |
19.3 |
|
Research & Development Exp, Supplemental |
5.5 |
4.6 |
7.1 |
4.9 |
4.4 |
|
Normalized EBIT |
478.9 |
286.9 |
190.4 |
96.1 |
102.5 |
|
Normalized EBITDA |
578.7 |
375.9 |
267.2 |
141.1 |
149.6 |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
342.2 |
303.6 |
183.4 |
76.5 |
76.5 |
|
Short Term Investments |
191.3 |
1.8 |
3.8 |
8.5 |
43.8 |
|
Cash and Short Term Investments |
533.5 |
305.4 |
187.2 |
85.0 |
120.3 |
|
Accounts Receivable -
Trade, Gross |
1,065.5 |
1,100.5 |
953.9 |
616.9 |
623.5 |
|
Provision for Doubtful
Accounts |
-27.4 |
-21.5 |
-18.7 |
-10.8 |
-38.7 |
|
Trade Accounts Receivable - Net |
1,350.8 |
1,248.5 |
1,082.3 |
606.1 |
584.8 |
|
Other Receivables |
86.7 |
70.1 |
57.5 |
31.9 |
37.4 |
|
Total Receivables, Net |
1,437.5 |
1,318.6 |
1,139.8 |
638.0 |
622.2 |
|
Inventories - Finished Goods |
146.5 |
135.4 |
149.4 |
27.0 |
39.2 |
|
Inventories - Work In Progress |
217.1 |
222.1 |
170.3 |
94.3 |
83.7 |
|
Inventories - Raw Materials |
194.5 |
232.7 |
169.7 |
113.7 |
106.8 |
|
Inventories - Other |
77.7 |
122.3 |
83.4 |
76.9 |
43.0 |
|
Total Inventory |
635.8 |
712.5 |
572.8 |
312.0 |
272.7 |
|
Prepaid Expenses |
3.0 |
2.6 |
2.0 |
0.6 |
1.3 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
11.4 |
9.0 |
|
Discontinued Operations - Current Asset |
- |
- |
12.3 |
- |
- |
|
Other Current Assets |
5.4 |
0.4 |
0.5 |
6.5 |
8.5 |
|
Other Current Assets, Total |
5.4 |
0.4 |
12.8 |
17.9 |
17.5 |
|
Total Current Assets |
2,615.1 |
2,339.5 |
1,914.6 |
1,053.5 |
1,034.0 |
|
|
|
|
|
|
|
|
Buildings |
271.4 |
220.2 |
192.7 |
126.3 |
111.2 |
|
Land/Improvements |
350.4 |
331.0 |
336.3 |
275.4 |
262.7 |
|
Machinery/Equipment |
1,032.2 |
836.7 |
699.3 |
400.1 |
348.8 |
|
Construction in
Progress |
113.6 |
67.2 |
54.2 |
53.3 |
6.8 |
|
Other Property/Plant/Equipment |
35.3 |
22.5 |
20.3 |
14.2 |
10.8 |
|
Property/Plant/Equipment - Gross |
1,802.9 |
1,477.5 |
1,302.8 |
869.3 |
740.2 |
|
Accumulated Depreciation |
-492.2 |
-415.6 |
-351.0 |
-225.8 |
-179.4 |
|
Property/Plant/Equipment - Net |
1,310.7 |
1,061.9 |
951.8 |
643.5 |
560.8 |
|
Goodwill, Net |
- |
- |
- |
- |
0.1 |
|
Intangibles, Net |
121.9 |
102.6 |
90.0 |
62.3 |
54.1 |
|
LT Investment - Affiliate Companies |
180.8 |
132.3 |
110.3 |
224.9 |
172.2 |
|
LT Investments - Other |
30.7 |
34.8 |
26.5 |
5.9 |
9.2 |
|
Long Term Investments |
211.4 |
167.1 |
136.8 |
230.8 |
181.5 |
|
Note Receivable - Long Term |
13.3 |
10.2 |
11.9 |
0.7 |
0.6 |
|
Deferred Income Tax - Long Term Asset |
1.2 |
1.0 |
0.9 |
- |
- |
|
Other Long Term Assets |
15.0 |
9.3 |
8.3 |
22.0 |
19.3 |
|
Other Long Term Assets, Total |
16.3 |
10.4 |
9.2 |
22.0 |
19.3 |
|
Total Assets |
4,288.7 |
3,691.7 |
3,114.2 |
2,012.8 |
1,850.5 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,141.1 |
1,067.7 |
1,031.0 |
563.1 |
450.7 |
|
Accrued Expenses |
22.0 |
21.4 |
17.3 |
4.4 |
3.6 |
|
Notes Payable/Short Term Debt |
93.1 |
227.2 |
330.5 |
115.3 |
226.3 |
|
Current Portion - Long Term Debt/Capital Leases |
121.9 |
243.1 |
141.0 |
47.3 |
103.2 |
|
Customer Advances |
29.5 |
75.6 |
32.0 |
30.0 |
22.6 |
|
Security Deposits |
0.9 |
0.7 |
0.5 |
0.1 |
0.1 |
|
Income Taxes Payable |
66.6 |
24.2 |
17.3 |
10.0 |
7.5 |
|
Other Payables |
90.7 |
79.6 |
74.1 |
128.5 |
210.6 |
|
Other Current Liabilities |
112.6 |
135.8 |
69.8 |
4.4 |
8.6 |
|
Other Current liabilities, Total |
300.4 |
315.8 |
193.8 |
173.0 |
249.4 |
|
Total Current Liabilities |
1,678.5 |
1,875.1 |
1,713.6 |
903.0 |
1,033.3 |
|
|
|
|
|
|
|
|
Long Term Debt |
710.7 |
433.0 |
445.9 |
342.3 |
156.4 |
|
Total Long Term Debt |
710.7 |
433.0 |
445.9 |
342.3 |
156.4 |
|
Total Debt |
925.7 |
903.2 |
917.5 |
504.8 |
486.0 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
88.2 |
55.1 |
42.4 |
43.0 |
40.8 |
|
Deferred Income Tax |
88.2 |
55.1 |
42.4 |
43.0 |
40.8 |
|
Minority Interest |
46.1 |
38.0 |
35.7 |
- |
- |
|
Reserves |
24.1 |
8.2 |
13.9 |
8.6 |
7.7 |
|
Pension Benefits - Underfunded |
18.9 |
18.8 |
22.7 |
7.4 |
10.3 |
|
Other Long Term Liabilities |
3.3 |
3.3 |
3.1 |
1.6 |
1.5 |
|
Other Liabilities, Total |
46.4 |
30.3 |
39.7 |
17.6 |
19.5 |
|
Total Liabilities |
2,569.9 |
2,431.5 |
2,277.3 |
1,306.0 |
1,250.1 |
|
|
|
|
|
|
|
|
Common Stock |
120.6 |
111.7 |
95.7 |
93.3 |
86.3 |
|
Common Stock |
120.6 |
111.7 |
95.7 |
93.3 |
86.3 |
|
Additional Paid-In Capital |
226.2 |
209.4 |
4.5 |
13.1 |
12.1 |
|
Retained Earnings (Accumulated Deficit) |
1,373.4 |
926.2 |
736.1 |
435.4 |
341.2 |
|
Unrealized Gain (Loss) |
2.9 |
5.0 |
0.8 |
165.3 |
161.3 |
|
Translation Adjustment |
-4.3 |
7.8 |
-0.3 |
- |
- |
|
Other Equity |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Comprehensive Income |
- |
- |
- |
-0.3 |
-0.4 |
