MIRA INFORM REPORT

Report Date :

21.03.2013

IDENTIFICATION DETAILS

Name :	HANWHA CORP
Registered Office :	24F, Hanhwa Bldg.,, 1, Janggyo-Dong, Jung-Gu, Seoul, 100797, Korea
Country :	South Korea
Financials (as on) :	31.12.2011
Date of Incorporation :	28.10.1952
Legal Form :	Public Subsidiary
Line of Business :	Engages in the export, import and domestic sale of oil products, including petroleum and petroleum products; metal products, including nonferrous metal products and steel products.
No. of Employees :	3,778

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
South Korea	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

South Korea - ECONOMIC OVERVIEW

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and currently is among the world's 20 largest economies. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea''s development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. With the global economic downturn in late 2008, South Korean GDP growth slowed to 0.3% in 2009. In the third quarter of 2009, the economy began to recover, in large part due to export growth, low interest rates, and an expansionary fiscal policy, and growth was 3.6% in 2011. In 2011, the US-South Korea Free Trade Agreement was ratified by both governments and is projected to go into effect in early 2012. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

Company name and address

Hanwha Corp

24F
Hanhwa Bldg.,, 1, Janggyo-Dong, Jung-Gu
Seoul, 100797
Korea, Republic of
Tel:	82-2-7291114
Fax:	82-2-7291762

Employees:

3,778

Company Type:

Public Subsidiary

Corporate Family:

47 Companies

Ultimate Parent:

Hanwha Group

Traded:

Korea Stock Exchange:

000880

Incorporation Date:

28-Oct-1952

Auditor:

PricewaterhouseCoopers LLP

Financials in:
Fiscal Year End:	31-Dec-2011
Reporting Currency:	South Korean Won
Annual Sales:	10,999.2 ^1
Net Income:	121.4
Total Assets:	13,046.6 ^2
Market Value:	1,814.4
	(20-Jul-2012)

Business Description

Hanwha Corporation is a Korea-based company engaged in the trading and manufacturing business. Its trading business engages in the export, import and domestic sale of oil products, including petroleum and petroleum products; metal products, including nonferrous metal products and steel products, as well as machinery, synthetic resin products, concentrated commodities and others. Its manufacturing business engages in the manufacture of industrial explosives, defense products, aircraft and ship parts and inflators. For the fiscal year ended 31 December 2010, Hanwha Corp.'s revenues increased 16% to W34.723T. Net income applicable to common stock decreased 52% to W268.72B. Revenues reflect increased demand for petroleum finished products. Net income was offset by decreased interest income and decreased gains on disposal of tangible assets as well as increased losses from foreign currency translations.

industry

Industry	Oil and Gas Operations
ANZSIC 2006:	3321 - Petroleum Product Wholesaling
NACE 2002:	5151 - Wholesale of solid, liquid and gaseous fuels and related products
NAICS 2002:	42472 - Petroleum and Petroleum Products Wholesalers (except Bulk Stations & Terminals)
UK SIC 2003:	51511 - Wholesale of petroleum and petroleum products
US SIC 1987:	5172 - Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals

Key Executives

Name	Title
Yeong Su Kim	Managing Director
Chung Beom Kim	Vice President
Young-Sun Nam	Co-CEO
Kwang Hoon Lee	Managing Director-Finance
Young Woong Joo	Managing Director-Trade

Significant Developments

Topic

#*

Most Recent Headline

Date

Regulatory / Company Investigation

1

Hanwha Corp to Investigate Directors

3-Feb-2012

Dividends

1

Hanwha Corp Declares Annual Cash Dividend for FY 2011

27-Feb-2012

* number of significant developments within the last 12 months

News

Title	Date
ROK Editorial: Hanwha Chief Meets Iraqi Leader on Postwar Projects World News Connection (347 Words)	30-Jul-2012
ROK Daily: Hanwha Chief Meets Iraqi Leader on Postwar Projects World News Connection (384 Words)	30-Jul-2012
USPTO ISSUES TRADEMARK: HANWHA U.S. Fed News (132 Words)	27-Jul-2012
McKinsey: Dark Before Solar Dawn Mechanical Engineering (605 Words)	1-Jul-2012
Sustainable Hardwood Flooring And Cabinetry From Armstrong Featured Throughout The VISION House@ In INNOVENTIONS At Epcot@ Presented By Green... Associated Press (1164 Words)

Financial Summary

As of 31-Mar-2012

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.85	2.18
Quick Ratio (MRQ)	0.57	1.35
Debt to Equity (MRQ)	1.09	0.82
Sales 5 Year Growth	-7.72	6.26
Net Profit Margin (TTM) %	1.63	10.56
Return on Assets (TTM) %	1.33	8.26
Return on Equity (TTM) %	4.34	22.07

Traded: Korea Stock Exchange: 000880

As of 20-Jul-2012

   Financials in: KRW

Recent Price	27,500.00	EPS	1,933.68
52 Week High	54,900.00	Price/Sales	0.17
52 Week Low	25,850.00	Dividend Rate	450.00
Avg. Volume (mil)	0.20	Price/Earnings	11.20
Market Value (mil)	2,066,134.00	Price/Book	0.41
		Beta	1.79

	Price % Change	Rel S&P 500%
4 Week	-4.68%	-3.40%
13 Week	-11.29%	-3.91%
52 Week	-48.60%	-39.52%
Year to Date	-17.04%	-16.92%

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891

2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152

Corporate Overview

Location
24F
Hanhwa Bldg.,, 1, Janggyo-Dong, Jung-Gu
Seoul, 100797
Korea, Republic of

Tel:	82-2-7291114
Fax:	82-2-7291762

english.hanwhacorp.co.kr

Quote Symbol - Exchange
000880 - Korea Stock Exchange
Sales KRW(mil):	12,185,911.0
Assets KRW(mil):	15,029,731.0
Employees:	3,778
Fiscal Year End:	31-Dec-2011

Industry:	Oil and Gas Operations

Incorporation Date:	28-Oct-1952
Company Type:	Public Subsidiary
Quoted Status:	Quoted

Co-Chief Executive Officer, Director:	Gyeong Seop Shim

Industry Codes

ANZSIC 2006 Codes:
6411	-	Financial Asset Broking Services
3322	-	Metal and Mineral Wholesaling
1813	-	Basic Inorganic Chemical Manufacturing
3323	-	Industrial and Agricultural Chemical Product Wholesaling
1892	-	Explosive Manufacturing
2394	-	Aircraft Manufacturing and Repair Services
3321	-	Petroleum Product Wholesaling

NACE 2002 Codes:
5155	-	Wholesale of chemical products
2461	-	Manufacture of explosives
6712	-	Security broking and fund management
3530	-	Manufacture of aircraft and spacecraft
5151	-	Wholesale of solid, liquid and gaseous fuels and related products
5152	-	Wholesale of metals and ores
2413	-	Manufacture of other inorganic basic chemicals

NAICS 2002 Codes:
325188	-	All Other Basic Inorganic Chemical Manufacturing
523140	-	Commodity Contracts Brokerage
336413	-	Other Aircraft Part and Auxiliary Equipment Manufacturing
325920	-	Explosives Manufacturing
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers
424690	-	Other Chemical and Allied Products Merchant Wholesalers
42472	-	Petroleum and Petroleum Products Wholesalers (except Bulk Stations & Terminals)

US SIC 1987:
3728	-	Aircraft Parts and Auxiliary Equipment, Not Elsewhere Classified
2819	-	Industrial Inorganic Chemicals, Not Elsewhere Classified
5169	-	Chemicals and Allied Products, Not Elsewhere Classified
5051	-	Metals Service Centers and Offices
2892	-	Explosives
5172	-	Petroleum and Petroleum Products Wholesalers, Except Bulk Stations and Terminals
6221	-	Commodity Contracts Brokers and Dealers

UK SIC 2003:
2461	-	Manufacture of explosives
51511	-	Wholesale of petroleum and petroleum products
3530	-	Manufacture of aircraft and spacecraft
2413	-	Manufacture of other inorganic basic chemicals
5152	-	Wholesale of metals and ores
5155	-	Wholesale of chemical products
6712	-	Security broking and fund management

Top

Business Description

Hanwha Corporation is a Korea-based company engaged in the trading and manufacturing business. Its trading business engages in the export, import and domestic sale of oil products, including petroleum and petroleum products; metal products, including nonferrous metal products and steel products, as well as machinery, synthetic resin products, concentrated commodities and others. Its manufacturing business engages in the manufacture of industrial explosives, defense products, aircraft and ship parts and inflators. For the fiscal year ended 31 December 2010, Hanwha Corp.'s revenues increased 16% to W34.723T. Net income applicable to common stock decreased 52% to W268.72B. Revenues reflect increased demand for petroleum finished products. Net income was offset by decreased interest income and decreased gains on disposal of tangible assets as well as increased losses from foreign currency translations.

More Business Descriptions

Holding company of a group involved in the manufacture of chemical products principally industrial explosives and defence components including inflators

Explosives & Guided Weapons Mfr; Food & Industrial Raw Materials Wholesale Trading Services

Hanwha Corporation (Hanwha) produces industrial explosives and other related products for application in defense and aerospace. The product offered by the company include explosives, rockets, grenades, fuses, under sea equipments, fireworks, petroleum products, aerospace products, and livestock. The company operates through its subsidiaries located in China, Japan, Asia, Europe, and the US.The company’s operates its business through two segments, namely, Manufacturing and Trade.The company, through Manufacturing segment, produces industrial multiple purpose explosives. This division produces safe explosives along with industrial explosives for its clients. The applications of the industrial explosive products include explosive welding and demolition. The company holds expertise in producing products such as dilute and concentrated nitric acid, ammonia, picric acid, aniline. The company manufactures and markets defense related products that include precision firearms, ammunition, guided weapons, submarine equipment. The division holds vast expertise in designing, developing, and manufacturing hydraulic and fuel system for aircraft, flight control actuators, and launch vehicle for the aerospace sector. Its manufacturing facilities are located in Yeosu, Daejeon, Boeun, Gumi, and Cheonan.Through the Trade segment, the company offers a variety of products that include jet fuel, fuel oil, asphalt, gas oil. It provides petrochemical raw materials such as olefin, chloro alkali derivatives, oxo alcohol, butanol, plastic derivatives, cyclchexznono. The division also offers transportation equipment, metals, steel, stainless steel, bearings, non-ferrous products, fluid power systems, automatic machinery and automation products, pneumatic components.The company’s general merchandise business offerings include artificial marble, flooring, processed goods, advertisement products, agricultural and livestock products, and papers. The business development area of the company invests in the development of overseas mineral resources, new renewable energy industries, and IT businesses. These investments are used to increase the profitability of overseas oil and gas fields and overseas mineral resources, such as uranium and coal. The company operates through its various subsidiaries located across several nations. Some of its principal operating subsidiaries include Hanwha (H.K.) Co., Ltd., Hanwha International (Shanghai) Co., Ltd., Hanwha Yanhu Chemical Co., Ltd., Hanwha Japan Co., Ltd., Hanwha International (S) Pte Ltd., Hanwha Europe GmbH, Hanwha International LLC and Universal Bearings LLC.

Hanwha Corporation (Hanwha) is a South Korea-based company that operates in the production of industrial explosives and related products for its clients across various nations. In addition, it also operates in the production of nitric acid, fireworks, flight control actuators, launch vehicles, hydraulic & fuel system, inflators, etc. Further, it also engaged in offering petroleum products, petrochemicals, plastic resin, chemicals, metals, transportation equipment, machinery and equipment, salt, plastic products etc. The company operates through its subsidiaries across various nations that includes China, Japan, Asia, Europe, and the US. Hanwha has its headquartered located at Seoul in South Korea.The company reported revenues of (Won) KRW 12,185,910.71 million during the fiscal year ended December 2011, a decrease of 15.80% from 2010. The operating profit of the company was KRW 313,591.62 million during the fiscal year 2011, a decrease of 32.36% from 2010. The net profit of the company was KRW 134,527.15 million during the fiscal year 2011, a decrease of 88.29% from 2010.

Explosives Manufacturing

Top

Financial Data

Financials in:	KRW(mil)
Revenue:	12,185,911.0
Net Income:	134,527.2
Assets:	15,029,731.0
Long Term Debt:	2,389,837.5
Total Liabilities:	10,344,090.0
Working Capital:	7,712.9
Date of Financial Data:	31-Dec-2011

1 Year Growth

-15.8%

-88.3%

2.8%

Top

Market Data

Quote Symbol:	000880
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	27,500.0
Stock Price Date:	07-20-2012
52 Week Price Change %:	-48.6
Market Value (mil):	2,066,134,016.0
SEDOL:	6496755
ISIN:	KR7000880005
Equity and Dept Distribution:
Financials are Consolidated('96-'07). FY'05 is RES.
Top

Subsidiaries

Company	Percentage Owned	Country
Hanwha (H.K.) Co Ltd		HONG KONG SAR
Hanwha International (Shanghai) Co.Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hanwha Japan Co. Ltd.		JAPAN
Hanwha International (S) Pte Ltd.		SINGAPORE
Hanwha Europe GmbH		GERMANY
Hanwha International LLC.		USA
Universal Bearings LLC.		USA
Hanwha Internacional do Brasil		BRAZIL
Think Biotech (Cambodia) Co Ltd		CAMBODIA
Hanwha Chemical (Thailand) Co Ltd		THAILAND
Eagle Petroelum LLC		USA
Hanwha Corporation External Profit Company		SOUTH AFRICA
Hanwha E&C	100%	SOUTH KOREA
Hanwha TechM	100%	SOUTH KOREA
Hanwha Hotels & Resorts	50.62%	SOUTH KOREA

Top

Shareholders

Major Shareholders

Seung Yon Kim (20.07%)

Top

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	PricewaterhouseCoopers LLP, KPMG Sanjong Accounting Corp

Top

Corporate Family	Corporate Structure News:
	Hanwha Group Hanwha Corp
Hanwha Corp Total Corporate Family Members: 47

