MIRA
INFORM REPORT
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Report Date : |
13.06.2013 |
IDENTIFICATION DETAILS
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Name : |
HYUNDAI CORPORATION |
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Registered Office : |
140-2, Gye-Dong, Jongno-Gu, Seoul, 110801 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
08.12.1976 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Subject is engaged in steel segment, machinery and plant segment, brand loyalty business and energy resource segment, chemical segment & electronics and communication segment |
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No. of Employees : |
361 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
Company name &
address
Hyundai Corporation
140-2, Gye-Dong, Jongno-Gu
Seoul, 110801
Korea, Republic of
Tel: 82-2-3901114
Fax: 82-2-3901103
Web: www.hyundaicorp.com
Synthesis
Employees: 361
Company Type: Public Parent
Corporate Family: 3
Companies
Traded: Korea
Stock Exchange: 011760
Incorporation Date:
08-Dec-1976
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: South
Korean Won
Annual Sales: 4,852.8 1
Net Income: 45.8
Total Assets: 1,795.5 2
Market Value: 514.8 (16-May-2013)
Business Description
HYUNDAI CORPORATION is a Korea-based company engaged in the multinational trading business. The Company operates its business through five segments: steel segment, which provides steel plates, steel pipes, section steels and stainless steel products; machinery and plant segment, which provides automobiles, ships and small and mid-sized industrial plants; chemical segment, which provides petroleum, petrochemicals and others; electronics and communication segment, which is engaged in the export of electronic products, as well as brand loyalty business, and energy resource segment, which invests in natural and industrial resource projects, including oil and gas, liquefied natural gas (LNG), coal and mineral resources, lead ore, capacitor, biomass fuel and others. For the fiscal year ended 31 December 2012, Hyundai Corporation revenues increased less than 1% to W5.468T. Net income increased 18% to W51.57B. Revenues reflect Chemical segment increase of 30% to W1.372T, Other segment increase of 62% to W57.95B, Ship Buliding segment increase of 11% to W12.27B, Other Foreign segment increase of 25% to W842.71B, also reflect Steel segment decrease of 12% to W2.253T, Equipment/Plant segment decrease of 4% to W2.337T.
Industry
Industry Miscellaneous Capital Goods
ANZSIC 2006: 3322 - Metal and
Mineral Wholesaling
NACE 2002: 5152 - Wholesale
of metals and ores
NAICS 2002: 42351 - Metal
Service Centers and Other Metal Merchant Wholesalers
UK SIC 2003: 5152 - Wholesale
of metals and ores
UK SIC 2007: 4672 - Wholesale
of metals and metal ores
US SIC 1987: 5051 - Metals
Service Centers and Offices
Key Executives
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Name |
Title |
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Chairman of the Board, Co-Chief Executive Officer |
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Managing Director |
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Vice President |
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Chairman & Co-CEO |
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Senior VP-Finance & Accounting |
Significant Developments
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* number of significant developments within the last 12 months
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4
Corporate Overview
Location
140-2, Gye-Dong, Jongno-Gu
Seoul, 110801
Korea, Republic of
Tel: 82-2-3901114
Fax: 82-2-3901103
Web: www.hyundaicorp.com
Quote Symbol - Exchange
011760 - Korea
Stock Exchange
Sales KRW(mil): 5,468,423.0
Assets KRW(mil): 1,914,761.9
Employees: 361
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous
Capital Goods
Incorporation Date: 08-Dec-1976
Company Type: Public
Parent
Quoted Status: Quoted
Chairman of the
Board, Co-Chief Executive Officer:
Mong Hyeok Jung
Industry Codes
ANZSIC 2006 Codes:
3322 - Metal and Mineral Wholesaling
3419 - Other Specialised Industrial Machinery and Equipment
Wholesaling
0807 - Silver-Lead-Zinc Ore Mining
3321 - Petroleum Product Wholesaling
3323 - Industrial and Agricultural Chemical Product Wholesaling
0600 - Coal Mining
3494 - Other Electrical and Electronic Goods Wholesaling
0700 - Oil and Gas Extraction
350 - Motor Vehicle and Motor Vehicle Parts Wholesaling
NACE 2002 Codes:
5152 - Wholesale of metals and ores
1320 - Mining of non-ferrous metal ores, except uranium and
thorium ores
5151 - Wholesale of solid, liquid and gaseous fuels and related
products
5010 - Sale of motor vehicles
1110 - Extraction of crude petroleum and natural gas
1010 - Mining and agglomeration of hard coal
5187 - Wholesale of other machinery for use in industry, trade and
navigation
5186 - Wholesale of other electronic parts and equipment
5155 - Wholesale of chemical products
NAICS 2002 Codes:
42351 - Metal Service Centers and Other Metal Merchant Wholesalers
423830 - Industrial Machinery and Equipment Merchant Wholesalers
423860 - Transportation Equipment and Supplies (except Motor
Vehicle) Merchant Wholesalers
212112 - Bituminous Coal Underground Mining
424720 - Petroleum and Petroleum Products Merchant Wholesalers
(except Bulk Stations and Terminals)
212231 - Lead Ore and Zinc Ore Mining
423690 - Other Electronic Parts and Equipment Merchant Wholesalers
211111 - Crude Petroleum and Natural Gas Extraction
424690 - Other Chemical and Allied Products Merchant Wholesalers
423110 - Automobile and Other Motor Vehicle Merchant Wholesalers
US SIC 1987:
5051 - Metals Service Centers and Offices
5088 - Transportation Equipment and Supplies, Except Motor
Vehicles
5065 - Electronic Parts and Equipment, Not Elsewhere Classified
1311 - Crude Petroleum and Natural Gas
1222 - Bituminous Coal Underground Mining
5172 - Petroleum and Petroleum Products Wholesalers, Except Bulk
Stations and Terminals
5012 - Automobiles and Other Motor Vehicles
1031 - Lead and Zinc Ores
5169 - Chemicals and Allied Products, Not Elsewhere Classified
5084 - Industrial Machinery and Equipment
UK SIC 2003:
5152 - Wholesale of metals and ores
5186 - Wholesale of other electronic parts and equipment
51511 - Wholesale of petroleum and petroleum products
1110 - Extraction of crude petroleum and natural gas
5155 - Wholesale of chemical products
5010 - Sale of motor vehicles
1010 - Mining and agglomeration of hard coal
5187 - Wholesale of other machinery for use in industry, trade and
navigation
1320 - Mining of non-ferrous metal ores, except uranium and
thorium ores
UK SIC 2007:
4672 - Wholesale of metals and metal ores
0510 - Mining of hard coal
0610 - Extraction of crude petroleum
4675 - Wholesale of chemical products
4652 - Wholesale of electronic and telecommunications equipment
and parts
46711 - Wholesale of petroleum and petroleum products
0729 - Mining of other non-ferrous metal ores
4669 - Wholesale of other machinery and equipment
4511 - Sale of cars and light motor vehicles
Business
Description
HYUNDAI
CORPORATION is a Korea-based company engaged in the multinational trading
business. The Company operates its business through five segments: steel
segment, which provides steel plates, steel pipes, section steels and stainless
steel products; machinery and plant segment, which provides automobiles, ships
and small and mid-sized industrial plants; chemical segment, which provides
petroleum, petrochemicals and others; electronics and communication segment,
which is engaged in the export of electronic products, as well as brand loyalty
business, and energy resource segment, which invests in natural and industrial
resource projects, including oil and gas, liquefied natural gas (LNG), coal and
mineral resources, lead ore, capacitor, biomass fuel and others. For the fiscal
year ended 31 December 2012, Hyundai Corporation revenues increased less than
1% to W5.468T. Net income increased 18% to W51.57B. Revenues reflect Chemical
segment increase of 30% to W1.372T, Other segment increase of 62% to W57.95B,
Ship Buliding segment increase of 11% to W12.27B, Other Foreign segment
increase of 25% to W842.71B, also reflect Steel segment decrease of 12% to
W2.253T, Equipment/Plant segment decrease of 4% to W2.337T.
More Business Descriptions
Holding company
and trading arm of the Hyundai Group of companies; import and export trade
including ships, plant, automobiles, steel, machines, chemical products,
electronic products and commodities; shipbuilding
General Trading
Services
Hyundai
Corporation (Hyundai) is principally involved in general trading. The company
exports and imports a wide spectrum of products, in relation with automobiles,
steel and chemical products, ocean-going vessels, general commodities, and
electronic products. The company has its operational activities in different
parts of the world, namely, America, Europe, the Middle-East, Africa, and Asia
through 36 offices. The company classifies its business into four business
segments, namely, Trading, Resource Development, Shipbuilding, and Overseas
Investment. The company’s Trading segment deals with different industries,
namely, Ship, industrial plant, automobile & rolling stocks, chemical,
Brand Licence and Green energy. The Shipbuilding division of the company
carries out the sale of new built vessels, repairing and modification of ships,
sale of second hand vessels, export and import of shipbuilding materials, and also
financing arrangement. The major offerings of the division include commercial
vessels, naval ships, engine for shipbuilding & shipbuilding material and
offshore ships. The company’s Plants division deals in design, supply,
production, test run, and installation of industrial facilities including power
plants, petrochemical plants, and offshore facilities. In addition, it also
offers marketing, project organization, conducting feasibility studies,
engineering and design, manufacturing, construction, installation, procurement,
testing and commissioning services to its clients across the globe. The
Machinery division of the company deals with the supply of industrial machinery
and equipment, electrical equipment for used in automobiles and automotive goods
manufactured by the company’s affiliates and other mid size manufacturers.