|
Other Equity, Total |
-4.3 |
7.8 |
-0.3 |
-0.3 |
-0.4 |
|
Total Equity |
1,718.8 |
1,260.2 |
836.9 |
706.8 |
600.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
4,288.7 |
3,691.7 |
3,114.2 |
2,012.8 |
1,850.5 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
25.7 |
25.7 |
21.7 |
21.7 |
21.7 |
|
Total Common Shares Outstanding |
25.7 |
25.7 |
21.7 |
21.7 |
21.7 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
2,503 |
2,328 |
2,156 |
1,978 |
2,006 |
|
Number of Common Shareholders |
- |
- |
654 |
523 |
486 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
4.4 |
4.0 |
|
Accumulated Intangible Amort, Suppl. |
103.8 |
79.3 |
65.1 |
42.0 |
28.4 |
|
Deferred Revenue - Current |
29.5 |
75.6 |
32.0 |
30.0 |
22.6 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
390.8 |
260.2 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
47.3 |
103.2 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
128.8 |
45.8 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
214.7 |
111.2 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
343.5 |
157.0 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
1.3 |
1.4 |
- |
- |
- |
|
Operating Lease Payments Due in Year 1 |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
0.2 |
0.2 |
- |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
0.2 |
0.2 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.8 |
0.9 |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
376.8 |
217.4 |
114.5 |
60.5 |
42.2 |
|
Depreciation |
82.6 |
73.1 |
61.0 |
34.8 |
36.8 |
|
Depreciation/Depletion |
82.6 |
73.1 |
61.0 |
34.8 |
36.8 |
|
Amortization of Intangibles |
17.2 |
15.8 |
15.8 |
10.3 |
10.4 |
|
Amortization |
17.2 |
15.8 |
15.8 |
10.3 |
10.4 |
|
Deferred Taxes |
- |
15.3 |
- |
0.2 |
-2.1 |
|
Unusual Items |
-6.9 |
9.7 |
2.8 |
-23.4 |
27.3 |
|
Equity in Net Earnings (Loss) |
-25.4 |
-19.9 |
-15.2 |
-2.5 |
-18.4 |
|
Other Non-Cash Items |
198.4 |
143.1 |
126.1 |
36.8 |
70.4 |
|
Non-Cash Items |
166.1 |
132.8 |
113.7 |
11.0 |
79.3 |
|
Accounts Receivable |
124.0 |
-134.4 |
57.0 |
5.2 |
2.5 |
|
Inventories |
104.0 |
-137.3 |
-69.3 |
-8.6 |
-35.3 |
|
Prepaid Expenses |
- |
- |
- |
1.0 |
1.5 |
|
Other Assets |
-101.4 |
-35.6 |
-38.5 |
21.6 |
0.9 |
|
Accounts Payable |
-40.9 |
5.1 |
270.4 |
-21.1 |
52.3 |
|
Accrued Expenses |
- |
- |
- |
0.4 |
0.4 |
|
Taxes Payable |
- |
-13.5 |
- |
1.8 |
-6.9 |
|
Other Liabilities |
-131.8 |
69.5 |
59.9 |
-17.6 |
-18.8 |
|
Other Assets & Liabilities, Net |
-0.3 |
0.5 |
1.4 |
- |
- |
|
Other Operating Cash Flow |
-79.8 |
-71.5 |
-59.9 |
- |
- |
|
Changes in Working Capital |
-126.2 |
-317.3 |
221.0 |
-17.2 |
-3.4 |
|
Cash from Operating Activities |
516.5 |
137.2 |
526.0 |
99.6 |
163.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-281.0 |
-200.0 |
-130.9 |
-78.0 |
-46.6 |
|
Purchase/Acquisition of Intangibles |
-34.1 |
-31.4 |
-25.7 |
-14.7 |
-17.2 |
|
Capital Expenditures |
-315.2 |
-231.4 |
-156.6 |
-92.7 |
-63.7 |
|
Sale of Fixed Assets |
37.9 |
1.1 |
0.9 |
9.7 |
3.6 |
|
Sale/Maturity of Investment |
3.6 |
2.1 |
0.0 |
39.0 |
14.6 |
|
Purchase of Investments |
-189.8 |
-19.0 |
-8.6 |
-43.8 |
-84.9 |
|
Sale of Intangible Assets |
0.2 |
- |
- |
- |
- |
|
Other Investing Cash Flow |
-4.5 |
13.3 |
2.3 |
0.2 |
-1.7 |
|
Other Investing Cash Flow Items, Total |
-152.5 |
-2.5 |
-5.4 |
5.0 |
-68.5 |
|
Cash from Investing Activities |
-467.7 |
-233.9 |
-162.0 |
-87.7 |
-132.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-248.5 |
-144.4 |
-65.4 |
-0.4 |
-0.5 |
|
Financing Cash Flow Items |
-248.5 |
-144.4 |
-65.4 |
-0.4 |
-0.5 |
|
Sale/Issuance of
Common |
- |
231.5 |
- |
- |
- |
|
Common Stock, Net |
- |
231.5 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
231.5 |
- |
- |
- |
|
Short Term Debt Issued |
17.7 |
91.2 |
1,160.6 |
646.1 |
1,172.6 |
|
Short Term Debt
Reduction |
-186.7 |
-197.6 |
-1,549.5 |
-764.1 |
-1,133.7 |
|
Short Term Debt, Net |
-169.0 |
-106.4 |
-388.9 |
-118.0 |
38.9 |
|
Long Term Debt Issued |
435.2 |
247.0 |
202.8 |
202.7 |
107.0 |
|
Long Term Debt
Reduction |
-49.4 |
-4.3 |
- |
-101.9 |
-131.8 |
|
Long Term Debt, Net |
385.8 |
242.7 |
202.8 |
100.9 |
-24.8 |
|
Issuance (Retirement) of Debt, Net |
216.7 |
136.2 |
-186.1 |
-17.2 |
14.1 |
|
Cash from Financing Activities |
-31.8 |
223.4 |
-251.5 |
-17.6 |
13.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.6 |
1.2 |
-42.0 |
- |
- |
|
Net Change in Cash |
13.4 |
127.9 |
70.5 |
-5.7 |
44.4 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
310.4 |
187.8 |
109.5 |
76.0 |
43.7 |
|
Net Cash - Ending Balance |
323.8 |
315.7 |
180.0 |
70.2 |
88.1 |
|
Cash Interest Paid |
43.2 |
43.7 |
58.6 |
- |
- |
|
Cash Taxes Paid |
48.5 |
44.4 |
5.9 |
- |
- |