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Hanwha Group	Parent	Seoul	Korea, Republic of	Miscellaneous Financial Services	26,533.0	21,402
Hanwha Corp	Subsidiary	Seoul	Korea, Republic of	Oil and Gas Operations	10,999.2	3,778
KOREA LIFE INSURANCE	Subsidiary	Seoul	Korea, Republic of	Insurance (Life)	10,235.7	4,191
Korea Life Insurance Vietnam	Subsidiary	Ho Chi Minh City	Viet Nam	Insurance (Life)
Universal Bearings, Inc.	Subsidiary	Bremen, IN	United States	Miscellaneous Fabricated Products	18.9	280
Hanwha International Corp.	Subsidiary	Cranbury, NJ	United States	Business Services		20
Hanwha Europe GmbH	Subsidiary	Eschborn, Hessen	Germany	Chemical Manufacturing	173.2	17
Hanwha International (S) Pte Ltd	Subsidiary	Singapore	Singapore	Oil and Gas Operations	2,098.5	12
Hanwha L&C Corporation	Subsidiary	Seoul	Korea, Republic of	Fabricated Plastic and Rubber	679.3
Hanwha L&C Czech, S.R.O.	Subsidiary	Frydek-Mistek	Czech Republic	Auto and Truck Parts	17.6	74
Hanhwa Polydreamer Co., Ltd.	Subsidiary	Chonan, Chungchongnam-Do	Korea, Republic of	Containers and Packaging	119.2
Hanwha Japan Co., Ltd.	Subsidiary	Tokyo	Japan	Business Services	17.3
Hanwha General Insurance Co Ltd	Subsidiary	Seoul	Korea, Republic of	Insurance (Property and Casualty)	3,139.8	2,561
Hanwha Chemical Corp	Holding	Seoul	Korea, Republic of	Chemicals - Plastics and Rubber	7,169.2	2,314
Yeochun NCC Co Ltd	Joint Venture	Seoul	Korea, Republic of	Chemical Manufacturing	5,463.3	840
Nhl Development Co., Ltd.	Subsidiary	Seoul, Seoul	Korea, Republic of	Water Transportation	146.5	98
Daedeok Techno Valley	Subsidiary	Daejeon	Korea, Republic of	Public Sector and Government	1.0
Hanwha Living & Creative Corp.	Subsidiary	Seoul	Korea, Republic of	Construction - Supplies and Fixtures
Hanwha Engineering & Construction Corp.	Subsidiary	Seoul, Seoul	Korea, Republic of	Construction Services	2,273.0
Chilgok Enviro Co.,Ltd.	Subsidiary	Chilgok, Kyongsangbuk-Do	Korea, Republic of	Waste Management Services		32
Hanwha (H.K.) Company Limited	Subsidiary	Central District, Hong Kong	Hong Kong	Miscellaneous Capital Goods	254.2
AZDEL, Inc.	Subsidiary	Forest, VA	United States	Fabricated Plastic and Rubber
Dreampharma Corp.	Subsidiary	Seoul	Korea, Republic of	Biotechnology and Drugs
Korea Pharma Co Ltd	Subsidiary	Seoul	Korea, Republic of	Biotechnology and Drugs
Hanwha Chemical Corporation	Subsidiary	Daejeon	Korea, Republic of	Chemical Manufacturing
Hanwha Engineering & Construction Corp.	Subsidiary	Seoul	Korea, Republic of	Engineering Consultants	1,189.2	1,800
Hanwha Resort Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Recreational Activities	191.0	1,300
Hanwha Stores Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Retail (Department and Discount)		967
Hanwha Development Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Hotels and Motels	1.0	700
Hanwha Timeworld Co., Ltd.	Subsidiary	Seo-Gu	Korea, Republic of	Retail (Department and Discount)	90.1	338
Hanwha Chemical (Thailand) Co., Ltd.	Subsidiary	Samut Prakan	Thailand	Fabricated Plastic and Rubber		200
Hanwha Machinery Co., Ltd.	Subsidiary	Changwon, Kyungsangnam-Do	Korea, Republic of	Miscellaneous Capital Goods		200
Dream Pharma Corporation	Subsidiary	Seoul	Korea, Republic of	Biotechnology and Drugs	1.0	178
Hanwha Securities Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Investment Services	1,866.9	72
Hanwha Investment Trust Management Co., Ltd.	Holding	Seoul	Korea, Republic of	Investment Services	11.7	90
Hanwha Bank Magyarország Zrt	Subsidiary	Budapest	Hungary	Commercial Banks		56
Hanwha Bank Hungary Ltd.	Subsidiary	Budapest	Hungary	Commercial Banks	8.0	55
Hanwha TechM Company Limited	Subsidiary	Changwon	Korea, Republic of	Miscellaneous Capital Goods	327.2
Hanwha Galleria Company Limited	Subsidiary	Seoul	Korea, Republic of	Retail (Department and Discount)	251.7
Hanwha S&C Corporation	Subsidiary	Seoul	Korea, Republic of	Business Services	145.4
Yeosu Cogeneration Corporation	Subsidiary	Seoul, Seoul	Korea, Republic of	Biotechnology and Drugs	146.3	94
Gunjang Cogeneration Corporation	Subsidiary	Kunsan, Chollabuk-Do	Korea, Republic of	Construction Services		46
Han Comm Inc.	Subsidiary	Seoul, Seoul	Korea, Republic of	Advertising	18.5
Hancomm Corporation	Subsidiary	Seoul	Korea, Republic of	Advertising	56.0
Hanwha 63 City Corporation	Subsidiary	Seoul	Korea, Republic of	Restaurants	1.0
Korea Life Insurance Company Limited	Subsidiary	Seoul	Korea, Republic of	Insurance (Accident and Health)
Hanwha Venture Capital Corporation	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Financial Services

Hanwha Corp

Competitors Report

CompanyName	Location	Employees	Ownership
Daewoo International Corporation	Seoul, Korea, Republic of	1,925	Public

Hanwha Corp Seoul, , Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Executives Report

Board of Directors

Name	Title	Function
Yeong Su Kim	Managing Director	Chairman
Biography: Mr. Kim has been the co-chief executive officer and the chairman of the company since 2011. Prior to this, he served as the chairman and the chief executive officer of KOREA LIFE INSURANCE CO.,LTD and Hanhwa Chemical Corporation. Age: 49 Education: Seoul National University, B (Economics)
Sang Sun Choi	Vice Chairman	Vice-Chairman
Age: 64
Sun Jong Lee	Vice Chairman	Vice-Chairman
Age: 67
Soon Jong Lee	Co-Vice Chairman	Vice-Chairman
Seong Wuk Cho	Non-Executive Independent Director	Director/Board Member
Biography: Cho Seong Wuk has been Non-Executive Independent Director of HANWHA CORP since March 19, 2010. Currently, Cho is also associate professor of Seoul National University, Korea. Previously, Cho was member of Korea Development Institute and associate professor of Korea University, Korea. Cho holds a Doctorate’s degree in Economics from Harvard University, the United States. Age: 48 Education: Harvard University, PHD (Economics)
Dong Jin Choi	Non-Executive Independent Director	Director/Board Member
Biography: Choi Dong Jin has been serving as Non-Executive Independent Director of Hanwha Corp since March 21, 2008. Choi holds a Bachelor's degree from Korea Military Academy. Age: 65 Education: Korea Military Academy, B
Gwon Tae Han	Managing Director	Director/Board Member
Biography: Han Gwon Tae has been Managing Director of Hanwha Corp since 2008. Han is also Director of Hanwha Japan and Internal Auditor of HANWHA E&C, HANWHA TechM CO.,LTD and four other Hanwha group companies. Han was previously Assistant Managing Director of the Company. Han holds a Bachelor's degree in Business Administration from Sogang University, Korea. Age: 57 Education: Sogang University, B (Business Administration)
Sung-Wook Joh	Board Member	Director/Board Member
Jin Ho Jung	Non-Executive Independent Director	Director/Board Member
Biography: Jung Jin Ho has been Non-Executive Independent Director of Hanwha Corp since September 30, 2008. Jung is also a Representative Lawyer in a domestic law firm. and Non-Executive Independent Director of DIGITAL POWER COMMUNICATIONS CO.,LTD. Previously Jung worked for Ministry of Justice, Korea. Jung received a Bachelor of Law from Korea University. Age: 57 Education: Korea University, LLB
Soo-Gi Kim	Board Member	Director/Board Member
Su Gi Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Su Gi has been Non-Executive Independent Director of Hanwha Corp since March 21, 2008. Kim was previously Director of HANGOOK MACHINERY CO.,LTD. and also worked for another company. Kim holds a Bachelor's degree in Economics from Dongguk University, Korea. Age: 69 Education: Dongguk University, B (Economics)
Young-Sun Nam	Co-CEO	Director/Board Member
Jae Deok Oh	Non-Executive Independent Director	Director/Board Member
Biography: Oh Jae Deok has been Non-Executive Independent Director of Hanwha Corp since 2005. Previously, Oh served as Chief Executive Officer of BINGGRAE CO.,LTD. Oh holds a Bachelor's degree in Law from Seoul National University, Korea. Age: 79 Education: Seoul National University, B (Law)
Jae-Duk Oh	Board Member	Director/Board Member
Jae Hong Park	Co-Chief Executive Officer, Director	Director/Board Member
Biography: Park Jae Hong has been serving as Co-Chief Executive Officer and Director of Hanwha Corp since March 18, 2011. Park used to serve for another Korea-based company. Park holds a Bachelor's degree in Mechanical Engineering from Hanyang University, Korea. Age: 54 Education: Hanyang University, B (Mechanical Engineering)
Gyeong Seop Shim	Co-Chief Executive Officer, Director	Director/Board Member
Biography: Shim Gyeong Seop has been Co-Chief Executive Officer and Director of Hanwha Corp since March 23, 2012. Shim was previously Vice President, Assistant Managing Director and Managing Director of the Company. Shim holds a Bachelor's degree in Agricultural Economics from Korea University. Age: 57 Education: Korea University, B (Agricultural Economics)

Executives

Name	Title	Function
Yeong Su Kim	Managing Director	Chief Executive Officer
Biography: Mr. Kim has been the co-chief executive officer and the chairman of the company since 2011. Prior to this, he served as the chairman and the chief executive officer of KOREA LIFE INSURANCE CO.,LTD and Hanhwa Chemical Corporation. Age: 49 Education: Seoul National University, B (Economics)
Yeong Seon Nam	Co-Chief Executive Officer	Chief Executive Officer
Age: 58
Young-Sun Nam	Co-CEO	Chief Executive Officer
Jae Hong Park	Co-Chief Executive Officer, Director	Chief Executive Officer
Biography: Park Jae Hong has been serving as Co-Chief Executive Officer and Director of Hanwha Corp since March 18, 2011. Park used to serve for another Korea-based company. Park holds a Bachelor's degree in Mechanical Engineering from Hanyang University, Korea. Age: 54 Education: Hanyang University, B (Mechanical Engineering)
Gyeong Seop Shim	Co-Chief Executive Officer, Director	Chief Executive Officer	Reuters
Biography: Shim Gyeong Seop has been Co-Chief Executive Officer and Director of Hanwha Corp since March 23, 2012. Shim was previously Vice President, Assistant Managing Director and Managing Director of the Company. Shim holds a Bachelor's degree in Agricultural Economics from Korea University. Age: 57 Education: Korea University, B (Agricultural Economics)
Kyung-seb Shim	Joint Chief Executive Officer	Chief Executive Officer
Tae-Jin Yang	Co-CEO	Chief Executive Officer
Yong Tae Bae	Assistant Managing Director	Managing Director
Age: 55 Education: Dongkuk University, B
Yang Su Choi	Managing Director	Managing Director
Age: 53 Education: Sung Kyun Gwan University, B (Economics)
Gwon Tae Han	Managing Director	Managing Director
Biography: Han Gwon Tae has been Managing Director of Hanwha Corp since 2008. Han is also Director of Hanwha Japan and Internal Auditor of HANWHA E&C, HANWHA TechM CO.,LTD and four other Hanwha group companies. Han was previously Assistant Managing Director of the Company. Han holds a Bachelor's degree in Business Administration from Sogang University, Korea. Age: 57 Education: Sogang University, B (Business Administration)
Gwon Tae Han	Managing Director	Managing Director
Age: 56
Si Gwon Jang	Managing Director	Managing Director
Age: 53 Education: Seoul National University, B (Industrial Hygiene/Chemistry)
Gil Hoe Jang	Assistant Managing Director	Managing Director	Reuters
Age: 55 Education: Seoul National University, B (Chemical Engineering)
Kil Hoi Jang	Managing Director-Research & Development	Managing Director
Gwang Man Jin	Assistant Managing Director	Managing Director
Age: 49
Young Woong Joo	Managing Director-Trade	Managing Director
Sang Sik Jung	Assistant Managing Director	Managing Director
Age: 45 Education: Seoul National University, B
Yeong Cheol Kim	Assistant Managing Director	Managing Director
Age: 53 Education: Seoul National University, B (Business Administration)
Tae Yong Kim	Managing Director	Managing Director
Biography: Kim Tae Yong has been Managing Director of Hanwha Corp since 2007. Kim previously served as Assistant Managing Director of the Company and a judge of Seoul High Court and Seoul Northern District Court. Kim holds a Bachelor's degree in Law from Seoul National University, Korea. Age: 48 Education: Seoul National University, B (Law)
Dong Soo Kim	Managing Director-Business	Managing Director
Education: Harvard University, BA (Government)
Chan Yeol Kwon	Managing Director-Marketing	Managing Director
Sang Jo Lee	Assistant Managing Director	Managing Director
Age: 54
Wun Dong Lee	Managing Director	Managing Director
Biography: Lee Wun Dong has Managing Director of Hanwha Corp since 2008. Lee was previously Assistant Managing Director of the Company. Lee holds a Doctorate's degree in Electronic Engineering from University of Wisconsin, the United States. Age: 65 Education: University of Wisconsin, PHD (Electronic Enigneering)
Tae Jong Lee	Assistant Managing Director	Managing Director
Age: 53 Education: Seoul National University, B (Chemical Engineering)
Seong Taek Lee	Managing Director	Managing Director
Biography: Lee Seong Taek has been Managing Director of Hanwha Corp since 2008. Lee is also General Manager of Keeley Aerospace, Ltd. Previously, Lee was Assistant Managing Director and Head of the Aerospace Division at the Company. Lee received a Bachelor's degree in Chemical Engineering from Seoul National University and a Doctorate's degree in Aeronautics and Astronautics from University of Georgia. Age: 55 Education: University of Georgia, PHD (Aeronautics and Astronautics) Seoul National University, B (Chemical Engineering)
Seong Gyu Lee	Managing Director	Managing Director
Age: 55 Education: Sungkyunkwan University, B (Economics)
Hong Geon Lee	Assistant Managing Director	Managing Director
Age: 52
Kwang Hoon Lee	Managing Director-Finance	Managing Director
Seon Gyu Park	Assistant Managing Director	Managing Director
Age: 53
Yun Jeong Park	Assistant Managing Director	Managing Director
Age: 55 Education: Yonsei University, B (Business Administration)
No Dae Park	Assistant Managing Director	Managing Director
Biography: Park No Dae is Assistant Managing Director of Hanwha Corp. Park was previously President of HASCO in Singapore. Park holds a Bachelor's degree in International Trade from Korea University. Age: 56 Education: Korea University, B (International Trade)
Joong Hwan Park	Managing Director-Public Relations	Managing Director
Su Hui Ryu	Managing Director	Managing Director
Biography: Ryu Su Hui has been Managing Director of Hanwha Corp since 2007. Ryu was previously Assistant Managing Director of the Company. Ryu holds a Bachelor's degree from Korea Military Academy, Korea and a Master's degree in Security Management from Dongguk University, Korea. Age: 58 Education: Dongguk University, M (Security Management) Korea Military Academy, B
Hyeon Wu Shin	Assistant Managing Director	Managing Director
Age: 48
Kwang Ho Yoo	Managing Director-Factory-Explosive	Managing Director
Dong Ok Hong	Vice President-Finance	Finance Executive
Byung Kook Min	General Counsel	Legal Executive
Jung Suk Chae	Vice President	Other
Mu Gyoung Choi	Manager-Privacy Policy	Other
Chung Beom Kim	Vice President	Other
Biography: Kim Chung Beom has been Vice President of Hanwha Corp since February 17, 2011. Kim was previously Managing Director and Assistant Managing Director of the Company. Kim holds a Bachelor's degree in Chemical Engineering from Hanyang University, Korea. Age: 55 Education: Hanyang University, B (Chemical Engineering)

Hanwha Corp

Significant Developments

Hanwha Corp Declares Annual Cash Dividend for FY 2011

Feb 27, 2012

Hanwha Corp announced that its Board of Directors has declared an annual cash dividend of KRW 450 per share of common stock and KRW 500 per share of preferred stock for the fiscal year 2011 to shareholders of record on December 31, 2011. The dividend rates of market prices are 1.3% (common shares) and 3.7% (preferred shares), respectively. The total cash dividend amount is KRW 31,325,077,750. The Company's annual cash dividend for the fiscal year 2010 was KRW 600 per share of common stock and KRW 650 per share of preferred stock.