This division holds numerous machinery, automobile, and electrical equipment
projects in Iran, Taiwan, Indonesia, Brazil, the Dominican Republic, Malaysia,
India, and North America. Hyundai’s Automobile & Rolling Stocks division
is focused on developing commercial vehicles, military vehicles, passenger
cars, engines, automobile parts, special purpose vehicles, rolling stocks, and
railing equipment. The Steel division of the company operates through HYUNDAI
STEEL, Hyundai Hysco, and NOVELIS KOREA. It is engaged in trading and exporting
of steel products and non-ferrous and precious metals, both domestically and
internationally. In addition, this division is involved in the export sales of
steel principally across South-West Asia and the Middle East. Moreover, it also
operates a Steel Service Center in Chennai (India), which is involved in the
provision of steel materials to the home appliance industries and sale of
cold-rolled steel for local automobiles. The company’s Information and
Communication division adds value to day to day life through the sate of art
digital technology. This division concentrates on the research and development
and provides optimum services to customers through its global network
worldwide. The Chemicals division deals with petroleum, petrochemicals, plastic
resin, rubber, other chemicals, and bunkering. Its major petrochemical products
include gas oil, fuel oil, naphtha, synthetic resin, synthetic rubber, and
bunker c-oil. In addition, it supplies intermediary products such as olefin.
Moreover, it also deals with plastic goods, textiles, tires, synthetic rubber
products, agricultural and industrial film, adhesives, construction materials,
pipes, and electric components. The company’s Resource Development segment
identifies and invests in natural resources. It is principally deals in
resources investment and industrial resources. The company invests in various
resources such as oil and gas, liquefied natural gas (LNG), and coal.
Hyundai’s Natural Resources Team holds an interest in several projects
including, Oman LNG, Qatar LNG, and Vietnam gas fields. In addition, it is also
promoting Yemen LNG project. It principally undertakes mining and trading coals
from Australian Drayton coal mine while the development of soft coal mine in
Saddlers Creek is in the pipeline. It is focused to spread its business across
the Middle East, Southeast Asia, North America, and Oceania. Hyundai operates
in Shipbuilding business segment through China-based Qingdao Hyundai
Shipbuilding Co. Ltd. Its principal business activities include shipbuilding,
ship design and sales; design, production and sales of ship parts and
semi-manufactured parts; ship repairing, remodeling, and other related
business. It owns and operates through multi purpose cargo ship which are best
for world niche marketing, container ships and oil product cargo ships etc.The
Overseas Investment segment is carries out wide variety of overseas investment
business worlldwide.This would include investment in areas such as
shipbuilding, steel processing and distribution, real estate development and
energy resources development abroad. The company invested in various energy
development projects, such as Australia’s Drayton coal mine development
project, the Marib oil field project in Yemen, and the Oman LNG and Qatar LNG
projects. In January 2012, the company and Hyundai Engineering &
Construction Co., Ltd. received contract from Termotasajero S.A E.S.P. to construct
a 160 MW coal-fired power station on an EPC basis in Norte de Santander.
Hyundai
Corporation (Hyundai) is a Korea-based trading company which carries out
international trade and distribution services for products such as ships,
plants, automobiles, steel, machinery, chemicals, electrical and electronics
products, and other merchandise. In addition, the company also involved in
resource development, shipbuilding, and overseas investment businesses. Hyundai
operates through four business segments namely, Trading, Resource Development,
Shipbuilding, and Overseas Investment. Moreover, Hyundai's trading business is
focused in shipbuilding, machinery, automobile & rolling stocks, chemical,
information and communication, steel, and industrial plants. The company
operates through more than 36 offices located across the Europe, Middle-East,
Africa, Asia, America, and South Korea. It operates with three subsidiaries
namely, Qingdao Hyundai Shipbuilding, POS-Hyundai Steel, and PT. Inti
Development. Hyundai is headquartered at Seoul, South Korea.The company
reported revenues of (Won) KRW 5,448,881.80 million during the fiscal year
ended December 2011, an increase of 45.89% over 2010. The operating profit of
the company was KRW 52,627.65 million during the fiscal year 2011, an increase
of 6.31% over 2010. The net profit of the company was KRW 43,878.97 million
during the fiscal year 2011, a decrease of 9.83% from 2010.
Trading Companies
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Strategic Initiatives
Partnerships
As such GlobalData
can accept no liability whatever for actions taken based on any information that
may subsequently prove to be incorrect. May 21, 2012Total To Resume Operations
At Yemen LNGTotal SA (Total) said that it may resume its operations at Yemen
LNG next week, following a third explosion of 38 inch gas pipeline in this
year, Bloomberg reported. Yemen LNG is fixing the pipeline, subjected to an
explosion on May 14, 2012 at north of Balhaf Liquefaction plant.Patrick de la
Chevardiere, CFO of Total, said, "We will develop better surveillance of
the pipeline and stronger collaboration with each tribe along the pipeline.
This was done but evidently not enough if we have had three explosions."
Total owns 40% of Yemen LNG, while Hunt Oil Co.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Growing
Ship Building Business |
Threats |
Overview
Hyundai
Corporation (Hyundai) is a Korean general trading company. It principally deals
with international trade and distribution services for products ranging from
plants, machinery, chemicals, steel, automobiles, ships, electrical products
and electronics to general merchandise. The company has its operations in
America, South Korea, Middle-East, Europe, Africa, and Asia. The company
through its worldwide presence and strong engineering capabilities provides expertise
in trading operations. Though the company is concerned about environmental
regulations and political problems, its growing ship building business,
increasing demand for Korean SME markets and new contracts and agreements
provide growth opportunities for the company.
Strengths
Expertise in Trading Operations
Hyundai is
Korea’s leading trading company that offers services related to export and
import of a wide range of products In addition, it is engaged in intermediary trade
and also provides financing services. The company exports the following items:
plant & relevant materials, electric & electronic products, metal and
steel products, ships, autos, machines, parts, petrochemicals, and other
commodities. Under imports, the company imports petroleum, coal, machines and
parts, steel, electronic and auto parts, aluminum, nonferrous metals, other
export-use raw materials and facility materials. The company supports its
operations across the world through its 36 offices located in various regions
across Asia, North America, South America, Africa, Europe and Middle East
countries. The operational base comprises seven offices in America, three
offices in Europe, seven offices in Middle East & Africa, four offices in
Russia and the CIS, and 18 offices in Asia & Oceania. The company's client
base includes Posco, Hysco, and INI Steel in the steel industry. The company
also exports products of the Hyundai Group, especially export vessels which are
manufactured by Hyundai Heavy Industries. The robust trading operations of the
company facilitate its growth.
Business Diversity
Hyundai maintains
various business activities, in addition to its trading business. The company
through its subsidiary Qingdao Hyundai Shipbuilding, is one of the leading
shipbuilding company and specializes in the construction of mid-sized
commercial vessels. Under Resources segment, Hyundai invests in natural
resources projects. The company invests in resource development related to oil
and gas, liquified natural gas (LNG), coal and mineral resources. Besides, the
segment engages investing in industrial resources such as lead ore, capacitor,
biomass fuel and polysilicon. Some of the projects in which the company owns
interests include Oman LNG, Qatar LNG, Vietnam gas fields and Yemen LNG
project. Hyundai established POS-Hyundai, a joint venture with POSCO and
POSTEEL that engages in the import of steel coils and processes and distributes
them to automobile and home appliance companies in India. The company through
PT. Hyundai Inti. Development, a joint venture company with Lippo Group,
supplies cost-effective and strategically located industrial lots to
international manufacturers and also to various Korean companies that invests
in Indonesia. Such diversified business operations helps the company in
securing its revenue generation stream and mitigates the risks of being
associated to a single business.
Weaknesses
Increasing Trade Receivables
Hyundai reported
increase in revenues from KRW3735035m in 2010 to KRW5448881m in 2011. The total
receivables of the company increased during trade receivables have increased
from KRW656525m to KRW802756m in 2011, indicating possible credit sales. The
increasing doubtful debts, along with accounts receivables, reflect the inefficient
credit management by the company. In the backdrop of volatile economic
conditions, the probability of defaults by any of creditors increased, which
may impact the overall financial position as well as profitability of the
company.
Debt Obligations
High debt could
have a major impact on the company's operational performance as major portion
of the company's earnings would be diverted towards servicing of its debt
obligations. This could concern the investors as well as make it is difficult
for the company to raise funds at favorable terms from the market. For the
fiscal year ended December 2011, the company's debt increased to KRW676472m, an
increase of 17% over the previous year. The company's debt to operating income
ratio increased to 12.8 times in 2011 as compared to 11.6 times in 2010. Such
substantial debt increases the debt servicing obligations of the company and
impacts its cash flows adversely. It could limit the company's ability to raise
debt in future and pursue other strategic opportunities. It would also increase
the company’s vulnerability to adverse economic and industry conditions.
Opportunities
Growing Ship Building Business
Hyundai has
established its operations in ship building business. By acquiring Qingdao
Lingshan Shipyard, a 30 year old shipyard, located in Jiaonan City (China), it
consequently formed a joint venture named Qingdao Hyundai Shipbuilding. As the
company acquired interest in building 10,000-20,000 ton multipurpose cargo
ships which can be used as container ships and oil product cargo ships. The
company’s rapid growth in the Chinese market is expected to position it in
the list of top 3 shipbuilders by 2015. Hyundai Shipbuilding, in the first six
months of its launch, secured large-scale shipbuilding contracts and also
received 3 years of work load. Existing presence and further expansion of the
company in the shipbuilding business limits its business risks and could drive
up its financial performance.