Annual Income Statement
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Reclassified
Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Finished Product Revenue |
- |
- |
- |
2,389.7 |
2,792.0 |
|
Sales Revenue of Merchandises |
- |
- |
- |
53.4 |
103.4 |
|
Sales Revenue |
6,230.7 |
5,770.2 |
4,432.3 |
- |
- |
|
Total Revenue |
6,230.7 |
5,770.2 |
4,432.3 |
2,443.0 |
2,895.4 |
|
|
|
|
|
|
|
|
Cost of Finished Goods Sold |
- |
- |
- |
2,179.9 |
2,557.6 |
|
Cost of Merchandises Sold |
- |
- |
- |
50.4 |
99.2 |
|
Costs of Goods & Services Sold |
5,499.7 |
5,243.8 |
4,070.5 |
- |
- |
|
Salaries & Wages |
55.0 |
52.0 |
40.9 |
23.1 |
23.1 |
|
Retirement & Severance Benefits |
4.4 |
3.9 |
2.3 |
2.1 |
1.9 |
|
Employee Benefits |
12.9 |
10.7 |
7.2 |
4.4 |
4.7 |
|
Travel Expense |
5.0 |
4.5 |
5.1 |
2.2 |
1.9 |
|
Communication Expense |
0.9 |
0.8 |
0.7 |
0.2 |
0.3 |
|
Taxes & Dues |
- |
- |
- |
0.4 |
1.0 |
|
Computing Expense |
- |
- |
- |
0.0 |
0.0 |
|
Consumable Expense |
0.5 |
0.4 |
0.4 |
0.1 |
0.1 |
|
Expense-Uniforms |
- |
- |
- |
0.1 |
0.1 |
|
Office Supplies Expense |
0.5 |
0.3 |
0.2 |
0.2 |
0.1 |
|
Rental Expense |
4.5 |
3.6 |
1.9 |
0.5 |
0.5 |
|
Office Maintenance Expense |
- |
- |
- |
0.9 |
0.6 |
|
Shipping & Storage Expense |
45.4 |
47.8 |
22.3 |
0.2 |
0.3 |
|
Repair Expense |
0.5 |
0.5 |
0.1 |
0.0 |
0.2 |
|
Insurance Expense |
1.3 |
1.3 |
1.2 |
0.7 |
1.1 |
|
Commissions |
9.5 |
8.6 |
7.9 |
4.6 |
7.5 |
|
Vehicle Expense |
0.8 |
0.7 |
0.6 |
9.6 |
11.8 |
|
Entertainment Expense |
1.1 |
0.9 |
0.8 |
0.2 |
0.4 |
|
Sales Promotion Activities Expense |
18.5 |
24.0 |
19.2 |
8.8 |
14.2 |
|
Advertising Expense |
7.5 |
8.4 |
4.7 |
3.7 |
5.1 |
|
Books Expense |
2.3 |
1.6 |
1.3 |
0.5 |
0.5 |
|
Overseas Market Development Cost |
- |
0.0 |
0.0 |
0.0 |
0.1 |
|
Sales Guarantees |
27.7 |
15.7 |
15.3 |
12.2 |
5.9 |
|
Expense of Allow. for DA |
6.9 |
7.5 |
11.0 |
1.4 |
24.0 |
|
Research Expense |
5.5 |
4.6 |
5.9 |
4.9 |
4.4 |
|
Amort. of Intangibless |
3.9 |
2.6 |
3.3 |
2.6 |
3.6 |
|
Depreciation |
2.7 |
3.4 |
2.1 |
0.9 |
1.0 |
|
Exporting Expense |
28.0 |
26.4 |
28.1 |
32.0 |
21.8 |
|
Other Administrative Expense |
6.8 |
8.8 |
5.3 |
- |
- |
|
Gain on Foreign Currency Transaction |
- |
- |
-17.9 |
- |
- |
|
Gain on Foreign Currency Translation |
- |
- |
-6.9 |
- |
- |
|
Gain on Derivative Transaction |
- |
- |
-5.6 |
- |
- |
|
Gain on Valt of Derivatives |
- |
- |
-1.1 |
- |
- |
|
Gain on Disposal of PPT |
- |
- |
-0.2 |
- |
- |
|
Rental Income |
- |
- |
-0.2 |
- |
- |
|
Reversal of Allow. for DA |
- |
- |
0.0 |
- |
- |
|
Royalty Income |
- |
- |
-5.3 |
- |
- |
|
Miscellaneous Income |
- |
- |
-17.6 |
- |
- |
|
Loss on Foreign Currency Transaction |
- |
- |
20.2 |
- |
- |
|
Loss on Foreign Currency Translation |
- |
- |
7.4 |
- |
- |
|
Loss on Derivative Transaction |
- |
- |
1.8 |
- |
- |
|
Loss on Valt of Derivatives |
- |
- |
0.3 |
- |
- |
|
Loss on Disposal of PPT |
- |
- |
2.0 |
- |
- |
|
Other Allow. for DA |
- |
- |
2.0 |
- |
- |
|
Donations Paid |
- |
- |
0.2 |
- |
- |
|
Miscellaneous Loss |
- |
- |
4.5 |
- |
- |
|
Adj. for Other Operating Expense |
- |
- |
- |
- |
- |
|
Adjustment for Administrative Expenses |
0.0 |
- |
- |
- |
- |
|
Adj. for Selling Expense |
0.0 |
- |
- |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
5,751.8 |
5,483.2 |
4,241.9 |
2,346.9 |
2,792.9 |
|
|
|
|
|
|
|
|
Interest Income |
13.1 |
6.1 |
- |
2.5 |
4.3 |
|
Dividend Income |
0.2 |
- |
- |
- |
0.3 |
|
Royalty Income |
7.6 |
15.4 |
- |
- |
- |
|
Gain under Equity Method |
25.4 |
19.9 |
15.2 |
12.8 |
20.4 |
|
Gain on Disposal of Invmt in Affiliates |
- |
- |
6.3 |
- |
- |
|
Gain-Disposal of Other Investment Assets |
- |
- |
- |
- |
5.0 |
|
Gain-Currency Forwards Transactions |
- |
- |
- |
18.4 |
0.9 |
|
Gain-Foreign Exchange Transaction |
14.9 |
18.0 |
- |
45.9 |
53.3 |
|
Gain-Foreign Currency Translation |
7.3 |
20.2 |
- |
3.4 |
19.5 |
|
Gain-Valuation of Currency Forwards |
- |
- |
- |
2.9 |
10.3 |
|
Gain-Disposal of Tangible Assets |
6.2 |
0.2 |
- |
1.8 |
0.0 |
|
Gain on Derivatives Transaction |
8.0 |
5.2 |
- |
- |
- |
|
Gain on Valt of Derivatives |
5.3 |
0.0 |
- |
- |
- |
|
Recovery of Provisions for Product Warra |
- |
- |
- |
0.7 |
0.1 |
|
Income-Installments |
- |
- |
- |
0.2 |
0.3 |
|
Rental Income |
0.3 |
0.2 |
- |
- |
- |
|
Miscellaneous Income |
19.9 |
23.9 |
- |
13.8 |
24.6 |
|
Interest Expense |
-45.3 |
-50.2 |
-53.4 |
-36.5 |
-38.5 |
|
Interest Capitalized - Non-Operating |
5.4 |
6.0 |
1.2 |
- |
- |
|
Loss-Disposal of Sec Available-Sale |
- |
- |
- |
- |
0.0 |
|
Loss under Equity Method |
- |
- |
- |
-10.3 |
-2.0 |
|
Loss-Currency Forwards Transaction |
- |
- |
- |
-2.4 |
-28.6 |
|
Loss-Foreign Exchange Transaction |