Hanwha Corp to Investigate Directors

Feb 03, 2012

Hanwha Corp announced that it will investigate its Directors, Kim Seung Yeon, Nam Yeong Seon and three other individuals, for embezzlement of company funds worth KRW 89,921,200,000.

anwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Total Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Cost of Revenue	10,169.8	11,562.9	21,110.2	22,238.0	21,730.0
Cost of Revenue, Total	10,169.8	11,562.9	21,110.2	22,238.0	21,730.0
Gross Profit	829.4	952.9	2,389.1	2,513.0	2,644.6
Selling/General/Administrative Expense	289.9	260.7	553.0	662.7	611.2
Labor & Related Expense	246.1	202.0	477.1	524.1	568.7
Advertising Expense	18.0	10.8	67.2	83.0	93.2
Total Selling/General/Administrative Expenses	554.0	473.5	1,097.3	1,269.8	1,273.1
Depreciation	-	-	60.4	68.4	115.9
Amortization of Intangibles	-	-	59.4	22.0	50.7
Depreciation/Amortization	-	-	119.8	90.3	166.6
Investment Income - Operating	-28.2	-1.5	-	-	-
Interest/Investment Income - Operating	-28.2	-1.5	-	-	-
Interest Expense (Income) - Net Operating Total	-28.2	-1.5	-	-	-
Other Operating Expense	43.9	107.4	-	-	-
Other, Net	-23.3	-27.4	-	-	-
Other Operating Expenses, Total	20.6	79.9	-	-	-
Total Operating Expense	10,716.1	12,114.8	22,327.3	23,598.1	23,169.6
Operating Income	283.1	401.0	1,171.9	1,152.8	1,204.9
Interest Expense - Non-Operating	-269.9	-253.6	-340.7	-395.3	-323.9
Interest Capitalized - Non-Operating	8.4	8.9	-	-	-
Interest Expense, Net Non-Operating	-261.5	-244.7	-340.7	-395.3	-323.9
Interest Income - Non-Operating	31.2	46.8	54.6	84.8	36.7
Investment Income - Non-Operating	217.8	323.3	75.3	-373.2	156.1
Interest/Investment Income - Non-Operating	249.0	370.1	129.9	-288.4	192.8
Interest Income (Expense) - Net Non-Operating	0.0	0.0	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-12.5	125.4	-210.8	-683.7	-131.1
Gain (Loss) on Sale of Assets	-	-	24.0	19.0	-35.9
Other Non-Operating Income (Expense)	-3.1	712.6	13.5	-74.8	-43.5
Other, Net	-3.1	712.6	13.5	-74.8	-43.5
Income Before Tax	267.5	1,239.0	998.7	413.3	994.4
Total Income Tax	183.1	225.1	278.4	100.9	377.6
Income After Tax	84.4	1,013.9	720.4	312.4	616.7
Minority Interest	37.0	-20.1	-287.9	-148.3	-324.8
Equity In Affiliates	-	-	8.1	102.2	-49.0
Net Income Before Extraord Items	121.4	993.8	440.5	266.4	242.9
Discontinued Operations	-	-	-1.9	-	-1.9
Total Extraord Items	-	-	-1.9	-	-1.9
Net Income	121.4	993.8	438.6	266.4	241.0
Preferred Dividends	-0.9	-6.9	-3.0	-1.9	-0.3
Miscellaneous Earnings Adjustment	0.0	0.0	-	-	-
Total Adjustments to Net Income	-0.9	-6.9	-3.0	-1.9	-0.3
Income Available to Common Excl Extraord Items	120.6	986.9	437.5	264.5	242.6
Income Available to Common Incl Extraord Items	120.6	986.9	435.6	264.5	240.7
Basic/Primary Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Basic EPS Excl Extraord Items	1.75	14.29	6.35	3.93	3.53
Basic/Primary EPS Incl Extraord Items	1.75	14.29	6.32	3.93	3.51
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	120.6	986.9	435.6	264.5	240.7
Diluted Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Diluted EPS Excl Extraord Items	1.75	14.29	6.35	3.93	3.53
Diluted EPS Incl Extraord Items	1.75	14.29	6.32	3.93	3.51
Dividends per Share - Common Stock Primary Issue	0.41	0.52	0.47	0.45	0.54
Gross Dividends - Common Stock	-	35.8	32.5	30.6	36.3
Interest Expense, Supplemental	261.5	244.7	340.7	395.3	323.9
Interest Capitalized, Supplemental	-8.4	-8.9	-	-	-
Depreciation, Supplemental	92.8	73.1	269.8	384.1	342.8
Total Special Items	-	-	-42.8	-62.8	21.7
Normalized Income Before Tax	267.5	1,239.0	956.0	350.5	1,016.0
Effect of Special Items on Income Taxes	-	-	-6.7	-4.6	13.6
Inc Tax Ex Impact of Sp Items	183.1	225.1	271.7	96.3	391.3
Normalized Income After Tax	84.4	1,013.9	684.3	254.3	624.8
Normalized Inc. Avail to Com.	120.6	986.9	401.4	206.3	250.6
Basic Normalized EPS	1.75	14.29	5.83	3.06	3.65
Diluted Normalized EPS	1.75	14.29	5.83	3.06	3.65
Amort of Acquisition Costs, Supplemental	-	-	-18.7	-43.8	-14.2
Amort of Intangibles, Supplemental	12.0	12.1	32.4	27.9	29.8
Rental Expenses	60.2	67.6	21.3	26.9	42.0
Advertising Expense, Supplemental	18.0	10.8	67.2	83.0	93.2
Research & Development Exp, Supplemental	34.1	47.3	51.6	-	93.9
Normalized EBIT	254.9	399.4	1,171.9	1,152.8	1,204.9
Normalized EBITDA	359.6	484.6	1,455.4	1,521.0	1,563.3

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	304.8	192.4	863.3	1,216.4	1,067.4
Short Term Investments	5.5	1.2	3,749.8	3,050.3	3,663.9
Cash and Short Term Investments	310.3	193.6	4,613.1	4,266.7	4,731.3
Accounts Receivable - Trade, Gross	1,821.4	1,670.6	2,233.9	1,619.4	2,027.8
Provision for Doubtful Accounts	-106.7	-70.0	-58.4	-43.5	-58.6
Trade Accounts Receivable - Net	2,101.5	2,026.8	2,959.6	2,190.2	2,771.0
Other Receivables	107.2	75.7	292.3	379.9	104.2
Total Receivables, Net	2,208.6	2,102.5	3,251.9	2,570.1	2,875.2
Inventories - Finished Goods	290.7	206.0	470.7	439.7	407.1
Inventories - Work In Progress	200.8	159.0	336.6	346.4	462.2
Inventories - Raw Materials	162.2	165.6	234.6	679.5	947.4
Inventories - Other	504.0	502.8	343.9	248.5	240.8
Total Inventory	1,157.7	1,033.3	1,385.7	1,714.2	2,057.5
Prepaid Expenses	28.8	32.5	170.5	122.7	104.4
Deferred Income Tax - Current Asset	-	-	42.1	38.9	11.2
Discontinued Operations - Current Asset	13.2	55.4	-	-	-
Other Current Assets	14.7	37.8	67.4	107.3	105.1
Other Current Assets, Total	27.9	93.3	109.5	146.3	116.3
Total Current Assets	3,733.4	3,455.2	9,530.8	8,820.0	9,884.7
Buildings	1,235.5	1,116.8	3,576.7	3,094.2	3,857.7
Land/Improvements	1,378.8	1,365.1	3,021.4	2,686.2	3,051.7
Machinery/Equipment	574.2	513.7	2,592.2	2,187.1	2,836.3
Construction in Progress	49.9	87.5	693.3	486.6	416.1
Natural Resources	-	-	12.6	8.6	-
Other Property/Plant/Equipment	125.4	92.3	83.7	47.8	59.9
Property/Plant/Equipment - Gross	3,363.6	3,175.4	9,980.0	8,510.5	10,221.6
Accumulated Depreciation	-704.7	-639.1	-2,385.2	-1,893.8	-2,424.2
Property/Plant/Equipment - Net	2,658.9	2,536.3	7,378.3	6,404.8	7,497.9
Goodwill, Net	60.8	67.1	100.8	-66.7	-284.7
Intangibles, Net	121.0	101.9	207.6	122.4	166.7
LT Investment - Affiliate Companies	5,044.2	4,984.3	559.3	476.8	651.3
LT Investments - Other	525.0	906.4	22,641.1	18,401.3	24,724.8
Long Term Investments	5,569.2	5,890.7	23,200.4	18,878.2	25,376.2
Note Receivable - Long Term	800.3	660.4	12,322.9	10,341.8	12,277.1
Deferred Income Tax - Long Term Asset	5.4	75.7	36.0	27.3	6.1
Other Long Term Assets	97.8	98.8	13,490.7	10,689.9	11,869.1
Other Long Term Assets, Total	103.1	174.5	13,526.8	10,717.2	11,875.1
Total Assets	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Accounts Payable	1,081.2	941.2	1,430.3	1,199.6	1,467.9
Accrued Expenses	76.7	56.6	293.4	206.6	245.3
Notes Payable/Short Term Debt	1,691.0	1,911.0	1,738.6	2,632.3	2,085.0
Current Portion - Long Term Debt/Capital Leases	529.4	818.7	2,234.8	1,214.5	974.3
Dividends Payable	-	-	0.0	0.0	0.0
Customer Advances	228.0	208.2	590.6	303.3	544.6
Security Deposits	13.1	21.3	4.4	1.3	0.2
Income Taxes Payable	27.7	38.9	116.4	208.3	167.6
Other Payables	147.4	126.2	353.9	306.0	428.1
Deferred Income Tax - Current Liability	-	-	1.2	1.1	3.7
Other Current Liabilities	696.5	359.7	137.0	160.4	113.2
Other Current liabilities, Total	1,112.7	754.4	1,203.5	980.4	1,257.5
Total Current Liabilities	4,491.0	4,482.0	6,900.6	6,233.4	6,030.0
Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Capital Lease Obligations	-	-	0.0	0.0	0.0
Total Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Total Debt	4,294.9	4,339.2	6,342.8	6,341.9	6,653.5
Deferred Income Tax - LT Liability	661.1	716.1	657.4	347.8	709.3
Deferred Income Tax	661.1	716.1	657.4	347.8	709.3
Minority Interest	324.0	379.3	3,134.5	2,567.2	3,447.2
Reserves	39.7	24.1	37,117.0	31,069.2	39,915.0
Pension Benefits - Underfunded	244.1	189.0	425.0	407.6	548.7
Other Long Term Liabilities	1,144.8	1,366.2	13,735.9	10,731.5	11,261.6
Other Liabilities, Total	1,428.7	1,579.3	51,277.9	42,208.2	51,725.3
Total Liabilities	8,979.2	8,766.2	64,339.9	53,851.7	65,506.0
Preferred Stock - Non Redeemable	-	-	2.1	1.9	2.6
Preferred Stock - Non Redeemable, Net	-	-	2.1	1.9	2.6
Common Stock	327.4	332.4	321.9	297.6	400.4
Common Stock	327.4	332.4	321.9	297.6	400.4
Additional Paid-In Capital	346.8	356.0	320.7	369.4	238.6
Retained Earnings (Accumulated Deficit)	3,417.6	3,424.4	1,238.5	878.8	908.8
Treasury Stock - Common	-18.0	-18.3	-17.8	-113.5	-152.7
Unrealized Gain (Loss)	-	-	126.2	22.0	36.9
Other Equity	-4.1	-4.2	-124.6	-88.7	-194.0
Other Comprehensive Income	-2.3	29.6	60.8	-1.6	46.5
Other Equity, Total	-6.4	25.4	-63.8	-90.3	-147.5
Total Equity	4,067.4	4,119.9	1,927.7	1,365.9	1,287.0
Total Liabilities & Shareholders’ Equity	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Shares Outstanding - Common Stock Primary Issue	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
Treasury Shares - Common Stock Primary Issue	5.9	5.9	5.9	5.9	5.9
Shares Outstanding - Preferred Stock Primary Issue	0.5	0.5	0.5	0.5	0.5
Shares Outstanding - Preferred Stock Issue 2	0.0	0.0	-	-	-
Total Preferred Stock Outstanding	0.5	0.5	0.5	0.5	0.5
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	-	-
Treasury Shares - Preferred Issue 2	0.0	0.0	-	-	-
Employees	3,642	3,422	3,164	3,031	2,877
Number of Common Shareholders	-	44,689	39,291	60,188	32,401
Accumulated Intangible Amort, Suppl.	38.7	55.6	-	-	-
Deferred Revenue - Current	228.0	208.2	590.6	303.3	544.6
Deferred Revenue - Long Term	151.1	375.9	-	-	-
Total Long Term Debt, Supplemental	-	-	1,700.3	1,072.1	4,576.1
Long Term Debt Maturing within 1 Year	-	-	824.9	226.6	159.6
Long Term Debt Maturing in Year 2	-	-	382.6	308.5	2,136.5
Long Term Debt Maturing in Year 3	-	-	227.0	188.2	328.2
Long Term Debt Maturing in Year 4	-	-	81.2	144.1	1,661.2
Long Term Debt Maturing in Year 5	-	-	81.1	56.8	171.4
Long Term Debt Maturing in 2-3 Years	-	-	609.7	496.7	2,464.7
Long Term Debt Maturing in 4-5 Years	-	-	162.3	200.9	1,832.6
Long Term Debt Matur. in Year 6 & Beyond	-	-	103.5	147.9	119.3
Interest Costs	-	-	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	-	0.1	0.1	0.2
Capital Lease Payments Due in Year 1	-	-	0.1	0.0	0.1
Capital Lease Payments Due in Year 2	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 3	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 4	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	0.0
Capital Lease Payments Due in 2-3 Years	-	-	0.0	0.0	0.1
Capital Lease Payments Due in 4-5 Years	-	-	0.0	0.0	0.1
Total Operating Leases, Supplemental	-	-	9.2	2.1	3.6
Operating Lease Payments Due in Year 1	-	-	2.6	1.1	1.3
Operating Lease Payments Due in Year 2	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 3	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 4	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 5	-	-	1.1	0.3	0.1
Operating Lease Pymts. Due in 2-3 Years	-	-	2.3	0.5	0.2
Operating Lease Pymts. Due in 4-5 Years	-	-	2.3	0.5	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	2.1	0.0	1.8