Increasing Demand for Korean SME Markets
The small and
medium sized enterprises (SMEs) of Korea offer high scope for growth. These
companies provide high quality products but lack trading efficiencies. After
the recovery from the Asian financial crisis, these companies are focusing on
international trade. Hyundai Corporation can provide its expertise to these
SMEs through its established international networks and substantial proficiency
in international trade. This focus of the company might stabilize its financial
performance in the long term.
Strategic Initiatives
Strategic
initiatives such as acquisitions and contracts provides growth opportunities
for the company. In February 2011, Hyundai declared to establish a new
subsidiary in Singapore. The new entity would require KRW11,225m for establishment
and would be engaged in the synthesize trade. The same month, it signed an
agreement with Shenzhen Coship Electronics Co., Ltd.'s electronic product
subsidiary to use certain agreements, including Hyundai trademark in Mainland
China. Earlier in December 2010, the company singed a contract with South
Railways to supply electric trainsets at an amount of KRW 353,418,400,000. In
June 2010, the company along with Hyundai Engineering & Construction Co.
received a contract worth $400m for construction of two combined cycle power
plants in India. Such growth drivers would help the company in diversifying its
revenue generation ability.
Threats
Political Problems
There have always
been conflicts and problems between North Korea and South Korea. The relationships
between these regions have undergone strain over the years. As a major part of
the operations of Hyundai's are concentrated in Korea, any outbreak in military
hostilities or a break down in contacts resulting from the conflicts could have
an adverse impact on the company’s business performance. The increase in
conflicts in the region would not only affect its exports but also affects the
company’s financial performance.
Volatility in Fuel Prices
Hyundai’s
business is highly dependent on the price and availability of fuel, and its
performance could be adversely affects by high volatility in fuel costs. As of
March 31, 2011, the crude oil price increased 2.35% to reach $106.72 per
barrel. During 2010, prices for crude oil and related products increased
significantly. The average daily spot price of crude oil during 2010 was $79.48
per barrel compared to $61.95 per barrel in 2009. Crude oil prices were
volatile, with daily spot prices fluctuating between a low of $64.78 per barrel
in May 2010 to a high of $91.48 per barrel in December 2010. The volatility in
fuel prices could affect the profit margin of the company, as they would find
it difficult to pass on the increased fuel prices to customers in the form of
price hike or surcharge.
Environmental Regulations
Hyundai’s
operations are subject to several rules and regulations. The company is
required to comply with Kyoto Protocol, which is an international agreement
linked to the United Nations Framework Convention on climate change and which
calls on 37 industrialized countries and the European community for reducing
greenhouse gas emissions to an average of 5% annually over the period
2008-2012, relative to their emission levels in 1990. The US Environmental
Protection Agency (EPA) has passed the 'Clean Air Interstate Rule' (CAIR) in
which US states are responsible to reduce their SO2 and NOX emissions by 70%
and 60%, respectively, by 2015, against 2003 levels. Many countries,
specifically those with low greenhouse gas polluting industries and high
prevailing environmental standards are required to purchase carbon credits to
comply with the Kyoto regulations. While compliance to these regulations could
increase operating costs, failing to do so could result in imposition of fines,
which could hamper the company’s growth.
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Corporate Family |
Corporate Structure News: |
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Hyundai Corporation |
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Hyundai Corporation |
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Company Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
4,852.8 |
361 |
|
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Subsidiary |
North Ryde, NSW |
Australia |
Auto and Truck Manufacturers |
1,120.7 |
130 |
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Subsidiary |
Schwalbach am Taunus |
Germany |
Computer Hardware |
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5 |
Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
|
Hanjin Shipping Co Ltd |
Seoul, Korea, Republic of |
1,905 |
Public |
|
Hitachi Zosen Corp |
Osaka-Shi, Japan |
8,846 |
Public |
|
IHI Corporation |
Koto-Ku, Japan |
26,915 |
Public |
|
Inchcape plc |
London, United Kingdom |
14,120 |
Public |
|
Itochu Corp |
Minato-Ku, Japan |
70,639 |
Public |
|
Nucor Corporation |
Charlotte, North Carolina,
United States |
22,200 |
Public |
|
Oceaneering International |
Houston, Texas, United States |
10,900 |
Public |
|
SK Holdings Co, Ltd. |
Seoul, Korea, Republic of |
122 |
Public |
|
Swire Pacific Limited |
, Hong Kong |
74,192 |
Public |
Executive report
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Board
of Directors |
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Chairman & Co-CEO |
Chairman |
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Chairman of the Board, Co-Chief Executive Officer |
Chairman |
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Non-Executive Independent Director |
Director/Board Member |
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President, Co-Chief Executive Officer,
Director |
Director/Board Member |
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President & Co-CEO |
Director/Board Member |
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Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Board Member |
Director/Board Member |
|
|
||||||||
|
Executives |
|
|
|
|
|||||||||
|
Chairman & Co-CEO |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Chairman of the Board, Co-Chief Executive
Officer |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
President, Co-Chief Executive Officer,
Director |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
President & Co-CEO |
Chief Executive Officer |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Senior VP-Finance & Accounting |
Finance Executive |
|
|
||||||||
|
Senior VP-Ship & Machinery |
Other |
|
|
||||||||
|
Vice President |
Other |
|
|
||||||||
|
||||||||||||
Significant
Developments
Hyundai Corporation Declares Annual Cash Dividend for FY 2012 Mar 04, 2013
Hyundai Corporation announced that it has declared an annual cash dividend of KRW 500 per share of common stock to shareholders of record on December 31, 2012, for the fiscal year 2012. The dividend rate of market price is 2.4% and the total amount of the cash dividend is KRW 11,164,901,000.