-24.4 |
-17.2 |
- |
-39.9 |
-56.7 |
|
Loss-Foreign Currency Translation |
-12.2 |
-13.5 |
- |
-8.0 |
-21.0 |
|
Loss-Reduct. of Sec. Available-Sale |
- |
- |
- |
-0.2 |
- |
|
Loss-Valuation of Derivatives |
-0.1 |
-6.4 |
- |
-2.2 |
-4.1 |
|
Loss on Derivative Transaction |
-0.4 |
-2.1 |
- |
- |
- |
|
Impairment Losses on Intangible Assets i |
-5.5 |
-0.7 |
- |
-0.2 |
-0.5 |
|
Impmt Loss on PPE |
- |
-3.1 |
- |
- |
- |
|
Loss-Disposal of Accounts Receivable |
- |
- |
- |
-8.0 |
-14.7 |
|
Loss-Disposal of Tangible Assets |
-1.2 |
-0.6 |
- |
-1.6 |
-1.4 |
|
Loss on Disposal of Intangibless |
0.0 |
- |
- |
- |
- |
|
Bad Debt Expense |
- |
- |
- |
-9.8 |
-14.2 |
|
Other Allow. for DA |
- |
-6.6 |
- |
- |
- |
|
Rec. of Allow. for DA |
0.1 |
0.2 |
- |
- |
- |
|
Donations |
-0.6 |
-0.4 |
- |
-0.1 |
-0.3 |
|
Miscellaneous Losses |
-4.3 |
-15.8 |
- |
-4.4 |
-3.9 |
|
Finance Income |
- |
- |
4.6 |
- |
- |
|
Gain on Fincl Guarantee |
1.0 |
0.3 |
- |
- |
- |
|
Other Finance Expense |
-5.9 |
-4.4 |
-11.4 |
- |
- |
|
Impmt Loss-LT Assets Held for Sale |
- |
- |
-9.5 |
- |
- |
|
Adj. for Finance Income |
0.0 |
- |
- |
- |
- |
|
Adj. for Finance Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj for Other Non-Operating Income |
0.0 |
- |
- |
- |
- |
|
Adj for Other Non-Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
493.7 |
281.7 |
143.2 |
74.7 |
55.4 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
116.9 |
64.3 |
28.7 |
14.2 |
13.3 |
|
Net Income After Taxes |
376.8 |
217.4 |
114.5 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Minority Interest |
-5.4 |
-2.8 |
-3.9 |
- |
- |
|
Net Income Before Extra. Items |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
Net Income |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
25.7 |
25.2 |
21.7 |
21.7 |
21.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Basic EPS Including ExtraOrdinary Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Dilution Adjustment |
- |
- |
0.0 |
- |
- |
|
Diluted Net Income |
371.3 |
214.6 |
110.6 |
60.5 |
42.2 |
|
Diluted Weighted Average Shares |
25.7 |
25.2 |
21.7 |
21.7 |
21.7 |
|
Diluted EPS Excluding ExtraOrd Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
Diluted EPS Including ExtraOrd Items |
14.43 |
8.50 |
5.09 |
2.78 |
1.94 |
|
DPS-Common Stock |
0.44 |
0.45 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
11.4 |
11.6 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
488.7 |
282.1 |
145.1 |
74.6 |
57.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
115.7 |
64.4 |
29.1 |
14.2 |
13.6 |
|
Normalized Income After Taxes |
373.0 |
217.7 |
116.0 |
60.5 |
44.2 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
367.5 |
214.9 |
112.1 |
60.5 |
44.2 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
14.28 |
8.52 |
5.16 |
2.78 |
2.03 |
|
Diluted Normalized EPS |
14.28 |
8.52 |
5.16 |
2.78 |
2.03 |
|
Interest Expense, Supplemental |
39.9 |
44.2 |
52.2 |
36.5 |
38.5 |
|
Rental Expense, Supplemental |
4.5 |
3.6 |
1.9 |
0.5 |
0.5 |
|
Advertising Expense, Supplemental |
26.1 |
32.4 |
23.9 |
12.5 |
19.3 |
|
R&D Expense, Supplemental |
5.5 |
4.6 |
7.1 |
4.9 |
4.4 |
|
Depreciation, Supplemental |
82.6 |
73.1 |
61.0 |
34.8 |
36.8 |
|
Amort of Intangibles, Supplemental |
17.2 |
15.8 |
15.8 |
10.1 |
9.5 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.1 |
0.9 |
|
Interest Capitalized, Supplemental |
-5.4 |
-6.0 |
-1.2 |
- |
- |
|
|
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1066.400024 |
1152 |
1134.9 |
1164.475 |
1259.55 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte & Touche
LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
342.2 |
303.6 |
183.4 |
77.0 |
77.0 |
|
Government Subsidy, Cash & Cash Equiv. |
- |
- |
- |
-0.5 |
-0.5 |
|
Other Current Fincl Instrm |
- |
- |
- |
4.6 |
43.8 |
|
Current Fincl Instrm |
191.3 |
0.0 |
2.1 |
- |
- |
|
ST Securities Available for Sale |
- |
1.7 |
1.8 |
3.9 |
- |
|
Current Derivative Assets |
5.4 |
0.4 |
0.5 |
6.5 |
8.5 |
|
Deferred Income Taxes-Debit, Current |
- |
- |
- |
11.4 |
9.0 |
|
Trade Receivable |
1,065.5 |
1,100.5 |
953.9 |
616.9 |
623.5 |
|
Unbilled Constructions |
311.1 |
169.4 |
147.1 |
- |
- |
|
Allow. for DA |
-25.0 |
-19.1 |
-18.7 |
-10.6 |
-26.2 |
|
Account Receivable |
86.7 |
70.1 |
57.5 |
31.9 |
37.4 |
|
Allow. for DA for Account Receivable |
-2.3 |
-2.4 |
- |
-0.2 |
-12.5 |
|
Loans |
0.0 |
0.0 |
0.0 |
- |
- |
|
Prepaid Expense |
2.6 |
2.4 |
1.8 |
0.6 |
1.3 |
|
Prepaid Value Added Taxes |
0.3 |
0.1 |
0.1 |
- |
- |
|
Prepaid Income Taxes |
0.0 |
0.0 |
0.0 |
- |
- |
|
Prepaid Lease Expense |
0.1 |
0.1 |
0.1 |
- |
- |
|
Advance Payments |
15.7 |
27.9 |
14.8 |
6.8 |
6.8 |
|
Accrued Income |