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	267.5	1,239.0	726.5	266.4	241.0
Depreciation	92.8	73.1	269.8	384.1	342.8
Depreciation/Depletion	92.8	73.1	269.8	384.1	342.8
Amortization of Intangibles	12.0	250.5	13.6	32.0	59.4
Amortization	12.0	250.5	13.6	32.0	59.4
Deferred Taxes	-	-	-289.0	-178.4	120.6
Unusual Items	-8.0	-791.3	-48.1	-86.1	59.4
Equity in Net Earnings (Loss)	-215.7	-321.3	-88.4	92.5	-174.8
Other Non-Cash Items	359.7	361.8	3,232.4	3,664.9	4,108.0
Non-Cash Items	136.1	-750.8	3,095.9	3,671.3	3,992.7
Accounts Receivable	-238.8	-444.4	-126.7	-453.8	18.0
Inventories	-105.1	-15.6	433.2	-129.6	-267.4
Prepaid Expenses	-	-	-34.5	-13.5	-25.9
Other Assets	-4.0	-1,616.5	-3,207.8	-3,008.2	-3,451.0
Accounts Payable	439.8	-65.2	-142.0	-455.7	-115.6
Accrued Expenses	-	-	-62.9	3.0	13.6
Taxes Payable	-	-	98.4	88.6	31.1
Other Liabilities	102.6	165.7	-1,855.9	1,251.3	2,004.9
Other Assets & Liabilities, Net	28.2	-7.4	18.1	-146.2	97.8
Other Operating Cash Flow	-134.3	478.7	802.3	-1,482.1	-1,717.8
Changes in Working Capital	88.4	-1,504.7	-4,077.9	-4,346.2	-3,412.3
Cash from Operating Activities	596.7	-693.0	-261.2	-170.8	1,344.2
Purchase of Fixed Assets	-252.9	-288.6	-640.5	-1,486.3	-1,094.0
Purchase/Acquisition of Intangibles	-36.4	-30.9	-51.9	-27.1	-79.9
Capital Expenditures	-289.4	-319.6	-692.4	-1,513.4	-1,173.9
Sale of Fixed Assets	8.6	4.3	909.9	311.5	74.9
Sale/Maturity of Investment	201.5	322.4	1,660.1	2,181.6	1,005.3
Purchase of Investments	-373.0	-507.1	-1,964.5	-2,865.7	-1,036.9
Sale of Intangible Assets	0.5	13.8	2.9	1.9	0.0
Other Investing Cash Flow	161.1	-430.6	64.9	-6.7	-118.8
Other Investing Cash Flow Items, Total	-1.3	-597.3	673.4	-377.5	-75.4
Cash from Investing Activities	-290.6	-916.8	-19.1	-1,890.9	-1,249.3
Other Financing Cash Flow	-234.2	775.6	-618.2	526.7	-1,525.9
Financing Cash Flow Items	-234.2	775.6	-618.2	526.7	-1,525.9
Total Cash Dividends Paid	-37.7	-36.1	-58.4	-31.6	-128.8
Sale/Issuance of Common	-	-	386.3	339.6	32.4
Common Stock, Net	-	-	386.3	339.6	32.4
Issuance (Retirement) of Stock, Net	-	-	386.3	339.6	32.4
Short Term Debt Issued	-	-	2,435.5	32,454.7	10,644.3
Short Term Debt Reduction	-	-	-3,447.0	-31,288.5	-10,680.7
Short Term Debt, Net	-	-	-1,011.4	1,166.2	-36.5
Long Term Debt Issued	-	-	1,948.5	1,011.9	2,104.8
Long Term Debt Reduction	-	-	-836.6	-476.5	-948.9
Long Term Debt, Net	-	-	1,111.8	535.4	1,155.9
Total Debt Issued	3,608.6	4,065.1	-	-	-
Total Debt Reduction	-3,522.9	-3,622.2	-	-	-
Issuance (Retirement) of Debt, Net	85.7	442.8	100.4	1,701.7	1,119.5
Cash from Financing Activities	-186.2	1,182.3	-189.9	2,536.3	-502.8
Foreign Exchange Effects	-	-	57.4	9.7	-29.3
Net Change in Cash	119.9	-427.5	-412.8	484.3	-437.2
Net Cash - Beginning Balance	197.0	616.3	1,200.4	907.8	1,512.5
Net Cash - Ending Balance	316.9	188.8	787.6	1,392.2	1,075.3
Cash Interest Paid	0.3	0.2	-	-	-
Cash Taxes Paid	153.0	90.4	-	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Income Statement

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	-	-	23,499.3	24,750.9	24,374.5
Sales Revenue-Non-Finance	10,948.6	9,907.5	-	-	-
Sales Revenue on Finance	50.6	2,608.3	-	-	-
Total Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Cost of Revenue	-	-	21,110.2	22,238.0	21,730.0
Salaries and Wages	173.3	142.2	335.4	379.4	406.1
Retirement and Severance Benefits	18.1	16.2	39.0	42.9	51.9
Employee Benefits	24.0	17.5	70.9	65.2	67.8
Commissions	37.5	30.6	68.5	76.8	80.1
Sales Commissions	30.7	26.0	31.8	36.6	43.0
Travel Expense	10.1	7.9	-	-	-
Rental Expenses	24.3	22.8	21.3	26.9	42.0
Outsourcing Service Expense	7.4	5.4	16.3	19.1	14.6
Insurance Premiums	5.3	6.1	-	-	-
Overseas Branch Management Expense	6.0	4.7	-	-	-
Storage Expense	6.2	6.5	-	-	-
Shipping/Handling	48.7	49.2	51.9	62.4	65.9
Oversea Shipping Exp	-	-	31.5	41.1	31.4
Advertising Expenses	18.0	10.8	67.2	83.0	93.2
Depreciation Expense	-	-	60.4	68.4	115.9
Amort of Intangibles	-	-	59.4	22.0	50.7
Expenses of Allowance for Doubtful Accou	42.6	48.9	59.2	91.3	38.9
Taxes and Dues	10.6	8.9	41.1	43.0	43.3
Other Selling and Administrative Expense	91.3	69.7	263.1	302.0	294.9
Cost of Non-Finance Revenue	10,120.0	9,067.0	-	-	-
Cost of Finance Revenue	49.8	2,495.9	-	-	-
Adjustment for Selling and Administrativ	0.0	0.0	-	-	-
Gain on Foreign Currency	-136.4	-119.8	-	-	-
Gain on Derivative Transactions	-67.6	-74.6	-	-	-
Gain on Valuation of Derivatives	-12.4	-15.5	-	-	-
Reversal of Allowance for Doubtful Accou	-3.9	-1.2	-	-	-
Others in Other Operating Income	-19.4	-26.3	-	-	-
Adjustment for Other Operating Income	0.0	0.0	-	-	-
Loss on Foreign Currency	120.3	127.5	-	-	-
Loss on Derivative Transactions	61.0	74.7	-	-	-
Loss on Valuation of Derivatives	6.9	6.3	-	-	-
Commissions, Other Operating	3.5	1.9	-	-	-
Others in Other Operating Expense	40.3	105.5	-	-	-
Adjustment for Other Operating Expense	0.0	0.0	-	-	-
Total Operating Expense	10,716.1	12,114.8	22,327.3	23,598.1	23,169.6
Interest Income	31.2	46.8	54.6	84.8	36.7
Dividend Income	2.2	2.0	3.9	8.9	5.8
G-Foreign Currency Transaction	-	-	172.3	305.3	43.6
G-Foreign Exchange Translation	-	-	71.1	43.2	7.4
G-LT Investment Stock Disposal	-	-	177.3	200.9	17.7
G-Disp Tang. Ast	-	-	49.2	42.8	31.3
G-Derivatives Valuation	-	-	24.2	173.6	9.4
G-Derivatives Trade	-	-	206.5	289.6	22.4
Other Non-Op. Income	-	-	188.9	284.7	96.2
Interest Expenses	-269.9	-253.6	-340.7	-395.3	-323.9
Interest Capitalized	8.4	8.9	-	-	-
L-Trade Receivables Disposal	-	-	-12.3	-13.0	-18.1
Loss Disp Tang. Ast	-	-	-12.9	-10.9	-49.1
L-Tangible Asst Valu	-	-	-12.0	-2.8	-37.6
L-Derivatives Valuation	-	-	-65.7	-235.8	-4.8
L-Derivatives Trade	-	-	-188.9	-266.3	-25.3
L-Foreign Currency Transaction	-	-	-226.4	-431.4	-43.4
L-Foreign Exchange Translation	-	-	-15.2	-235.0	-10.8
L-LT Investment Stock Disposal	-	-	-75.2	-52.1	-0.3
L-LT Investment Stock Reduction	-	-	-82.2	-78.8	-1.6
Fee & Charges Exp	-	-	-6.3	-11.9	-23.5
Other Non-Op Expense	-	-	-169.0	-347.7	-116.2
Gain-Disposal of Equity Method Sec.	-	-	2.2	0.2	50.6
Loss-Valuation of Equity Method Sec.	-	-	-2.7	-	-1.3
Gain under Equity Method	-	-	132.2	9.3	129.6
Loss under Equity Method	-	-	-46.0	-102.0	-5.4
Adjustment for Finance Income	0.0	0.0	-	-	-
Adjustment for Financial Expense	0.0	0.0	-	-	-
Gain/Loss under Equity Method	215.7	321.3	-	-	-
Other Non-Operating Income/Loss	-3.1	712.6	-	-	-
Net Income Before Taxes	267.5	1,239.0	998.7	413.3	994.4
Provision for Income Taxes	183.1	225.1	278.4	100.9	377.6
Net Income After Taxes	84.4	1,013.9	720.4	312.4	616.7
Earning Before Acquisition of Subsidiary	-	-	8.1	102.2	-49.0
Minority Interest	37.0	-20.1	-287.9	-148.3	-324.8
Net Income Before Extra. Items	121.4	993.8	440.5	266.4	242.9
Loss on Discontinued Operations	-	-	-1.9	-	-1.9
Net Income	121.4	993.8	438.6	266.4	241.0
Preferred Dividends	-	-	-0.2	-1.9	-0.3
Participated Preferred Dividends	-0.9	-6.9	-2.8	-	-
Reversal of Consolidation Adjust. Debts	0.0	0.0	-	-	-
Income Available to Com Excl ExtraOrd	120.6	986.9	437.5	264.5	242.6
Income Available to Com Incl ExtraOrd	120.6	986.9	435.6	264.5	240.7
Basic Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Basic EPS Excluding ExtraOrdinary Items	1.75	14.29	6.35	3.93	3.53
Basic EPS Including ExtraOrdinary Item	1.75	14.29	6.32	3.93	3.51
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	120.6	986.9	435.6	264.5	240.7
Diluted Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Diluted EPS Excluding ExtraOrd Items	1.75	14.29	6.35	3.93	3.53
Diluted EPS Including ExtraOrd Items	1.75	14.29	6.32	3.93	3.51
DPS-Common Stock	0.41	0.52	0.47	0.45	0.54
Gross Dividends - Common Stock	-	35.8	32.5	30.6	36.3
Normalized Income Before Taxes	267.5	1,239.0	956.0	350.5	1,016.0
Inc Tax Ex Impact of Sp Items	183.1	225.1	271.7	96.3	391.3
Normalized Income After Taxes	84.4	1,013.9	684.3	254.3	624.8
Normalized Inc. Avail to Com.	120.6	986.9	401.4	206.3	250.6
Basic Normalized EPS	1.75	14.29	5.83	3.06	3.65
Diluted Normalized EPS	1.75	14.29	5.83	3.06	3.65
Interest Expense, Supplemental	261.5	244.7	340.7	395.3	323.9
Interest Capitalized, Supplemental	-8.4	-8.9	-	-	-
Rental Expense, Supplemental	60.2	67.6	21.3	26.9	42.0
Advertising Expense	18.0	10.8	67.2	83.0	93.2
Research & Development Exp	34.1	47.3	51.6	-	93.9
Depreciation, Supplemental	92.8	73.1	269.8	384.1	342.8
Amort of Intangibles, Supplemental	12.0	12.1	32.4	27.9	29.8
Amortization of Acquisition Costs	-	-	32.8	22.8	29.5
Amortization of Neg-Acquisition Costs	-	-	-51.6	-66.6	-43.8

