MIRA INFORM REPORT
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Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
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Name : |
DAEWOO INTERNATIONAL CORPORATION |
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Registered Office : |
Yonsei Severance Bldg., 84-11, Namdaemunno 5-Ga, Jung-gu, Seoul,
100753 |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
27.12.2000 |
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Legal Form : |
Public Subsidiary |
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Line of Business : |
Subject operates in trade division, resource development division and
manufacture division |
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No. of Employees : |
1968 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
Daewoo International Corporation
Yonsei Severance Bldg., 84-11, Namdaemunno 5-Ga, Jung-gu
Seoul, 100753
Korea, Republic of
Tel: 82-2-7592114
Fax: 82-2-7592389
Web: www.daewoo.com
synthesis
Employees: 1968
Company Type: Public Subsidiary
Corporate Family: 136
Companies
Ultimate Parent: POSCO
Traded: Korea
Stock Exchange: 047050
Incorporation Date:
27-Dec-2000
Auditor: Ernst & Young LLP
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2012
Reporting Currency: South
Korean Won
Annual Sales: 15,593.2 1
Net Income: 188.0
Total Assets: 7,000.8 2
Market Value: 3,782.7 (19-Apr-2013)
Business Description
DAEWOO INTERNATIONAL CORPORATION is a Korea-based company specialized in
the provision of trade services. The Company operates in three business
divisions: trade division, resource development division and manufacture and
other division. Its trade division engages in the international trading of
steel products, metals, machinery, chemical products, automobile components,
electronics, textiles, fibers and others. Its resource development division
engages in the development of energy, minerals and food resources in domestic
and overseas. Its manufacture and other division operates textile factory in
Busan, as well as Daewoo Department Stores. On July 22, 2012, the Company
acquired a 100% stake in Musoshi Copper Mining Korea. For the fiscal year ended
31 December 2012, Daewoo International Corporation revenues decreased 10% to
W17.571T. Net income before extraordinary items increased 78% to W178.19B.
Revenues reflect International Trade Segment decrease of 10% to W16.966T, Other
Manufacturing (Plant & Construction) segment decrease of 10% to W516.38B,
Other Foreign segment decrease of 35% to W4.374T, Asia (excluding China)
segment decrease of 20% to W6.819T.
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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Dong Hui Lee |
Vice Chairman of the Board, Chief Executive Officer |
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Byeong Yil Jeon |
President, Director |
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Gi Hwa Choi |
Vice President |
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Dong-Hee Lee |
Chairman & CEO |
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Jeong-Bae Yi |
General Manager Machinery & Plant Division |
Significant Developments
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Topic |
#* |
Most Recent Headline |
Date |
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1 |
Daewoo
International Corporation Announces Lawsuit Filed by Dynatec Madagascar S.A. |
21-May-2012 |
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1 |
8-Aug-2012 |
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2 |
KT Corp and
Daewoo International Corp Get KRW 23 Billion Broadband Project in Poland-Dow
Jones |
24-Mar-2013 |
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1 |
Daewoo
International Corporation Announces Amendments to Establishment of New Entity |
12-Mar-2013 |
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2 |
Daewoo
International Corporation Signs Contract with Uzbek Energo |
13-Mar-2013 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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Daewoo
Int'l Q1 net triples on equity investment profits |
25-Apr-2013 |
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Daewoo
Int'l seeks to shift from trading to project development |
23-Apr-2013 |
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UZBEKISTAN:
Activists call on Nike to end dealings with Daewoo |
18-Apr-2013 |
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UZBEKISTAN:
Activists call for Nike to end dealings with Daewoo International |
18-Apr-2013 |
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Six int'l
firms bid for Jordan's first oil shale-fired power plant |
18-Apr-2013 |
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Nike and
Daewoo under fire over 'forced labour' cotton |
18-Apr-2013 |
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
Yonsei Severance Bldg.
, 84-11, Namdaemunno 5-Ga, Jung-gu
Seoul, 100753
Korea, Republic of
Tel: 82-2-7592114
Fax: 82-2-7592389
Web: www.daewoo.com
Quote Symbol - Exchange
047050 - Korea
Stock Exchange
Sales KRW(mil): 17,571,126.0
Assets KRW(mil): 7,465,637.5
Employees: 1968
Fiscal Year End: 31-Dec-2012
Industry: Miscellaneous
Capital Goods
Incorporation Date: 27-Dec-2000
Company Type: Public
Subsidiary
Quoted Status: Quoted
Vice Chairman of
the Board, Chief Executive Officer:
Dong Hui Lee
Industry Codes
ANZSIC 2006 Codes:
3322 - Metal and Mineral Wholesaling
3323 - Industrial and Agricultural Chemical Product Wholesaling
3504 - Motor Vehicle New Parts Wholesaling
3419 - Other Specialised Industrial Machinery and Equipment
Wholesaling
3494 - Other Electrical and Electronic Goods Wholesaling
4260 - Department Stores
0700 - Oil and Gas Extraction
NACE 2002 Codes:
5152 - Wholesale of metals and ores
5143 - Wholesale of electrical household appliances and radio and
television goods
5212 - Other retail sale in non-specialised stores
1110 - Extraction of crude petroleum and natural gas
5030 - Sale of motor vehicle parts and accessories
5187 - Wholesale of other machinery for use in industry, trade and
navigation
5155 - Wholesale of chemical products
NAICS 2002 Codes:
42351 - Metal Service Centers and Other Metal Merchant Wholesalers
211111 - Crude Petroleum and Natural Gas Extraction
424690 - Other Chemical and Allied Products Merchant Wholesalers
452112 - Discount Department Stores
423120 - Motor Vehicle Supplies and New Parts Merchant Wholesalers
423620 - Electrical and Electronic Appliance, Television, and Radio
Set Merchant Wholesalers
423830 - Industrial Machinery and Equipment Merchant Wholesalers
US SIC 1987:
5051 - Metals Service Centers and Offices
5084 - Industrial Machinery and Equipment
5311 - Department Stores
5013 - Motor Vehicle Supplies and New Parts
1311 - Crude Petroleum and Natural Gas
5064 - Electrical Appliances, Television and Radio Sets
5169 - Chemicals and Allied Products, Not Elsewhere Classified
UK SIC 2003:
5152 - Wholesale of metals and ores
5030 - Sale of motor vehicle parts and accessories
5212 - Other retail sale in non-specialised stores
5187 - Wholesale of other machinery for use in industry, trade and
navigation
5155 - Wholesale of chemical products
5143 - Wholesale of electrical household appliances and radio and
television goods
1110 - Extraction of crude petroleum and natural gas
UK SIC 2007:
4672 - Wholesale of metals and metal ores
4643 - Wholesale of electrical household appliances
0610 - Extraction of crude petroleum
4532 - Retail trade of motor vehicle parts and accessories
4669 - Wholesale of other machinery and equipment
4675 - Wholesale of chemical products
4719 - Other retail sale in non-specialised stores
Business Description
DAEWOO
INTERNATIONAL CORPORATION is a Korea-based company specialized in the provision
of trade services. The Company operates in three business divisions: trade
division, resource development division and manufacture and other division. Its
trade division engages in the international trading of steel products, metals,
machinery, chemical products, automobile components, electronics, textiles,
fibers and others. Its resource development division engages in the development
of energy, minerals and food resources in domestic and overseas. Its manufacture
and other division operates textile factory in Busan, as well as Daewoo
Department Stores. On July 22, 2012, the Company acquired a 100% stake in
Musoshi Copper Mining Korea. For the fiscal year ended 31 December 2012, Daewoo
International Corporation revenues decreased 10% to W17.571T. Net income before
extraordinary items increased 78% to W178.19B. Revenues reflect International
Trade Segment decrease of 10% to W16.966T, Other Manufacturing (Plant &
Construction) segment decrease of 10% to W516.38B, Other Foreign segment
decrease of 35% to W4.374T, Asia (excluding China) segment decrease of 20% to
W6.819T.
More Business
Descriptions
International
trade in the areas of steel, metal, chemicals, automotive and component,
machinery and plant, media and electronics, textiles, commodities and energy.
Management services including corporate restructuring and finance.
Steel, Metal,
Non-Ferrous Metal, Chemical, Machinery, Industrial, Automotive, Media,
Electronic & Textile Industries Mfr, Distr & Trading Services
Daewoo
International Corporation (Daewoo) is a Korea-based trading company active in
export, import and trading business related to a wide range of products. The
company is a subsidiary of POSCO Group.The company operates through four
business groups, namely, Business Group I; Business Group II; Business Group
III; and Business Group IV. It also carries out its activities through Energy
& Resources Development Group and Domestic Business.The company’s
Business Group I division carries out business through hot rolled steel
division, flat and wire rod division, cold rolled steel division, and special
steel division. The hot rolled steel division imports raw materials and exports
hot rolled products manufactured by POSCO steel. The products include HR Coil,
PO Coil, HR Plate, Wire Rod, Sheet, Pipe, and Wire. The flat and wire rod
division imports and exports plate, wire rod and slabs for POSCO steel and
other steel producers in the world. The cold rolled steel division undertakes
trading in electrolytic galvanized steel sheets, cold rolled sheets, galvanized
steel sheets, and galvanized steel sheets for industrial and home appliances.
Special steel division specializes in the export of stainless steel products
manufactured by Korean companies such as POSCO, POSCO Special Steel, and DKC.
Special steel division also exports hot and cold rolled stainless steel
products from POSCO and high value added alloy steel and imports from foreign
manufacturers.Daewoo’s Business Group II division operates under four
sub-divisions, namely, machinery & plant division, automotive component
division, electronic industry division and textile division. The machinery
& plant division carries out international sale of machines and plants
including industrial machines and heavy equipment. The automotive component
division supplies various parts to more than 180 customers across 35 countries.
The company’s electronic industry division trades in electronic products such
as Li-ion batteries, LCD monitors, fiber optic cables and many others. The
company, through its textile division, exports textile products ranging from
raw material to finished products. The products include cotton yarn, cotton
greige fabric, synthetic fabrics and textile materials.Business Group III
division of Daewoo operates through four divisions, namely, steel raw materials
division, metal division, non-ferrous metal division, and agro-products
division. The steel raw materials division carries out the import, export and
triangular trade of steel raw materials such as iron ore, pig iron, billet and
others. The company plans to develop new business models, strategic products
and enhance sales capabilities through close cooperation with POSCO.
Non-ferrous metal division carries out the import, export and trade of
non-ferrous metal products ranging from industrial material to finished
products. The products include aluminum products, copper raw materials,
titanium, magnesium, and zirconium. Metal division conducts the export of steel
products from domestic manufacturers, export of high value-added coated
products and import and triangular trade of foreign products. The agro-product
division conducts trilateral trade of rice, corn, beans, wheat, and frozen pork
and beef.The Business Group IV division of the company operates through three
chemical divisions, namely, Chemical Division I, Chemical Division II and
Chemical Division III. The Chemical Division I trades in petrochemical products
including crude oil, diesel, gasoline and heavy oil, BTX, PX, and SM, among others.
The Chemical Division II trades in multi-purpose synthetic resin (PE, PP, ABS
and PVC), the core products of downstream petrochemicals, special resin (PU and
PC), chemical fibers (PTA and MEG) and Pet Chips. The Chemical Division III
trades in fertilizer, paper, synthetic rubber and inorganic and fine chemicals.
The Energy & Resources Development Group comprises mineral resources
development division and energy division. Mineral resources development
division undertakes overseas projects. The company participated in nickel
development project in Ambatovy, Madagascar and developed Narrabri bituminous
coal mine in Australia. The company has exploration mines in Australia,
Bolivia, and Canada. The energy division is operating a crude oil production
project in Peru. The company participated in KOLNG, which is an LNG Plant
operation project in Oman, and a gas production project in Vietnam. The company
has new projects in Australia, Central America, Southeast and Central Asia, and
Africa.Daewoo’s Domestic Business operates Busan Factory and Masan Department
Store. The Busan Factory develops, produces and sells textiles. The Masan
Daewoo Department Store provides various distribution services and operates a
store-wide Shopper Satisfaction system to strengthen its internal and external
communications systems and promoting programs for continued development.The
company's major subsidiaries include Daewoo International (America) Corp;
Daewoo International Mexico S.A. de C.V.; Daewoo Italia S.r.l; Daewoo (GULF); Daewoo
International Japan Corp.; Daewoo International Corp. Guangzhou Co., Ltd; and
Daewoo International Singapore Pte Ltd, among others. In April 2012, the
company completed 70% of development of offshore gas blocks A-1 and A-3 in
Myanmar. In the same month, the company announced its plans to sell its 24%
interest in Kyobo Life Insurance Co. Ltd. In February 2012, the company
announced its plans to accelerate its mineral development business in natural
resource-rich Africa. Accordingly, the company plans to launch a trial
production at a nickel mine in Ambatovy, Madagascar, and additionally expand
and develop a network across Cameroon, the Democratic Republic of Congo,
Ethiopia and other countries in Central Africa.
Daewoo
International Corporation (Daewoo) is an international trading and investment
company. It is a subsidiary of POSCO Group. The company caters to the
requirements of various industries including international trading,
manufacturing, sales, and resource development. Daewoo operates through four
business groups, which include the export and import of steel products and raw
material, machines, heavy equipment, automobile components, electronic
products, petrochemical products and textile products. The company also offers
energy infrastructure development services. Through its subsidiaries, the
company operates in North America, Central and South America, Europe, Africa
and Middle East, and Asia. Daewoo is headquartered in Seoul, South Korea.The
company focuses on creating joint value with POSCO Group through business
expansion and exploration of new markets. In line with its differentiated
localization strategy, in February 2012, the company expanded its network
across Cameroon, the Democratic Republic of Congo, Ethiopia and other countries
in Central Africa. In November 2011, the company established strategic
cooperation with JSC Rusnano on new technology and investment in Russia. In the
future, the company seeks to introduce new innovations and plans to develop new
business packages to strengthen its foothold in international market.The
company reported revenues of (Won) KRW 19,457,178.59 million during the fiscal
year ended December 2011, an increase of 21.14% over 2010. The operating profit
of the company was KRW 162,571.59 million during the fiscal year 2011, a
decrease of 7.72% from 2010. The net profit of the company was KRW 212,943.46
million during the fiscal year 2011, an increase of 98.73% over 2010.