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
4,852.8 |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
|
Revenue |
4,852.8 |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
|
Total Revenue |
4,852.8 |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
|
|
|
|
|
|
|
|
Cost of Revenue |
4,733.1 |
4,793.3 |
3,128.4 |
2,426.6 |
3,069.2 |
|
Cost of Revenue, Total |
4,733.1 |
4,793.3 |
3,128.4 |
2,426.6 |
3,069.2 |
|
Gross Profit |
119.8 |
125.0 |
101.8 |
61.2 |
98.2 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
50.4 |
38.3 |
32.7 |
30.1 |
35.9 |
|
Labor & Related Expense |
41.4 |
37.0 |
27.9 |
21.2 |
22.9 |
|
Advertising Expense |
- |
- |
- |
0.1 |
0.2 |
|
Total Selling/General/Administrative Expenses |
91.8 |
75.2 |
60.5 |
51.4 |
58.9 |
|
Depreciation |
1.7 |
1.6 |
0.9 |
1.0 |
0.9 |
|
Amortization of Intangibles |
0.8 |
0.5 |
0.1 |
1.2 |
1.3 |
|
Depreciation/Amortization |
2.5 |
2.1 |
1.0 |
2.2 |
2.2 |
|
Investment Income -
Operating |
- |
- |
-10.0 |
- |
- |
|
Interest/Investment Income - Operating |
- |
- |
-10.0 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
-10.0 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
3.4 |
- |
- |
|
Unusual Expense (Income) |
- |
- |
3.4 |
- |
- |
|
Other Operating Expense |
- |
- |
107.0 |
- |
- |
|
Other, Net |
- |
- |
-103.0 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
4.0 |
- |
- |
|
Total Operating Expense |
4,827.3 |
4,870.6 |
3,187.4 |
2,480.1 |
3,130.4 |
|
|
|
|
|
|
|
|
Operating Income |
25.6 |
47.7 |
42.8 |
7.7 |
37.1 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-18.6 |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
|
Interest Expense, Net Non-Operating |
-18.6 |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
|
Interest Income -
Non-Operating |
7.3 |
4.4 |
5.7 |
3.5 |
6.4 |
|
Investment Income -
Non-Operating |
30.9 |
29.4 |
14.1 |
21.4 |
-0.3 |
|
Interest/Investment Income - Non-Operating |
38.2 |
33.9 |
19.8 |
24.9 |
6.2 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
19.6 |
15.4 |
1.7 |
9.9 |
-11.3 |
|
Gain (Loss) on Sale of Assets |
-3.9 |
-3.7 |
- |
-7.5 |
-17.1 |
|
Other Non-Operating Income (Expense) |
16.0 |
-5.3 |
3.3 |
-47.6 |
-0.7 |
|
Other, Net |
16.0 |
-5.3 |
3.3 |
-47.6 |
-0.7 |
|
Income Before Tax |
57.3 |
54.0 |
47.8 |
-37.5 |
7.9 |
|
|
|
|
|
|
|
|
Total Income Tax |
11.5 |
16.2 |
6.6 |
9.9 |
6.2 |
|
Income After Tax |
45.8 |
37.8 |
41.2 |
-47.4 |
1.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
1.8 |
0.9 |
5.1 |
7.8 |
|
Net Income Before Extraord Items |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
Net Income |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Basic EPS Excl Extraord Items |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Basic/Primary EPS Incl Extraord Items |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
Diluted Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Diluted EPS Excl Extraord Items |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Diluted EPS Incl Extraord Items |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Dividends per Share - Common Stock Primary Issue |
0.44 |
0.45 |
0.22 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
9.9 |
10.1 |
4.8 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
18.6 |
18.5 |
18.1 |
15.0 |
17.5 |
|
Depreciation, Supplemental |
5.3 |
5.2 |
4.4 |
4.4 |
3.9 |
|
Total Special Items |
3.9 |
3.7 |
3.4 |
7.6 |
17.3 |
|
Normalized Income Before Tax |
61.2 |
57.7 |
51.2 |
-29.9 |
25.2 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.8 |
1.1 |
0.5 |
2.6 |
6.0 |
|
Inc Tax Ex Impact of Sp Items |
12.3 |
17.3 |
7.0 |
12.5 |
12.2 |
|
Normalized Income After Tax |
48.9 |
40.4 |
44.1 |
-42.4 |
13.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
48.8 |
42.2 |
45.0 |
-37.3 |
20.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.19 |
1.89 |
2.02 |
-1.67 |
0.93 |
|
Diluted Normalized EPS |
2.19 |
1.89 |
2.02 |
-1.67 |
0.93 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
- |
0.1 |
0.2 |
|
Amort of Intangibles, Supplemental |
13.8 |
3.0 |
2.6 |
2.9 |
2.6 |
|
Rental Expenses |
2.7 |
2.3 |
2.4 |
2.6 |
2.9 |
|
Advertising Expense, Supplemental |
- |
- |
- |
0.1 |
0.2 |
|
Normalized EBIT |
25.6 |
47.7 |
36.2 |
7.7 |
37.1 |
|
Normalized EBITDA |
44.6 |
55.9 |
43.2 |
15.1 |
43.8 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
294.3 |
308.7 |
137.8 |
168.1 |
146.1 |
|
Short Term Investments |
37.6 |
4.7 |
59.2 |
5.8 |
13.7 |
|
Cash and Short Term Investments |
331.9 |
313.4 |
197.0 |
173.9 |
159.9 |
|
Accounts Receivable -
Trade, Gross |
750.5 |
662.6 |
575.0 |
266.5 |
215.3 |
|
Provision for Doubtful
Accounts |
-17.0 |
-11.3 |
-11.3 |
-31.3 |
-23.2 |
|
Trade Accounts Receivable - Net |
738.6 |
655.6 |
566.1 |
241.0 |
197.8 |
|
Other Receivables |
20.0 |
41.2 |
12.4 |
5.7 |
37.5 |
|
Total Receivables, Net |
758.6 |
696.8 |
578.5 |
246.6 |
235.2 |
|
Inventories - Finished Goods |
125.6 |
125.1 |
336.4 |
158.0 |
139.1 |
|
Inventories - Work In Progress |
0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Inventories - Other |
121.5 |
212.2 |
34.5 |
101.7 |
282.8 |
|
Total Inventory |
247.1 |
337.3 |
371.0 |
259.7 |
421.9 |
|
Prepaid Expenses |
2.5 |
2.9 |
2.8 |
1.2 |
1.5 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
2.2 |
6.3 |
|
Other Current Assets |
1.5 |
1.7 |
1.8 |
3.3 |
6.2 |
|
Other Current Assets, Total |
1.5 |
1.7 |
1.8 |
5.5 |
12.5 |
|
Total Current Assets |
1,341.7 |
1,352.1 |
1,151.1 |
687.0 |
831.1 |
|
|
|
|
|
|
|
|
Buildings |
35.9 |
35.9 |
35.3 |
38.4 |
31.2 |
|
Land/Improvements |
- |
- |
- |
0.2 |
0.2 |
|
Machinery/Equipment |
32.6 |
31.4 |
37.3 |
32.6 |
35.2 |
|
Construction in
Progress |
- |
- |
- |
0.3 |
2.2 |
|
Leases |
- |
- |
- |
0.1 |
- |
|
Other
Property/Plant/Equipment |
3.2 |
3.1 |
3.0 |
- |
- |
|
Property/Plant/Equipment - Gross |
71.8 |
70.4 |
75.6 |
71.6 |
68.9 |
|
Accumulated Depreciation |
-30.9 |
-25.6 |
-28.9 |
-23.9 |
-18.7 |
|
Property/Plant/Equipment - Net |
40.9 |
44.7 |
46.7 |
47.7 |
50.2 |
|
Goodwill, Net |
- |
- |
- |
- |
0.1 |
|
Intangibles, Net |
63.8 |
59.0 |
56.4 |
46.1 |
45.5 |
|
LT Investment - Affiliate Companies |
106.3 |
108.5 |
4.7 |
4.1 |
4.0 |
|
LT Investments - Other |
91.6 |
91.6 |
7.5 |
8.3 |
5.0 |
|
Long Term Investments |
197.9 |
200.1 |
12.2 |
12.4 |
9.1 |
|
Note Receivable - Long Term |
48.8 |
51.0 |
40.6 |
64.8 |
64.6 |
|
Deferred Income Tax - Long Term Asset |
1.0 |
0.5 |
8.1 |
10.6 |
13.8 |
|
Other Long Term Assets |
101.5 |
97.3 |
104.7 |
166.1 |
32.4 |
|
Other Long Term Assets, Total |
102.5 |
97.8 |
112.9 |
176.7 |
46.2 |
|
Total Assets |
1,795.5 |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
|
|
|
|
|
|
|
|
Accounts Payable |
606.8 |
579.7 |
577.4 |
353.7 |
392.4 |
|
Accrued Expenses |
1.8 |
1.5 |
3.5 |
5.2 |
14.9 |
|
Notes Payable/Short Term Debt |
447.2 |
442.8 |
374.3 |
106.7 |
54.2 |
|
Current Portion - Long Term Debt/Capital Leases |
91.2 |
42.6 |
42.3 |
114.8 |
- |
|
Dividends Payable |
- |
- |
- |
0.0 |
0.0 |
|