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Cash Equivalents	304.8	192.4	863.3	1,216.4	1,067.4
ST Finl Assets	-	-	104.9	153.0	217.0
Currency Futures	-	-	61.5	106.9	24.1
ST Financial Assets-Government Subsidy	-	-	-0.3	-	-
Current Securities Available-for-Sale	5.5	1.2	-	-	-
ST Investment Assets	-	-	3,645.2	2,897.3	3,446.9
Loans	24.9	12.7	153.5	66.4	42.2
ST Loan, Net-Reserve-Doubtful Account	-	-	-6.8	-	-
Trade Receivable, Gross	1,821.4	1,670.7	2,234.0	1,619.4	2,027.8
Allowance for Doubtful Accounts for Trad	-106.7	-70.0	-58.4	-43.5	-58.6
Present Value on Discount on Trade Recei	0.0	-0.1	-0.1	-	-
Account Receivables	83.4	66.1	289.9	313.6	62.0
Allowance for Doubtful Accounts for Acco	-1.1	-3.2	-	-	-
Doubtful Account	-	-	-144.3	-	-
Unbilled Constructions	385.8	424.9	-	-	-
Adjustment for Trade & Other Receivables	0.0	0.0	-	-	-
Prepaid Construc	-	-	118.4	70.7	14.5
Advance Payments	185.4	228.7	230.6	120.0	77.8
Allowance for Doubtful Accounts	0.0	0.0	0.0	-	-
Prepaid Expenses from Constructions	201.6	143.5	-	-	-
Prepaid Value Added Taxes	9.5	12.3	11.2	12.7	13.2
Prepaid Expenses	18.5	19.7	38.3	35.7	52.0
Current Tax Assets	0.8	0.6	2.6	3.5	24.7
Accrued Income	1.0	1.2	785.5	614.3	801.8
Allowance for Doubtful Accounts for Accr	0.0	0.0	-1.4	-	-
Deferred Income Tax	-	-	42.1	38.9	11.2
Deposits by Savings	8.6	22.3	-	-	-
Guarantee Deposits, Current Assets	0.3	2.1	-	-	-
Current Derivative Assets	5.8	13.5	-	-	-
Other Quick Asst	-	-	5.9	0.5	80.9
Merchandise	205.8	152.1	252.6	217.3	207.1
Allowance for Loss on Valuation of Merch	-5.4	-0.2	-6.1	-	-
Finished Goods	92.2	55.7	222.3	221.6	199.1
Allowance for Loss on Valuation of Finis	-1.9	-1.6	-6.4	-	-
Finished Residential Units, Current	-	-	7.7	0.1	-
Homes in Progres	-	-	5.8	63.3	92.1
Semi-finish Good	1.0	0.6	3.7	3.9	4.5
Allowance for Loss on Valuation of Semi-	-0.1	-0.1	-0.1	-	-
Works in Progress	200.1	158.5	327.3	279.2	365.7
Allowance for Valuation of Works in Prog	-0.2	0.0	-0.2	-	-
Raw Materials	163.2	166.9	128.0	115.1	123.7
Allowance for Loss on Valuation of Raw M	-1.0	-1.3	-1.0	-	-
Supplies	1.1	0.8	25.3	25.0	29.2
Paper	-	-	107.6	564.4	823.7
Goods in Transit	116.0	129.9	88.0	103.6	133.7
Display Materials	-	-	0.6	0.6	0.8
Current Assets Held for Sale	13.2	55.4	-	-	-
Adjustment for Other Financial Instrumen	0.0	0.0	-	-	-
Adjustment for Other Current Assets	0.0	0.0	-	-	-
Adjustment for Inventories	0.0	0.0	-	-	-
Total Current Assets	3,733.4	3,455.2	9,530.8	8,820.0	9,884.7
LT Finl Assets	-	-	1.5	1.7	4.3
Non-Current Bank Deposits	1.3	0.9	-	-	-
LT Investment Stock	-	-	22,581.8	18,363.1	24,674.0
Non-Current Securities Available-for-Sal	142.5	200.8	-	-	-
Affiliates Stock	-	-	559.3	476.8	651.3
Investment in Affiliates	5,044.2	4,984.3	-	-	-
Non-Current Loans	344.0	229.1	77.5	85.9	64.6
Present Value on Non-Current Loans	-21.9	-14.0	-	-	-
Allowance for Doubtful Accounts for Loan	-79.5	-77.2	-0.1	-	-
Other Inv Assets	-	-	3.3	6.9	5.9
Allowance for Doubtful Accounts for Guar	-0.1	-0.1	-0.5	-	-
Other Fixed Assets	-	-	6.6	8.8	-
Doubtful Account	-	-	0.0	-	-
Natural Resource Development Fund	-	-	12.6	8.6	-
LT Trade Rcvbls.	-	-	11.8	6.2	9.0
Doubtful Account	-	-	-1.7	-	-
Discount for Present Value	-	-	-0.3	-	-
LT Acct Rcvb Net	-	-	255.6	12.4	0.6
Doubtful Account	-	-	-85.1	-	-
Non-Current Deferred Income Taxes Assets	5.4	75.7	36.0	27.3	6.1
LT Prepaid Expenses	-	-	2.9	3.7	4.2
Prepaid-Obligatory Forestation Expense	-	-	2.0	0.3	-
Doubtful Account	-	-	-1.7	-	-
Security Fund	-	-	2.4	1.8	-
Inv.Real Estate	-	-	63.8	29.7	40.7
Depreciation	-	-	-1.7	-	-
Reduction	-	-	-7.6	-	-
Lands	1,378.8	1,365.1	3,032.1	2,696.1	3,051.7
Land-Reduction	-	-	-10.7	-9.9	-
Buildings	997.1	907.4	2,886.9	2,470.8	3,074.6
Buildings Depre.	-227.1	-200.9	-479.4	-333.9	-499.6
Buildings-Reduction	-	-	-1.2	-1.1	-18.1
Buildings-Government Subsidy	-0.1	-0.1	-0.2	-0.1	-0.2
Structures	238.4	209.5	335.6	291.7	359.4
Structure Depre.	-90.3	-81.6	-139.2	-111.4	-130.8
Tools & Equipments	211.9	189.9	725.2	588.5	770.6
Tool/Equip Depr.	-128.1	-120.4	-579.2	-447.1	-586.0
Tools & Equipments-Government Subsidy	-	0.0	0.0	0.0	-
Machineries & Equipments	315.2	278.3	1,835.4	1,563.4	2,024.3
Machineries & Equipments-Government Subs	-0.2	-0.2	-0.3	-0.3	-0.2
Machineries & Equipments-Depreciation	-216.2	-200.6	-1,094.2	-923.7	-1,102.0
Reduction Loss-Machinery/Equip.	-	-	-6.6	-	-2.6
Vehicles	47.2	45.8	37.7	34.2	42.1
Vehicles-Depreciation	-18.8	-15.1	-27.6	-23.3	-28.2
Condominiums	-	-	355.5	332.9	442.0
Condominiums-Depreciation	-	-	-64.9	-53.2	-62.2
Display Equip.	-	-	0.8	1.4	2.0
Display Equipments-Depreciation	-	-	-0.8	-1.2	-15.3
Construction	49.9	87.5	697.8	483.6	413.4
Construction in Progress-Government Subs	-	-	-9.0	-	-
Mach.In Transit	-	-	2.8	1.6	0.8
Timberland	-	-	1.7	1.4	1.9
Other Property Plant & Equipment	125.4	92.3	83.7	47.8	59.9
Other Tangible Assets-Depreciation	-24.4	-20.4	-	-	-
Other Property Plant & Equipment-Reducti	-	0.0	-	-	-
Other Property Plant & Equipment-Governm	0.0	-	-	-	-
Usage Rights Adjustment, Total	-	-	-216.4	-211.8	-299.6
Land Use Rights	-	-	-	0.0	1.0
Indust.-Patent	-	-	-	3.6	7.3
Other Intangible Assets	39.5	27.0	247.7	32.6	43.4
Govt Subsidy	-	-	-132.7	-	-
Neg Goodwill	-	-	-178.8	-239.0	-399.8
Goodwill	60.8	67.1	279.6	172.2	115.2
Membership Rights	22.4	18.8	-	-	-
Development Costs	59.1	56.1	97.1	86.2	115.1
Govt Subsidy	-	-	-4.5	-	-
Non-Current Other Receivables-Finance	0.2	1.9	-	-	-
Insurance Rcvbls	-	-	301.3	226.7	135.4
Doubtful Account	-	-	-3.5	-	-
Stock Receivable	-	-	5.9	14.8	36.5
Doubtful Account	-	-	-0.2	-	-
Accrued Income-Finance	5.1	8.8	-	-	-
Loans-Finance	452.3	412.8	11,999.8	9,995.8	12,031.0
Doubtful Account	-	-	-238.0	-	-
Separate Acct-Dr	-	-	-	-	0.0
Separate A-Asst	-	-	9,473.6	7,149.7	8,051.2
Receivable upon Indemnity	-	-	27.4	7.5	10.1
Non-Current Deposits-Finance	9.1	11.0	389.5	331.7	408.5
Discount for Present Value for Guarantee	-6.0	-7.0	-	-	-
Policy Acquistn	-	-	2,554.1	2,369.5	3,112.5
Enrollment Rgt	-	-	1.8	1.7	2.2
Other Non-Current Assets	3.3	3.8	-	-	8.9
Guarantee Deposits, Non-Current Assets	78.0	85.5	32.9	91.0	96.8
Non-Current Derivatives Assets	0.9	0.0	-	-	-
Stock Deposits	-	-	158.8	125.8	160.8
Insurance Deposits	-	-	829.2	586.6	-
payable Deposits	-	-	11.7	11.9	-
Error	-	-	-	-	13.8
Non-Current Trade & Other Receivables	100.0	99.1	-	-	-
Investment in Properties	320.3	632.1	-	-	-
Securities Available-for-Sale for Financ	60.2	48.4	-	-	-
Securities Held-to-Maturities for Financ	0.7	21.0	-	-	-
Investment in Properties for Finance	-	3.2	-	-	-
Other Assets for Finance	12.6	5.7	-	-	-
Adjustment for Other Non-Current Financi	0.0	0.0	-	-	-
Adjustment for Property, Plant & Equipme	0.0	0.0	-	-	-
Adjustment for Intangible Assets	0.0	0.0	-	-	-
Adjustment for Non-Current Loans & Other	0.0	0.0	-	-	-
Total Assets	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Trade Payables	1,081.2	941.2	1,430.3	1,199.6	1,467.9
Other Payables	147.4	126.2	353.9	306.0	428.1
Dividend Payable	-	-	0.0	0.0	0.0
Current Tax Liabilities	27.7	38.9	116.4	208.3	167.6
Accrued Expenses	69.5	54.6	284.9	199.7	236.9
Advance from Customers	204.0	182.7	574.0	289.1	527.9
Prepaid Income	24.0	25.6	16.6	14.2	16.7
Overbilled Constructions	521.6	274.1	-	-	-
Withholdings	140.3	55.6	51.1	56.6	91.5
Value Added Taxes Withholdings	7.1	2.0	8.5	6.9	8.5
Guarantee Deposits Withholdings, Current	13.1	21.3	4.4	1.3	0.2
Current Borrowings	1,691.0	1,911.0	1,738.6	2,632.3	2,085.0
Current Port LTD	-	-	824.9	227.5	159.6
Bonds, Current Liabilities	529.4	818.8	1,410.5	987.0	814.7
Discount for Present Value, Current Liab	0.0	-0.1	-0.6	-	-
Current Derivatives Liabilities	4.9	2.5	30.4	72.0	12.1
Reserve for Current Liabilities	0.0	0.1	6.3	4.4	5.0
Construct L Res.	-	-	27.4	26.1	2.7
Current Financial Guarantee Contract Lia	29.6	27.3	-	-	-
Other Cur Liabs.	-	-	21.8	1.4	2.0
Deferred Income Tax Credits	-	-	1.2	1.1	3.7
Other Current Financial Liabilities	0.1	0.1	-	-	-
Adjustment for Trade & Other Payables	0.0	0.0	-	-	-
Adjustment for Current Borrowings	0.0	0.0	-	-	-
Adjustment for Other Current Financial L	0.0	0.0	-	-	-
Adjustment for Other Current Liabilities	0.0	0.0	-	-	-
Total Current Liabilities	4,491.0	4,482.0	6,900.6	6,233.4	6,030.0
Bonds	-	-	1,505.2	1,659.0	2,590.9
Discount on Issuance of Debentures	-	-	-4.5	-	-
Non-Current Borrowings	2,012.9	1,540.4	875.5	835.9	1,003.3
Discount for Present Value	-	-	-6.7	-	-
Capital Lse Pay.	-	-	0.0	0.0	0.0
Non-Current Borrowings for Finance	61.6	69.0	-	-	-
Total Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Derivatives	-	-	130.3	322.7	47.2
Non-Current Other Payables	12.5	11.1	10.6	6.8	8.7
LT Trade Account Payable	-	-	-	-	0.0
LT Sec Dep Wthhd	-	-	648.1	466.6	501.5
Member Gurnt Dep	-	-	49.4	0.5	2.0
LT Advance Rcvd	-	-	141.6	76.0	68.3
Long-term Provision for Other Estimated	-	-	9.7	4.4	10.6
Other Non-Current Liabilities	150.4	375.2	26.4	10.9	18.4
Deferred Income Taxes, Non-Current Liabi	660.9	716.0	657.4	321.0	695.7
Securities Withheld	-	-	-	8.0	200.2
Retire Reserve	-	-	617.1	407.6	548.7
hybrid Securiety	-	-	140.9	62.3	-
Call Money	-	-	104.0	23.8	-
Insurance Payable	-	-	295.2	217.3	103.6
Adv.Insuran Prem	-	-	26.4	21.6	39.5
Reserve-Possible Obligations	-	-	36,976.1	30,998.8	39,713.4
Reserve-Risk Compensation	-	-	-	-	1.4
Policyholder Adj	-	-	135.9	92.2	5.3
Separate Acct-Cr	-	-	-	-	0.0
Separate A-Liab	-	-	9,710.0	7,359.7	8,582.0
Security Deposit, LT	-	-	648.2	408.5	-
Discount for Present Value	-	-	-216.4	-	-
Return Receivables	-	-	1,980.1	1,720.4	1,874.5
Deferred Income Taxes, Non-Current Liabi	0.2	0.1	-	26.8	13.6
Minority Interests	324.0	379.3	3,134.5	2,567.2	3,447.2
Deposit-Retirement Insurance	-	-	-186.4	-	-
Transfer to National Pension Fund	-	-	-5.7	-	-
Other Non-Current Liabilities for Financ	3.8	2.3	36.5	-	-
Other Non-Current Financial Liabilities	483.5	474.3	-	-	-
Non-Current Fixed Benefit Liabilities	242.8	187.9	-	-	-
Non-Current Provisions	39.0	23.2	-	-	-
Deposits for Finance	481.1	489.4	-	-	-
Non-Current Provisions for Finance	0.7	0.9	-	-	-
Fixed Benefit Liabilities for Finance	1.3	1.1	-	-	-
Other Non-Current Financial Liability fo	13.6	13.9	-	-	-
Total Liabilities	8,979.2	8,766.2	64,339.9	53,851.7	65,506.0
Common Stock	-	-	321.9	297.6	400.4
Preferred Stock	-	-	2.1	1.9	2.6
Other Capital Surplus	-	-	252.4	-	-
Cons Capital Sur	-	-	68.3	369.4	238.6
Reserve for Assets Revaluation	-	-	67.3	-	-
Legal Reserve	-	-	14.5	-	-
Voluntary Reserve	-	-	805.3	-	-
Retained Earnings or Accumulated Deficit	3,417.6	3,424.4	418.7	878.8	908.8
L-ST Investment Asset Valuation	-	-	-0.2	9.9	30.1
G-LT Investment Stock Valuation	-	-	57.9	12.6	-12.8
Capital Change, Equity Method	-	-	2.0	0.3	-1.5
Capital Change, Equity Method (Loss)	-	-	-0.8	-0.8	21.1
Overseas Business Translation Debit	-	-	-68.8	3.6	9.0
L-Derivatives Valuation	-	-	60.8	-1.6	46.5
Other Capital Adjustment	-4.1	-4.2	-55.9	-92.4	-203.0
Treasury Stock	-18.0	-18.3	-17.8	-113.5	-152.7
Capital Stock	327.4	332.4	-	-	-
Capital Surplus	346.8	356.0	-	-	-
Accumulated Other Comprehensive Income	-2.3	29.6	-	-	-
Adjustment for Capital Adjustment	0.0	0.0	-	-	-
Total Equity	4,067.4	4,119.9	1,927.7	1,365.9	1,287.0
Total Liabilities & Shareholders' Equity	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
S/O-Common Stock	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
T/S-Common Stock	5.9	5.9	5.9	5.9	5.9
S/O-Preferred Stock	0.5	0.5	0.5	0.5	0.5
S/O-Preferred Stock (New Form)	0.0	0.0	-	-	-
Total Preferred Shares Outstanding	0.5	0.5	0.5	0.5	0.5
T/S-Preferred Stock	0.0	0.0	0.0	-	-
T/S-Preferred Stock (New Form)	0.0	0.0	-	-	-
Accumulated Intangible Amort, Suppl.	38.7	55.6	-	-	-
Deferred Revenue - Long Term	151.1	375.9	-	-	-
Deferred Revenue, Current	228.0	208.2	590.6	303.3	544.6
Employees	3,642	3,422	3,164	3,031	2,877
Number of Common Shareholders	-	44,689	39,291	60,188	32,401
Long Term Debt Maturing within 1 Year	-	-	824.9	226.6	159.6
Long Term Debt Maturing within 2 Years	-	-	382.6	308.5	2,136.5
Long Term Debt Maturing within 3 Years	-	-	227.0	188.2	328.2
Long Term Debt Maturing within 4 Years	-	-	81.2	144.1	1,661.2
Long Term Debt Maturing within 5 Years	-	-	81.1	56.8	171.4
Long Term Debt Remaining Maturities	-	-	103.5	147.9	119.3
Total Long Term Debt, Supplemental	-	-	1,700.3	1,072.1	4,576.1
Capital Lease Maturing within 1 Year	-	-	0.1	0.0	0.1
Capital Lease Maturing within 5 Years	-	-	0.0	0.1	0.1
Interest Costs	-	-	0.0	0.0	0.0
Total Capital Leases	-	-	0.1	0.1	0.2
Operating Lease Maturing within 1 Year	-	-	2.6	1.1	1.3
Operating Lease Maturing within 5 Years	-	-	4.5	1.0	0.5
Operating Lease Remaining Maturities	-	-	2.1	-	1.8
Total Operating Leases	-	-	9.2	2.1	3.6