All Other
Specialty Trade Contractors
Brand/Trade Names
DAEWOO
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Strategic Initiatives
Sales and
Distribution
Business Group III division of Daewoo operates through four divisions, namely, steel raw materials division, metal division, non-ferrous metal division, and agro-products division. The steel raw materials division carries out the import, export and triangular trade of steel raw materials such as iron ore, pig iron, billet and others. The company plans to develop new business models, strategic products and enhance sales capabilities through close cooperation with POSCO. Non-ferrous metal division carries out the import, export and trade of non-ferrous metal products ranging from industrial material to finished products. The products include aluminum products, copper raw materials, titanium, magnesium, and zirconium.
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Helpful |
Harmful |
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Internal Origin |
Strengths |
Weaknesses |
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External Origin |
Opportunities ·
Potential
Growth for Unconventional Oil and Gas |
Threats |
Overview
Daewoo International Corporation (Daewoo) is a diversified company that undertakes the trading, manufacture and distribution of a wide range of products. The company has a strong foothold in the market with diversified operations and global presence. Increasing long term liabilities and trade accounts receivable are causes for concern to the company. The Myanmar gas facility development and improved E&P investments provide the group an opportunity to enhance its growth prospects. However, stringent regulations and intense competition could limit its overall market share and affect its profitability.
Strengths
Competent Business
Model
The company undertakes business activities through an efficient business model. It operates through six business divisions specializing in international trade and investments. Its business model specializes in activities pertaining to international trade, project organizing, investments in manufacturing and production; and development of energy and mineral resources. The company’s diverse transaction techniques in international trading and export/import market enabled it to pursue highly complex projects. It utilizes integrated financing, engineering and manufacturing capabilities for the development of new items, business sources and entry into new markets. It implemented global real-time enterprise and global knowledge management system to share information in real time basis with its strategically located branches and subsidiaries. Such integrated business model provides it a significant advantage by allowing greater flexibility in offsetting market fluctuations at the individual stages of the value chain and enabling it to make use of synergies.
Global Network
The company has a diversified geographical presence, which could mitigate risks associated with concentrated business presence. Daewoo has a strong market presence in a number of markets including Asia, Europe and CIS, Central and South America, North America, Japan, China, Africa and Middle East. The company’s network base is considered the largest in Korea, which consists of more than 100 overseas branches and subsidiaries. Through its wide network base, Daewoo trades in various products with approximately 6,000 long-established customer companies across 180 countries. Besides, in 2012, the company expanded its network across Cameroon, the Democratic Republic of Congo, Ethiopia and other countries in Central Africa. Such geographically diversified operations and structured business support the company in minimizing its risks.
Growth Prospects:
Business Performance
Daewoo’s recorded high revenue margins in 2011. The company reported 21.1% increase in total revenue in 2011, as compared to that in 2010. For the fiscal year ended 2011, the company reported revenue of KRW19,457,178.59m and such growth resulted in gross margin of 5.2%. During 2011, the company generated free cash flow of KRW501,299.01m, maintaining good liquidity along with minimal project financing during the year. The company generated such free cash flow after incurring capital expenditure, interest, and tax. As a result, its current ratio stood at 1.14 at the end of fiscal year 2011. A higher current ratio indicates that the company is in a strong financial position and is more capable of meeting its short term obligations than other companies in the sector. Its quick ratio stood at 0.86 along with cash ratio of 0.11 during fiscal year 2011. The company's current assets were valued at KRW5,460,448.34m in 2011, as compared to current liabilities of KRW4,780,462.42m. Besides, the company also reported increased returns in 2011, as compared to those in previous years. The company's return on equity (ROE) was 11.16% at the end of fiscal year 2011, as compared to 6.99% in 2010. Its return on assets was 2.4% in 2011, compared to 1.54% in 2010. Increasing profitability ratios indicate the company’s improved performance and its ability to deliver returns, as expected by its shareholders. Its net profit margin increased 1.09% in 2011 from 0.67% in 2010. Increased margins and decreased operating costs reflect strong operational efficiency of the company.
Diversified Business
Operations
The company has an efficient operational structure and a considerable presence in the market. It undertakes diverse business operations for different sectors including steel, metal, chemical, automotive and component, machinery and industrial plants, media and electronics, textiles, commodity and energy, and IT businesses. Its significant business portfolio includes international trade, project organizing, energy and resource development, and overseas investment. Through its organizational framework, the company participates in numerous business activities with its six business groups. Business Group I includes activities of hot rolled steel products, flat and wired rod, cold rolled steel and special steel products; Business Group II comprises machinery and plant division, power energy infra division, automotive component and electronic industry division; Business Group III comprises steel raw materials division, metal division, non-ferrous metal division, commodity & textile division; and Business Group IV comprises chemical division I, chemical division II, and chemical division III. Its Energy and Resources Development group consists of commodity and agro-resources division, mineral resources development division, energy division; and its Domestic Business group includes Busan factory and Daewoo department store. Such efficient organizational structure provides sustainable business operations, shields it from market volatility and helps attain economic stability.
Weaknesses
Asset Disposal
The company disposed off its controlling interest in its non-core business operations during fiscal year 2011. In July 2011, the company disposed off one of its controlling subsidiaries, Daewoo Cement (Shandong) Co., Ltd. in order to close down its non-core business and assemble long-term receivables. For this purpose, it requested approval from the Ministry of Commerce of the People’s Republic of China. As a result, it also entered into sales contract with China United Cement Group Co., Ltd. In conjunction with the disposition, the company agreed to indemnify the buyers from certain liabilities and costs arising from operations to sale including liabilities associated with the agreements. Such divestments and disposal of non-core assets reflects instability in its performance and resource management.
Increasing Accounts
Receivable
Increasing accounts receivable affect the company’s competitiveness and profitability. Its total receivables increased to KRW3,150,818.8m in 2011 from KRW2,409,069.7m in 2010, showing an increase of 30.8%. Of the total receivables, it recorded accounts receivable of KRW3,130,861m with an increase of 36.9% in 2011, as compared to KRW2,287,701m during 2010. The company entered into several factoring agreements with a diverse customer base, mainly through third party credit providers on 30-60 day terms. As a result, its inventory turnover increased from 13.31 in 2010 to 13.72 in 2011, indicating adequate supplies for improvement in sales. However, the provision for impairment loss would have been recognized, based on the objective evidence. Such increasing doubtful debts, along with accounts receivable, reflect inefficient credit management by the company. In the backdrop of growing economic recession, the probability of defaults by creditors increased, which may impact the overall financial position as well as profitability of the company.
Long Term
Liabilities
The company
reported highly leveraged capital structure, which could affect its expansion
and growth plans. Up to the end of fiscal 2011, the company reported total debt
obligation of KRW5,197,775.42m consisting of a long-term debt component of
KRW2,007,413.28m. As a result, the company reported substantially high debt to
equity ratio of 272.52% and a debt to capital ratio of 126.04% for the fiscal
year ended 2011. The company incurred this debt to meet its working capital and
capital expenditure needs. If it fails to comply with any of the debt service
requirements, the debt could become due and payable prior to its scheduled
maturity. The company needs to dedicate a significant portion of its cash flow
from operations to service interest and principal payments. Any reduction in
revenue and operating cash flows could hinder its ability to repay interest and
principal, resulting in default. Hence, such huge debt increases the financial
burden on the company, limiting the availability of cash for its growth.
Opportunities
Potential Growth for Unconventional Oil and Gas
The company could benefit as the petroleum industry turns to unconventional sources of oil and gas and can take advantage of the current scenario to boost its sales and strengthen its financial base. Unconventional sources have the potential to add significant capacity to the world’s energy supplies. As per the forecast of the US Energy Information Administration (EIA), the annual growth rate of unconventional production will be above the annual growth rate of conventional production. According to the EIA’s forecast, by 2035, the world’s total conventional production is expected to be around 97.1 million bpd, whereas the unconventional production would be around 14.6 million bpd. Currently, the share of unconventional oil production is around 5%, which is expected to increase to approximately 13% of the world’s total production. Certain of the unconventional sources include oil sands, CBM, tight gas, and shale gas.
Myanmar Gas Facility
Development
The company entered into an agreement with Hyundai Heavy Industries Co., Ltd. (Hyundai Heavy Industries) for SHWE project in Myanmar. Hyundai Heavy Industries will build a 40,000-ton class offshore gas platform, a subsea production system, subsea pipelines, an onshore gas terminal, a jetty and a supply base. The project will be completed by March 2013. The SHWE Project is for development of Block A-1 and Block A-3 at Bay of Bengal, 70 km west of Myanmar. It is developing gas fields in Block A-1 (51% interest) and A-3 (51%) in Myanmar offshore basin. It also owns 100% exploration interest in the AD-7 block. As of April 2012, the company completed 70% development of offshore gas blocks A-1 and A-3 in Myanmar. Besides, Daewoo led consortium will invest KRW4 trillion ($3.2 billion) in the development of Myanmar gas fields. This will allow the consortium to supply natural gas to China National Petroleum Corporation (CNPC) for 30 years, with a highest daily production capacity of 500 million cubic feet, or about 3.8 million tons per annum. The supplies will amount to approximately 7% of China's gas consumption of 7.3 billion cubic feet per day, which is expected to increase rapidly. Such projects will fetch good returns to the company and help it enhance the partnership with Hyundai Heavy Industries Company.
Improving E&P
Investments
Growth in E&P expenditure would benefit international energy services companies such as Daewoo international corporation. The upstream sector of the global oil and gas industry is focused on various development projects for meeting the growing demand for energy. According to in-house research, global oil and gas capital expenditure (capex) registered a 14% growth in 2011, over the oil and gas capex recorded in 2010. The trend of increasing capex by global oil and gas companies is expected to continue throughout 2012, as a further capex growth of 13% is anticipated in 2012. Such an increase in global oil and gas capex would principally be driven by high, sustained crude oil prices. As the availability of crude oil and natural gas from onshore fields decline, more complex and expensive technology would be required to produce oil and gas from deep and ultra-deep offshore areas, and unconventional sources such as oil and gas shales, oil sands and coal bed methane. It is estimated that in 2012, the global oil and gas industry would register a total capex of $1,026 billion. According to the IMF, crude oil prices will remain high in 2012 due to supply disruptions in the global oil markets, increasing demand in emerging economies and production constraints in a number of oil-exporting economies. The IMF expects the global oil price to average at $110 per barrel in 2012. According to in-house research, capex from independent oil and gas companies would increase from $131 billion in 2011 to $158 billion in 2012, representing a 20.6% growth. Capex from NOCs would increase from $448 billion in 2011 to $513 billion in 2012, up by 14.5%. Integrated oil companies would increase capex from $329 billion in 2011 to $355 billion in 2012, representing a 7.9% growth. Such growth could stimulate the demand for the company's oilfield services.
Threats
Stringent Regulations
The company’s
operations are subject to extensive and constantly changing federal, state and
local laws and regulations, including those related to the discharge of
materials into the environment, environmental protection, waste management and
the characteristics and composition of fuels. These environmental laws and
regulations are subject to frequent change, and often become more stringent in
the course of time. Failure to comply with these laws and regulations could
also result in substantial fines or penalties. Stringent environmental
regulations may result in substantial capital expenditure. Any major changes in
them may require the company to make significant investments, which could have
adverse effect on the company's operating margins.
Intense Competition
Daewoo
international operates in six various business groups including steel division,
machinery and plant division, automotive component division, electronic industry
and special business division, textile division, chemical division, commodity
and agro-resources division, mineral resources development division, energy
division across the world. The company is exposed to huge competition from
various industry players by carrying out a wide range of business operations
with a global network. Increasing competitive pressure from major industry
players could limit the group’s overall market share and profitability.
Volatility in Oil and Natural Gas Prices
In recent years,
increase in the demand for crude oil and depletion in the oil reserves resulted
in the increase in the prices of crude oil and oil products across the world.
For many years, oil prices and markets have been extremely volatile. Prices are
affected by numerous factors such as market supply and demand, international
military, political, and economic conditions, and the ability of the
Organization of Petroleum Exporting Countries (OPEC) to set and maintain
production and price targets. Any such volatility in oil prices would adversely
affect the company's results of operations, financial conditions, and future
growth.