Customer Advances |
80.7 |
158.6 |
104.4 |
92.2 |
116.6 |
|
Security Deposits |
0.1 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Income Taxes Payable |
3.3 |
9.7 |
1.4 |
1.2 |
2.0 |
|
Other Payables |
45.7 |
72.2 |
27.3 |
63.4 |
42.0 |
|
Other Current Liabilities |
6.9 |
15.1 |
18.6 |
9.4 |
5.0 |
|
Other Current liabilities, Total |
136.7 |
255.7 |
151.9 |
166.5 |
165.9 |
|
Total Current Liabilities |
1,283.6 |
1,322.4 |
1,149.4 |
746.8 |
627.4 |
|
|
|
|
|
|
|
|
Long Term Debt |
81.0 |
101.8 |
93.4 |
86.7 |
197.2 |
|
Total Long Term Debt |
81.0 |
101.8 |
93.4 |
86.7 |
197.2 |
|
Total Debt |
619.4 |
587.2 |
510.0 |
308.1 |
251.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
40.6 |
39.3 |
- |
- |
- |
|
Deferred Income Tax |
40.6 |
39.3 |
- |
- |
- |
|
Minority Interest |
1.7 |
-1.7 |
0.9 |
1.6 |
2.9 |
|
Reserves |
3.0 |
2.0 |
1.9 |
- |
- |
|
Pension Benefits - Underfunded |
2.9 |
4.0 |
2.1 |
2.2 |
2.4 |
|
Other Long Term Liabilities |
0.0 |
0.0 |
0.0 |
72.8 |
56.4 |
|
Other Liabilities, Total |
5.9 |
6.0 |
4.0 |
75.0 |
58.9 |
|
Total Liabilities |
1,412.8 |
1,467.8 |
1,247.6 |
910.1 |
886.5 |
|
|
|
|
|
|
|
|
Common Stock |
104.7 |
96.9 |
98.4 |
95.9 |
88.6 |
|
Common Stock |
104.7 |
96.9 |
98.4 |
95.9 |
88.6 |
|
Retained Earnings (Accumulated Deficit) |
163.7 |
117.0 |
87.0 |
34.8 |
75.1 |
|
Treasury Stock - Common |
- |
- |
- |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
140.0 |
141.9 |
0.5 |
-1.2 |
-1.2 |
|
Translation Adjustment |
-7.7 |
-5.7 |
-0.2 |
8.2 |
4.9 |
|
Other Equity |
-17.9 |
-13.2 |
-13.4 |
-13.0 |
-7.2 |
|
Other Comprehensive Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Other Equity, Total |
-25.6 |
-18.9 |
-13.6 |
-4.9 |
-2.2 |
|
Total Equity |
382.7 |
336.9 |
172.3 |
124.6 |
160.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
1,795.5 |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Total Common Shares Outstanding |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
361 |
290 |
236 |
241 |
|
Number of Common Shareholders |
- |
- |
11,810 |
10,422 |
8,912 |
|
Deferred Revenue - Current |
80.7 |
158.6 |
104.4 |
92.2 |
116.6 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
149.4 |
346.4 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
62.8 |
197.2 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
9.5 |
64.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
9.5 |
6.3 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
9.5 |
9.5 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
9.5 |
9.6 |
|
Long Term Debt Maturing in Year 6 |
- |
- |
- |
48.8 |
59.6 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
19.0 |
70.4 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
19.0 |
19.2 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
48.8 |
59.6 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
45.8 |
37.8 |
41.2 |
-47.4 |
1.7 |
|
Depreciation |
5.3 |
5.2 |
4.4 |
4.4 |
3.9 |
|
Depreciation/Depletion |
5.3 |
5.2 |
4.4 |
4.4 |
3.9 |
|
Amortization of Intangibles |
13.8 |
3.0 |
2.6 |
2.9 |
2.8 |
|
Amortization |
13.8 |
3.0 |
2.6 |
2.9 |
2.8 |
|
Deferred Taxes |
- |
- |
- |
8.3 |
3.7 |
|
Unusual Items |
3.9 |
5.8 |
4.3 |
7.3 |
44.3 |
|
Equity in Net Earnings (Loss) |
-19.1 |
-17.4 |
-14.1 |
-12.6 |
-23.8 |
|
Other Non-Cash Items |
-5.7 |
31.0 |
16.5 |
6.1 |
2.3 |
|
Non-Cash Items |
-21.0 |
19.4 |
6.7 |
0.7 |
22.8 |
|
Accounts Receivable |
-25.1 |
-136.2 |
-215.9 |
-10.7 |
19.1 |
|
Inventories |
45.7 |
110.8 |
-132.2 |
41.2 |
-70.4 |
|
Prepaid Expenses |
- |
- |
- |
0.8 |
-0.4 |
|
Other Assets |
53.2 |
-81.8 |
16.0 |
3.6 |
-1.6 |
|
Accounts Payable |
-9.9 |
40.1 |
147.0 |
-7.5 |
12.5 |
|
Accrued Expenses |
- |
- |
- |
-20.7 |
8.2 |
|
Taxes Payable |
- |
- |
- |
-1.0 |
0.4 |
|
Other Liabilities |
-81.7 |
58.2 |
37.6 |
-28.7 |
56.6 |
|
Other Assets & Liabilities, Net |
-5.0 |
-5.6 |
2.1 |
- |
- |
|
Other Operating Cash Flow |
3.5 |
13.8 |
10.4 |
13.2 |
23.5 |
|
Changes in Working Capital |
-19.1 |
-0.8 |
-134.9 |
-9.7 |
48.0 |
|
Cash from Operating Activities |
24.8 |
64.7 |
-80.1 |
-40.8 |
83.0 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-1.1 |
-2.4 |
-2.2 |
-1.5 |
-8.2 |
|
Purchase/Acquisition of Intangibles |
-13.4 |
-6.7 |
-4.7 |
-0.2 |
-20.6 |
|
Capital Expenditures |
-14.4 |
-9.1 |
-6.9 |
-1.8 |
-28.7 |
|
Sale of Fixed Assets |
1.7 |
0.0 |
0.1 |
0.0 |
0.7 |
|
Sale/Maturity of Investment |
1.4 |
1.6 |
1.1 |
8.3 |
45.7 |
|
Investment, Net |
-30.8 |
55.7 |
-52.0 |
- |
- |
|
Purchase of Investments |
- |
-4.5 |
-0.4 |
-1.9 |
-1.8 |
|
Sale of Intangible Assets |
0.4 |
- |
- |
- |
0.0 |
|
Other Investing Cash Flow |
0.7 |
-3.6 |
-9.5 |
1.2 |
18.8 |
|
Other Investing Cash Flow Items, Total |
-26.7 |
49.2 |
-60.7 |
7.6 |
63.4 |
|
Cash from Investing Activities |
-41.1 |
40.1 |
-67.7 |
5.8 |
34.7 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
- |
- |
0.0 |
-25.3 |
|
Financing Cash Flow Items |
- |
- |
- |
0.0 |
-25.3 |
|
Cash Dividends Paid - Common |
-9.9 |
-5.0 |
- |
-0.6 |
- |
|
Total Cash Dividends Paid |
-9.9 |
-5.0 |
- |
-0.6 |
- |
|
Sale/Issuance of
Common |
- |
- |
0.0 |
- |
- |
|
Common Stock, Net |
- |
- |
0.0 |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
- |
0.0 |
- |
- |
|
Short Term Debt Issued |
- |
- |
- |
55.6 |
4.3 |
|
Short Term Debt
Reduction |
- |
- |
- |
-8.6 |
- |
|
Short Term Debt, Net |
-24.9 |
68.0 |
152.8 |
47.0 |
4.3 |
|
Long Term Debt Issued |
30.3 |
15.5 |
45.1 |
41.7 |
23.1 |
|
Long Term Debt
Reduction |
-7.0 |
-6.4 |
-85.1 |
-42.5 |
-34.5 |
|
Long Term Debt, Net |
23.4 |
9.2 |
-40.0 |
-0.9 |
-11.3 |
|
Issuance (Retirement) of Debt, Net |
-1.5 |
77.1 |
112.8 |
46.1 |
-7.0 |
|
Cash from Financing Activities |
-11.5 |
72.1 |
112.8 |
45.4 |
-32.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.3 |
2.9 |
1.0 |
-1.2 |
12.7 |
|
Net Change in Cash |
-37.0 |
179.8 |
-34.0 |
9.1 |
98.1 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
315.6 |
141.2 |
169.3 |
144.2 |
69.2 |
|
Net Cash - Ending Balance |
278.5 |
321.0 |
135.3 |
153.4 |
167.3 |
|
Cash Interest Paid |
18.3 |
18.3 |
17.8 |
- |
- |
|
Cash Taxes Paid |
16.3 |
4.3 |
2.7 |
- |
- |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
4,852.8 |
4,918.2 |
3,230.2 |
- |
3,167.4 |
|
General Revenues |
- |
- |
- |
2,445.7 |
- |
|
Revenue from Resource Development |
- |
- |
- |
15.1 |
- |
|
Income from Fee & Charges |
- |
- |
- |
27.0 |
- |
|
Total Revenue |
4,852.8 |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
|
|
|
|
|
|
|
|
Costs of Goods & Services Sold |
4,733.1 |
4,793.3 |
3,128.4 |
- |
3,069.2 |
|
Cost of General Rev. |
- |
- |
- |
2,410.1 |
- |
|
Cost-Resource Development |
- |
- |
- |
12.2 |
- |
|
Cost-Fee & Commission |
- |
- |
- |
4.2 |
- |
|
Salaries & Wages |
34.7 |
31.3 |
23.6 |
17.4 |
18.6 |
|
Retirement & Severance Benefits |
2.1 |
1.7 |
1.3 |
1.4 |
1.9 |
|
Employee Benefits |
4.5 |
3.9 |
3.0 |
2.3 |
2.4 |
|
Communication Expense |
- |
- |
- |
0.6 |
0.7 |
|
Utility Expense |
- |
- |
- |
0.7 |
0.7 |
|
Expense-Consumable Goods |
- |
- |
- |
0.0 |
0.1 |
|