Annual Cash Flows

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	267.5	1,239.0	726.5	266.4	241.0
Depreciation	92.8	73.1	269.8	384.1	342.8
Amortization of Intangible Assets	12.0	12.1	13.6	32.0	59.4
Amortization of New Contract Cost	-	238.4	-	-	-
Expense of Allowance for Doubtful Accoun	53.4	196.1	59.3	89.7	38.9
Retirement and Severance Benefits	49.2	35.3	98.1	130.2	152.5
Interest&Dividend Income	-33.3	-48.8	-	-	-
Interest Expenses	261.5	244.7	1.8	3.3	2.9
Losses on Foreign Currency Translation	15.2	36.8	15.0	215.7	10.8
Provisions	21.1	6.6	-	-	-
Depreciation of Investment Properties	7.9	3.7	-	-	-
L-Trade Rcvbl Disp	-	-	12.3	13.0	18.1
Valuation Inventory	-	-	-	0.0	0.4
L-LT Investment Stock Disposal	-	-	75.3	52.1	0.3
L-LT Investment Stock Reduction	-	-	82.2	78.8	1.6
Gain/Loss on Disposal of Investment in A	-8.0	-791.3	-	-	-
Disp Tang Asst Loss	-	-	12.9	10.9	49.1
L-Tangible Asst Valu	-	-	12.0	2.8	37.6
Valuation of Equity	-	-	46.0	102.0	5.4
Loss-Disposal of Sec under Equity Method	-	-	2.7	-	1.3
Recovery Reserve for Policy	-	-	1,883.4	1,699.9	2,424.2
Amortization-New Contract Cost	-	-	1,154.5	1,298.0	1,463.4
L-Derivatives Valuation	-	-	65.7	235.8	4.8
Minority Interest	-	-	-	148.3	324.8
Other Adjustment for Non-cash Items	1.0	-104.8	419.1	462.6	63.8
G-Derivatives Valuation	-	-	-24.2	-173.6	-9.4
Gain/Loss under Equity Method	-215.7	-321.3	-2.2	-0.2	-50.6
Recovery-Inventory Valuation Loss	-	-	-18.9	-	-
Gain Disp Tang. Ast	-	-	-49.2	-42.8	-31.3
Gains on Foreign Currency Translation	-16.2	-7.7	-70.1	-43.1	-7.4
Interest Received	-	-	-62.5	-76.3	-37.7
Equity Earnings	-	-	-132.2	-9.3	-129.6
G-LT Investment Stock Disposal	-	-	-177.3	-200.9	-17.7
Miscellaneous Gains	-	-	-307.7	-325.5	-323.5
Inventory	-105.1	-15.6	525.0	-169.9	-401.3
Derivatives in Assets	-	-	49.3	-0.1	-
Trade Receivables	-189.2	-266.8	-157.1	1.4	-437.8
LT Trade Receivables	-	-	-2.8	0.8	-1.6
Accrued Income	-	-	-109.1	-16.3	-28.0
Loans and Other Receivables	-49.6	-177.6	-	-	-
Account Receivables	-	-	176.6	-450.5	457.3
LT Account Receivables	-	-	-143.4	-5.4	0.1
Prepaid Construction	-	-	-38.2	-31.9	17.0
Prepaid Expenses	-	-	0.3	4.0	-18.4
Advanced Payment	-	-	-91.9	40.3	133.9
Prepaid Taxes	-	-	1.0	13.6	-17.8
Derivatives	-	-	-	-	0.0
Prepaid VAT	-	-	2.3	0.8	-6.7
Other Financial Assets	-6.1	-1,231.6	-	-	-
Loans Receivables	-	-	-866.6	-812.0	-964.5
Receivable from Insurance	-	-	-47.9	-143.3	91.7
Separate Account Credit	-	-	-	-12.9	-60.6
Special Account Assets	-	-362.4	-2,232.4	-1,332.7	-2,154.1
New Contract Expenses	-	-	802.3	-1,362.5	-1,467.9
Other Receivables	42.7	78.2	-	-	-
Financial Assets Available-for-Sale	-14.3	118.1	-	-	-
Other Investment Assets	-	-	3.7	-784.0	-1,081.0
Deferred New Contract Expense	-	-167.5	-	-	-
Other Assets	-26.3	-51.3	-4.9	80.1	685.0
Trade Payables	148.8	73.8	-121.1	-269.4	91.3
Other Payable	291.0	-138.9	-20.9	-186.2	-206.8
Accrued Expenses	-	-	-62.9	3.0	13.6
Accrued Income Taxes	-	-	99.3	88.5	51.2
Reserve-Sales Return	-	-	-4.5	36.0	5.7
Unearnd Income	-	-	-1.2	-0.3	13.9
Advances Received	-	-	-238.3	-192.1	153.5
LT Advance Received	-	-	-54.2	29.8	10.7
Deposit Withheld	-	-	9.2	-71.2	-35.9
Security Deposit Withheld	-	-	-2.7	15.6	-
Security Deposits	-	-	-	-	0.0
Valu Add Tax Withhld	-	-	-1.0	0.0	-20.1
LT Security Deposit Withheld	-	-	-35.3	-3.1	-
Deferred Taxes-Liability	-	-	-289.0	-178.4	120.6
Other Current Liability	-	-	-18.5	108.4	21.5
Other Liabilities	118.7	25.0	-	-	-
Prepaid Expense-Employment Insurance	-	-	-2.8	-8.9	-14.3
Account Payable-Insurance	-	-	-54.8	159.7	6.0
Special Account Liability	-	161.3	-	-	-
Separate-Account Credit	-	-	-	-	-189.1
Separate Account Liabilitise	-	-	-935.5	1,109.6	2,593.5
Marketable Securities	-	-	-466.5	201.2	-627.4
LT Guarantee Deposits	-	-	-	-	0.0
Provisions	-4.4	-14.7	-	-	-
Other Financial Liabilities	16.6	12.9	-	-	-
National Pension	-	-	-0.8	1.0	1.1
Employ Benefits Liabilities	-28.3	-18.7	-97.4	-88.7	-86.4
Retirement Insurance Deposits	-	-	31.8	-46.2	-38.6
Reserve-Severance & Retirement Benefit	-	-	15.6	0.5	1.6
Overseas Business Translation Debit	-	-	-	-106.7	-0.1
Other Assets and Liabilities	28.2	-7.4	18.1	-146.2	97.8
Adjustment for Cash Flow from Operating	0.0	0.0	-	-	-
Financial Business Interest and Dividend	45.5	595.3	-	-	-
Cash Financial Business Interest Paid	-26.9	-26.2	-	-	-
Cash-Tax Paid	-153.0	-90.4	-	-	-
Cash from Operating Activities	596.7	-693.0	-261.2	-170.8	1,344.2
Dec-ST Finl Asset	-	-	816.5	2,014.8	335.1
Dec-ST Investment Assets	-	-	19.0	33.5	3.8
Dec-LT Finl Asset	-	-	701.4	55.8	234.1
Dec-LT Investment Stock	-	-	21.0	16.3	15.9
Decrease-Other Investment Assets	-	-	20.2	43.3	-
Dec-Affiliates Stock	-	-	81.9	17.9	416.4
Dec in ST Loans	-	-	-	-	80.1
Decrease in LT Loans	-	-	32.4	1.8	4.4
Decrease Acct Rcvbl.	-	-	-	-	0.0
Dec-Guarantee Dep	-	-	978.2	1,714.1	1,080.5
Dividend Received	116.2	64.6	-	-	-
Disposal of Land	-	-	721.7	180.3	65.4
Disposal of Building	-	-	84.0	94.4	1.2
Disposal Structure	-	-	2.7	0.1	0.0
Disposal Mach./Equip	-	-	26.2	5.8	0.5
Disposal Trans Equip	-	-	1.0	0.9	0.4
Disp Tools/Supplies	-	-	31.9	0.8	0.8
Disp-Display Equip.	-	-	-	0.0	0.0
Disposal-Trees	-	-	-	0.0	-
Disposal-Construction in Progress	-	-	40.0	28.7	-
Decrease-Other Non-Current Assets	-	-	6.3	38.3	-
Disp-Other Tangibles	-	-	2.4	0.3	6.6
Decrease-Industrial Property Right	-	-	-	1.9	-
Decrease-Development Cost	-	-	-	0.0	-
Dec-Dividend, Equity Method	-	-	12.9	8.9	6.6
Disposal of Intangible Assets	0.5	13.8	2.9	-	0.0
Disposal of Condo	-	-	-	0.2	-
Disposal Right-Land Lease	-	-	-	1.0	-
Dec-Loans Receivables	-	-	54.6	20.7	0.6
IP Others	-	-	71.8	7.0	33.2
Inc-ST Finl Asset	-	-	-764.5	-2,069.5	-418.7
Inc-ST Investment Asset	-	-	-83.3	-25.3	-46.8
Inc-LT Finl Asset	-	-	-861.3	-525.2	-403.8
Inc-LT Investment Stock	-	-	-157.4	-111.5	-117.4
Purchase of Investment in Affiliates	-29.8	-54.0	-97.9	-134.3	-50.3
Increase in ST Loans	-	-	-129.2	-47.0	-42.8
Increase in LT Loans	-	-	-20.6	-31.5	-42.6
Inc in Acct Rcvbl.	-	-	-	-	0.0
Inc in Guarant Depos	-	-	-885.7	-1,629.3	-969.6
Acquisition of Land	-	-	-14.0	-393.8	-472.6
Acquis. of Building	-	-	-18.1	-281.7	-130.5
Acq-Cando Building	-	-	-	-	0.0
Purch. of Structure	-	-	-6.0	-1.9	-4.4
Purch. of Mach/Equip	-	-	-24.5	-17.4	-8.3
Acq. of Trans Equip	-	-	-2.2	-4.4	-5.3
Acq. in Tools/Suppl.	-	-	-31.7	-50.9	-50.3
Acq-Display Equip.	-	-	-	-	0.0
Inc. Const. In Prog	-	-	-512.0	-724.5	-403.4
Inc-Mach. In Transit	-	-	-2.5	-3.6	-5.9
Acq-Other Tangibles	-	-	-29.5	-8.1	-13.3
Acq-Timberlands	-	-	-	-	0.0
Purchase of Intangible Assets	-36.4	-30.9	-	-	-
Acq-Industrial Patent	-	-	-	-0.2	-2.7
Inc-Development Expenses	-	-	-21.2	-22.4	-45.1
Acq-Other Intangibles	-	-	-30.7	-4.5	-32.1
Increase-Loans Receivables	-	-	-	-1.6	0.0
Increase-Other Non-Current Assets	-	-	-1.2	-46.7	-
Increase-Other Investment Assets	-	-	-25.5	-	-12.9
Othr Invest Outflow	-	-	-29.1	-42.5	-256.3
Purchase of Property, Plant and Equipmen	-252.9	-288.6	-	-	-
Disposal of Property, Plant and Equipmen	8.6	4.3	-	-	-
Purchase of Investment Properties	-14.3	-99.2	-	-	-
Disposal of Investment Properties	-	24.1	-	-	-
Purchase of of Assets Held for Sale	-13.6	-11.9	-	-	-
Disposal of Assets Held for Sale	24.8	-	-	-	-
Disposal of Other Financial Instruments	201.5	298.4	-	-	-
Purchase of Other Financial Instruments	-328.9	-353.9	-	-	-
Decrease in Deposit	-	1,078.9	-	-	-
Increase in Deposit	-	-1,606.4	-	-	-
Cash Interest Received	33.6	44.0	-	-	-
Others	0.1	0.1	-	-	-
Cash from Investing Activities	-290.6	-916.8	-19.1	-1,890.9	-1,249.3
Inc in ST Borrowings	-	-	2,435.5	32,454.7	10,644.3
Inc in LT Borrowings	-	-	126.5	274.0	686.9
Increase in Bonds	-	-	1,821.9	737.9	1,418.0
Increase in Current Bonds	-	-	-	-	0.0
Inc Guarantee Dep.	-	-	252.9	42.1	12.8
FP Inc Accrd Pay.	-	-	-	-	0.0
Inc/LT Accrd Payment	-	-	3.0	1.4	5.9
Increase in Minority Interest	9.7	1,099.7	-	140.8	11.1
Inc. Share Capital	-	-	386.3	339.6	32.4
FP Others	-	-	234.1	956.1	172.5
Repay Curr LT Liabs	-	-	-571.9	-358.2	-470.9
Dec of ST Borrowings	-	-	-3,447.0	-31,288.5	-10,680.7
Decrease-Capital Lease Payable	-	-	-	0.0	-
Dec in LT Borrowings	-	-	-158.9	-51.0	-161.8
Repayment of Bonds	-	-	-677.8	-425.4	-787.1
Dec in Accrued Pmts	-	-	-	-	0.0
Dec/LT Accrd Payment	-	-	-	-1.7	-1.7
Decr-Guarnt Deposit	-	-	-217.6	-159.4	-23.3
Decrease in Minority Interest	-	-	-	-126.5	-1,236.7
Dividend Paid	-37.7	-36.1	-58.4	-31.6	-128.8
FN Others	-	-	-676.8	-3.0	-4.7
Cash Inflow/Outflow from Foreign Currenc	-1.0	2.6	-	-	-
Increase-Consolidated Capital Surplus	-	-	329.4	-	-
Cash Inflow/Outflow from Consolidation S	-8.9	-117.1	28.7	35.2	9.1
Increase in Borrowings	3,608.6	4,065.1	-	-	-
Decrease in Borrowings	-3,522.9	-3,622.2	-	-	-
Decrease in Other Financial Liabilities	-2.2	11.2	-	-	-
Cash-Interest Paid	-231.8	-220.9	-	-	-
Cash from Financing Activities	-186.2	1,182.3	-189.9	2,536.3	-502.8
Foreign Exchange Effects	-	-	57.4	9.7	-29.3
Net Change in Cash	119.9	-427.5	-412.8	484.3	-437.2
Cash and Cash Equivalents at Beginning	197.0	616.3	1,200.4	907.8	1,512.5
Cash and Cash Equivalents at End	316.9	188.8	787.6	1,392.2	1,075.3
Cash Interest Paid	0.3	0.2	-	-	-
Cash Taxes Paid	153.0	90.4	-	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Financial Health

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2012	Quarter Ending Yr Ago	Annual Year End 31-Dec-2011	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1	2,387.8	0.06%	10,999.2	-15.80%	-23.52%	-7.72%
Operating Income1	70.2	9.50%	283.1	-32.36%	-37.24%	-7.79%
Income Available to Common Excl Extraord Items1	76.7	421.13%	120.6	-88.29%	-22.87%	-13.63%
Basic EPS Excl Extraord Items1	1.11	424.75%	1.75	-88.29%	-23.50%	-13.63%
Capital Expenditures2	27.3	-45.14%	289.4	-13.25%	-42.26%	-6.43%
Cash from Operating Activities2	-84.3	-	596.7	-	-	-20.31%
Free Cash Flow	-110.9	-	295.6	-	-	-26.71%
Total Assets3	13,255.6	2.49%	13,046.6	2.77%	-39.99%	-22.87%
Total Liabilities3	9,108.8	3.09%	8,979.2	3.97%	-46.57%	-28.10%
Total Long Term Debt3	2,112.3	33.92%	2,074.5	30.84%	-8.72%	0.08%
Employees3	-	-	3642	6.43%	6.31%	5.43%
Total Common Shares Outstanding3	69.1	0.00%	69.1	0.00%	0.00%	0.00%
1-ExchangeRate: KRW to USD Average for Period	1131.034971	Â	1107.891393	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1131.034971	Â	1107.891393	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1138.093549	Â	1152.000000	Â	Â	Â

Key Ratios
Â	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Profitability
Gross Margin	7.54%	7.61%	10.17%	10.15%	10.85%
Operating Margin	2.57%	3.20%	4.99%	4.66%	4.94%
Pretax Margin	2.43%	9.90%	4.25%	1.67%	4.08%
Net Profit Margin	1.10%	7.89%	1.86%	1.07%	1.00%
Financial Strength
Current Ratio	0.83	0.77	1.38	1.41	1.64
Long Term Debt/Equity	0.51	0.39	1.23	1.83	2.79
Total Debt/Equity	1.06	1.05	3.29	4.64	5.17
Interest Coverage	543,486.33	1,159,073.11	-	-	-
Management Effectiveness
Return on Assets	0.63%	2.55%	1.25%	0.52%	0.97%
Return on Equity	2.85%	32.99%	28.20%	19.93%	18.42%
Efficiency
Receivables Turnover	4.94	4.69	8.54	9.19	9.47
Inventory Turnover	8.99	9.60	14.28	11.98	10.62
Asset Turnover	0.82	0.32	0.41	0.41	0.39

Market Valuation USD (mil)
P/E (TTM)	9.46	.	Enterprise Value2	6,314.9
Price/Sales (TTM)	0.17	.	Enterprise Value/Revenue (TTM)	0.59
Price/Book (MRQ)	0.40	.	Enterprise Value/EBITDA (TTM)	16.27
Market Cap as of 20-Jul-20121	1,814.4	.
1-ExchangeRate: KRW to USD on 20-Jul-2012	1138.754926
2-ExchangeRate: KRW to USD on 31-Mar-2012	1138.093549