|
Corporate Family |
Corporate
Structure News: |
|
|
POSCO |
|
Daewoo International Corporation |
|
|
|
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Pohang |
Korea, Republic of |
Iron and Steel |
56,444.3 |
17,623 |
|
|
Subsidiary |
Pohang, Kyongsangbuk Do |
Korea, Republic of |
Iron and Steel |
|
9,000 |
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Software and Programming |
1,001.4 |
2,541 |
|
|
Subsidiary |
London |
United Kingdom |
Computer Services |
3.2 |
12 |
|
|
Subsidiary |
Beijing, Beijing |
China |
Scientific and Technical Instruments |
|
12 |
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Construction Services |
6,776.5 |
2,340 |
|
|
Subsidiary |
Quito, Pichincha |
Ecuador |
Construction Services |
40.5 |
|
|
|
Subsidiary |
Tampico, Tamaulipas |
Mexico |
Electronic Instruments and Controls |
7.5 |
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
15,593.2 |
1,983 |
|
|
Subsidiary |
Bukhara |
Uzbekistan |
Textiles - Non Apparel |
|
9,237 |
|
|
Subsidiary |
Guangzhou |
China |
Construction and Agriculture Machinery |
|
100 |
|
|
Subsidiary |
Yangon |
Myanmar (Burma) |
Construction and Agriculture Machinery |
|
100 |
|
|
Subsidiary |
Tokyo |
Japan |
Construction and Agriculture Machinery |
|
50 |
|
|
Subsidiary |
Osaka |
Japan |
Construction and Agriculture Machinery |
|
50 |
|
|
Subsidiary |
Singapore |
Singapore |
Construction and Agriculture Machinery |
|
40 |
|
|
Subsidiary |
Nagoya |
Japan |
Construction and Agriculture Machinery |
|
30 |
|
|
Subsidiary |
Lagos |
Nigeria |
Construction and Agriculture Machinery |
|
30 |
|
|
Subsidiary |
Hamburg, Hessen |
Germany |
Construction and Agriculture Machinery |
|
28 |
|
|
Subsidiary |
Shanghai |
China |
Construction and Agriculture Machinery |
|
25 |
|
|
Subsidiary |
Delta, BC |
Canada |
Computer Hardware |
|
20 |
|
|
Subsidiary |
Dalian |
China |
Construction Services |
|
20 |
|
|
Subsidiary |
Pathumwan, Bangkok |
Thailand |
Miscellaneous Capital Goods |
|
17 |
|
|
Subsidiary |
Ridgefield Park, NJ |
United States |
Computer Hardware |
2.4 |
15 |
|
|
Subsidiary |
Taipei |
Taiwan |
Construction and Agriculture Machinery |
|
13 |
|
|
Subsidiary |
Qingdao |
China |
Construction and Agriculture Machinery |
|
13 |
|
|
Subsidiary |
Sao Paulo |
Brazil |
Investment Services |
|
12 |
|
|
Subsidiary |
Lagos |
Nigeria |
Construction and Agriculture Machinery |
|
10 |
|
|
Subsidiary |
Buenos Aires |
Argentina |
Construction and Agriculture Machinery |
|
7 |
|
|
Subsidiary |
Johannesburg, Sandton |
South Africa |
Construction and Agriculture Machinery |
|
7 |
|
|
Subsidiary |
New Malden |
United Kingdom |
Construction Services |
8,733.3 |
6 |
|
|
Subsidiary |
Cairo, Maadl |
Egypt |
Construction and Agriculture Machinery |
|
6 |
|
|
Subsidiary |
Madrid |
Spain |
Construction and Agriculture Machinery |
|
4 |
|
|
Subsidiary |
Warsaw |
Poland |
Construction and Agriculture Machinery |
|
4 |
|
|
Subsidiary |
Issaquah, WA |
United States |
Construction Services |
|
3 |
|
|
Subsidiary |
Colon |
Panama |
Construction and Agriculture Machinery |
|
3 |
|
|
Subsidiary |
Algiers, Alger |
Algeria |
Construction and Agriculture Machinery |
|
3 |
|
|
Subsidiary |
Luanda |
Angola |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Algiers |
Algeria |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Fergana |
Uzbekistan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Caracas |
Venezuela |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Budapest |
Hungary |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Riyadh |
Saudi Arabia |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Kuwait |
Kuwait |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Nairobi |
Kenya |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Saint Leonards, NSW |
Australia |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Amsterdam |
Netherlands |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Tripoli |
Libyan Arab Jamahiriya |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Anaheim, CA |
United States |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Tehran |
Iran |
Construction and Agriculture Machinery |
|
|
|
|
Subsidiary |
Khartoum |
Sudan |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Seongnam-si, Gyeonggi-do |
Korea, Republic of |
Engineering Consultants |
649.1 |
1,400 |
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Construction - Raw Materials |
1,149.8 |
1,332 |
|
|
Subsidiary |
Changwon |
Korea, Republic of |
Public Sector and Government |
1,501.0 |
1,238 |
|
|
Subsidiary |
Pohang |
Korea, Republic of |
Metal Mining |
850.9 |
955 |
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Chemical Manufacturing |
16.6 |
24 |
|
|
Subsidiary |
Hwasong, Kyonggi-Do |
Korea, Republic of |
Construction Services |
5.6 |
14 |
|
|
Subsidiary |
Incheon |
Korea, Republic of |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Engineering Consultants |
|
800 |
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Electric Utilities |
1,730.8 |
717 |
|
|
Subsidiary |
Bien Hoa, Dong Nai |
Viet Nam |
Iron and Steel |
|
700 |
|
|
Subsidiary |
Pohang-si, Gyeongsangbuk-Do |
Korea, Republic of |
Construction Services |
380.1 |
615 |
|
|
Subsidiary |
Bangkok |
Thailand |
Construction - Supplies and Fixtures |
349.9 |
400 |
|
|
Holding |
Pohang |
Korea, Republic of |
Construction - Supplies and Fixtures |
848.5 |
361 |
|
|
Subsidiary |
Ansan |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
325 |
|
|
Joint Venture |
Dalian |
China |
Iron and Steel |
|
300 |
|
|
Subsidiary |
Kunshan, Jiangsu |
China |
Auto and Truck Parts |
|
230 |
|
|
Facility |
Bang Pakong, Chachoengsao |
Thailand |
Auto and Truck Parts |
|
230 |
|
|
Subsidiary |
Haiphong |
Viet Nam |
Iron and Steel |
|
204 |
|
|
Subsidiary |
Foshan, Guangdong |
China |
Construction - Supplies and Fixtures |
305.1 |
160 |
|
|
Subsidiary |
Haiphong |
Viet Nam |
Construction - Supplies and Fixtures |
|
150 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Business Services |
15.4 |
106 |
|
|
Subsidiary |
Pelabuhan Klang, Selangor |
Malaysia |
Iron and Steel |
60.9 |
100 |
|
|
Joint Venture |
Yangon |
Myanmar (Burma) |
Oil and Gas Operations |
|
100 |
|
|
Joint Venture |
Chon Buri |
Thailand |
Iron and Steel |
|
80 |
|
|
Subsidiary |
Dalian |
China |
Construction - Supplies and Fixtures |
|
80 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Construction Services |
|
57 |
|
|
Subsidiary |
Bursa |
Turkey |
Iron and Steel |
|
40 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Advertising |
|
35 |
|
|
Subsidiary |
Fort Lee, NJ |
United States |
Miscellaneous Capital Goods |
66.0 |
25 |
|
|
Subsidiary |
Tokyo |
Japan |
Miscellaneous Capital Goods |
|
24 |
|
|
Subsidiary |
Wanchai |
Hong Kong |
Iron and Steel |
|
20 |
|
|
Subsidiary |
Kwangyang, Chollanam-Do |
Korea, Republic of |
Miscellaneous Transportation |
90.9 |
19 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Metal Mining |
|
15 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Miscellaneous Capital Goods |
|
14 |
|
|
Subsidiary |
Singapore |
Singapore |
Electronic Instruments and Controls |
873.8 |
12 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Coal |
286.8 |
12 |
|
|
Subsidiary |
Pohang, Kyongsangbuk-Do |
Korea, Republic of |
Nonclassifiable Industries |
16.0 |
10 |
|
|
Subsidiary |
Vancouver, BC |
Canada |
Coal |
1.1 |
5 |
|
|
Subsidiary |
Wanchai |
Hong Kong |
Commercial Banks |
|
3 |
|
|
Subsidiary |
Seoul, Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
16,931.7 |
|
|
|
Subsidiary |
Dubai |
United Arab Emirates |
Business Services |
|
85 |
|
|
Subsidiary |
Frankfurt Am Main, Hessen |
Germany |
Miscellaneous Financial Services |
428.4 |
27 |
|
|
Subsidiary |
Ciudad De Mexico, Distrito Federal |
Mexico |
Business Services |
|
13 |
|
|
Subsidiary |
Milan, Agrate Brianza |
Italy |
Construction and Agriculture Machinery |
326.6 |
10 |
|
|
Subsidiary |
Sydney, NSW |
Australia |
Miscellaneous Capital Goods |
515.6 |
9 |
|
|
Branch |
Dalian, Liaoning |
China |
Business Services |
|
7 |
|
|
Branch |
Makati, - - |
Philippines |
Personal Services |
|
|
|
|
Subsidiary |
Rewari, Haryana |
India |
Iron and Steel |
111.1 |
|
|
|
Subsidiary |
Mudanjiang, Heilongjiang |
China |
Paper and Paper Products |
|
|
|
|
Subsidiary |
Osaka |
Japan |
Iron and Steel |
|
|
|
|
Subsidiary |
Fukuoka |
Japan |
Business Services |
|
|
|
|
Subsidiary |
Jakarta |
Indonesia |
Apparel and Accessories |
|
|
|
|
Joint Venture |
Vitoria, ES |
Brazil |
Aerospace and Defense |
|
|
|
|
Subsidiary |
Bhubaneswar, Orrisa |
India |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Tokyo |
Japan |
Iron and Steel |
|
|
|
|
Subsidiary |
Kobierzyce |
Poland |
Miscellaneous Fabricated Products |
65.5 |
59 |
|
|
Subsidiary |
Izumiotsu, Osaka |
Japan |
Iron and Steel |
|
|
|
|
Subsidiary |
Beijing |
China |
Investment Services |
|
|
|
|
Hubei Huaerliang Posco Silicon
Science & Technology Co., Ltd. |
Subsidiary |
Jingmen, Hubei |
China |
Iron and Steel |
48.6 |
600 |
|
Branch |
Santiago, Santiago |
Chile |
Engineering Consultants |
|
|
|
|
Joint Venture |
Rayong |
Thailand |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Ho Chi Minh City |
Viet Nam |
Iron and Steel |
|
|
|
|
Joint Venture |
Zhangjiagang, Jiangsu |
China |
Iron and Steel |
|
|
|
|
Joint Venture |
Zhangjiagang, Jiangsu |
China |
Iron and Steel |
|
|
|
|
Subsidiary |
Kitakyushu |
Japan |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Altamira, Zacatecas |
Mexico |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Iron and Steel |
|
|
|
|
Subsidiary |
Inchon, Inchon |
Korea, Republic of |
Miscellaneous Fabricated Products |
82.3 |
95 |
|
|
Subsidiary |
Gwangyang, Cheonnam |
Korea, Republic of |
Miscellaneous Fabricated Products |
|
|
|
|
Subsidiary |
Tianjin |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Facility |
Imari, Saga |
Japan |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Shenyang |
China |
Auto and Truck Parts |
|
|
|
|
Facility |
Suzhou |
China |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Gwangyang, Jeollanam-do |
Korea, Republic of |
Iron and Steel |
|
|
|
|
Subsidiary |
Qingdao, Shandong |
China |
Iron and Steel |
|
|
|
|
Subsidiary |
Nhon Trach, Dong Nai |
Viet Nam |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Phu My, Ba Ria-Vung Tau |
Viet Nam |
Iron and Steel |
|
|
|
|
Facility |
Pohang, Kyungbuk |
Korea, Republic of |
Construction - Supplies and Fixtures |
|
|
|
|
Subsidiary |
Perth, WA |
Australia |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Pohang, Kyungbuk |
Korea, Republic of |
Engineering Consultants |
|
|
|
|
Subsidiary |
Buxoro, Bukhara |
Uzbekistan |
Textiles - Non Apparel |
|
|
|
|
Subsidiary |
Huejotzingo |
Mexico |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Seoul |
Korea, Republic of |
Electric Utilities |
|
|
|
|
Subsidiary |
Foshan, Guangdong |
China |
Miscellaneous Capital Goods |
|
|
|
|
Subsidiary |
Mexico |
Mexico |
Construction - Supplies and Fixtures |
|
|
Competitors Report
|
Company Name |
Location |
Employees |
Ownership |
|
Baosteel Group Corp |
Shanghai, China |
116,702 |
Private |
|
Hyundai Corporation |
Seoul, Korea, Republic of |
361 |
Public |
|
Itochu Corp |
Minato-Ku, Japan |
70,639 |
Public |
|
Kia Motors Corporation |
Seoul, Korea, Republic of |
32,690 |
Public |
|
Marubeni Corporation |
Chiyoda-Ku, Japan |
32,445 |
Public |
|
Mitsui & Co. Ltd. |
Chiyoda-Ku, Japan |
44,805 |
Public |
|
Nucor Corporation |
Charlotte, North Carolina, United States |
22,200 |
Public |
|
Samsung Group |
Seoul, Korea, Republic of |
263,000 |
Private |
|
Toyota Tsusho Corp |
Minato-Ku, Japan |
33,845 |
Public |
Executive report
|
Board of
Directors |
|
|
|
|
|||||||||
|
Chairman & CEO |
Chairman |
|
|||||||||
|
Vice Chairman of the Board, Chief Executive Officer |
Vice-Chairman |
|
|||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
President, Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Non-Executive Independent Director |
Director/Board Member |
|
|
||||||||
|
||||||||||||
|
Executives |
|
|
|
|
|||||||||
|
Vice Chairman of the Board, Chief Executive Officer |
Chief Executive Officer |
|
|||||||||
|
||||||||||||
|
Chairman & CEO |
Chief Executive Officer |
|
|
||||||||
|
President, Director |
President |
|
|
||||||||
|
||||||||||||
|
Assistant Manager-Special Steel Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager-Metal Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager-Non Ferrous Metal Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager- Hot Rolled Steel Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager-Mineral Resource development Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager, Commodity & Agro-Resources Division |
Division Head Executive |
|
|
||||||||
|
Manager-Flat & Wire Rod Division |
Division Head Executive |
|
|
||||||||
|
Manager-Cold Rolled Steel Division |
Division Head Executive |
|
|
||||||||
|
Assistant Manager-Automotive Component Division |
Division Head Executive |
|
|
||||||||
|
Manager-Commodity and Textile Division |
Division Head Executive |
|
|
||||||||
|
General Manager Machinery & Plant Division |
Division Head Executive |
|
|
||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
||||||||
|
||||||||||||
|
Assistant Managing Director |
Managing Director |
|
|
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Managing Director |
Managing Director |
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Managing Director |
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Assistant Managing Director |
Managing Director |
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Assistant Managing Director |
Managing Director |
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Managing Director |
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Managing Director |
Managing Director |
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Vice President |
Other |
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Vice President |
Other |
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Vice President |
Other |
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Vice President |
Other |
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Vice President |
Other |
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Significant Developments
KT Corp and Daewoo International Corp Get KRW 23 Billion Broadband Project in Poland-Dow Jones Mar 24, 2013
Dow Jones reported the tKT Corp and Daewoo International Corp have won a KRW 23 billion (USD 20.5 million) project to build a broadband network in Poland. In a joint statement, the two firms said KT Corp, the fixed-line operator from Korea by revenue-will build a high-speed Internet network in Poland's eastern region of Podlaskie over two and half years starting in March. Further details were not disclosed.
Daewoo International Corporation Signs Contract with Uzbek Energo Mar 13, 2013
Daewoo International Corporation announced that it has signed a contract with Uzbek Energo, to supply construction service of Talimarjan thermal power plant expansion project. The contract amount is KRW 208,677 million.
Daewoo International Corporation Announces Amendments to Establishment of New Entity Mar 12, 2013
Daewoo International Corporation announced that it has made amendments to the establishment of joint venture, initially announced on June 20, 2012. After the changes, the Company has acquired 5,000 shares of the new entity, at KRW 50 million, representing a 100% stake.
Daewoo International Corporation Declares Annual Cash Dividend for FY 2012 Feb 07, 2013
Daewoo International Corporation announced that it has declared an annual cash dividend of KRW 300 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 0.8% and the total amount of the cash dividend is KRW 34,162,887,300. The Company's annual cash dividend for the fiscal year 2011 was KRW 200 per share.
Daewoo International Corporation Signs Contract with Algerian Society of
Electricity Production Nov 26, 2012
Daewoo International Corporation announced that it has signed a contract
with Algerian Society of Electricity Production, to supply construction service
of Ain Arnat 1,200MW combined cycle power plant. The contract amount is KRW
96,948,816,516.