Publishing & Printing Expense |
- |
- |
- |
0.3 |
0.2 |
|
Office Supplies Expense |
- |
- |
- |
0.1 |
0.1 |
|
Travel Expense |
4.3 |
3.8 |
3.1 |
2.1 |
2.2 |
|
Taxes & Dues |
8.0 |
1.8 |
1.6 |
1.3 |
1.3 |
|
Vehicles Maintenance Expense |
- |
- |
- |
0.4 |
0.4 |
|
Repair Expense |
- |
- |
- |
0.0 |
0.1 |
|
Insurance Expense |
- |
- |
- |
0.5 |
0.5 |
|
Shipping & Handling Expense |
- |
- |
- |
0.4 |
0.6 |
|
Entertainment Expense |
1.9 |
2.0 |
1.6 |
1.2 |
1.3 |
|
Rental Expense |
2.7 |
2.3 |
2.4 |
2.8 |
2.9 |
|
Depreciation |
1.7 |
1.6 |
0.9 |
1.0 |
0.9 |
|
Advertising Expense |
- |
- |
- |
0.1 |
0.2 |
|
Amort. of Intangibless |
0.8 |
0.5 |
0.1 |
1.2 |
1.3 |
|
Education & Training Expense |
- |
- |
- |
0.1 |
0.2 |
|
Overseas Branch Management Expense |
13.2 |
13.2 |
11.1 |
9.6 |
7.7 |
|
Overseas Market Development Expense |
- |
- |
- |
0.8 |
1.1 |
|
Expense-Samples |
- |
- |
- |
0.0 |
0.1 |
|
Activity Expense |
- |
- |
- |
0.1 |
0.2 |
|
Training Expense |
- |
- |
- |
0.0 |
0.0 |
|
Expense of Allow. for DA |
5.1 |
0.3 |
- |
2.0 |
7.6 |
|
Commissions |
6.3 |
5.4 |
4.6 |
4.4 |
5.6 |
|
Computing Expense |
1.9 |
1.8 |
1.9 |
1.9 |
2.2 |
|
Other Selling & Administrative Expense |
6.9 |
7.6 |
6.4 |
0.9 |
0.2 |
|
Adj. for Other Selling & Admin. Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Income of Foreign Assets&Liabilities |
- |
- |
-88.7 |
- |
- |
|
Dividend Income |
- |
- |
-10.9 |
- |
- |
|
Income of Derivatives Assets |
- |
- |
-8.0 |
- |
- |
|
Other Operating Income |
- |
- |
-6.3 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
0.0 |
- |
- |
|
Loss of Foreign Assets&Liabilities |
- |
- |
88.3 |
- |
- |
|
Loss of Derivatives Assets |
- |
- |
5.6 |
- |
- |
|
Impmt Loss on Sec. Held-to-Maturities |
- |
- |
0.9 |
- |
- |
|
Loss on Disposal of Trade Receivable |
- |
- |
3.4 |
- |
- |
|
Donations Paid |
- |
- |
0.5 |
- |
- |
|
Other Operating Expense |
- |
- |
12.5 |
- |
- |
|
Adj. for Other Operating Expense |
- |
- |
0.0 |
- |
- |
|
Total Operating Expense |
4,827.3 |
4,870.6 |
3,187.4 |
2,480.1 |
3,130.4 |
|
|
|
|
|
|
|
|
Interest Income |
7.3 |
4.4 |
5.7 |
3.5 |
6.4 |
|
Dividend Income |
11.7 |
15.7 |
- |
9.4 |
15.5 |
|
Revers-Doubtful Acct |
- |
- |
- |
4.4 |
0.1 |
|
Others in Other Income |
22.1 |
5.0 |
- |
1.2 |
3.1 |
|
Gain-Foreign Exchange Transaction |
- |
- |
- |
74.6 |
115.0 |
|
Gain-Foreign Currency Translation |
- |
- |
- |
12.8 |
57.8 |
|
G-Currency Futr Trad |
- |
- |
- |
7.6 |
10.8 |
|
Gain-Valt of Derivatives |
- |
- |
- |
0.4 |
2.3 |
|
Gain-Valuation of Contracts-Settlement |
- |
- |
- |
0.1 |
- |
|
Gain on Derivative |
3.9 |
10.4 |
- |
- |
- |
|
G-Dispose LT Investment Securities |
- |
- |
- |
0.0 |
0.0 |
|
G-Reduction of LT Investment Securities |
- |
- |
- |
0.5 |
1.4 |
|
G-Tang Asset Disp. |
- |
- |
- |
0.0 |
0.1 |
|
Interest Expense |
-18.6 |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
|
Other Amortization |
- |
- |
- |
0.0 |
-0.6 |
|
Donations Paid |
-1.5 |
-3.8 |
- |
0.0 |
0.0 |
|
Other Non-Operating Expense |
- |
- |
- |
-53.2 |
-3.2 |
|
L-For Curr Transactn |
- |
- |
- |
-77.1 |
-119.1 |
|
Loss-Foreign Currency Translation |
- |
- |
- |
-15.0 |
-50.5 |
|
Loss-Curr Fut. Trade |
- |
- |
- |
-4.0 |
-26.3 |
|
L-Currency Future Valuation |
- |
- |
- |
- |
0.0 |
|
Loss Value Inventory |
- |
- |
- |
- |
-23.6 |
|
Loss-Valt of Derivatives |
- |
- |
- |
-0.1 |
- |
|
Loss on Derivative |
-3.7 |
-11.9 |
- |
- |
- |
|
Loss-Disposal of Investment Securities |
- |
- |
- |
0.0 |
0.0 |
|
Loss-Disposal of Equity Method Sec. |
- |
- |
- |
- |
-0.3 |
|
Recovery-Invest. Asset Reduction Loss |
- |
- |
- |
- |
-6.4 |
|
Loss-Reduction of Investment Securities |
- |
- |
- |
-0.4 |
-0.6 |
|
Imp. Loss on Sec. Held-to-Maturities |
- |
-2.1 |
- |
- |
- |
|
Loss on Disposal of Trade Receivable |
-3.9 |
-3.7 |
- |
-7.5 |
-17.2 |
|
L-Tang Asset Disp. |
- |
- |
- |
0.0 |
0.0 |
|
Others in Other Expense |
-4.3 |
-11.3 |
- |
- |
- |
|
Gain under Equity Method |
- |
- |
- |
12.6 |
23.8 |
|
Gain/Loss on Invmt in Affiliates |
19.1 |
17.4 |
14.1 |
- |
- |
|
Gains of Foreign Assets&Liabilities |
123.1 |
166.4 |
4.4 |
- |
- |
|
Adj. for Finance Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Expense of Foreign Assets&Liabilities |
-123.4 |
-161.6 |
-1.1 |
- |
- |
|
Adj. for Finance Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Non-Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Other Non-Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
57.3 |
54.0 |
47.8 |
-37.5 |
7.9 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
11.5 |
16.2 |
6.6 |
9.9 |
6.2 |
|
Net Income After Taxes |
45.8 |
37.8 |
41.2 |
-47.4 |
1.7 |
|
|
|
|
|
|
|
|
Minority Interest |
-0.1 |
1.8 |
0.9 |
5.1 |
7.8 |
|
Net Income Before Extra. Items |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
Net Income |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Basic EPS Excluding ExtraOrdin |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Basic EPS Including ExtraOrdin |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
45.8 |
39.6 |
42.1 |
-42.3 |
9.5 |
|
Diluted Weighted Average Share |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Diluted EPS Excluding ExtraOrd |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
Diluted EPS Including ExtraOrd |
2.05 |
1.77 |
1.88 |
-1.90 |
0.43 |
|
DPS-Common Stock |
0.44 |
0.45 |
0.22 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
9.9 |
10.1 |
4.8 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
61.2 |
57.7 |
51.2 |
-29.9 |
25.2 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
12.3 |
17.3 |
7.0 |
12.5 |
12.2 |
|
Normalized Income After Taxes |
48.9 |
40.4 |
44.1 |
-42.4 |
13.0 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
48.8 |
42.2 |
45.0 |
-37.3 |
20.8 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
2.19 |
1.89 |
2.02 |
-1.67 |
0.93 |
|
Diluted Normalized EPS |
2.19 |
1.89 |
2.02 |
-1.67 |
0.93 |
|
Interest Expense, Supplemental |
18.6 |
18.5 |
18.1 |
15.0 |
17.5 |
|
Advertising Expense, Supplemental |
- |
- |
- |
0.1 |
0.2 |
|
Rental Expense, Supplemental |
2.7 |
2.3 |
2.4 |
2.6 |
2.9 |
|
Amort of Acquisition Costs, Su |
- |
- |
- |
0.1 |
0.2 |
|
Amort of Intangibles, Suppleme |
13.8 |
3.0 |
2.6 |
2.9 |
2.6 |
|
Depreciation, Supplemental |
5.3 |
5.2 |
4.4 |
4.4 |
3.9 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
294.3 |
308.7 |
137.8 |
168.1 |
146.1 |
|
Current Fincl Instrm |
37.6 |
4.7 |
59.2 |
5.8 |
13.7 |
|
ST Investment Securities |
- |
- |
- |
0.0 |
0.0 |
|
Current Securities Held-to-Maturities |
- |
- |
0.0 |
- |
- |
|
Trade Rcvb Gross |
750.5 |
662.6 |
575.0 |
266.5 |
215.3 |
|
Allow. for DA |
-17.0 |
-11.3 |
-11.3 |
-31.3 |
-23.2 |
|
ST Loans |
- |
- |
- |
- |
0.6 |
|
Account Receivable |
19.6 |
41.2 |
11.6 |
5.3 |
36.3 |
|
Current Tax Assets |
0.4 |
- |
0.7 |
0.4 |
0.6 |
|
Accrued Income |
5.1 |
4.3 |
2.4 |
5.8 |
5.7 |
|
Advance Payments |
58.6 |
110.2 |
30.2 |
57.7 |
187.2 |
|
Prepaid Expense |
2.5 |
2.9 |
2.8 |
1.2 |
1.5 |
|
Derivatives |
- |
- |
- |
0.5 |
2.0 |
|