1.6 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Merchandises |
4.1 |
7.7 |
9.4 |
4.9 |
8.8 |
|
Allow. for Loss on Valt of Merchandises |
- |
- |
- |
-1.0 |
-2.1 |
|
Finished Goods |
142.4 |
127.6 |
140.0 |
22.1 |
30.4 |
|
Allow. for Loss-Valt of Finished Goods |
- |
- |
- |
-0.7 |
-2.6 |
|
Goods in Transit |
58.7 |
91.2 |
66.9 |
72.1 |
45.1 |
|
Raw Materials |
193.0 |
229.8 |
168.5 |
113.5 |
106.8 |
|
Allow. for Loss on Valt of Raw Materials |
- |
- |
- |
-0.3 |
-2.1 |
|
Supplemental Raw Materials |
1.5 |
2.9 |
1.2 |
0.2 |
0.0 |
|
Semi-finished Goods |
185.0 |
193.3 |
146.9 |
- |
- |
|
Work in Progress |
32.1 |
28.8 |
23.4 |
94.3 |
83.7 |
|
Allowance for Loss on Valuation of Work |
- |
- |
- |
- |
-2.1 |
|
Supplies |
3.3 |
3.2 |
1.7 |
0.0 |
0.0 |
|
Non-Current Assets Held for Sale |
- |
- |
12.3 |
- |
- |
|
Adj. for Other Current Fincl Instrm |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Trade Receivable |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Current Loans & Other Recv. |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Inventories |
- |
- |
0.0 |
- |
- |
|
Total Current Assets |
2,615.1 |
2,339.5 |
1,914.6 |
1,053.5 |
1,034.0 |
|
|
|
|
|
|
|
|
LT Financial Assets |
- |
- |
- |
0.1 |
0.1 |
|
Invmt in Properties |
1.4 |
1.3 |
1.3 |
- |
- |
|
Non-Current Securities Available-for-Sal |
29.1 |
24.8 |
24.7 |
- |
- |
|
Loans |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Other Non-Current Fincl Instrm |
0.1 |
8.8 |
0.5 |
5.8 |
9.2 |
|
Equity Method Investment Securities |
- |
- |
- |
224.9 |
172.2 |
|
Invmt in Affiliates |
173.7 |
127.3 |
105.7 |
- |
- |
|
Invmt in Joint Venture |
7.1 |
5.0 |
4.6 |
- |
- |
|
Non-Current Derivatives Assets |
0.1 |
- |
- |
- |
- |
|
Prepaid Expense for Rent |
1.2 |
1.3 |
1.3 |
- |
- |
|
Guarantee Deposits, Non-Current Assets |
13.4 |
7.8 |
6.9 |
15.2 |
12.8 |
|
Non-Current Prepaid Expense |
0.2 |
0.2 |
0.1 |
6.9 |
6.7 |
|
Discount for Present Value |
- |
- |
- |
-0.1 |
-0.1 |
|
LT Trade Receivable |
- |
- |
- |
0.6 |
0.5 |
|
Non-Current Other Receivable |
13.2 |
10.1 |
11.7 |
- |
- |
|
Lands |
350.4 |
331.0 |
336.3 |
275.4 |
262.7 |
|
Buildings |
238.3 |
195.3 |
171.7 |
111.5 |
97.9 |
|
Buildings-Depreciation |
-31.6 |
-27.1 |
-22.9 |
-14.7 |
-11.6 |
|
Buildings-Reduction |
- |
-0.5 |
- |
- |
- |
|
Structures |
33.1 |
25.4 |
21.0 |
14.8 |
13.2 |
|
Structures-Depreciation |
-8.6 |
-7.4 |
-6.8 |
-4.9 |
-4.0 |
|
Structures-Reduction |
- |
-0.1 |
- |
- |
- |
|
Tools & Equipments |
123.2 |
101.5 |
82.8 |
48.5 |
39.2 |
|
Tools & Equipments-Depreciation |
-72.0 |
-58.7 |
-49.0 |
-29.5 |
-22.4 |
|
Tools & Equipments-Reduction |
- |
-0.1 |
- |
- |
- |
|
Machineries & Equipments |
859.0 |
696.9 |
583.0 |
331.5 |
292.7 |
|
Machineries & Equipments-Depreciation |
-345.4 |
-294.4 |
-249.8 |
-162.5 |
-129.8 |
|
Machineries & Equipments-Reduction |
- |
-2.3 |
- |
- |
- |
|
Vehicles |
3.7 |
3.0 |
2.8 |
1.5 |
1.4 |
|
Vehicles-Depreciation |
-1.7 |
-1.5 |
-1.4 |
-0.8 |
-0.9 |
|
Fixtures |
46.3 |
37.7 |
30.8 |
18.7 |
15.5 |
|
Fixtures-Depreciation |
-24.4 |
-20.4 |
-16.7 |
-10.2 |
-8.9 |
|
Fixtures-Reduction |
- |
-0.1 |
- |
- |
- |
|
Construction in Progress |
113.6 |
67.2 |
54.2 |
51.9 |
5.5 |
|
Other Property Plant & Equipment |
35.3 |
22.5 |
20.3 |
14.2 |
10.8 |
|
Other Tangibles-Depreciation |
-8.5 |
-6.1 |
-4.5 |
-3.1 |
-2.0 |
|
Trees |
- |
- |
- |
1.4 |
1.3 |
|
Software |
13.6 |
13.8 |
9.8 |
- |
- |
|
Royalty |
4.3 |
4.6 |
5.1 |
- |
- |
|
Membership Rights |
12.9 |
9.3 |
9.4 |
- |
- |
|
Industrial Property Rights |
1.7 |
1.9 |
2.1 |
0.1 |
0.1 |
|
Development Costs |
92.7 |
78.0 |
68.3 |
60.2 |
50.4 |
|
Other Intangibless |
0.2 |
0.2 |
0.3 |
6.2 |
6.6 |
|
Development Costs-Government Subsidy |
-3.3 |
-5.2 |
-5.2 |
-4.2 |
-3.0 |
|
Goodwill |
- |
- |
- |
- |
0.1 |
|
Non-Current Deferred Income Taxes Assets |
1.2 |
1.0 |
0.9 |
- |
- |
|
Adj. for LT Loans & Other Receivable |
0.0 |
- |
0.0 |
- |
- |
|
Adj. for Property, Plant & Equipment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Intangibless |
- |
0.0 |
- |
- |
- |
|
Adj. for Other Non-Current Assets |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Non-Current Fincl Instrm |
0.0 |
- |
- |
- |
- |
|
Total Assets |
4,288.7 |
3,691.7 |
3,114.2 |
2,012.8 |
1,850.5 |
|
|
|
|
|
|
|
|
Current Trade Payable |
1,141.1 |
1,067.7 |
1,031.0 |
563.1 |
450.7 |
|
Other Payable |
90.7 |
79.6 |
74.1 |
128.5 |
210.6 |
|
Income Taxes Payable |
66.6 |
24.2 |
17.3 |
10.0 |
7.5 |
|
Accrued Expense |
22.0 |
21.4 |
17.3 |
4.4 |
3.6 |
|
Advance from Customers, Current |
29.5 |
75.6 |
32.0 |
30.0 |
22.6 |
|
Fincl Guarantee Deposits Liabilities |
0.9 |
0.7 |
0.5 |
0.1 |
0.1 |
|
Withheld |
5.5 |
5.9 |
4.8 |
2.2 |
2.9 |
|