Daewoo International Corporation to Sell Entire Shares of Aug 08, 2012
Daewoo International Corporation announced that it will sell its entire
4,920,000 shares of kyobo life insurance co., ltd, a Korea-based insurance
company, for KRW 1,205,400 million, on September 5, 2012 to secure investment
funds and improve its financial structure.
Daewoo International Corporation to Jointly Establish New Company Jun
20, 2012
Daewoo International Corporation announced that it will jointly
establish a new company on June 22, 2012. The new entity, to be capitalized at
KRW 46,336 million, will be mainly engaged in the resource development. The
Company will invest KRW 37,068,800,000, holding an 80% stake in it.
Daewoo International Corporation Announces Lawsuit Filed by Dynatec
Madagascar S.A. May 21, 2012
Daewoo International Corporation announced that Dynatec Madagascar S.A.
has filed a lawsuit against the Company and two other companies, Keangnam
Enterprises Co., Ltd. together with HYUNDAI ENGINEERING CO., LTD, claiming for KRW 222,889 million
in return of damages in a construction project. The Company is required to pay
for KRW 50,239,180,600.
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
15,593.2 |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
|
Revenue |
15,593.2 |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
|
Total Revenue |
15,593.2 |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
14,716.8 |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
|
Cost of Revenue, Total |
14,716.8 |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
|
Gross Profit |
876.3 |
908.0 |
830.0 |
636.1 |
715.5 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
559.7 |
583.4 |
515.1 |
513.1 |
604.0 |
|
Labor & Related Expense |
159.4 |
155.6 |
130.3 |
- |
- |
|
Advertising Expense |
9.7 |
10.5 |
9.4 |
- |
- |
|
Total Selling/General/Administrative Expenses |
728.7 |
749.5 |
654.8 |
513.1 |
604.0 |
|
Research & Development |
1.3 |
1.6 |
0.3 |
- |
- |
|
Depreciation |
10.4 |
7.1 |
4.3 |
- |
- |
|
Amortization of Intangibles |
1.0 |
0.5 |
0.7 |
- |
- |
|
Depreciation/Amortization |
11.4 |
7.6 |
5.0 |
- |
- |
|
Investment Income -
Operating |
- |
- |
1.6 |
- |
- |
|
Interest/Investment Income - Operating |
- |
- |
1.6 |
- |
- |
|
Interest Expense (Income) - Net Operating Total |
- |
- |
1.6 |
- |
- |
|
Impairment-Assets Held for Sale |
- |
- |
2.9 |
- |
- |
|
Loss (Gain) on Sale of Assets - Operating |
- |
- |
-0.7 |
- |
- |
|
Unusual Expense (Income) |
- |
- |
2.2 |
- |
- |
|
Other Operating Expense |
- |
- |
22.6 |
- |
- |
|
Other, Net |
- |
- |
-8.9 |
- |
- |
|
Other Operating Expenses, Total |
- |
- |
13.7 |
- |
- |
|
Total Operating Expense |
15,458.3 |
17,413.0 |
13,738.5 |
8,921.3 |
10,270.9 |
|
|
|
|
|
|
|
|
Operating Income |
134.8 |
149.3 |
152.4 |
122.9 |
111.4 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
-132.1 |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
|
Interest Expense, Net Non-Operating |
-132.1 |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
|
Interest Income -
Non-Operating |
36.9 |
12.4 |
8.2 |
10.0 |
11.4 |
|
Investment Income -
Non-Operating |
277.8 |
61.5 |
122.3 |
310.5 |
205.0 |
|
Interest/Investment Income - Non-Operating |
314.7 |
73.9 |
130.6 |
320.5 |
216.4 |
|
Interest Income (Expense) - Net Non-Operating |
0.0 |
0.0 |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
182.7 |
3.0 |
63.4 |
282.3 |
205.9 |
|
Gain (Loss) on Sale of Assets |
-27.9 |
-43.0 |
-13.0 |
-215.8 |
-255.4 |
|
Other Non-Operating Income (Expense) |
-30.3 |
28.4 |
0.0 |
-45.6 |
26.5 |
|
Other, Net |
-30.3 |
28.4 |
0.0 |
-45.6 |
26.5 |
|
Income Before Tax |
259.2 |
137.8 |
202.8 |
143.8 |
88.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
97.9 |
49.4 |
-16.1 |
41.3 |
16.9 |
|
Income After Tax |
161.4 |
88.4 |
218.8 |
102.6 |
71.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.2 |
2.0 |
2.5 |
0.4 |
6.5 |
|
Net Income Before Extraord Items |
158.1 |
90.4 |
221.3 |
102.9 |
78.0 |
|
Discontinued Operations |
29.9 |
101.8 |
-128.7 |
- |
- |
|
Total Extraord Items |
29.9 |
101.8 |
-128.7 |
- |
- |
|
Net Income |
188.0 |
192.2 |
92.7 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
158.1 |
90.4 |
221.3 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
188.0 |
192.2 |
92.7 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
108.8 |
102.8 |
100.8 |
100.8 |
100.8 |
|
Basic EPS Excl Extraord Items |
1.45 |
0.88 |
2.19 |
1.02 |
0.77 |
|
Basic/Primary EPS Incl Extraord Items |
1.73 |
1.87 |
0.92 |
1.02 |
0.77 |
|
Dilution Adjustment |
-7.7 |
-16.8 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
180.3 |
175.4 |
92.7 |
102.9 |
78.0 |
|
Diluted Weighted Average Shares |
114.0 |
114.0 |
100.9 |
100.9 |
100.9 |
|
Diluted EPS Excl Extraord Items |
1.32 |
0.65 |
2.19 |
1.02 |
0.77 |
|
Diluted EPS Incl Extraord Items |
1.58 |
1.54 |
0.92 |
1.02 |
0.77 |
|
Dividends per Share - Common Stock Primary Issue |
0.27 |
0.18 |
0.17 |
0.04 |
0.04 |
|
Gross Dividends - Common Stock |
30.3 |
18.6 |
17.5 |
3.8 |
4.3 |
|
Interest Expense, Supplemental |
132.1 |
70.8 |
67.2 |
38.2 |
10.5 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
-15.9 |
-15.6 |
|
Depreciation, Supplemental |
26.0 |
18.7 |
11.3 |
24.4 |
28.1 |
|
Total Special Items |
27.9 |
43.0 |
15.3 |
215.8 |
255.4 |
|
Normalized Income Before Tax |
287.2 |
180.8 |
218.0 |
359.6 |
343.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
10.5 |
15.4 |
5.3 |
61.9 |
49.0 |
|
Inc Tax Ex Impact of Sp Items |
108.4 |
64.8 |
-10.7 |
103.2 |
65.9 |
|
Normalized Income After Tax |
178.8 |
115.9 |
228.8 |
256.4 |
277.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
175.5 |
117.9 |
231.3 |
256.8 |
284.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.61 |
1.15 |
2.29 |
2.55 |
2.82 |
|
Diluted Normalized EPS |
1.47 |
0.89 |
2.29 |
2.55 |
2.82 |
|
Amort of Intangibles, Supplemental |
3.6 |
4.0 |
4.3 |
4.4 |
4.8 |
|
Rental Expenses |
16.8 |
16.5 |
13.2 |
11.5 |
12.0 |
|
Advertising Expense, Supplemental |
9.7 |
10.5 |
9.4 |
6.7 |
11.7 |
|
Research & Development Exp, Supplemental |
1.3 |
1.6 |
0.3 |
0.4 |
0.3 |
|
Normalized EBIT |
134.8 |
149.3 |
156.2 |
122.9 |
111.4 |
|
Normalized EBITDA |
164.4 |
172.0 |
171.7 |
151.8 |
144.3 |
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
264.4 |
349.5 |
397.9 |
837.3 |
257.4 |
|
Short Term Investments |
36.1 |
85.6 |
29.5 |
12.3 |
21.7 |
|
Cash and Short Term Investments |
300.5 |
435.2 |
427.4 |
849.6 |
279.1 |
|
Accounts Receivable -
Trade, Gross |
2,728.4 |
2,759.8 |
2,057.5 |
655.1 |
541.4 |
|
Provision for Doubtful
Accounts |
-26.2 |
-42.1 |
-43.0 |
-37.5 |
-39.6 |
|
Trade Accounts Receivable - Net |
2,702.4 |
2,717.8 |
2,015.8 |
620.5 |
501.9 |
|
Other Receivables |
94.9 |
17.3 |
106.9 |
36.4 |
45.2 |
|
Total Receivables, Net |
2,797.3 |
2,735.1 |
2,122.7 |
656.9 |
547.1 |
|
Inventories - Finished Goods |
444.3 |
796.5 |
683.4 |
289.4 |
262.0 |
|
Inventories - Work In Progress |
8.6 |
9.3 |
15.5 |
14.0 |
15.8 |
|
Inventories - Raw Materials |
22.6 |
28.8 |
41.7 |
30.4 |
38.7 |
|
Inventories - Other |
342.1 |
332.8 |
258.8 |
91.6 |
89.5 |
|
Total Inventory |
817.5 |
1,167.4 |
999.4 |
425.3 |
406.0 |
|
Prepaid Expenses |
72.5 |
72.2 |
12.4 |
13.3 |
11.3 |
|
Deferred Income Tax - Current Asset |
- |
- |
- |
32.3 |
47.0 |
|
Discontinued Operations - Current Asset |
- |
266.0 |
- |
- |
- |
|
Other Current Assets |
50.2 |
64.1 |
68.5 |
45.9 |
27.0 |
|
Other Current Assets, Total |
50.2 |
330.1 |
68.5 |
78.2 |
74.0 |
|
Total Current Assets |
4,037.9 |
4,740.0 |
3,630.4 |
2,023.4 |
1,317.6 |
|
|
|
|
|
|
|
|
Buildings |
185.8 |
144.1 |
267.4 |
273.0 |
260.9 |
|
Land/Improvements |
74.1 |
68.4 |
69.2 |
73.7 |
25.8 |
|
Machinery/Equipment |
314.6 |
228.5 |
438.3 |
473.4 |
461.2 |
|
Construction in
Progress |
196.9 |
82.6 |
26.4 |
5.4 |
0.4 |
|
Other
Property/Plant/Equipment |
69.9 |
56.4 |
70.2 |
- |
- |
|
Property/Plant/Equipment - Gross |
841.3 |
580.1 |
871.7 |
825.5 |
748.4 |
|
Accumulated Depreciation |
-265.8 |
-180.0 |
-396.0 |
-260.6 |
-241.7 |
|
Property/Plant/Equipment - Net |
575.5 |
400.0 |
475.7 |
564.9 |
506.7 |
|
Goodwill, Net |
10.2 |
9.4 |
- |
0.1 |
0.3 |
|
Intangibles, Net |
1,271.0 |
976.3 |
702.4 |
61.7 |
64.2 |
|
LT Investment - Affiliate Companies |
368.0 |
1,395.3 |
1,106.9 |
866.5 |
490.8 |
|
LT Investments - Other |
263.1 |
107.3 |
118.9 |
73.2 |
58.1 |
|
Long Term Investments |
631.1 |
1,502.6 |
1,225.8 |
939.7 |
548.9 |
|
Note Receivable - Long Term |
399.8 |
88.0 |
58.9 |
30.1 |
1.5 |
|
Deferred Income Tax - Long Term Asset |
67.9 |
5.0 |
10.3 |
2.3 |
0.2 |
|
Other Long Term Assets |
7.4 |
8.0 |
19.5 |
410.1 |
321.1 |
|
Other Long Term Assets, Total |
75.4 |
13.0 |
29.9 |
412.3 |
321.2 |
|
Total Assets |
7,000.8 |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
|
|
|
|
|
|
|
|
Accounts Payable |
1,165.7 |
1,071.4 |
1,042.6 |
1,021.2 |
575.7 |
|
Accrued Expenses |
- |
27.2 |
25.2 |
9.9 |
9.5 |
|
Notes Payable/Short Term Debt |
1,928.6 |
2,639.2 |
1,896.7 |
525.8 |
568.0 |
|
Current Portion - Long Term Debt/Capital Leases |
59.5 |
130.2 |
394.1 |
16.0 |
31.4 |
|
Customer Advances |
100.6 |
42.0 |
68.9 |
72.5 |
53.0 |
|
Security Deposits |
10.8 |
0.1 |
2.7 |
0.2 |
0.2 |
|
Income Taxes Payable |
230.7 |
1.9 |
4.5 |
10.3 |
30.8 |
|
Other Payables |
3.0 |
0.0 |
0.0 |
- |
- |
|
Other Current Liabilities |
111.0 |
237.6 |
102.1 |
88.7 |
87.4 |
|
Other Current liabilities, Total |
456.1 |
281.7 |
178.3 |
171.7 |
171.4 |
|
Total Current Liabilities |
3,609.9 |
4,149.7 |
3,536.9 |
1,744.7 |
1,356.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
1,255.4 |
1,742.5 |
1,052.4 |
682.1 |
222.2 |
|
Capital Lease Obligations |
- |
- |
- |
39.2 |
55.8 |
|
Total Long Term Debt |