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Ratios

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Financial Strength
Current Ratio	0.83	0.77	1.38	1.41	1.64
Quick/Acid Test Ratio	0.56	0.51	1.14	1.10	1.26
Working Capital1	-757.6	-1,026.9	2,630.2	2,586.5	3,854.7
Long Term Debt/Equity	0.51	0.39	1.23	1.83	2.79
Total Debt/Equity	1.06	1.05	3.29	4.64	5.17
Long Term Debt/Total Capital	0.25	0.19	0.29	0.32	0.45
Total Debt/Total Capital	0.51	0.51	0.77	0.82	0.84
Interest Coverage	543,486.33	1,159,073.11	-	-	-
Payout Ratio	23.27%	3.63%	7.40%	11.57%	15.23%
Effective Tax Rate	68.44%	18.17%	27.87%	24.41%	37.98%
Total Capital1	8,362.3	8,459.0	8,270.5	7,707.7	7,940.6
Efficiency
Asset Turnover	0.82	0.32	0.41	0.41	0.39
Inventory Turnover	8.99	9.60	14.28	11.98	10.62
Days In Inventory	40.60	38.03	25.55	30.46	34.36
Receivables Turnover	4.94	4.69	8.54	9.19	9.47
Days Receivables Outstanding	73.84	77.84	42.74	39.72	38.56
Revenue/Employee2	2,904,461	3,726,356	8,140,854	7,135,178	8,410,052
Operating Income/Employee2	74,743	119,380	405,997	332,339	415,738
EBITDA/Employee2	102,409	144,731	510,663	451,109	544,318
Profitability
Gross Margin	7.54%	7.61%	10.17%	10.15%	10.85%
Operating Margin	2.57%	3.20%	4.99%	4.66%	4.94%
EBITDA Margin	3.53%	3.88%	6.27%	6.32%	6.47%
EBIT Margin	2.57%	3.20%	4.99%	4.66%	4.94%
Pretax Margin	2.43%	9.90%	4.25%	1.67%	4.08%
Net Profit Margin	1.10%	7.89%	1.86%	1.07%	1.00%
COGS/Revenue	92.46%	92.39%	89.83%	89.85%	89.15%
SG&A Expense/Revenue	5.04%	3.78%	4.67%	5.13%	5.22%
Management Effectiveness
Return on Assets	0.63%	2.55%	1.25%	0.52%	0.97%
Return on Equity	2.85%	32.99%	28.20%	19.93%	18.42%
Valuation
Free Cash Flow/Share2	4.28	-14.93	-15.13	-21.30	2.45
Operating Cash Flow/Share 2	8.31	-10.22	-4.14	-2.16	19.32
1-ExchangeRate: KRW to USD Period End Date	1152	1134.9	1164.475	1259.55	936.05
2-ExchangeRate: KRW to USD Average for Period	1152	1134.9	1164.475	1259.55	936.05

Current Market Multiples
Market Cap/Earnings (TTM)	10.29
Market Cap/Equity (MRQ)	0.44
Market Cap/Revenue (TTM)	0.17
Market Cap/EBIT (TTM)	6.45
Market Cap/EBITDA (TTM)	4.68
Enterprise Value/Earnings (TTM)	35.80
Enterprise Value/Equity (MRQ)	1.52
Enterprise Value/Revenue (TTM)	0.59
Enterprise Value/EBIT (TTM)	22.43
Enterprise Value/EBITDA (TTM)	16.27

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Income Statement Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Total Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Cost of Revenue	10,169.8	11,562.9	21,110.2	22,238.0	21,730.0
Cost of Revenue, Total	10,169.8	11,562.9	21,110.2	22,238.0	21,730.0
Gross Profit	829.4	952.9	2,389.1	2,513.0	2,644.6
Selling/General/Administrative Expense	289.9	260.7	553.0	662.7	611.2
Labor & Related Expense	246.1	202.0	477.1	524.1	568.7
Advertising Expense	18.0	10.8	67.2	83.0	93.2
Total Selling/General/Administrative Expenses	554.0	473.5	1,097.3	1,269.8	1,273.1
Depreciation	-	-	60.4	68.4	115.9
Amortization of Intangibles	-	-	59.4	22.0	50.7
Depreciation/Amortization	-	-	119.8	90.3	166.6
Investment Income - Operating	-28.2	-1.5	-	-	-
Interest/Investment Income - Operating	-28.2	-1.5	-	-	-
Interest Expense (Income) - Net Operating Total	-28.2	-1.5	-	-	-
Other Operating Expense	43.9	107.4	-	-	-
Other, Net	-23.3	-27.4	-	-	-
Other Operating Expenses, Total	20.6	79.9	-	-	-
Total Operating Expense	10,716.1	12,114.8	22,327.3	23,598.1	23,169.6
Operating Income	283.1	401.0	1,171.9	1,152.8	1,204.9
Interest Expense - Non-Operating	-269.9	-253.6	-340.7	-395.3	-323.9
Interest Capitalized - Non-Operating	8.4	8.9	-	-	-
Interest Expense, Net Non-Operating	-261.5	-244.7	-340.7	-395.3	-323.9
Interest Income - Non-Operating	31.2	46.8	54.6	84.8	36.7
Investment Income - Non-Operating	217.8	323.3	75.3	-373.2	156.1
Interest/Investment Income - Non-Operating	249.0	370.1	129.9	-288.4	192.8
Interest Income (Expense) - Net Non-Operating	0.0	0.0	-	-	-
Interest Income (Expense) - Net Non-Operating Total	-12.5	125.4	-210.8	-683.7	-131.1
Gain (Loss) on Sale of Assets	-	-	24.0	19.0	-35.9
Other Non-Operating Income (Expense)	-3.1	712.6	13.5	-74.8	-43.5
Other, Net	-3.1	712.6	13.5	-74.8	-43.5
Income Before Tax	267.5	1,239.0	998.7	413.3	994.4
Total Income Tax	183.1	225.1	278.4	100.9	377.6
Income After Tax	84.4	1,013.9	720.4	312.4	616.7
Minority Interest	37.0	-20.1	-287.9	-148.3	-324.8
Equity In Affiliates	-	-	8.1	102.2	-49.0
Net Income Before Extraord Items	121.4	993.8	440.5	266.4	242.9
Discontinued Operations	-	-	-1.9	-	-1.9
Total Extraord Items	-	-	-1.9	-	-1.9
Net Income	121.4	993.8	438.6	266.4	241.0
Preferred Dividends	-0.9	-6.9	-3.0	-1.9	-0.3
Miscellaneous Earnings Adjustment	0.0	0.0	-	-	-
Total Adjustments to Net Income	-0.9	-6.9	-3.0	-1.9	-0.3
Income Available to Common Excl Extraord Items	120.6	986.9	437.5	264.5	242.6
Income Available to Common Incl Extraord Items	120.6	986.9	435.6	264.5	240.7
Basic/Primary Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Basic EPS Excl Extraord Items	1.75	14.29	6.35	3.93	3.53
Basic/Primary EPS Incl Extraord Items	1.75	14.29	6.32	3.93	3.51
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	120.6	986.9	435.6	264.5	240.7
Diluted Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Diluted EPS Excl Extraord Items	1.75	14.29	6.35	3.93	3.53
Diluted EPS Incl Extraord Items	1.75	14.29	6.32	3.93	3.51
Dividends per Share - Common Stock Primary Issue	0.41	0.52	0.47	0.45	0.54
Gross Dividends - Common Stock	-	35.8	32.5	30.6	36.3
Interest Expense, Supplemental	261.5	244.7	340.7	395.3	323.9
Interest Capitalized, Supplemental	-8.4	-8.9	-	-	-
Depreciation, Supplemental	92.8	73.1	269.8	384.1	342.8
Total Special Items	-	-	-42.8	-62.8	21.7
Normalized Income Before Tax	267.5	1,239.0	956.0	350.5	1,016.0
Effect of Special Items on Income Taxes	-	-	-6.7	-4.6	13.6
Inc Tax Ex Impact of Sp Items	183.1	225.1	271.7	96.3	391.3
Normalized Income After Tax	84.4	1,013.9	684.3	254.3	624.8
Normalized Inc. Avail to Com.	120.6	986.9	401.4	206.3	250.6
Basic Normalized EPS	1.75	14.29	5.83	3.06	3.65
Diluted Normalized EPS	1.75	14.29	5.83	3.06	3.65
Amort of Acquisition Costs, Supplemental	-	-	-18.7	-43.8	-14.2
Amort of Intangibles, Supplemental	12.0	12.1	32.4	27.9	29.8
Rental Expenses	60.2	67.6	21.3	26.9	42.0
Advertising Expense, Supplemental	18.0	10.8	67.2	83.0	93.2
Research & Development Exp, Supplemental	34.1	47.3	51.6	-	93.9
Normalized EBIT	254.9	399.4	1,171.9	1,152.8	1,204.9
Normalized EBITDA	359.6	484.6	1,455.4	1,521.0	1,563.3

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Income Statement Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1131.034971	1145.271505	1082.999462	1083.436022	1120.28956
Net Sales	2,387.8	2,991.4	2,856.5	2,738.7	2,409.3
Revenue	2,387.8	2,991.4	2,856.5	2,738.7	2,409.3
Total Revenue	2,387.8	2,991.4	2,856.5	2,738.7	2,409.3
Cost of Revenue	2,178.4	2,784.0	2,628.2	2,518.3	2,235.0
Cost of Revenue, Total	2,178.4	2,784.0	2,628.2	2,518.3	2,235.0
Gross Profit	209.4	207.4	228.3	220.3	174.3
Selling/General/Administrative Expense	132.3	183.1	134.5	114.5	120.0
Total Selling/General/Administrative Expenses	132.3	183.1	134.5	114.5	120.0
Other Operating Expense	54.1	27.2	105.5	60.0	41.7
Other, Net	-47.1	-30.3	-104.2	-55.1	-52.0
Other Operating Expenses, Total	7.0	-3.1	1.3	4.9	-10.3
Total Operating Expense	2,317.7	2,964.0	2,763.9	2,637.7	2,344.6
Operating Income	70.2	27.5	92.6	101.0	64.7
Interest Expense - Non-Operating	-63.8	-65.8	-65.7	-67.4	-62.6
Interest Expense, Net Non-Operating	-63.8	-65.8	-65.7	-67.4	-62.6
Investment Income - Non-Operating	80.5	8.5	55.7	126.1	28.7
Interest/Investment Income - Non-Operating	80.5	8.5	55.7	126.1	28.7
Interest Income (Expense) - Net Non-Operating	7.3	5.2	12.1	8.6	7.6
Interest Income (Expense) - Net Non-Operating Total	24.0	-52.0	2.1	67.3	-26.3
Other Non-Operating Income (Expense)	-2.2	1.7	-2.3	-0.3	-2.3
Other, Net	-2.2	1.7	-2.3	-0.3	-2.3
Income Before Tax	92.0	-22.9	92.3	168.0	36.2
Total Income Tax	17.2	49.3	40.3	38.2	54.7
Income After Tax	74.8	-72.1	52.0	129.8	-18.6
Minority Interest	2.4	6.1	-1.2	-2.0	33.5
Net Income Before Extraord Items	77.2	-66.0	50.7	127.8	15.0
Net Income	77.2	-66.0	50.7	127.8	15.0
Preferred Dividends	-0.6	0.5	-0.3	-0.9	-0.1
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	-
Total Adjustments to Net Income	-0.6	0.5	-0.3	-0.9	-0.1
Income Available to Common Excl Extraord Items	76.7	-65.6	50.4	126.9	14.9
Income Available to Common Incl Extraord Items	76.7	-65.6	50.4	126.9	14.9
Basic/Primary Weighted Average Shares	69.1	67.6	69.6	69.6	69.6
Basic EPS Excl Extraord Items	1.11	-0.97	0.72	1.82	0.21
Basic/Primary EPS Incl Extraord Items	1.11	-0.97	0.72	1.82	0.21
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.7	-65.6	50.4	126.9	14.9
Diluted Weighted Average Shares	69.1	67.6	69.6	69.6	69.6
Diluted EPS Excl Extraord Items	1.11	-0.97	0.72	1.82	0.21
Diluted EPS Incl Extraord Items	1.11	-0.97	0.72	1.82	0.21
Dividends per Share - Common Stock Primary Issue	0.00	0.39	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	-	0.0	0.0	0.0
Interest Expense, Supplemental	63.8	65.8	65.7	67.4	62.6
Interest Capitalized, Supplemental	-1.7	-2.8	-2.0	-1.9	-2.1
Depreciation, Supplemental	25.8	25.2	24.2	21.9	21.4
Normalized Income Before Tax	92.0	-22.9	92.3	168.0	36.2
Inc Tax Ex Impact of Sp Items	17.2	49.3	40.3	38.2	54.7
Normalized Income After Tax	74.8	-72.1	52.0	129.8	-18.6
Normalized Inc. Avail to Com.	76.7	-65.6	50.4	126.9	14.9
Basic Normalized EPS	1.11	-0.97	0.72	1.82	0.21
Diluted Normalized EPS	1.11	-0.97	0.72	1.82	0.21
Amort of Intangibles, Supplemental	3.0	3.0	2.9	3.1	3.0
Rental Expenses	17.1	51.7	7.7	6.2	13.1
Advertising Expense, Supplemental	5.6	5.4	4.9	4.8	2.9
Research & Development Exp, Supplemental	4.8	20.5	5.0	4.8	2.9
Normalized EBIT	70.2	27.5	92.6	101.0	64.7
Normalized EBITDA	98.9	55.6	119.7	126.0	89.1