Overbilled Constructions |
87.8 |
109.0 |
54.6 |
- |
- |
|
Current Borrowings |
93.1 |
227.2 |
330.5 |
115.3 |
226.3 |
|
Current Derivatives Liabilities |
0.0 |
6.1 |
0.3 |
0.1 |
3.6 |
|
Current Portion of Long-term Liabilities |
121.9 |
243.1 |
141.0 |
47.3 |
103.2 |
|
Resv for Current Liabilities |
19.3 |
14.8 |
10.2 |
- |
- |
|
Provisions for Product Warranties in Cur |
- |
- |
- |
2.0 |
2.1 |
|
Other in Other Current Liabilities |
- |
0.0 |
- |
- |
- |
|
Adj. for Other Current Payable |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Current Fincl Liabilities |
- |
- |
0.0 |
- |
- |
|
Adj. for Other Current Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Liabilities |
1,678.5 |
1,875.1 |
1,713.6 |
903.0 |
1,033.3 |
|
|
|
|
|
|
|
|
Bonds |
467.2 |
328.6 |
333.7 |
343.5 |
127.0 |
|
Non-Current Borrowings |
243.5 |
104.4 |
112.2 |
- |
30.0 |
|
Disc. on Bonds of LT Liabilities |
- |
- |
- |
-1.2 |
-0.5 |
|
Total Long Term Debt |
710.7 |
433.0 |
445.9 |
342.3 |
156.4 |
|
|
|
|
|
|
|
|
Non-Current Other Payable |
0.8 |
1.1 |
1.0 |
1.4 |
1.3 |
|
Non-Current Guarantee Deposits Withheld |
- |
- |
- |
0.2 |
0.2 |
|
Deferred Income Taxes, LT Liabilities |
88.2 |
55.1 |
42.4 |
43.0 |
40.8 |
|
Prov. for Non-Current Liabilities |
24.1 |
8.2 |
13.9 |
- |
- |
|
Guarantee Deposits Withheld, Non-Current |
0.9 |
0.8 |
1.1 |
- |
- |
|
Non-Current Fincl Deposits Liabilities |
1.5 |
1.3 |
0.9 |
- |
- |
|
Reserve-Sales Losses |
- |
- |
- |
6.8 |
5.6 |
|
Long-term Provision for Product Warranti |
- |
- |
- |
1.8 |
2.1 |
|
LT Employee Benefits Liabilities |
6.8 |
5.8 |
3.9 |
- |
- |
|
Deposit-Retirement Insurance |
- |
- |
- |
-36.4 |
-23.6 |
|
Reserve-Severance and Retirement Benefit |
12.1 |
13.0 |
18.8 |
43.9 |
34.0 |
|
Transfer to National Pension Fund |
- |
- |
- |
-0.1 |
-0.1 |
|
Non-Current Derivatives Liabilities |
0.1 |
0.1 |
0.0 |
- |
- |
|
Minority Interests |
46.1 |
38.0 |
35.7 |
- |
- |
|
Adj. for Other Non-Current Payable |
0.0 |
- |
0.0 |
- |
- |
|
Adj. for Other LT Fincl Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Total Liabilities |
2,569.9 |
2,431.5 |
2,277.3 |
1,306.0 |
1,250.1 |
|
|
|
|
|
|
|
|
Capital Stock |
120.6 |
111.7 |
95.7 |
93.3 |
86.3 |
|
Additional Paid in Capital |
221.4 |
205.0 |
- |
13.1 |
12.1 |
|
Other Capital Surplus |
4.8 |
4.4 |
4.5 |
- |
- |
|
Retained Earnings |
1,373.4 |
926.2 |
736.1 |
- |
- |
|
Resv for Business Stabilizations |
- |
- |
- |
0.2 |
0.2 |
|
Unappropriated Retained Earnings |
- |
- |
- |
435.2 |
341.1 |
|
Gain-Valuation of Derivatives |
- |
- |
- |
-0.3 |
-0.4 |
|
Gain-Valu. of Sec. Available for Sale |
3.9 |
0.6 |
0.4 |
0.5 |
0.5 |
|
Capital Change, Equity Method |
-1.0 |
4.5 |
0.5 |
30.6 |
35.5 |
|
Capital Change, Equity Method (Loss) |
0.0 |
-0.1 |
-0.1 |
-1.3 |
- |
|
Gain-Revaluation of Tangible Assets |
- |
- |
- |
135.4 |
125.2 |
|
Overseas Bus. Translation Debit/Credit |
-4.3 |
7.8 |
-0.3 |
- |
- |
|
Adj. for Other Paid-in Capital |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Capital Items |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Equity |
1,718.8 |
1,260.2 |
836.9 |
706.8 |
600.4 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
4,288.7 |
3,691.7 |
3,114.2 |
2,012.8 |
1,850.5 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
25.7 |
25.7 |
21.7 |
21.7 |
21.7 |
|
Total Common Shares Outstanding |
25.7 |
25.7 |
21.7 |
21.7 |
21.7 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
29.5 |
75.6 |
32.0 |
30.0 |
22.6 |
|
Accumulated Goodwill Amortization Suppl. |
- |
- |
- |
4.4 |
4.0 |
|
Accumulated Intangible Amort, Suppl. |
103.8 |
79.3 |
65.1 |
42.0 |
28.4 |
|
Full-Time Employees |
2,503 |
2,328 |
2,156 |
1,978 |
2,006 |
|
Number of Common Shareholders |
- |
- |
654 |
523 |
486 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
47.3 |
103.2 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
128.8 |
45.8 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
214.7 |
111.2 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
390.8 |
260.2 |
|
Operating Lease Pymts. Due within 1Year |
0.1 |
0.1 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.4 |
0.4 |
- |
- |
- |
|
Operating Leases - Remaining Payments |
0.8 |
0.9 |
- |
- |
- |
|
Total Operating Leases, Supplemental |
1.3 |
1.4 |
- |
- |
- |
|
|
|
Annual Cash
Flows |
|
Financials in:
USD (mil) |
|
|
|
|
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate
(Period Average) |
1126.848795 |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
|
Auditor |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
Deloitte &
Touche LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
376.8 |
217.4 |
114.5 |
60.5 |
42.2 |
|
Depreciation |
82.6 |
73.1 |