Guarantee Deposits, Current Assets |
1.2 |
1.3 |
1.4 |
2.7 |
3.7 |
|
Other Current Assets |
- |
- |
- |
0.0 |
0.6 |
|
Contracts on Settlement |
- |
- |
- |
0.1 |
- |
|
Deferred Income Tax, Current |
- |
- |
- |
2.2 |
6.3 |
|
Import Merchandises |
- |
- |
- |
9.2 |
10.3 |
|
Merchandises |
116.7 |
107.9 |
316.2 |
0.3 |
0.0 |
|
Export Merchandises |
- |
- |
- |
137.5 |
65.3 |
|
Finished Goods |
1.8 |
1.8 |
1.5 |
0.6 |
49.2 |
|
Raw Materials |
7.0 |
15.5 |
18.7 |
10.3 |
14.3 |
|
Goods in Transit |
62.9 |
101.9 |
4.3 |
44.0 |
95.6 |
|
Works in Process |
0.1 |
0.0 |
0.2 |
0.0 |
0.0 |
|
Miscellaneous Inventory |
- |
- |
- |
0.1 |
0.0 |
|
Current Derivative Assets |
0.3 |
0.4 |
0.4 |
- |
- |
|
Adj. for Trade Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Inventories |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Assets |
1,341.7 |
1,352.1 |
1,151.1 |
687.0 |
831.1 |
|
|
|
|
|
|
|
|
LT Finl Assets |
0.0 |
0.0 |
0.2 |
0.1 |
0.1 |
|
LT Invest Secs. |
- |
- |
- |
8.1 |
5.0 |
|
Non-Current Securities Held-to-Maturitie |
0.0 |
0.0 |
2.1 |
- |
- |
|
Non-Current Securities Available-for-Sal |
91.6 |
91.6 |
5.3 |
- |
- |
|
Invmt in Affiliates |
106.3 |
108.5 |
4.7 |
4.1 |
4.0 |
|
Non-Current Loans |
48.8 |
51.0 |
40.6 |
61.7 |
61.4 |
|
LT Account Receivable |
- |
- |
- |
3.2 |
3.2 |
|
LT Guarantee Dep |
- |
- |
- |
5.7 |
5.4 |
|
Resource Development Funds |
94.0 |
91.6 |
97.1 |
155.4 |
22.9 |
|
LT Prepaid Expen |
- |
- |
- |
5.0 |
4.1 |
|
Non-Current Deferred Income Taxes Assets |
1.0 |
0.5 |
8.1 |
10.6 |
13.8 |
|
Other Non-Current Assets |
7.5 |
5.7 |
7.7 |
- |
- |
|
Land |
- |
- |
- |
0.2 |
0.2 |
|
Buildings |
- |
- |
- |
6.6 |
6.3 |
|
Buildings-Depreciation |
- |
- |
- |
-1.6 |
-1.4 |
|
Buildings-Reduction |
- |
- |
- |
-1.6 |
-1.5 |
|
Buildings & Structures |
- |
37.5 |
37.0 |
- |
- |
|
Buildings & Structures-Depreciation |
- |
-8.6 |
-7.0 |
- |
- |
|
Buildings & Structures-Reduction |
-1.7 |
-1.6 |
-1.6 |
- |
- |
|
Structures |
37.6 |
- |
- |
28.7 |
26.1 |
|
Structures-Depreciation |
-10.0 |
- |
- |
-3.6 |
-2.2 |
|
Transport Equip. |
- |
- |
- |
1.4 |
1.3 |
|
Transport Deprec |
- |
- |
- |
-1.1 |
-0.8 |
|
Tools & Equipments |
8.1 |
7.6 |
13.9 |
13.1 |
12.4 |
|
Tools & Equipments-Depreciation |
-4.7 |
-3.6 |
-10.6 |
-9.7 |
-8.6 |
|
Discretionary Rights on Lease Assets |
- |
- |
- |
4.6 |
0.3 |
|
Lease Improvements-Depreciation |
- |
- |
- |
-3.0 |
-0.2 |
|
Machineries & Equipments |
24.6 |
23.8 |
23.4 |
18.1 |
21.6 |
|
Machineries & Equipments-Depreciation |
-13.9 |
-11.8 |
-9.9 |
-4.9 |
-5.5 |
|
Lease Assets |
- |
- |
- |
0.1 |
- |
|
Lease Assets-Reduction |
- |
- |
- |
0.0 |
- |
|
Construction in Progress |
- |
- |
- |
0.3 |
2.2 |
|
Goodwill |
- |
- |
- |
- |
0.1 |
|
Other Intangibless |
30.4 |
3.6 |
1.1 |
20.7 |
21.1 |
|
Overseas Mining Development Cost |
29.1 |
28.0 |
28.9 |
25.4 |
24.4 |
|
Land Lease Rights |
4.3 |
4.3 |
4.3 |
- |
- |
|
Trade Mark Rights |
- |
18.0 |
18.2 |
- |
- |
|
Membership Right |
- |
5.1 |
3.9 |
- |
- |
|
Other Property Plant & Equipment |
3.2 |
3.1 |
3.0 |
- |
- |
|
Other Tangibles-Depreciation |
-2.2 |
-1.7 |
-1.5 |
- |
- |
|
Adj. for Property, Plant & Equipment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Intangibless |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Assets |
1,795.5 |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
|
|
|
|
|
|
|
|
Current Trade Payable |
606.8 |
579.7 |
577.4 |
353.7 |
392.4 |
|
Current Borrowings |
447.2 |
442.8 |
374.3 |
106.7 |
54.2 |
|
Other Payable |
45.7 |
72.2 |
27.3 |
63.4 |
42.0 |
|
Advance from Customers, Current |
80.7 |
158.6 |
101.1 |
92.2 |
116.6 |
|
Unearned Income |
- |
- |
3.3 |
- |
- |
|
Guarantee Deposit Withheld |
0.1 |
0.1 |
0.3 |
0.3 |
0.3 |
|
Accrued Expense |
1.8 |
1.5 |
3.5 |
5.2 |
14.9 |
|
Dividend Payable |
- |
- |
- |
0.0 |
0.0 |
|
Current Tax Liabilities |
3.3 |
9.7 |
1.4 |
1.2 |
2.0 |
|
Withheld |
5.4 |
6.5 |
5.2 |
4.4 |
4.5 |
|
Reserve-Sales Guarantee |
- |
- |
- |
0.8 |
- |
|
Current Portion of Provision for Curren |
1.4 |
8.2 |
12.9 |
- |
- |
|
Other Current Liabilities |
- |
- |
- |
4.1 |
0.5 |
|
Advances on Confirmed Contracts |
- |
- |
- |
- |
0.0 |
|
Current Derivatives Liabilities |
0.1 |
0.4 |
0.4 |
0.2 |
- |
|
Current Portion of Long-term Debt |
44.3 |
42.6 |
42.3 |
114.8 |
- |
|
Current Portion of Bonds |
46.8 |
- |
- |
- |
- |
|
Adj.-Other Current Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Liability |
1,283.6 |
1,322.4 |
1,149.4 |
746.8 |
627.4 |
|
|
|
|
|
|
|
|
Bonds |
- |
43.3 |
43.9 |
- |
48.0 |
|
Non-Current Borrowings |
81.0 |
58.5 |
49.5 |
86.7 |
149.2 |
|
Total Long Term Debt |
81.0 |
101.8 |
93.4 |
86.7 |
197.2 |
|
|
|
|
|
|
|
|
LT Trade Payable |
- |
- |
- |
72.8 |
56.4 |
|
Other Non-Current Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Minority Interests |
1.7 |
-1.7 |
0.9 |
1.6 |
2.9 |
|
Retire Reserve |
- |
- |
- |
8.1 |
2.4 |
|
Plan Assets |
- |
- |
- |
-5.9 |
- |
|
Transfer to National Pension Fund |
- |
- |
- |
-0.1 |
- |
|
Deferred Income Taxes, LT Liabilities |
40.6 |
39.3 |
- |
- |
- |
|
Non-Current Fixed Benefit Liabilities |
2.9 |
4.0 |
2.1 |
- |
- |
|
Non-Current Prov.s |
3.0 |
2.0 |
1.9 |
- |
- |
|
Total Liabilities |
1,412.8 |
1,467.8 |
1,247.6 |
910.1 |
886.5 |
|
|
|
|
|
|
|
|
Capital Stock |
104.7 |
96.9 |
98.4 |
95.9 |
88.6 |
|
Treasury Stock |
- |
- |
- |
0.0 |
0.0 |
|
Other Capital Adj. |
-17.9 |
-13.2 |
-13.4 |
-13.0 |
-7.2 |
|
Consolidated Retained Earnings |
163.7 |
117.0 |
87.0 |
34.8 |
75.1 |
|
Gain on Valuation of Securities Availabl |
66.6 |
66.4 |
0.5 |
0.0 |
- |
|
Capital Change, Equity Method |
73.6 |
75.5 |
0.0 |
0.4 |
0.2 |
|
Capital Change, Equity Method (Loss) |
-0.3 |
0.0 |
0.0 |
-1.7 |
-1.4 |
|
Overseas Business Translation Debit |
-7.7 |
-5.7 |
-0.2 |
8.2 |
4.9 |
|
Adj.-Accumulated Other Comprehensive Inc |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Equity |
382.7 |
336.9 |
172.3 |
124.6 |
160.3 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
1,795.5 |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Total Common Shares Outstandin |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
80.7 |
158.6 |
104.4 |
92.2 |
116.6 |
|
Full-Time Employees |
- |
361 |
290 |
236 |
241 |
|
Number of Common Shareholders |
- |
- |
11,810 |
10,422 |
8,912 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
62.8 |
197.2 |
|
Long Term Debt Maturing within 2 Years |
- |
- |
- |
9.5 |
64.0 |
|
Long Term Debt Maturing within 3 Years |
- |
- |
- |
9.5 |
6.3 |
|
Long Term Debt Maturing within 4 Years |
- |
- |
- |
9.5 |
9.5 |
|
Long Term Debt Maturing within 5 Years |
- |
- |
- |
9.5 |
9.6 |
|
Long Term Debt Remaining Maturities |
- |
- |
- |
48.8 |
59.6 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
149.4 |
346.4 |
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 |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
45.8 |
37.8 |
41.2 |
-47.4 |
1.7 |
|
Depreciation |
5.3 |
5.2 |
4.4 |
4.4 |
3.9 |
|
Amort. of Intangibless |
13.8 |
3.0 |
2.6 |
2.9 |
2.8 |
|