1,255.4 |
1,742.5 |
1,052.4 |
721.2 |
278.0 |
|
Total Debt |
3,243.4 |
4,512.0 |
3,343.1 |
1,263.0 |
877.4 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.5 |
56.0 |
33.2 |
112.1 |
36.8 |
|
Deferred Income Tax |
0.5 |
56.0 |
33.2 |
112.1 |
36.8 |
|
Minority Interest |
1.2 |
2.6 |
1.2 |
8.4 |
9.1 |
|
Reserves |
33.4 |
40.3 |
115.3 |
101.6 |
101.4 |
|
Pension Benefits - Underfunded |
14.1 |
21.0 |
14.6 |
0.8 |
0.9 |
|
Other Long Term Liabilities |
34.6 |
61.5 |
20.6 |
150.0 |
139.1 |
|
Other Liabilities, Total |
82.2 |
122.8 |
150.5 |
252.5 |
241.4 |
|
Total Liabilities |
4,949.1 |
6,073.7 |
4,774.0 |
2,838.9 |
1,921.3 |
|
|
|
|
|
|
|
|
Common Stock |
533.9 |
447.8 |
445.2 |
420.1 |
377.1 |
|
Common Stock |
533.9 |
447.8 |
445.2 |
420.1 |
377.1 |
|
Additional Paid-In Capital |
312.4 |
65.7 |
8.5 |
16.5 |
1.1 |
|
Retained Earnings (Accumulated Deficit) |
1,084.6 |
833.4 |
680.4 |
567.5 |
435.5 |
|
Unrealized Gain (Loss) |
123.6 |
300.3 |
216.6 |
139.1 |
-24.1 |
|
Translation Adjustment |
-2.3 |
10.5 |
-1.1 |
49.8 |
48.8 |
|
Other Equity |
-0.6 |
-0.6 |
-0.6 |
0.3 |
0.7 |
|
Other Comprehensive Income |
0.0 |
-1.5 |
0.0 |
- |
- |
|
Other Equity, Total |
-2.9 |
8.4 |
-1.7 |
50.1 |
49.5 |
|
Total Equity |
2,051.6 |
1,655.7 |
1,349.0 |
1,193.3 |
839.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
7,000.8 |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
113.9 |
103.2 |
101.1 |
100.8 |
100.8 |
|
Total Common Shares Outstanding |
113.9 |
103.2 |
101.1 |
100.8 |
100.8 |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
- |
1,968 |
1,796 |
1,431 |
1,486 |
|
Number of Common Shareholders |
- |
- |
45,691 |
40,785 |
37,135 |
|
Deferred Revenue - Current |
100.6 |
42.0 |
68.9 |
72.5 |
53.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
281.2 |
275.3 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
16.0 |
31.4 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
- |
44.2 |
56.8 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
- |
46.5 |
37.8 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
- |
62.5 |
36.3 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
- |
41.0 |
34.9 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
- |
90.7 |
94.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
- |
103.5 |
71.3 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
- |
- |
71.1 |
78.0 |
|
Total Operating Leases, Supplemental |
- |
- |
- |
- |
0.0 |
|
Operating Lease Payments Due in Year 1 |
- |
- |
- |
- |
0.0 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
- |
- |
- |
- |
0.0 |
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 |
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
191.2 |
190.2 |
90.2 |
102.6 |
71.4 |
|
Depreciation |
26.0 |
18.7 |
11.3 |
24.4 |
28.1 |
|
Depreciation/Depletion |
26.0 |
18.7 |
11.3 |
24.4 |
28.1 |
|
Amortization of Intangibles |
3.6 |
4.0 |
4.3 |
4.4 |
4.8 |
|
Amortization |
3.6 |
4.0 |
4.3 |
4.4 |
4.8 |
|
Deferred Taxes |
- |
- |
- |
35.1 |
-30.0 |
|
Discontinued Operations |
-80.7 |
-82.2 |
- |
- |
- |
|
Unusual Items |
-109.1 |
20.9 |
150.9 |
44.7 |
76.1 |
|
Equity in Net Earnings (Loss) |
-54.5 |
-121.8 |
-175.4 |
-121.0 |
-64.3 |
|
Other Non-Cash Items |
232.8 |
155.3 |
89.8 |
71.6 |
71.9 |
|
Non-Cash Items |
-11.6 |
-27.9 |
65.3 |
-4.7 |
83.7 |
|
Accounts Receivable |
-97.8 |
-665.1 |
-280.9 |
-136.5 |
-223.4 |
|
Inventories |
391.2 |
-257.7 |
-465.5 |
23.1 |
-118.8 |
|
Prepaid Expenses |
- |
- |
- |
0.1 |
-0.5 |
|
Other Assets |
-46.1 |
-4.9 |
-81.8 |
39.5 |
32.0 |
|
Accounts Payable |
-10.9 |
37.0 |
-103.6 |
396.2 |
84.7 |
|
Accrued Expenses |
- |
- |
- |
4.7 |
-4.7 |
|
Taxes Payable |
- |
- |
- |
-20.8 |
34.0 |
|
Other Liabilities |
64.4 |
-59.2 |
-14.7 |
-8.5 |
29.1 |
|
Other Operating Cash Flow |
-44.7 |
-68.8 |
-76.9 |
21.7 |
35.0 |
|
Changes in Working Capital |
256.1 |
-1,018.7 |
-1,023.4 |
319.5 |
-132.6 |
|
Cash from Operating Activities |
465.3 |
-833.7 |
-852.5 |
481.3 |
25.4 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-187.7 |
-103.7 |
-53.6 |
-50.3 |
-10.4 |
|
Purchase/Acquisition of Intangibles |
-210.3 |
-285.5 |
-97.5 |
-112.4 |
-136.1 |
|
Capital Expenditures |
-397.9 |
-389.3 |
-151.2 |
-162.7 |
-146.5 |
|
Acquisition of Business |
-17.7 |
-6.2 |
- |
- |
- |
|
Sale of Fixed Assets |
41.7 |
5.4 |
5.8 |
0.8 |
1.9 |
|
Sale/Maturity of Investment |
1,124.2 |
0.0 |
0.0 |
27.1 |
376.5 |
|
Investment, Net |
0.0 |
0.2 |
-0.2 |
- |
- |
|
Purchase of Investments |
-45.9 |
-193.9 |
-41.6 |
-115.1 |
-371.0 |
|
Sale of Intangible Assets |
2.0 |
0.4 |
- |
2.0 |
- |
|
Other Investing Cash Flow |
-221.6 |
-13.0 |
-32.2 |
10.1 |
-2.1 |
|
Other Investing Cash Flow Items, Total |
882.7 |
-207.2 |
-68.2 |
-75.1 |
5.3 |
|
Cash from Investing Activities |
484.8 |
-596.5 |
-219.4 |
-237.8 |
-141.1 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
-0.3 |
0.9 |
0.2 |
-46.2 |
-36.8 |
|
Financing Cash Flow Items |
-0.3 |
0.9 |
0.2 |
-46.2 |
-36.8 |
|
Total Cash Dividends Paid |
-18.3 |
-18.2 |
-4.3 |
-3.7 |
-30.2 |
|
Short Term Debt Issued |
- |
797.3 |
233.7 |
- |
294.3 |
|
Short Term Debt
Reduction |
-605.6 |
- |
- |
-83.8 |
- |
|
Short Term Debt, Net |
-605.6 |
797.3 |
233.7 |
-83.8 |
294.3 |
|
Long Term Debt Issued |
215.6 |
645.4 |
425.1 |
437.7 |
24.0 |
|
Long Term Debt
Reduction |
-648.7 |
-39.3 |
-44.4 |
-34.5 |
-50.9 |
|
Long Term Debt, Net |
-433.2 |
606.1 |
380.7 |
403.2 |
-26.9 |
|
Issuance (Retirement) of Debt, Net |
-1,038.7 |
1,403.4 |
614.4 |
319.4 |
267.4 |
|
Cash from Financing Activities |
-1,057.3 |
1,386.1 |
610.3 |
269.4 |
200.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.1 |
-3.2 |
3.8 |
|
Net Change in Cash |
-107.2 |
-44.1 |
-461.4 |
509.8 |
88.5 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
357.4 |
407.6 |
852.0 |
254.2 |
206.2 |
|
Net Cash - Ending Balance |
250.2 |
363.5 |
390.5 |
764.0 |
294.8 |
|
Cash Interest Paid |
139.8 |
100.7 |
46.8 |
- |
- |
|
Cash Taxes Paid |
2.6 |
15.3 |
41.8 |
- |
- |
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
15,593.2 |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
|
Total Revenue |
15,593.2 |
17,562.4 |
13,890.8 |
9,044.2 |
10,382.3 |
|
|
|
|
|
|
|
|
Costs of Goods & Services Sold |
14,716.8 |
16,654.3 |
13,060.8 |
8,408.1 |
9,666.8 |
|
Selling/General/Adm. |
- |
- |
- |
513.1 |
604.0 |
|
Salaries & Wages |
124.2 |
122.9 |
98.7 |
- |
- |
|
Retirement & Severance Benefits |
11.3 |
9.3 |
9.1 |
- |
- |
|
Employee Benefits |
23.9 |
23.4 |
22.5 |
- |
- |
|
Stock-Based Compensation |
0.0 |
- |
0.0 |
- |
- |
|
Travel Expense |
10.5 |
10.7 |
9.4 |
- |
- |
|
Communication Expense |
4.5 |
4.6 |
3.8 |
- |
- |
|
Utility Expense |
0.9 |
0.9 |
0.9 |
- |
- |
|
Taxes & Dues |
9.4 |
9.6 |
8.3 |
- |
- |
|
Rental Expense |
16.7 |
16.5 |
13.2 |
- |
- |
|
Depreciation |
10.4 |
7.1 |
4.3 |
- |
- |
|
Amort. of Intangibless |
1.0 |
0.5 |
0.7 |
- |
- |
|
Expense of Allow. for DA |
-0.8 |
5.9 |
7.0 |
- |
- |
|
Repair Expense |
0.9 |
1.3 |
1.0 |
- |
- |
|
Insurance Expense |
20.2 |
17.1 |
14.3 |
- |
- |
|
Entertainment Expense |
2.3 |
2.5 |
2.7 |
- |
- |
|
Advertising Expense |
1.9 |
2.9 |
1.9 |
- |
- |
|
Packaging Expense |
0.5 |
1.2 |
0.2 |
- |
- |
|
Shipping & Handling Expense |
348.8 |
345.6 |
318.1 |
- |
- |
|
Export Shipment |
28.2 |
29.3 |
25.0 |
- |
- |
|
Commission Income |
- |
- |
0.0 |
- |
- |
|
Consumable Expense |
1.4 |
2.0 |
1.5 |
- |
- |
|
Vehicle Maintenance Expense |
3.1 |
3.1 |
3.1 |
- |
- |
|
Publication Expense |
0.4 |
0.7 |
0.6 |
- |
- |
|
Education & Training Expense |
1.0 |
1.2 |
1.1 |
- |
- |
|
Leasing Expense |
0.1 |
0.0 |
0.0 |
- |
- |
|
Development Costs |
1.3 |
1.6 |
0.3 |
- |
- |
|
Sales Promotional Expense |
7.8 |
7.7 |
7.4 |
- |
- |
|
Expo Exspenses |
0.4 |
0.2 |
0.3 |
- |
- |
|
Sample Expense |
3.3 |
3.3 |
2.6 |
- |
- |
|
Miscellaneous Expense |
1.2 |
3.2 |
2.0 |
- |
- |
|
Conference Expense |
0.4 |
1.9 |
- |
- |
- |
|
Commision Expense |
105.9 |
122.2 |
92.9 |
- |
- |
|
Other Selling & Administrative Expense |
0.6 |
0.5 |
7.0 |
- |
- |
|
Rental Income |
- |
- |
0.0 |
- |
- |
|
Gain on Disposal of PPT |
- |
- |
-0.9 |
- |
- |
|
Reversal of Allow. for DA |
- |
- |
-0.3 |
- |
- |
|
Rec. of Prov.s |
- |
- |
-6.4 |
- |
- |
|
Miscellaneous Income |
- |
- |
-2.2 |
- |
- |
|
Adj. for Other Operating Income |
- |
- |
0.0 |
- |
- |
|
Loss on Disposal of Invmt Assets |
- |
- |
1.6 |
- |
- |
|
Impmt Loss on Invmt Assets |
- |
- |
2.9 |
- |
- |
|
Prov. for Restoration |
- |
- |
0.2 |
- |
- |
|
Other Allow. for DA |
- |
- |
10.9 |
- |
- |
|
Loss on Disposal of PPT |
- |
- |
0.2 |
- |
- |
|
Donations Paid |
- |
- |
1.2 |
- |
- |
|
Contingency Loss |
- |
- |
1.7 |
- |
- |
|
Miscellaneous Loss |
- |
- |
8.8 |
- |
- |
|
Adj. for Other Operating Expense |
- |
- |
0.0 |
- |
- |
|
Adjustment |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Operating Expense |
15,458.3 |
17,413.0 |
13,738.5 |
8,921.3 |
10,270.9 |
|
|
|
|
|
|
|
|
Interest Income |
36.9 |
12.4 |
8.2 |
10.0 |
11.4 |
|
Dividend Income |
1.7 |
0.3 |
2.0 |
0.1 |
1.9 |
|
Rental Income |
0.0 |
0.3 |
- |
0.0 |
0.0 |
|
Commission Income |
- |
0.1 |
- |
- |
- |
|
G-Tang Asst Disposal |
0.2 |
0.2 |
- |
0.6 |
0.2 |
|
G-Intangible Disposal |
0.5 |
- |
- |
- |
- |
|
Recovery-Contingency Loss Reserve |
- |
- |
- |
4.6 |
- |
|
Rec. of Impmt Loss on Intangibless |
0.4 |
- |
- |
- |
- |
|
G-Currency Contract Settlement Valuation |
- |
- |
- |
- |
3.4 |
|
Gain-Commodity Futures Transaction |
- |
- |
156.2 |
128.3 |
169.1 |
|
G-Commodity Future Valu |
- |
- |
19.2 |
15.7 |
11.9 |
|
Gain-Disposal of F.A. Avail. for Sale,OE |
0.0 |
- |
- |
- |
- |
|
Gain on Derivatives Transaction |
211.2 |
465.3 |
- |
- |
- |
|
Gain on Currency Forwards Transaction |
- |
- |
145.2 |
90.0 |
130.5 |
|
Gain on Valt of Currency Forward |