61.0 |
34.8 |
36.8 |
|
Amort. of Intangibless |
17.2 |
15.8 |
15.8 |
10.3 |
10.4 |
|
Expense of Allow. for DA |
6.9 |
7.5 |
11.0 |
1.4 |
24.0 |
|
Expenses of Allow. for Other DA |
- |
6.6 |
2.0 |
9.8 |
14.2 |
|
Payment for Retirement Allow., ONCI |
14.5 |
13.4 |
10.7 |
10.7 |
9.6 |
|
Interest Expenses |
39.9 |
44.2 |
52.2 |
0.4 |
0.2 |
|
Corporate Taxes Expense |
116.9 |
64.3 |
28.7 |
- |
- |
|
Sales Guarantee Expense |
27.7 |
15.7 |
15.3 |
2.0 |
5.9 |
|
Impmt Loss on LT Assets Held for Sale |
- |
- |
9.5 |
- |
- |
|
Impmt Loss on Tangibles |
- |
3.1 |
- |
- |
- |
|
Impmt Loss on Intangibless |
5.5 |
0.7 |
- |
0.2 |
0.5 |
|
Losses on Foreign Currency Translation |
12.2 |
13.5 |
7.4 |
8.0 |
21.0 |
|
Loss on Sale of Trade Receivables |
5.9 |
4.4 |
- |
8.0 |
14.7 |
|
Loss-Reduct. of Sec. Available-for-Sale |
- |
- |
- |
0.2 |
- |
|
Loss-Disposal of Sec. Available-for-Sale |
- |
- |
- |
- |
0.0 |
|
Provision-Sales Guarantee |
- |
- |
- |
0.7 |
0.3 |
|
Loss on Reduction of Inventory |
- |
2.2 |
1.3 |
- |
- |
|
Loss on Derivatives Transaction |
0.4 |
2.1 |
1.8 |
2.4 |
28.6 |
|
Loss on Valt of Derivative Fincl Assets |
0.1 |
6.4 |
0.3 |
2.2 |
4.1 |
|
Loss-Disposal of Tangible Assets |
1.2 |
0.6 |
2.0 |
1.6 |
1.4 |
|
Loss on Sale of Intangibles |
0.0 |
- |
- |
- |
- |
|
Loss under Equity Method |
- |
- |
- |
10.3 |
2.0 |
|
Other Expense |
0.5 |
0.5 |
11.6 |
- |
- |
|
Gain-Valuation of Currency Futures |
- |
- |
- |
-2.9 |
-10.3 |
|
Gain on Derivatives Transaction |
-8.0 |
-5.2 |
-5.6 |
-18.4 |
-0.9 |
|
Gain-Other Investment Assets Disposal |
- |
- |
- |
- |
-5.0 |
|
Gains on Sale of Equity Method Securitie |
- |
- |
-6.3 |
- |
- |
|
Gain-Disposal of Tangible Assets |
-6.2 |
-0.2 |
-0.2 |
-1.8 |
0.0 |
|
Gains on Valts of Derivatives Assets |
-5.3 |
0.0 |
-1.1 |
- |
- |
|
Recovery-Sales Guarantee Reserve |
- |
- |
- |
-0.7 |
-0.1 |
|
Rec. of Allow. for DA |
-0.1 |
-0.2 |
0.0 |
- |
- |
|
Other Income |
-0.2 |
-0.4 |
-0.3 |
- |
- |
|
Interest Income |
-13.1 |
-6.1 |
-4.6 |
-0.2 |
0.0 |
|
Gain under Equity Method |
-25.4 |
-19.9 |
-15.2 |
-12.8 |
-20.4 |
|
Gains on Foreign Currency Translation |
-7.3 |
-20.2 |
-6.9 |
-3.4 |
-19.5 |
|
Recovery-Inventory Valuation Loss |
- |
- |
- |
-6.9 |
8.9 |
|
Trade Receivables |
127.9 |
-129.6 |
76.8 |
20.1 |
34.3 |
|
LT Account Receivable |
- |
- |
- |
-0.5 |
- |
|
Account Receivable |
- |
- |
- |
-14.4 |
-31.8 |
|
Loans & Other Receivables |
-1.9 |
-4.8 |
-19.8 |
- |
- |
|
Non-Current Loans & Other Receivables |
-2.1 |
- |
- |
- |
- |
|
Prepaid Expense |
- |
- |
- |
0.7 |
1.4 |
|
Advanced Payment |
- |
- |
- |
0.5 |
2.2 |
|
Prepaid Taxes |
- |
- |
- |
- |
0.9 |
|
LT Prepaid Expense |
- |
- |
- |
0.4 |
-0.8 |
|
Accrued Income |
- |
- |
- |
0.0 |
0.0 |
|
Inventory |
104.0 |
-137.3 |
-69.3 |
-9.0 |
-37.5 |
|
Other Current Fincl Assets |
- |
- |
- |
21.6 |
0.9 |
|
Other Current Assets |
-109.4 |
-39.4 |
-47.2 |
- |
- |
|
Decs in Other Current Fincl Assets |
8.0 |
3.8 |
8.6 |
- |
- |
|
Deferred Income Tax Debit, Current |
- |
- |
- |
-1.5 |
-9.8 |
|
Deferred Income Tax Debit |
- |
- |
- |
- |
7.0 |
|
Trade Payable |
-39.7 |
17.3 |
229.9 |
69.6 |
85.5 |
|
Other Payable |
-1.1 |
-12.2 |
40.6 |
-90.7 |
-33.2 |
|
Advance Received |
- |
- |
- |
5.1 |
21.1 |
|
Dividend Paid |
-11.4 |
- |
- |
- |
- |
|
Deposit Withheld |
- |
- |
- |
-0.9 |
-0.1 |
|
Accrued Expense |
- |
- |
- |
0.4 |
0.4 |
|
Income Taxes Payable |
- |
-13.5 |
- |
1.8 |
-6.9 |
|
Other Non-Current Fincl Liabilities |
0.0 |
- |
- |
-5.7 |
-30.0 |
|
Other Current Liabilities |
-77.8 |
111.2 |
61.6 |
- |
- |
|
Other Current Fincl Liabilities |
-6.3 |
-0.3 |
0.4 |
- |
- |
|
Prov.s |
-10.4 |
-16.6 |
5.5 |
- |
- |
|
Deferred Income Taxes Liabilities |
- |
15.3 |
- |
1.7 |
0.7 |
|
Employ Benefits Liabilities |
0.5 |
1.8 |
0.2 |
- |
- |
|
Reserve-Sales Guarantee |
- |
- |
- |
-2.0 |
-5.9 |
|
Payment for Retirement Allow. |
-26.4 |
-26.6 |
-7.9 |
-4.2 |
-9.0 |
|
Deposit-Retirement Insurance |
- |
- |
- |
-9.9 |
5.1 |
|
Reserve-National Pension |
- |
- |
- |
0.0 |
0.0 |
|
Other Assets and Liabilities |
-0.3 |
0.5 |
1.4 |
- |
- |
|
Cash-Interest Received |
11.7 |
6.0 |
4.6 |
- |
- |
|
Cash-Interest Paid |
-43.2 |
-43.7 |
-58.6 |
- |
- |
|
Cash-Dividend Income |
0.2 |
10.6 |
- |
- |
- |
|
Cash-Tax Paid |
-48.5 |
-44.4 |
-5.9 |
- |
- |
|
Adjustment for Added Expense w/o Cash Fl |
0.0 |
- |
- |
- |
- |
|
Adj. for Deduction of Non-cash Income |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Change in Assets & Liabilities |
- |
0.0 |
0.0 |
- |
- |
|
Cash from Operating Activities |
516.5 |
137.2 |
526.0 |
99.6 |
163.0 |
|
|
|
|
|
|
|
|
Decrease-LT Loans |
- |
- |
- |
0.1 |
0.1 |
|
Decrease in Loans& Other Receivables |
0.1 |
- |