Payment for Retirement Allow., ONCI |
2.1 |
1.7 |
1.3 |
1.4 |
1.9 |
|
Expense of Allow. for DA |
5.1 |
0.3 |
- |
2.0 |
7.6 |
|
Expenses of Allow. for Other DA |
- |
8.1 |
- |
- |
- |
|
Amort-Othr Bad Debt |
- |
- |
- |
0.0 |
0.6 |
|
Accrued Interest Expense |
- |
- |
- |
0.1 |
0.1 |
|
Provision-Construction Loss |
- |
- |
- |
4.6 |
- |
|
L-For Exch Translatn |
- |
- |
- |
15.0 |
49.9 |
|
Loss-Valuation of Contract on Settlement |
- |
- |
- |
- |
0.0 |
|
L-Inventory Valuation |
- |
- |
- |
0.5 |
23.6 |
|
Loss-Valuation of Derivatives |
- |
- |
- |
0.1 |
- |
|
L-LT Investment Securities Valuation |
- |
- |
- |
- |
0.3 |
|
L-Reduct. of Inv. Assets |
- |
- |
- |
- |
6.4 |
|
L-Reduct. of LT Inv. Secs. |
- |
- |
- |
0.4 |
0.6 |
|
Reduction Loss on Securities Held-to-Mat |
- |
2.1 |
0.9 |
- |
- |
|
Disposal Loss on Trade Receivables |
3.9 |
3.7 |
3.4 |
7.5 |
17.2 |
|
L-Tang Asset Disp. |
- |
- |
- |
0.0 |
0.0 |
|
L-LT Inv Secs Disposal |
- |
- |
- |
0.0 |
0.0 |
|
Revers-Doubtful Acct |
- |
- |
- |
-4.4 |
-0.1 |
|
Interest Expenses |
18.6 |
18.5 |
18.1 |
- |
- |
|
Interest Income |
-7.3 |
-4.4 |
-5.7 |
- |
- |
|
Dividend Income,on |
-11.7 |
-15.7 |
-10.9 |
- |
- |
|
Corporate Taxes Expense |
11.5 |
16.2 |
6.6 |
- |
- |
|
Contract on Settlement |
- |
- |
- |
0.0 |
- |
|
G-For Exch Translatn |
- |
- |
- |
-12.8 |
-57.8 |
|
G-Currency Futr Val. |
- |
- |
- |
-0.4 |
-2.3 |
|
Gain-Valuation of Contract on Settlement |
- |
- |
- |
-0.1 |
- |
|
G-Reduction LT Investment Securities |
- |
- |
- |
-0.5 |
- |
|
G-Tang Asset Disp. |
- |
- |
- |
0.0 |
-0.1 |
|
G-Dispose ST Investment Securities |
- |
- |
- |
- |
-1.4 |
|
G-Dispose LT Investment Securities |
- |
- |
- |
0.0 |
0.0 |
|
Gain under Equity Method |
- |
- |
- |
-12.6 |
-23.8 |
|
Gain/Loss under Equity Method |
-19.1 |
-17.4 |
-14.1 |
- |
- |
|
G/L on Valt of Derivative Fincl Asset |
-0.2 |
0.0 |
-0.1 |
- |
- |
|
G/L on Foreign Currency Translation |
2.9 |
0.1 |
2.0 |
- |
- |
|
Other Cash Flow from Operating Activity |
-26.9 |
6.2 |
5.2 |
- |
- |
|
Trade Receivables |
-63.1 |
-89.4 |
-211.0 |
-44.0 |
30.0 |
|
Dishonored Notes |
- |
- |
- |
- |
0.7 |
|
Other Current Receivables |
38.1 |
-46.7 |
-4.9 |
33.6 |
-12.2 |
|
Accrued Income |
- |
- |
- |
-0.3 |
0.7 |
|
Inventory |
45.7 |
110.8 |
-132.2 |
41.2 |
-93.2 |
|
Advanced Payments |
- |
- |
- |
0.0 |
22.8 |
|
Prepaid Expenses |
- |
- |
- |
0.6 |
-0.5 |
|
LT Prepaid Expenses |
- |
- |
- |
- |
0.4 |
|
Corporate Tax Refundable |
- |
- |
- |
0.3 |
-0.2 |
|
Security Deposits |
- |
- |
- |
1.0 |
-1.9 |
|
Other Current Assets |
55.1 |
-81.8 |
27.6 |
0.6 |
0.4 |
|
Derivatives in Assets |
- |
- |
- |
2.0 |
0.0 |
|
Source Development Cost |
- |
-1.9 |
-14.6 |
- |
- |
|
Decrease in Other Non-Current Assets |
-1.8 |
1.9 |
3.0 |
- |
- |
|
Deferred Taxes-Asset |
- |
- |
- |
8.3 |
3.7 |
|
Trade Payable |
18.2 |
-5.1 |
195.2 |
-36.8 |
-2.0 |
|
Other Payable |
-28.1 |
45.1 |
-48.2 |
29.3 |
14.4 |
|
Accrued Expenses |
- |
- |
- |
-20.7 |
8.2 |
|
Accrued Income Taxes |
- |
- |
- |
-1.0 |
0.4 |
|
Advance from Customers |
-81.7 |
58.2 |
37.6 |
-26.0 |
58.4 |
|
Deposits Withheld |
- |
- |
- |
-0.3 |
-1.1 |
|
Security Deposit |
- |
- |
- |
0.0 |
0.2 |
|
Unearned Income |
- |
- |
- |
- |
0.7 |
|
Other Current Liabilities |
- |
- |
- |
-0.3 |
0.1 |
|
Other Non-Current Liabilities |
- |
- |
- |
-0.2 |
- |
|
Nation Pension Fund |
- |
- |
- |
0.0 |
0.0 |
|
Reserve for Sales Guarantee |
- |
- |
- |
0.7 |
0.0 |
|
Retirement Pension Operating Fund |
- |
- |
- |
-1.0 |
-0.9 |
|
Reserve-Severance & Retirement Benefit |
- |
- |
- |
- |
0.4 |
|
Payment-Retirement Bonus |
- |
- |
- |
-0.8 |
-1.2 |
|
Reserve-Construction Loss |
- |
- |
- |
-0.8 |
- |
|
Other Operating Assets & Liabilities |
-5.0 |
-5.6 |
2.1 |
- |
- |
|
Dividend Income, A/L |
31.4 |
33.0 |
24.9 |
13.2 |
23.5 |
|
Adj. for Operating Activities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash-Interest Received |
6.7 |
3.5 |
6.0 |
- |
- |
|
Cash-Interest Paid |
-18.3 |
-18.3 |
-17.8 |
- |
- |
|
Cash-Tax Paid |
-16.3 |
-4.3 |
-2.7 |
- |
- |
|
Adj. for Operating Assets & Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Cash from Operating Activities |
24.8 |
64.7 |
-80.1 |
-40.8 |
83.0 |
|
|
|
|
|
|
|
|
Dispose-ST Investment Securities |
- |
- |
- |
0.0 |
0.0 |
|
Disp of LT Invest Secs. |
- |
- |
- |
0.0 |
2.5 |
|
Dec-LT Finl Assets |
- |
- |
- |
8.2 |
38.8 |
|
Disposal of Investment in Affiliates |
- |
0.3 |
- |
- |
4.4 |
|
Disposal of Securities Available-for-Sal |
1.4 |
1.3 |
0.6 |
- |
- |
|
Disposal of Securities Held-to-Maturitie |
- |
0.0 |
0.5 |
- |
- |
|
Decrease-ST Loans |
- |
- |
- |
1.2 |
- |
|
Decrease in Non-Current Loans |
5.9 |
0.1 |
0.1 |
0.0 |
27.1 |
|
Dec-Guarantee Dep |
- |
- |
- |
0.1 |
0.0 |
|
Disposal of Property, Plant and Equipmen |
1.7 |
0.0 |
0.1 |
0.0 |
0.7 |
|
Sale of Intangibles |
0.4 |
- |
- |
- |
0.0 |
|
Current Finacial Instruments, Net |
-30.8 |
55.7 |
-52.0 |
- |
- |
|
Purchase of Non-Current Fincl Instrm |
- |
- |
0.0 |
0.0 |
-0.1 |
|
Acq-ST Investment Securities |
- |
- |
- |
-1.8 |
-1.8 |
|
Purchase of Invmt in Affiliates |
- |
-4.5 |
-0.4 |
- |
- |
|
Increase in ST Loans |
- |
- |
- |
- |
-0.6 |
|
Increase in Resource Development |
-1.4 |
- |
- |
0.0 |
-7.3 |
|
Increase in Non-Current Loans |
-3.9 |
-3.8 |
-9.5 |
0.0 |
-0.1 |
|
Inc in Guarant Depos |
- |
- |
- |
-0.2 |
-0.3 |
|
Purchase of Tangibles |
-1.1 |
-2.4 |
-2.2 |
-1.5 |
-8.2 |
|
Purchase of Intangibless |
-13.4 |
-6.7 |
-4.7 |
-0.2 |
-20.6 |
|
Cash from Investing Activities |
-41.1 |
40.1 |
-67.7 |
5.8 |
34.7 |
|
|
|
|
|
|
|
|
Increase in Bonds |
- |
- |
43.1 |
41.1 |
- |
|
Increase in Non-Current Borrowings |
30.3 |
15.5 |
2.0 |
0.6 |
23.1 |
|
Inc in ST Borrowings |
- |
- |
- |
55.6 |
4.3 |
|
Inc LT Account Payable |
- |
- |
- |
- |
0.0 |
|
Decrease in Treasury Stocks |
- |
- |
0.0 |
- |
- |
|
Decrease-ST Borrowings |
- |
- |
- |
-8.6 |
- |
|
Decs in Current Portion of LT Borrowings |
-7.0 |
-6.4 |
-82.2 |
- |
- |
|
Repayment of Bonds |
- |
- |
- |
-41.1 |
-2.0 |
|
Decrease in Non-Current Borrowings |
- |
- |
-2.9 |
-1.4 |
-32.5 |
|
Decrease-LT Accrued Payment |
- |
- |
- |
0.0 |
-22.8 |
|
Consolidated Scope Adjustment |
- |
- |
- |
- |
-2.5 |
|
Dividend Paid |
-9.9 |
-5.0 |
- |
-0.6 |
- |
|
Current Borrowings, Net |
-24.9 |
68.0 |
152.8 |
- |
- |
|
Cash from Financing Activities |
-11.5 |
72.1 |
112.8 |
45.4 |
-32.3 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
-9.3 |
2.9 |
1.0 |
-1.2 |
12.7 |
|
Incs or Decs in Cash & Cash Equivalents |
-37.0 |
179.8 |
-34.0 |
9.1 |
98.1 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
315.6 |
141.2 |
169.3 |
144.2 |
69.2 |
|
Cash and Cash Equivalents at End |
278.5 |
321.0 |
135.3 |
153.4 |
167.3 |
|
Cash Interest Paid |
18.3 |
18.3 |
17.8 |
- |
- |
|
Cash Taxes Paid |
16.3 |
4.3 |
2.7 |
- |
- |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.27 |
|
UK Pound |
1 |
Rs.91.16 |
|
Euro |
1 |
Rs.77.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
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.