- |
- |
25.6 |
16.0 |
10.4 |
|
Gain on Valt of Confirmed Contracts |
- |
- |
88.7 |
- |
- |
|
Gain on Valuation of Convertible Bonds |
13.1 |
30.1 |
- |
- |
- |
|
G-Inv.Asset Disposal |
- |
- |
- |
12.4 |
9.6 |
|
Gain on Valt of Derivatives |
81.6 |
90.6 |
- |
- |
- |
|
Gain on Foreign Currency Transaction |
431.8 |
664.5 |
550.8 |
318.2 |
508.6 |
|
Gain on Foreign Currency Translation |
107.7 |
62.3 |
49.4 |
37.7 |
97.7 |
|
Gain on Fincl Guarantee |
1.4 |
0.8 |
0.1 |
- |
- |
|
Revers-Doubtful Acct |
2.2 |
0.6 |
- |
3.0 |
2.1 |
|
Fees Received |
- |
- |
- |
1.7 |
0.9 |
|
Gain-Valuation of Contracts-Settlement |
- |
- |
- |
69.3 |
- |
|
Gain-Merchandise Settlement Valuation |
- |
- |
- |
- |
62.5 |
|
Gain on Redemption of Convertible Bonds |
0.3 |
- |
- |
- |
- |
|
Gain on Disposal of Invmt in Affiliates |
136.7 |
- |
- |
- |
- |
|
Gain on disposal of Subsidiaries |
9.4 |
0.6 |
- |
4.8 |
- |
|
Gain-Disposal of F.A. Avail. for Sale |
0.8 |
- |
- |
- |
- |
|
Other Non-Operating Income |
- |
- |
- |
4.6 |
33.3 |
|
Misc. Non-Op. Income |
16.5 |
4.0 |
- |
- |
- |
|
Interest Expense |
-132.1 |
-70.8 |
-67.2 |
-38.2 |
-10.5 |
|
Impmt Loss on Intangibless |
-0.9 |
-31.3 |
- |
- |
- |
|
Impmt Loss on Invmt in Affiliates |
-4.7 |
- |
- |
- |
- |
|
Loss-Valuation of Inventories |
- |
- |
- |
-0.6 |
-6.0 |
|
Loss-Reduction of Tangible Assets |
- |
- |
- |
-0.6 |
-6.3 |
|
L-Trade Rcvbl Disposal |
-28.5 |
-42.8 |
-13.0 |
-0.1 |
-0.4 |
|
Loss-Disposal of Accounts Receivable |
- |
- |
- |
-51.3 |
-64.0 |
|
Loss-Disposal of Intangible Assets |
- |
0.0 |
- |
- |
- |
|
Loss on Disposal of PPE |
-0.2 |
-0.4 |
- |
- |
- |
|
Loss on Disposal of Inventory |
- |
0.0 |
- |
- |
- |
|
Loss-Disposal of F.A. Avail. for Sale |
0.0 |
- |
- |
- |
- |
|
L-Commodity Futures Trade |
- |
- |
- |
-164.9 |
-191.3 |
|
L-Commodity Futures Valu |
- |
- |
- |
-29.6 |
-34.1 |
|
L-Currency Futures Trade |
- |
- |
- |
-69.1 |
-123.6 |
|
Loss on Redemption of Borrowings |
-26.9 |
- |
- |
- |
- |
|
Other Allow. for DA |
-20.6 |
-0.3 |
- |
- |
- |
|
Fincl Guarantee Expense |
-0.8 |
-0.8 |
-0.1 |
- |
- |
|
Loss on Currency Forwards Transaction |
- |
- |
-143.8 |
- |
- |
|
Loss on Foreign Currency Transaction |
-352.3 |
-663.6 |
-545.3 |
-335.0 |
-568.8 |
|
Loss on Foreign Currency Translation |
-98.2 |
-103.1 |
-56.4 |
-31.0 |
-78.2 |
|
Loss on Valt of Currency Forward |
- |
- |
-18.0 |
-20.7 |
-13.8 |
|
Loss on Valuation of Future |
- |
- |
-46.8 |
- |
- |
|
Loss on Futures Transaction |
- |
- |
-185.2 |
- |
- |
|
Loss on Derivative Transaction |
-217.4 |
-414.0 |
- |
- |
- |
|
Loss on Valt of Confirmed Contracts |
- |
- |
-56.4 |
- |
- |
|
Loss on Valt of Derivatives |
-98.0 |
-162.0 |
- |
- |
- |
|
Loss on Valuation of Convertible Bonds |
- |
- |
-38.2 |
- |
- |
|
Loss-Disposal of Investment Assets |
- |
- |
- |
-1.1 |
- |
|
Loss-Reduction of Investment Assets |
- |
- |
- |
-15.1 |
-3.2 |
|
L-Currency Contract Settlement Valuation |
- |
- |
- |
- |
-6.7 |
|
L-Liab.Redemption |
- |
- |
- |
-0.6 |
-0.1 |
|
L-Merchandise Settlement Valuation |
- |
- |
- |
- |
-24.5 |
|
Other Amortization |
- |
- |
- |
-23.2 |
-0.3 |
|
Donations Paid |
-0.8 |
-1.7 |
- |
-1.6 |
-0.6 |
|
Reserve-Recovery |
- |
- |
- |
-0.1 |
- |
|
Prov. for Guarantee Deposit |
-0.1 |
-0.1 |
- |
- |
- |
|
Rec. of Prov. for Product Warranties |
- |
0.0 |
- |
- |
- |
|
Contingency Loss |
-0.7 |
-1.5 |
- |
-1.8 |
-2.4 |
|
Loss on Contingent Liabilities |
14.3 |
30.6 |
- |
- |
- |
|
Loss-Valuation of Confirmed Contracts |
- |
- |
- |
-27.7 |
- |
|
Other Non-Operating Expense |
- |
- |
- |
-4.5 |
-6.4 |
|
Misc. Non-Op Expense |
-14.7 |
-3.5 |
- |
- |
- |
|
Gain on Invmt in Affiliates |
67.5 |
127.5 |
177.4 |
121.8 |
68.0 |
|
Loss on Invmt in Affiliates |
-13.0 |
-5.7 |
-2.0 |
-0.8 |
-3.7 |
|
Adj. for Finance Expense |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Finance Income |
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 |
259.2 |
137.8 |
202.8 |
143.8 |
88.4 |
|
|
|
|
|
|
|
|
Prov. for Income Taxes |
97.9 |
49.4 |
-16.1 |
41.3 |
16.9 |
|
Net Income After Taxes |
161.4 |
88.4 |
218.8 |
102.6 |
71.4 |
|
|
|
|
|
|
|
|
Minority Interest |
-3.2 |
2.0 |
2.5 |
0.4 |
6.5 |
|
Net Income Before Extra. Items |
158.1 |
90.4 |
221.3 |
102.9 |
78.0 |
|
Gain on Discontinued Operations |
29.9 |
101.8 |
-128.7 |
- |
- |
|
Net Income |
188.0 |
192.2 |
92.7 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
158.1 |
90.4 |
221.3 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
188.0 |
192.2 |
92.7 |
102.9 |
78.0 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
108.8 |
102.8 |
100.8 |
100.8 |
100.8 |
|
Basic EPS Excluding ExtraOrdin |
1.45 |
0.88 |
2.19 |
1.02 |
0.77 |
|
Basic EPS Including ExtraOrdin |
1.73 |
1.87 |
0.92 |
1.02 |
0.77 |
|
Dilution Adjustment |
-7.7 |
-16.8 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
180.3 |
175.4 |
92.7 |
102.9 |
78.0 |
|
Diluted Weighted Average Share |
114.0 |
114.0 |
100.9 |
100.9 |
100.9 |
|
Diluted EPS Excluding ExtraOrd |
1.32 |
0.65 |
2.19 |
1.02 |
0.77 |
|
Diluted EPS Including ExtraOrd |
1.58 |
1.54 |
0.92 |
1.02 |
0.77 |
|
DPS-Common Stock |
0.27 |
0.18 |
0.17 |
0.04 |
0.04 |
|
Gross Dividends - Common Stock |
30.3 |
18.6 |
17.5 |
3.8 |
4.3 |
|
Normalized Income Before Taxes |
287.2 |
180.8 |
218.0 |
359.6 |
343.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
108.4 |
64.8 |
-10.7 |
103.2 |
65.9 |
|
Normalized Income After Taxes |
178.8 |
115.9 |
228.8 |
256.4 |
277.9 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
175.5 |
117.9 |
231.3 |
256.8 |
284.5 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.61 |
1.15 |
2.29 |
2.55 |
2.82 |
|
Diluted Normalized EPS |
1.47 |
0.89 |
2.29 |
2.55 |
2.82 |
|
Interest Expense, Supplemental |
132.1 |
70.8 |
67.2 |
38.2 |
10.5 |
|
Interest Capitalized |
- |
- |
- |
-15.9 |
-15.6 |
|
Rental Expense, Supplemental |
16.8 |
16.5 |
13.2 |
11.5 |
12.0 |
|
Advertising Expense, Supplemental |
9.7 |
10.5 |
9.4 |
6.7 |
11.7 |
|
R&D Expense, Supplemental |
1.3 |
1.6 |
0.3 |
0.4 |
0.3 |
|
Depreciation, Supplemental |
26.0 |
18.7 |
11.3 |
24.4 |
28.1 |
|
Amort of Intangibles, Suppleme |
3.6 |
4.0 |
4.3 |
4.4 |
4.8 |
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst & Young
LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash Equivalents |
264.4 |
349.5 |
397.9 |
837.3 |
257.4 |
|
Current Fincl Deposits |
36.1 |
85.6 |
29.5 |
12.3 |
21.6 |
|
Current Securities Held-to-Maturities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Marketable Secs. |
- |
- |
- |
0.0 |
0.0 |
|
ST Loans |
- |
- |
- |
10.4 |
13.8 |
|
Trade Rcvbls |
2,728.4 |
2,759.8 |
2,057.5 |
655.1 |
541.4 |
|
Allow. for DA for Trade Receivable |
-26.2 |
-42.1 |
-43.0 |
-37.5 |
-39.6 |
|
Current Loans |
9.4 |
2.3 |
21.9 |
- |
- |
|
Account Receivable |
89.1 |
24.1 |
115.3 |
26.1 |
31.4 |
|
Allow. for DA for Account Receivable |
-3.5 |
-9.2 |
-12.9 |
- |
- |
|
Allow. for DA for Current Loans |
- |
- |
-17.3 |
- |
- |
|
Advance Payments |
117.1 |
100.0 |
127.6 |
47.1 |
21.6 |
|
Allow. for DA for Advance Payments |
-18.7 |
-1.8 |
-1.8 |
- |
- |
|
Prepaid Expense |
27.7 |
64.8 |
9.7 |
13.3 |
11.3 |
|
Allow. for DA |
- |
-1.6 |
-2.2 |
- |
- |
|
Prepaid Income Taxes |
0.9 |
5.1 |
- |
- |
- |
|
Prepaid Taxes |
43.8 |
3.9 |
4.8 |
- |
- |
|
Guarantee Deposits, Current Assets |
2.6 |
0.4 |
1.5 |
0.3 |
0.6 |
|
Currency Futures, Current Assets |
47.6 |
63.7 |
67.0 |
17.7 |
9.1 |
|
Accrued Income |
0.2 |
0.1 |
1.3 |
2.8 |
0.1 |
|
Current Group Assets Held for Sale |
- |
266.0 |
- |
- |
- |
|
Commodity Futures |
- |
- |
- |
17.2 |
10.4 |
|
Deferred Income Tax |
- |
- |
- |
32.3 |
47.0 |
|
Contracts on Settlement |
- |
- |
- |
10.7 |
- |
|
Merchandise Contracts on Settlement |
- |
- |
- |
- |
5.6 |
|
Currency Contracts on Settlement |
- |
- |
- |
- |
1.4 |
|
Merchandises |
442.7 |
783.7 |
656.1 |
277.3 |
244.2 |
|
Finished Goods |
22.4 |
31.2 |
27.3 |
12.0 |
17.8 |
|
Semi-finished Goods |
6.1 |
6.0 |
8.6 |
8.9 |
9.9 |
|
Works in Process |
2.6 |
3.4 |
6.9 |
5.1 |
5.9 |
|
Raw Materials |
22.0 |
28.3 |
33.5 |
23.6 |
31.9 |
|
Supplemental Raw Materials |
1.3 |
1.3 |
8.2 |
6.7 |
6.8 |
|
Supplies |
0.3 |
0.3 |
11.8 |
11.0 |
11.4 |
|
Goods in Transit |
243.3 |
234.3 |
121.3 |
33.5 |
56.5 |
|
Adj. for Trade & Other Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Fincl Instrm |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Current Assets |
0.0 |
0.0 |
0.0 |
- |
- |
|
Allow. for Loss on Valt of Merchandises |
-20.3 |
-16.9 |
- |
- |
- |
|
Allow. for Loss-Valt of Finished Goods |
-0.5 |
-1.5 |
- |
- |
- |
|
Provision for Semi-finished Goods Losses |
-0.2 |
-0.2 |
- |
- |
- |
|
Allow. for Loss on Valt of Raw Materials |
-0.6 |
-0.7 |
- |
- |
- |
|
Provision for Supplemental Raw Materials |
0.0 |
0.0 |
- |
- |
- |
|
Adj. for Inventories |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Assets |
4,037.9 |
4,740.0 |
3,630.4 |
2,023.4 |
1,317.6 |
|
|
|
|
|
|
|
|
Non-Current Fincl Deposits |
- |
0.0 |
0.2 |
0.0 |
0.0 |
|
Investment Securities |
- |
- |
- |
73.2 |
58.0 |
|
Invmt in Affiliates |
368.0 |
1,395.3 |
1,106.9 |
866.5 |
490.8 |
|
Invmt in Properties |
23.7 |
22.4 |
23.1 |
- |
- |
|
Non-Current Loans |
295.1 |
86.8 |
57.7 |
30.1 |
1.5 |
|
Non-Current Other Receivable |
104.7 |
1.3 |
1.2 |
- |
- |
|
Non-Current Securities Available-for-Sal |
- |
84.8 |
95.6 |
- |
- |
|
Non-Current Securities Held-to-Maturitie |
- |
0.0 |
0.0 |
- |
- |
|
Other Invmt Assets |
- |
- |
- |
- |
0.1 |
|
Other Non-Current Fincl Instrm |
239.3 |
- |
- |
- |
- |
|
Non-Current Guarantee Deposits |
6.2 |
6.4 |
6.2 |
16.1 |
11.6 |
|
Resourc Devt Inv |
- |
- |
- |
394.0 |
309.5 |
|
Land |
74.1 |
68.4 |
69.2 |
73.7 |
25.8 |
|
Buildings |
171.2 |
125.3 |