- |
- |
- |
|
Decrease-Guarantee Deposit |
- |
- |
- |
1.5 |
- |
|
Decs in Non-Current Loans & Other Receiv |
0.0 |
- |
- |
- |
- |
|
Disposal of Other Current Financial Inst |
- |
2.1 |
0.0 |
39.0 |
- |
|
Proceeds from Sale of Long-term Financia |
- |
- |
- |
- |
0.0 |
|
Disposal-Securities Available-for-Sale |
3.6 |
- |
- |
- |
0.0 |
|
Disposal-Securities under Equity Method |
- |
- |
- |
- |
14.5 |
|
Disposal of Property, Plant and Equipmen |
37.9 |
1.1 |
0.9 |
- |
- |
|
Disposal-Land |
- |
- |
- |
8.0 |
0.2 |
|
Disposal-Buildings |
- |
- |
- |
0.0 |
0.4 |
|
Disposal-Machinery & Equipments |
- |
- |
- |
1.4 |
1.2 |
|
Disposal-Transportation |
- |
- |
- |
0.1 |
0.0 |
|
Disposal-Tools & Supplies |
- |
- |
- |
0.0 |
0.0 |
|
Proceeds from Sale of Office Equipment |
- |
- |
- |
0.1 |
- |
|
Disposal-Construction in Progress |
- |
- |
- |
- |
1.8 |
|
Increase in Government Subsidy |
0.7 |
0.4 |
1.0 |
1.4 |
1.9 |
|
Government Subsidy |
-0.4 |
- |
- |
- |
- |
|
Disposal of Non-Current Assets Held for |
- |
12.6 |
- |
- |
- |
|
Disposal-Other Tangible Assets |
- |
- |
- |
0.0 |
- |
|
Sale of Intangibles |
0.2 |
- |
- |
- |
- |
|
Disposal of Other Non-CurrentAssets |
- |
0.0 |
1.3 |
- |
- |
|
Purchase of Other Non-CurrentAssets |
- |
-0.1 |
- |
- |
- |
|
Increase-Rent Deposit |
- |
- |
- |
0.0 |
- |
|
Increase-LT Loans |
- |
- |
- |
-0.1 |
0.0 |
|
Increase in Loans&Other Receivables |
-0.5 |
- |
- |
- |
- |
|
Purchase of Non-Current Loan and Receiv |
-4.3 |
0.0 |
- |
- |
- |
|
Increase-Guarantee Deposit |
- |
- |
- |
-2.7 |
-3.3 |
|
Increase-ST Financial Assets |
- |
- |
- |
- |
-49.5 |
|
Increase-LT Financial Assets |
- |
- |
- |
0.0 |
-0.1 |
|
Purchase of Other Current Fincl Instrm |
-172.1 |
- |
- |
- |
- |
|
Purchase of Other LT Finacial Instrm |
0.0 |
-9.1 |
- |
- |
- |
|
Purchase of Invmt in Affiliates |
-17.7 |
-9.8 |
- |
-43.8 |
-35.4 |
|
Purchase of Sec. Available-for-Sale |
- |
-0.2 |
-8.6 |
- |
- |
|
Disposal of Other Current Assets |
- |
0.3 |
- |
- |
- |
|
Purchase of Land |
- |
- |
- |
0.0 |
-3.5 |
|
Purchase of Buildings |
- |
- |
- |
-3.9 |
-7.9 |
|
Purchase of Structures |
- |
- |
- |
-0.4 |
-0.2 |
|
Increase-Tools & Supplies |
- |
- |
- |
-5.5 |
-6.8 |
|
Purchase of Machinery |
- |
- |
- |
-14.5 |
-18.1 |
|
Purchase of Office Equipment |
- |
- |
- |
-3.6 |
-2.1 |
|
Purchase of Vehicles |
- |
- |
- |
-0.3 |
-0.2 |
|
Increase-Trees |
- |
- |
- |
- |
-0.1 |
|
Purchase of Construction in Progress |
- |
- |
- |
-47.3 |
-6.7 |
|
Decrease-Government Subsidy |
- |
- |
- |
- |
0.0 |
|
Increase-Other Tangible Assets |
- |
- |
- |
-2.4 |
-0.9 |
|
Purchase of Tangibles |
-281.0 |
-200.0 |
-130.9 |
- |
- |
|
Purchase of Intangibless |
-34.1 |
-31.4 |
-25.7 |
- |
- |
|
Purchase of Industrial Property Rights |
- |
- |
- |
0.0 |
0.0 |
|
Purchase of Development Costs |
- |
- |
- |
-13.1 |
-16.1 |
|
Purchase of Other Intangibless |
- |
- |
- |
-1.6 |
-1.1 |
|
Decrease-Guarantee Deposit(1) |
- |
- |
- |
- |
-0.3 |
|
Decrease-Guarantee Deposit for Lease |
- |
- |
- |
0.0 |
0.0 |
|
Cash from Investing Activities |
-467.7 |
-233.9 |
-162.0 |
-87.7 |
-132.2 |
|
|
|
|
|
|
|
|
Increase in Non-Current Borrowings |
214.2 |
22.3 |
90.9 |
- |
34.3 |
|
Rights Issue |
- |
231.5 |
- |
- |
- |
|
Increase in Bonds |
221.0 |
224.6 |
111.9 |
202.7 |
72.7 |
|
Increase in Current Borrowings |
17.7 |
91.2 |
1,160.6 |
646.1 |
1,172.6 |
|
Decrease in Current Borrowings |
-186.7 |
-197.6 |
-1,549.5 |
-764.1 |
-1,133.7 |
|
Decrease in Non-Current Borrowings |
-49.4 |
-3.9 |
- |
-101.9 |
-131.8 |
|
Decrease in Non-Current Liabilities |
-248.5 |
-144.4 |
-64.9 |
- |
- |
|
Decs in Other Non-Current Liabilities |
- |
-0.4 |
- |
- |
- |
|
Decrease-LT Accrued Payment |
- |
- |
- |
-0.4 |
-0.5 |
|
Cash Flow-Consolidation Scope Change |
- |
- |
-0.6 |
- |
- |
|
Cash from Financing Activities |
-31.8 |
223.4 |
-251.5 |
-17.6 |
13.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-3.6 |
1.2 |
-42.0 |
- |
- |
|
Incs or Decs in Cash & Cash Equivalents |
13.4 |
127.9 |
70.5 |
-5.7 |
44.4 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
310.4 |
187.8 |
109.5 |
76.0 |
43.7 |
|
Cash and Cash Equivalents at End |
323.8 |
315.7 |
180.0 |
70.2 |
88.1 |
|
Cash Interest Paid |
43.2 |
43.7 |
58.6 |
- |
- |
|
Cash Taxes Paid |
48.5 |
44.4 |
5.9 |
- |
- |
|
Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
|
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Annual Ratios
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Financials in: USD (mil) |
|
|
Except for share items (millions) and per
share items (actual units) |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.74 |
|
|
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.