254.4 |
260.3 |
251.5 |
|
Buildings-Reduction |
- |
- |
- |
- |
-1.8 |
|
Buildings-Depreciation |
-35.8 |
-25.1 |
-55.1 |
-50.9 |
-45.2 |
|
Structures |
14.7 |
18.8 |
13.0 |
12.7 |
11.3 |
|
Structures-Depreciation |
-4.4 |
-3.9 |
-3.4 |
-3.3 |
-2.6 |
|
Structures-Reduction |
- |
- |
- |
0.0 |
- |
|
Tools & Equipments |
- |
- |
- |
3.3 |
3.1 |
|
Tools & Equipments-Government Subsidy |
- |
- |
- |
0.0 |
0.0 |
|
Tools & Equipments-Depreciation |
- |
- |
- |
-2.9 |
-2.8 |
|
Machinery/Equip. |
314.6 |
228.5 |
438.3 |
411.8 |
408.3 |
|
Gov't Subsidy-Machinery |
- |
- |
- |
0.0 |
0.0 |
|
Reduction Loss-Machinery/Equip. |
- |
- |
- |
- |
-5.1 |
|
Depr-Mach/Equip. |
-180.9 |
-113.6 |
-52.8 |
-159.0 |
-148.7 |
|
Transport Equip. |
- |
- |
- |
23.7 |
22.1 |
|
Deprec-Transport |
- |
- |
- |
-17.5 |
-16.9 |
|
Fixtures |
- |
- |
- |
34.7 |
32.8 |
|
Other |
70.0 |
56.6 |
70.5 |
- |
- |
|
Deprec-Other |
-44.8 |
-37.5 |
-284.6 |
- |
- |
|
Government Subsidy for Tangibless |
-0.1 |
-0.1 |
-0.2 |
- |
- |
|
Fixtures-Government Subsidy |
- |
- |
- |
0.0 |
0.0 |
|
Fixtures-Depreciation |
- |
- |
- |
-27.1 |
-25.5 |
|
Ship & Airplane |
- |
- |
- |
- |
0.0 |
|
Dep-Ship/Airplan |
- |
- |
- |
- |
0.0 |
|
Construction in Progress |
196.9 |
82.6 |
26.4 |
5.4 |
0.4 |
|
Membership Rights |
14.8 |
14.4 |
14.2 |
- |
- |
|
Development Mining |
1,060.7 |
874.5 |
567.4 |
- |
- |
|
Mining Rights |
121.3 |
27.6 |
43.1 |
45.3 |
44.1 |
|
Industrial Property Rights |
2.7 |
2.0 |
3.1 |
15.2 |
18.6 |
|
Exploration Valt Intangibless |
71.5 |
57.7 |
74.5 |
- |
- |
|
Other Intangibless |
0.0 |
0.1 |
0.1 |
- |
- |
|
Development Costs |
- |
- |
0.0 |
0.1 |
0.1 |
|
Goodwill |
10.2 |
9.4 |
- |
0.1 |
0.3 |
|
Other Intangible |
- |
- |
- |
1.2 |
1.4 |
|
Non-Current Deferred Income Taxes Assets |
67.9 |
5.0 |
10.3 |
2.3 |
0.2 |
|
Other Non-Current Assets |
1.2 |
1.6 |
13.3 |
- |
- |
|
Adj. for LT Trade & Other Receivable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Other Non-Current Fincl Instrm |
- |
0.0 |
0.0 |
- |
- |
|
Adj. for Intangibless |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Property, Plant & Equipment |
0.0 |
- |
- |
- |
- |
|
Total Assets |
7,000.8 |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
|
|
|
|
|
|
|
|
Current Trade Payable |
1,025.1 |
879.9 |
897.8 |
895.8 |
447.4 |
|
Current Portion of LT Other Payable |
3.0 |
- |
- |
- |
- |
|
Other Payable |
140.7 |
191.5 |
144.8 |
125.4 |
128.3 |
|
Current Tax Liabilities |
230.7 |
1.9 |
4.5 |
10.3 |
30.8 |
|
Accrued Expense |
- |
27.2 |
25.2 |
9.9 |
9.5 |
|
Advance from Customers, Current |
100.6 |
42.0 |
68.9 |
72.3 |
52.9 |
|
Withheld |
60.1 |
22.9 |
27.9 |
28.9 |
42.4 |
|
Unearned Income |
- |
- |
- |
0.2 |
0.2 |
|
Guarantee Deposits Received |
10.8 |
0.1 |
2.7 |
0.2 |
0.2 |
|
Current Borrowings |
1,928.6 |
2,639.2 |
1,896.7 |
525.8 |
568.0 |
|
Current Portion of Long-term Borrowings |
59.5 |
- |
- |
- |
- |
|
Current LT Liab. |
- |
- |
- |
16.0 |
31.4 |
|
Current Portion of Bonds |
- |
130.2 |
- |
- |
- |
|
Current Portion of Convertible Bonds |
- |
- |
394.1 |
- |
- |
|
CL Curr. Futures |
- |
- |
- |
22.9 |
12.1 |
|
Current Derivatives Liabilities |
50.9 |
79.8 |
74.2 |
- |
- |
|
Advances on Confirmed Contracts |
- |
- |
- |
4.2 |
- |
|
Merchand Gift |
- |
- |
- |
32.6 |
29.8 |
|
Merchandise Advance-Confirmed Contract |
- |
- |
- |
- |
1.7 |
|
Currency Advance-Confirmed Contract |
- |
- |
- |
- |
1.3 |
|
Other Current Liabilities |
- |
- |
- |
0.1 |
- |
|
Held-for-Sale Group Assets related Liab. |
- |
134.9 |
- |
- |
- |
|
Adj. for Current Trade & Other Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Current Portion of LT Debts |
0.0 |
- |
- |
- |
- |
|
Adj. for Other Current Liabilities |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Current Liability |
3,609.9 |
4,149.7 |
3,536.9 |
1,744.7 |
1,356.0 |
|
|
|
|
|
|
|
|
Bonds |
673.8 |
644.0 |
407.3 |
128.4 |
- |
|
Non-Current Borrowings |
581.6 |
809.5 |
645.1 |
248.0 |
222.2 |
|
Capital Lease Liabilities |
- |
- |
- |
39.2 |
55.8 |
|
Convertible Bonds |
- |
289.1 |
- |
305.7 |
- |
|
Total Long Term Debt |
1,255.4 |
1,742.5 |
1,052.4 |
721.2 |
278.0 |
|
|
|
|
|
|
|
|
Non-Current Other Payable |
8.2 |
38.2 |
2.8 |
3.5 |
1.8 |
|
LT Deposit Withheld |
18.7 |
- |
- |
140.2 |
131.4 |
|
Non-Current Accrued Expense |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Non-Current Fincl Deposits Liabilities |
1.0 |
1.0 |
1.2 |
6.2 |
5.8 |
|
Non-Current Prov.s |
33.4 |
40.3 |
115.3 |
- |
- |
|
Reserve-Recovery |
- |
- |
- |
3.4 |
1.6 |
|
Reserve-Sales Guarantee |
- |
- |
- |
1.2 |
1.3 |
|
Other Non-Current Liabilities |
- |
16.5 |
10.8 |
- |
- |
|
Rsv-Contingency Loss |
- |
- |
- |
97.0 |
98.4 |
|
Retirement & Severance Benefits, Non-Cur |
14.1 |
21.0 |
14.6 |
- |
- |
|
Retirement Resrv |
- |
- |
- |
37.2 |
0.9 |
|
Deposit-Retirement Insurance |
- |
- |
- |
-36.1 |
- |
|
Transfer to National Pension Fund |
- |
- |
- |
-0.3 |
- |
|
Deferred Income Taxes, LT Liabilities |
0.5 |
56.0 |
33.2 |
112.1 |
36.8 |
|
Minority Interests |
1.2 |
2.6 |
1.2 |
8.4 |
9.1 |
|
PV Disc. |
-0.9 |
-0.5 |
-0.7 |
- |
- |
|
LT Deposit from Import License Liability |
7.7 |
6.3 |
6.4 |
- |
- |
|
Adj. for LT Trade & Other Payable |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Liabilities |
4,949.1 |
6,073.7 |
4,774.0 |
2,838.9 |
1,921.3 |
|
|
|
|
|
|
|
|
Capital Stock |
533.9 |
447.8 |
445.2 |
420.1 |
377.1 |
|
Capital Surplus |
- |
- |
- |
16.5 |
1.1 |
|
Additional Paid in Capital |
312.4 |
65.7 |
8.5 |
- |
- |
|
Consolidated Retained Earnings |
- |
- |
- |
567.5 |
435.5 |
|
Gains on Disposal of Treasury Stock |
0.0 |
0.0 |
0.0 |
- |
- |
|
Capital Adj. |
-0.6 |
-0.6 |
-0.6 |
- |
- |
|
Disc.s on Stock Issuance |
- |
- |
- |
-0.1 |
- |
|
Unissu Share Cap |
- |
- |
- |
0.3 |
0.7 |
|
Capital Change, Equity Method |
123.3 |
276.2 |
176.3 |
78.7 |
13.3 |
|
Gain/Losses on Valuation of Securities A |
28.1 |
25.5 |
41.2 |
27.8 |
19.4 |
|
Capital Change, Equity Method (Loss) |
-27.8 |
-1.5 |
-0.8 |
-3.5 |
-56.8 |
|
Accumulated Overseas Bus. Translation |
-2.3 |
10.5 |
-1.1 |
49.8 |
48.8 |
|
Gain-Revaluation of Tangible Assets |
- |
- |
- |
36.1 |
- |
|
Held for Sale Assets-Accumulated Other C |
- |
-1.5 |
- |
- |
- |
|
Adj. for Capital Surplus |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj.-Accum. Other Comprehensive Income |
0.0 |
0.0 |
0.0 |
- |
- |
|
Adj. for Retained Earnings |
- |
0.0 |
0.0 |
- |
- |
|
Legal Reserve |
- |
11.5 |
9.8 |
- |
- |
|
Voluntary Reserve |
- |
621.0 |
548.9 |
- |
- |
|
Retained Earnings Carried Forward |
- |
200.9 |
121.6 |
- |
- |
|
Retained Earnings |
1,084.6 |
- |
- |
- |
- |
|
Total Equity |
2,051.6 |
1,655.7 |
1,349.0 |
1,193.3 |
839.0 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
7,000.8 |
7,729.4 |
6,123.1 |
4,032.2 |
2,760.3 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
113.9 |
103.2 |
101.1 |
100.8 |
100.8 |
|
Total Common Shares Outstandin |
113.9 |
103.2 |
101.1 |
100.8 |
100.8 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
100.6 |
42.0 |
68.9 |
72.5 |
53.0 |
|
Full-Time Employees |
- |
1,968 |
1,796 |
1,431 |
1,486 |
|
Number of Common Shareholders |
- |
- |
45,691 |
40,785 |
37,135 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
- |
16.0 |
31.4 |
|
Long Term Debt Maturing within 2 Years |
- |
- |
- |
44.2 |
56.8 |
|
Long Term Debt Maturing within 3 Years |
- |
- |
- |
46.5 |
37.8 |
|
Long Term Debt Maturing within 4 Years |
- |
- |
- |
62.5 |
36.3 |
|
Long Term Debt Maturing within 5 Years |
- |
- |
- |
41.0 |
34.9 |
|
Long Term Debt Remaining Maturities |
- |
- |
- |
71.1 |
78.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
- |
281.2 |
275.3 |
|
Operating Leases Due in 1 Year |
- |
- |
- |
- |
0.0 |
|
Total Operating Leases |
- |
- |
- |
- |
0.0 |
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 |
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 |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
Ernst &
Young LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income or Loss |
191.2 |
190.2 |
90.2 |
102.6 |
71.4 |
|
Depreciation |
26.0 |
18.7 |
11.3 |
24.4 |
28.1 |
|
Amort. of Intangibless |
3.6 |
4.0 |
4.3 |
4.4 |
4.8 |
|
Stock-Based Compensation |
0.0 |
- |
0.0 |
0.0 |
- |
|
Expense of Allow. for DA |
-0.8 |
6.1 |
7.0 |
14.7 |
- |
|
Depreciation of Real Estate |
0.5 |
0.5 |
0.4 |
- |
- |
|
Expenses of Allow. for Other DA |
20.6 |
0.3 |
10.9 |
23.2 |
0.3 |
|
Corporate Taxes Expense |
109.6 |
49.4 |
- |
- |
- |
|
Fincl Guarantee Expense |
0.8 |
0.8 |
0.1 |
- |
- |
|
Interest Expenses |
132.1 |
70.8 |
67.2 |
17.4 |
11.7 |
|
Provision-Sales Guarantee |
- |
0.3 |
- |
- |
1.5 |
|
Prov.for Restoration |
0.1 |
0.1 |
0.2 |
- |
- |
|
Retiremt Allw Reserv |
- |
- |
- |
7.8 |
12.8 |
|
L-Trade Rcvbl Disposal |
- |
- |
- |
51.3 |
64.0 |
|
Losses on Foreign Currency Translation |
98.2 |
103.2 |
56.4 |
17.6 |
68.0 |
|
L-Commodity Futures Valu |
- |
- |
- |
29.6 |
34.1 |
|
Loss-Currency Forwards Transaction |
- |
- |
- |
69.1 |
123.6 |
|
L-Commodity Futures Trade |
- |
- |
- |
164.9 |
191.3 |
|
Loss-Sale of Fincl Asset Avail.-for-Sale |
0.0 |
- |
- |
- |
- |
|
Increase on Fixed Benefit Liabilitie |
12.6 |
9.3 |
11.9 |
- |
- |
|
Loss on Derivatives Transaction |
217.4 |
414.0 |
328.9 |
- |
- |
|
Loss on Valt of Derivative Fincl Assets |
98.0 |
162.0 |
121.2 |
- |
- |
|
Rec. of Prov.s |
-14.3 |
-30.6 |
-6.4 |
- |
- |
|
Losses on Valt of Inventories |
19.6 |
20.0 |
- |
0.6 |
6.0 |
|
L-Currency Contract on Settlement Valua. |
- |
- |
- |
- |
6.7 |
|
L-Currency Futr Valu |
- |
- |
- |
20.7 |
13.8 |
|
Loss-Reduction of Investment Assets |
- |
- |
2.9 |
15.1 |
3.2 |
|
L-Tangible Asst Disp |
0.2 |
0.4 |
0.2 |
0.1 |
0.4 |
|
Loss on Disposal of Intangible Assets |
- |
0.0 |
- |
- |
- |
|
Loss on Valt of Convertible Bonds |
-13.1 |
-30.1 |
38.2 |
- |
- |
|
Impmt Loss on Intangibless |
0.9 |
31.3 |
- |
- |
- |
|
Impairment Loss on Property, Plant and E |
- |
- |
109.8 |
0.6 |
6.3 |
|
Impmt Loss on Invmt in Affiliates |
4.7 |
- |
- |
- |
- |
|
Loss -Redemption of LT Borrowings |
26.9 |
- |
- |
0.6 |
0.1 |
|
Loss on Invesment in Affiliates |
13.0 |
5.7 |
2.0 |
0.8 |
3.7 |
|
Loss-Investment Assets Disposal |
- |
- |
1.6 |
1.1 |
- |
|
Dividend Income |
-1.7 |
-0.3 |
-2.0 |
- |
- |
|
Reserve-Recovery |
- |
- |
- |
0.1 |
- |
|
Rec. of Stocks Compensation Expenses |
- |
0.0 |
- |
- |
- |
|
Loss-Valuation of Contract on Settlement |
- |
- |
- |
27.7 |
24.5 |
|
Contingency Loss |
0.7 |
1.5 |
1.7 |
1.8 |
2.4 |
|
Other Non-Operating Expense |
- |
- |
- |
0.3 |
- |
|
G-Commodity Futures Valu |
- |
- |
- |
-15.7 |
-11.9 |
|
G-Currency Contract on Settlement Valua. |
- |
- |
- |
- |
-3.4 |
|
Gain-Commodity Futures Transaction |
- |
- |
- |
-128.3 |
-169.1 |
|
G-Currency Futr Valu |
- |
- |
- |
-16.0 |
-10.4 |
|
Rec. of Prov. in Loss-Valt of Inventory |
- |
- |
-1.0 |
- |
- |
|
Gain-Currency Forwards Transaction |
- |
- |
- |
-90.0 |
-130.5 |
|
Gain on Disposal of Investment in Affili |
-136.7 |
-0.6 |
- |
- |
- |
|
Gain on Disposal of Property, Plant and |
-0.2 |
-0.2 |
-0.9 |
-0.6 |
-0.2 |
|
Rec. of Impmt Loss on Intangibles |
-0.4 |
- |
- |
- |
- |
|
G-Inv.Asset Disp |
- |
- |
- |
-12.4 |
-9.6 |
|
Gain-Sale of Fincl Asset Avail.-for-Sale |
-0.8 |
- |
- |
- |
- |
|
Gain on Sale of Invmt in Subsidiaries |
-9.4 |
- |
- |
- |
- |
|
Gain on disposal of Subsidiaries |
- |
- |
- |
-4.8 |
- |
|
Gain on Sale of Intangibles |
-0.5 |
- |
- |
- |
- |
|
Gain-Valuation of Contract on Settlement |
- |
- |
- |
-69.3 |
-62.5 |
|
Gain on Redemption of Convertible Bonds |
-0.3 |
- |
- |
- |
- |
|
Rec. of Allow. for DA |
-2.2 |
-0.8 |
-0.3 |
- |
- |
|
Corporate Taxes Income |
- |
- |
-16.1 |
- |
- |
|
Gains on Valts of Derivatives Assets |
-81.6 |
-90.6 |
-133.5 |
- |
- |
|
Gain on Derivatives Transaction |
-211.2 |
-465.3 |
-301.4 |
- |
- |
|
Gain on Fincl Guarantees |
-1.4 |
-0.8 |
-0.1 |
- |
- |
|
Interest Income |
-36.9 |
-12.4 |
-8.2 |
-1.4 |
-1.9 |
|
Other Non-Operating Income |
- |
- |
- |
-3.7 |
-0.2 |
|
Recovery-Contingency Loss Reserve |
- |
- |
- |
-4.6 |
- |
|
Recovery-Loan Loss Reserve |
- |
- |
- |
-3.0 |
-2.1 |
|
Recovery-Inventory Valuation Loss |
- |
- |
- |
-4.3 |
- |
|
Gains on Foreign Currency Translation |
-107.7 |
-62.3 |
-48.0 |
-30.3 |
-85.1 |
|
Gain on Invesment in Affiliates |
-67.5 |
-127.5 |
-177.4 |
-121.8 |
-68.0 |
|
Trade Receivables |
-91.9 |
-751.4 |
-204.3 |
-148.6 |
-211.3 |
|
Accrued Income |
- |
- |
- |
0.9 |
1.6 |
|
Other Current Receivables |
-5.9 |
86.4 |
-74.2 |
11.2 |
-13.7 |
|
Prepaid Expenses |
- |
- |
- |
0.1 |
-0.5 |
|
Advance Payments |
- |
- |
- |
0.0 |
12.5 |
|
Inventory |
391.2 |
-257.7 |
-465.5 |
23.0 |
-131.2 |
|
Other Non-Current Receivables |
- |
-0.1 |
-2.4 |
- |
- |
|
Merchandise Settlement Contracts |
- |
- |
- |
39.5 |
35.9 |
|
Currency Settlement Contracts |
- |
- |
- |
- |
-3.3 |
|
Other Non-Current Assets |
1.0 |
-3.7 |
- |
- |
- |
|
Other Current Assets |
-11.3 |
9.6 |
-60.9 |
- |
-0.6 |
|
Derivatives Assets |
-35.8 |
-10.8 |
-20.9 |
- |
- |
|
Trade Payable |
90.1 |
0.9 |
-74.2 |
403.6 |
26.3 |
|
Other Current Payable |
-101.3 |
52.5 |
-28.0 |
-7.4 |
58.4 |
|
Other Non-Current Payable |
0.4 |
-16.4 |
-1.5 |
- |
- |
|
Accrued Expenses |
- |
- |
- |
4.8 |
-3.7 |
|
LT Accrued Expenses |
- |
- |
- |
0.0 |
-1.0 |
|
Accrued Income Taxes |
- |
- |
- |
-20.8 |
34.0 |
|
Deferred Taxes-Asset |
- |
- |
- |
35.1 |
-30.0 |
|
Unearned Income |
- |
- |
- |
- |
0.1 |
|
Advances Received |
- |
- |
- |
17.4 |
29.6 |
|
Other Current Liabilities |
28.5 |
-33.9 |
-8.5 |
0.1 |
- |
|
Deposits Withheld |
- |
- |
- |
-18.0 |
9.6 |
|
Reserve-Sales Guarantee |
- |
- |
- |
-0.3 |
-0.1 |
|
Nation Pension Fnd |
- |
- |
- |
0.1 |
0.1 |
|
Retiremt Allow Paymt |
- |
- |
- |
-10.7 |
-9.8 |
|
Retire Deposit A/L |
- |
- |
- |
2.7 |
-0.4 |
|
Plan Assets |
-11.2 |
-1.4 |
1.7 |
- |
- |
|
Prov.s |
- |
- |
-1.3 |
- |
- |
|
Payment for Retirement Allow. |
-2.7 |
-6.7 |
-6.7 |
- |
- |
|
Other Non-Current Liabilities |
49.8 |
-17.3 |
- |
- |
- |
|
Reserve-Contingent Loss |
- |
- |
- |
0.3 |
- |
|
Overseas Business Translation Debit |
- |
- |
- |
35.9 |
64.5 |
|
Adj. |
- |
0.0 |
- |
- |
- |
|
Assets Held for Sale |
-32.2 |
- |
- |
- |
- |
|
Gain/Loss on Discontinued Operations |
-48.5 |
-82.2 |
- |
- |
- |
|
Dividend Received from Affiliates |
- |
- |
- |
21.7 |
35.0 |
|
Cash-Interest Received |
51.2 |
13.6 |
9.8 |
- |
- |
|
Cash-Dividend Income |
46.6 |
33.7 |
2.0 |
- |
- |
|
Cash-Interest Paid |
-139.8 |
-100.7 |
-46.8 |
- |
- |
|
Cash-Tax Paid |
-2.6 |
-15.3 |
-41.8 |
- |
- |
|
Cash from Operating Activities |
465.3 |
-833.7 |
-852.5 |
481.3 |
25.4 |
|
|
|
|
|
|
|
|
Disposal in Current Loans |
- |
- |
- |
0.3 |
10.8 |
|
Increae or Decrease of Current Loans |
-8.2 |
17.8 |
-4.9 |
- |
- |
|
Decrease-LT Account Receivable |
- |
- |
- |
5.2 |
- |
|
Decs in Non-Current Guarantee Deposit |
- |
- |
1.0 |
2.2 |
3.3 |
|
Dec-Currency Future |
- |
- |
- |
18.0 |
133.6 |
|
Dec-Marketable Secs |
- |
- |
- |
0.0 |
0.0 |
|
Disposal of Investment Securities |
0.0 |
0.0 |
0.0 |
3.0 |
10.7 |
|
Disposal of Intangible Assets |
2.0 |
0.4 |
- |
- |
- |
|
Purchase of Subsidiaries |
-17.7 |
-6.2 |
- |
- |
- |
|
Disposal of Property, Plant and Equipmen |
41.7 |
5.4 |
5.8 |
- |
- |
|
Disposal-Land |
- |
- |
- |
0.2 |
- |
|
Disposal of Building |
- |
- |
- |
0.3 |
1.6 |
|
Disp-Machinery |
- |
- |
- |
0.1 |
0.0 |
|
Disp-Vehicles |
- |
- |
- |
0.2 |
0.2 |
|
Disposal-Tools & Supplies |
- |
- |
- |
0.0 |
- |
|
Disp-Merchand Options |
- |
- |
- |
0.1 |
0.0 |
|
Dec-ST Finl Asset |
52.7 |
- |
- |
6.0 |
59.1 |
|
Disp-Commodity Futures |
- |
- |
- |
- |
173.1 |
|
Disp-Other Investment Asset |
- |
- |
- |
0.0 |
- |
|
Sale of Invmt in Affiliates |
1,061.9 |
- |
- |
- |
- |
|
Sale of Non-Current Invmt Sec. |
1.4 |
- |
- |
- |
- |
|
Sale of Invmt in Subsidiaries |
8.2 |
- |
- |
- |
- |
|
Disposal-Other Intangible Assets |
- |
- |
- |
2.0 |
- |
|
Disposal of Current Financial Instrument |
- |
-61.4 |
-16.9 |
- |
- |
|
Inc/Dec of Non-Current Financial Instru |
0.0 |
0.2 |
-0.2 |
- |
- |
|
Disposal of Non-Current Financial Instru |
- |
- |
- |
0.0 |
- |
|
Purchase of Invmt in Affiliates |
-33.7 |
-122.0 |
-15.9 |
- |
- |
|
Purchase of Real Estate |
- |
-0.2 |
-0.1 |
- |
- |
|
Inc-ST Loans |
- |
- |
- |
-1.6 |
-13.6 |
|
Increase-LT Loans |
- |
- |
-27.3 |
-5.3 |
0.0 |
|
Increase-LT Account Receivable |
-1.6 |
- |
- |
- |
- |
|
Increase in Guarantee Deposit |
-2.1 |
-0.3 |
-1.1 |
-5.5 |
-2.5 |
|
Investment for Natural Resources Dev. |
- |
- |
- |
12.9 |
- |
|
Increase in Non-Current Loans |
-209.8 |
-30.5 |
- |
1.9 |
- |
|
Inc-Currency Futures |
- |
- |
- |
- |
-126.4 |
|
Acq-Merchand Options |
- |
- |
- |
-55.6 |
-201.3 |
|
Purchase of Non-Current Invmt Sec. |
-12.2 |
-10.3 |
-8.7 |
-1.9 |
-16.1 |
|
Inc-Equity Investment Sec. |
- |
- |
- |
-57.5 |
-27.2 |
|
Purchase of Tangibles |
-187.7 |
-103.7 |
-53.6 |
- |
- |
|
Increase-Land |
- |
- |
- |
0.0 |
- |
|
Acq-Building |
- |
- |
- |
-11.3 |
-0.2 |
|
Acq-Structure |
- |
- |
- |
-1.1 |
-0.1 |
|
Acq-Machinery |
- |
- |
- |
-30.6 |
-1.6 |
|
Acq-Fixtures |
- |
- |
- |
-3.7 |
-4.5 |
|
Acq-Vehicles |
- |
- |
- |
-2.5 |
-0.9 |
|
Acq-Tools/Equipmt |
- |
- |
- |
-0.2 |
- |
|
Acq-Constructn Prog |
- |
- |
- |
-1.0 |
-3.0 |
|
Acq-Resource Dev't C |
- |
- |
- |
-112.1 |
-131.0 |
|
Purchase of Intangibless |
-210.3 |
-285.5 |
-97.5 |
-0.3 |
-5.1 |
|
Adj |
0.0 |
- |
- |
- |
- |
|
Cash from Investing Activities |
484.8 |
-596.5 |
-219.4 |
-237.8 |
-141.1 |
|
|
|
|
|
|
|
|
Increase in Current Borrowings |
- |
797.3 |
233.7 |
- |
294.3 |
|
Increase in Non-Current Borrowings |
215.6 |
274.5 |
152.2 |
28.2 |
24.0 |
|
Increase in Bonds |
- |
370.9 |
272.8 |
117.0 |
- |
|
Increase-Convertible Bond |
- |
- |
- |
292.5 |
- |
|
Incs in LT Deposit for Import License |
0.8 |
-0.1 |
0.2 |
- |
35.2 |
|
Inc-Government Subsidy |
- |
- |
- |
0.0 |
0.2 |
|
Increase-LT Deposit Withheld |
- |
- |
- |
- |
1.6 |
|
Increase in Stocks Issuance Cost |
-0.3 |
- |
- |
- |
- |
|
Increase-LT Accrued Payment |
- |
- |
- |
2.8 |
- |
|
Dec-Curr LT Liabs |
- |
- |
- |
-54.0 |
-71.9 |
|
Dec-ST Borrowings |
-605.6 |
- |
- |
-83.8 |
- |
|
Decrease in Non-Current Borrowings |
-507.2 |
-39.3 |
-44.4 |
-34.5 |
-50.9 |
|
Dec-Bonds |
-133.1 |
- |
- |
- |
- |
|
Decs in Current Portion of LT Borrowings |
-6.2 |
- |
- |
- |
- |
|
Decrease in Convertible Bonds |
-2.1 |
- |
- |
- |
- |
|
Decrease-LT Guarantee Deposit |
- |
- |
- |
-0.1 |
-1.6 |
|
Decrease-LT Deposit Withheld |
- |
- |
- |
-1.7 |
- |
|
Dec-Government Subsidy |
- |
- |
- |
-0.1 |
-0.4 |
|
Increase-Discount on Stock Issuance |
- |
- |
- |
-0.1 |
- |
|
Dividend Paid |
-18.3 |
-18.2 |
-4.3 |
-3.7 |
-30.2 |
|
Consolid Scope Adj |
- |
- |
- |
6.8 |
- |
|
Cash Flow-Foreign Currency Translation |
-0.8 |
1.0 |
- |
- |
- |
|
Cash from Financing Activities |
-1,057.3 |
1,386.1 |
610.3 |
269.4 |
200.4 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
- |
- |
0.1 |
-3.2 |
3.8 |
|
Incs or Decs in Cash & Cash Equivalents |
-107.2 |
-44.1 |
-461.4 |
509.8 |
88.5 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
357.4 |
407.6 |
852.0 |
254.2 |
206.2 |
|
Cash and Cash Equivalents at End |
250.2 |
363.5 |
390.5 |
764.0 |
294.8 |
|
Cash Interest Paid |
139.8 |
100.7 |
46.8 |
- |
- |
|
Cash Taxes Paid |
2.6 |
15.3 |
41.8 |
- |
- |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.85 |
|
UK Pound |
1 |
Rs.92.31 |
|
Euro |
1 |
Rs.78.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.