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Balance Sheet Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	304.8	192.4	863.3	1,216.4	1,067.4
Short Term Investments	5.5	1.2	3,749.8	3,050.3	3,663.9
Cash and Short Term Investments	310.3	193.6	4,613.1	4,266.7	4,731.3
Accounts Receivable - Trade, Gross	1,821.4	1,670.6	2,233.9	1,619.4	2,027.8
Provision for Doubtful Accounts	-106.7	-70.0	-58.4	-43.5	-58.6
Trade Accounts Receivable - Net	2,101.5	2,026.8	2,959.6	2,190.2	2,771.0
Other Receivables	107.2	75.7	292.3	379.9	104.2
Total Receivables, Net	2,208.6	2,102.5	3,251.9	2,570.1	2,875.2
Inventories - Finished Goods	290.7	206.0	470.7	439.7	407.1
Inventories - Work In Progress	200.8	159.0	336.6	346.4	462.2
Inventories - Raw Materials	162.2	165.6	234.6	679.5	947.4
Inventories - Other	504.0	502.8	343.9	248.5	240.8
Total Inventory	1,157.7	1,033.3	1,385.7	1,714.2	2,057.5
Prepaid Expenses	28.8	32.5	170.5	122.7	104.4
Deferred Income Tax - Current Asset	-	-	42.1	38.9	11.2
Discontinued Operations - Current Asset	13.2	55.4	-	-	-
Other Current Assets	14.7	37.8	67.4	107.3	105.1
Other Current Assets, Total	27.9	93.3	109.5	146.3	116.3
Total Current Assets	3,733.4	3,455.2	9,530.8	8,820.0	9,884.7
Buildings	1,235.5	1,116.8	3,576.7	3,094.2	3,857.7
Land/Improvements	1,378.8	1,365.1	3,021.4	2,686.2	3,051.7
Machinery/Equipment	574.2	513.7	2,592.2	2,187.1	2,836.3
Construction in Progress	49.9	87.5	693.3	486.6	416.1
Natural Resources	-	-	12.6	8.6	-
Other Property/Plant/Equipment	125.4	92.3	83.7	47.8	59.9
Property/Plant/Equipment - Gross	3,363.6	3,175.4	9,980.0	8,510.5	10,221.6
Accumulated Depreciation	-704.7	-639.1	-2,385.2	-1,893.8	-2,424.2
Property/Plant/Equipment - Net	2,658.9	2,536.3	7,378.3	6,404.8	7,497.9
Goodwill, Net	60.8	67.1	100.8	-66.7	-284.7
Intangibles, Net	121.0	101.9	207.6	122.4	166.7
LT Investment - Affiliate Companies	5,044.2	4,984.3	559.3	476.8	651.3
LT Investments - Other	525.0	906.4	22,641.1	18,401.3	24,724.8
Long Term Investments	5,569.2	5,890.7	23,200.4	18,878.2	25,376.2
Note Receivable - Long Term	800.3	660.4	12,322.9	10,341.8	12,277.1
Deferred Income Tax - Long Term Asset	5.4	75.7	36.0	27.3	6.1
Other Long Term Assets	97.8	98.8	13,490.7	10,689.9	11,869.1
Other Long Term Assets, Total	103.1	174.5	13,526.8	10,717.2	11,875.1
Total Assets	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Accounts Payable	1,081.2	941.2	1,430.3	1,199.6	1,467.9
Accrued Expenses	76.7	56.6	293.4	206.6	245.3
Notes Payable/Short Term Debt	1,691.0	1,911.0	1,738.6	2,632.3	2,085.0
Current Portion - Long Term Debt/Capital Leases	529.4	818.7	2,234.8	1,214.5	974.3
Dividends Payable	-	-	0.0	0.0	0.0
Customer Advances	228.0	208.2	590.6	303.3	544.6
Security Deposits	13.1	21.3	4.4	1.3	0.2
Income Taxes Payable	27.7	38.9	116.4	208.3	167.6
Other Payables	147.4	126.2	353.9	306.0	428.1
Deferred Income Tax - Current Liability	-	-	1.2	1.1	3.7
Other Current Liabilities	696.5	359.7	137.0	160.4	113.2
Other Current liabilities, Total	1,112.7	754.4	1,203.5	980.4	1,257.5
Total Current Liabilities	4,491.0	4,482.0	6,900.6	6,233.4	6,030.0
Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Capital Lease Obligations	-	-	0.0	0.0	0.0
Total Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Total Debt	4,294.9	4,339.2	6,342.8	6,341.9	6,653.5
Deferred Income Tax - LT Liability	661.1	716.1	657.4	347.8	709.3
Deferred Income Tax	661.1	716.1	657.4	347.8	709.3
Minority Interest	324.0	379.3	3,134.5	2,567.2	3,447.2
Reserves	39.7	24.1	37,117.0	31,069.2	39,915.0
Pension Benefits - Underfunded	244.1	189.0	425.0	407.6	548.7
Other Long Term Liabilities	1,144.8	1,366.2	13,735.9	10,731.5	11,261.6
Other Liabilities, Total	1,428.7	1,579.3	51,277.9	42,208.2	51,725.3
Total Liabilities	8,979.2	8,766.2	64,339.9	53,851.7	65,506.0
Preferred Stock - Non Redeemable	-	-	2.1	1.9	2.6
Preferred Stock - Non Redeemable, Net	-	-	2.1	1.9	2.6
Common Stock	327.4	332.4	321.9	297.6	400.4
Common Stock	327.4	332.4	321.9	297.6	400.4
Additional Paid-In Capital	346.8	356.0	320.7	369.4	238.6
Retained Earnings (Accumulated Deficit)	3,417.6	3,424.4	1,238.5	878.8	908.8
Treasury Stock - Common	-18.0	-18.3	-17.8	-113.5	-152.7
Unrealized Gain (Loss)	-	-	126.2	22.0	36.9
Other Equity	-4.1	-4.2	-124.6	-88.7	-194.0
Other Comprehensive Income	-2.3	29.6	60.8	-1.6	46.5
Other Equity, Total	-6.4	25.4	-63.8	-90.3	-147.5
Total Equity	4,067.4	4,119.9	1,927.7	1,365.9	1,287.0
Total Liabilities & Shareholders’ Equity	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Shares Outstanding - Common Stock Primary Issue	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
Treasury Shares - Common Stock Primary Issue	5.9	5.9	5.9	5.9	5.9
Shares Outstanding - Preferred Stock Primary Issue	0.5	0.5	0.5	0.5	0.5
Shares Outstanding - Preferred Stock Issue 2	0.0	0.0	-	-	-
Total Preferred Stock Outstanding	0.5	0.5	0.5	0.5	0.5
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	-	-
Treasury Shares - Preferred Issue 2	0.0	0.0	-	-	-
Employees	3,642	3,422	3,164	3,031	2,877
Number of Common Shareholders	-	44,689	39,291	60,188	32,401
Accumulated Intangible Amort, Suppl.	38.7	55.6	-	-	-
Deferred Revenue - Current	228.0	208.2	590.6	303.3	544.6
Deferred Revenue - Long Term	151.1	375.9	-	-	-
Total Long Term Debt, Supplemental	-	-	1,700.3	1,072.1	4,576.1
Long Term Debt Maturing within 1 Year	-	-	824.9	226.6	159.6
Long Term Debt Maturing in Year 2	-	-	382.6	308.5	2,136.5
Long Term Debt Maturing in Year 3	-	-	227.0	188.2	328.2
Long Term Debt Maturing in Year 4	-	-	81.2	144.1	1,661.2
Long Term Debt Maturing in Year 5	-	-	81.1	56.8	171.4
Long Term Debt Maturing in 2-3 Years	-	-	609.7	496.7	2,464.7
Long Term Debt Maturing in 4-5 Years	-	-	162.3	200.9	1,832.6
Long Term Debt Matur. in Year 6 & Beyond	-	-	103.5	147.9	119.3
Interest Costs	-	-	0.0	0.0	0.0
Total Capital Leases, Supplemental	-	-	0.1	0.1	0.2
Capital Lease Payments Due in Year 1	-	-	0.1	0.0	0.1
Capital Lease Payments Due in Year 2	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 3	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 4	-	-	0.0	0.0	0.0
Capital Lease Payments Due in Year 5	-	-	0.0	0.0	0.0
Capital Lease Payments Due in 2-3 Years	-	-	0.0	0.0	0.1
Capital Lease Payments Due in 4-5 Years	-	-	0.0	0.0	0.1
Total Operating Leases, Supplemental	-	-	9.2	2.1	3.6
Operating Lease Payments Due in Year 1	-	-	2.6	1.1	1.3
Operating Lease Payments Due in Year 2	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 3	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 4	-	-	1.1	0.3	0.1
Operating Lease Payments Due in Year 5	-	-	1.1	0.3	0.1
Operating Lease Pymts. Due in 2-3 Years	-	-	2.3	0.5	0.2
Operating Lease Pymts. Due in 4-5 Years	-	-	2.3	0.5	0.2
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	2.1	0.0	1.8

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Balance Sheet Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1138.093549	1152	1178.05	1067.65	1096.95
Cash & Equivalents	321.5	304.8	313.1	322.2	302.7
Short Term Investments	21.7	14.2	21.5	38.5	87.8
Cash and Short Term Investments	343.3	319.0	334.5	360.7	390.5
Accounts Receivable - Trade, Gross	1,692.8	1,821.4	1,581.7	1,342.4	1,488.2
Provision for Doubtful Accounts	-118.2	-106.7	-83.8	-91.4	-88.9
Trade Accounts Receivable - Net	1,997.9	2,101.5	2,012.7	1,955.4	1,952.7
Other Receivables	120.1	107.2	131.3	115.2	125.9
Total Receivables, Net	2,118.0	2,208.6	2,144.1	2,070.6	2,078.6
Inventories - Finished Goods	256.3	290.7	312.5	275.3	263.1
Inventories - Work In Progress	243.0	200.8	208.4	214.7	186.9
Inventories - Raw Materials	181.5	162.2	177.4	191.1	168.1
Inventories - Other	580.1	504.0	471.3	528.5	492.4
Total Inventory	1,261.0	1,157.7	1,169.6	1,209.5	1,110.5
Prepaid Expenses	28.7	28.8	37.1	32.4	32.3
Discontinued Operations - Current Asset	28.8	13.2	35.8	49.8	67.8
Other Current Assets	2.5	6.1	13.6	24.4	23.5
Other Current Assets, Total	31.4	19.3	49.5	74.2	91.4
Total Current Assets	3,782.2	3,733.4	3,734.7	3,747.4	3,703.2
Buildings	-	1,235.5	1,195.2	1,280.7	1,164.4
Land/Improvements	1,390.5	1,378.8	1,326.2	1,453.0	1,409.9
Machinery/Equipment	-	574.2	550.1	576.1	538.1
Construction in Progress	-	49.9	45.8	69.0	122.9
Other Property/Plant/Equipment	1,286.1	125.4	104.6	111.4	100.6
Property/Plant/Equipment - Gross	2,676.6	3,363.6	3,221.9	3,490.1	3,335.8
Accumulated Depreciation	-	-704.7	-669.4	-718.2	-680.0
Property/Plant/Equipment - Net	2,676.6	2,658.9	2,552.5	2,771.9	2,655.8
Goodwill, Net	61.6	60.8	64.7	71.4	69.5
Intangibles, Net	125.3	121.0	121.1	119.4	108.6
LT Investment - Affiliate Companies	5,138.7	5,044.2	4,891.1	5,361.4	5,167.4
LT Investments - Other	535.9	525.0	851.3	948.4	909.4
Long Term Investments	5,674.6	5,569.2	5,742.4	6,309.7	6,076.7
Note Receivable - Long Term	837.6	800.3	726.8	764.3	676.4
Deferred Income Tax - Long Term Asset	4.6	5.4	6.0	36.9	36.4
Discontinued Operations - Long Term Asset	-	-	3.1	3.4	-
Other Long Term Assets	93.1	97.8	85.5	91.1	92.3
Other Long Term Assets, Total	97.7	103.1	94.6	131.4	128.7
Total Assets	13,255.6	13,046.6	13,036.7	13,915.5	13,418.8
Accounts Payable	793.0	1,081.2	777.7	876.3	900.6
Accrued Expenses	47.7	76.7	54.1	55.0	55.0
Notes Payable/Short Term Debt	2,027.1	1,691.0	2,020.2	2,459.3	3,091.2
Current Portion - Long Term Debt/Capital Leases	376.7	529.4	517.6	-	-0.1
Dividends Payable	27.0	-	-	-	37.3
Customer Advances	235.7	228.0	357.1	303.7	244.4
Security Deposits	7.8	13.1	19.9	21.7	21.8
Income Taxes Payable	40.0	27.7	58.7	103.5	98.0
Other Payables	158.5	147.4	146.2	108.5	93.1
Other Current Liabilities	741.2	696.5	594.9	614.9	377.8
Other Current liabilities, Total	1,210.2	1,112.7	1,176.7	1,152.3	872.3
Total Current Liabilities	4,454.7	4,491.0	4,546.3	4,542.8	4,919.0
Long Term Debt	2,112.3	2,074.5	1,939.3	2,167.9	1,636.5
Total Long Term Debt	2,112.3	2,074.5	1,939.3	2,167.9	1,636.5
Total Debt	4,516.1	4,294.9	4,477.1	4,627.2	4,727.6
Deferred Income Tax - LT Liability	664.8	661.1	593.9	682.0	667.6
Deferred Income Tax	664.8	661.1	593.9	682.0	667.6
Minority Interest	326.6	324.0	324.1	359.1	352.5
Reserves	42.7	39.7	30.5	33.5	32.2
Pension Benefits - Underfunded	250.3	244.1	195.0	210.4	199.6
Other Long Term Liabilities	1,257.4	1,144.8	1,312.7	1,438.8	1,359.7
Other Liabilities, Total	1,550.4	1,428.7	1,538.3	1,682.7	1,591.5
Total Liabilities	9,108.8	8,979.2	8,941.9	9,434.6	9,167.1
Common Stock	331.4	327.4	320.2	353.3	343.9
Common Stock	331.4	327.4	320.2	353.3	343.9
Additional Paid-In Capital	351.1	346.8	289.7	319.6	311.1
Retained Earnings (Accumulated Deficit)	3,509.4	3,417.6	3,457.9	3,764.1	3,536.0
Treasury Stock - Common	-18.2	-18.0	-17.6	-19.4	-18.9
Unrealized Gain (Loss)	-	-	52.2	57.6	56.0
Other Equity	-4.1	-4.1	-4.0	-4.4	-4.3
Other Comprehensive Income	-22.6	-2.3	-3.4	10.1	28.0
Other Equity, Total	-26.7	-6.4	-7.4	5.7	23.7
Total Equity	4,146.9	4,067.4	4,094.9	4,480.9	4,251.8
Total Liabilities & Shareholders’ Equity	13,255.6	13,046.6	13,036.7	13,915.5	13,418.8
Shares Outstanding - Common Stock Primary Issue	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
Treasury Shares - Common Stock Primary Issue	5.9	5.9	5.9	5.9	5.9
Shares Outstanding - Preferred Stock Primary Issue	0.5	0.5	0.5	0.5	0.5
Shares Outstanding - Preferred Stock Issue 2	0.0	0.0	-	-	-
Total Preferred Stock Outstanding	0.5	0.5	0.5	0.5	0.5
Treasury Shares - Preferred Primary Issue	0.0	0.0	0.0	0.0	0.0
Treasury Shares - Preferred Issue 2	0.0	0.0	-	-	-
Employees	3,778	3,642	3,721	3,564	3,493
Accumulated Intangible Amort, Suppl.	41.2	38.7	36.8	34.6	30.8
Deferred Revenue - Current	235.7	228.0	357.1	303.7	244.4
Deferred Revenue - Long Term	156.8	151.1	353.5	895.8	847.8
Total Long Term Debt, Supplemental	-	-	4,597.0	-	-
Long Term Debt Maturing within 1 Year	-	-	2,607.7	-	-
Long Term Debt Maturing in Year 2	-	-	469.3	-	-
Long Term Debt Maturing in Year 3	-	-	469.3	-	-
Long Term Debt Maturing in Year 4	-	-	469.3	-	-
Long Term Debt Maturing in Year 5	-	-	469.3	-	-
Long Term Debt Maturing in 2-3 Years	-	-	938.7	-	-
Long Term Debt Maturing in 4-5 Years	-	-	938.7	-	-
Long Term Debt Matur. in Year 6 & Beyond	-	-	112.0	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	267.5	1,239.0	726.5	266.4	241.0
Depreciation	92.8	73.1	269.8	384.1	342.8
Depreciation/Depletion	92.8	73.1	269.8	384.1	342.8
Amortization of Intangibles	12.0	250.5	13.6	32.0	59.4
Amortization	12.0	250.5	13.6	32.0	59.4
Deferred Taxes	-	-	-289.0	-178.4	120.6
Unusual Items	-8.0	-791.3	-48.1	-86.1	59.4
Equity in Net Earnings (Loss)	-215.7	-321.3	-88.4	92.5	-174.8
Other Non-Cash Items	359.7	361.8	3,232.4	3,664.9	4,108.0
Non-Cash Items	136.1	-750.8	3,095.9	3,671.3	3,992.7
Accounts Receivable	-238.8	-444.4	-126.7	-453.8	18.0
Inventories	-105.1	-15.6	433.2	-129.6	-267.4
Prepaid Expenses	-	-	-34.5	-13.5	-25.9
Other Assets	-4.0	-1,616.5	-3,207.8	-3,008.2	-3,451.0
Accounts Payable	439.8	-65.2	-142.0	-455.7	-115.6
Accrued Expenses	-	-	-62.9	3.0	13.6
Taxes Payable	-	-	98.4	88.6	31.1
Other Liabilities	102.6	165.7	-1,855.9	1,251.3	2,004.9
Other Assets & Liabilities, Net	28.2	-7.4	18.1	-146.2	97.8
Other Operating Cash Flow	-134.3	478.7	802.3	-1,482.1	-1,717.8
Changes in Working Capital	88.4	-1,504.7	-4,077.9	-4,346.2	-3,412.3
Cash from Operating Activities	596.7	-693.0	-261.2	-170.8	1,344.2
Purchase of Fixed Assets	-252.9	-288.6	-640.5	-1,486.3	-1,094.0
Purchase/Acquisition of Intangibles	-36.4	-30.9	-51.9	-27.1	-79.9
Capital Expenditures	-289.4	-319.6	-692.4	-1,513.4	-1,173.9
Sale of Fixed Assets	8.6	4.3	909.9	311.5	74.9
Sale/Maturity of Investment	201.5	322.4	1,660.1	2,181.6	1,005.3
Purchase of Investments	-373.0	-507.1	-1,964.5	-2,865.7	-1,036.9
Sale of Intangible Assets	0.5	13.8	2.9	1.9	0.0
Other Investing Cash Flow	161.1	-430.6	64.9	-6.7	-118.8
Other Investing Cash Flow Items, Total	-1.3	-597.3	673.4	-377.5	-75.4
Cash from Investing Activities	-290.6	-916.8	-19.1	-1,890.9	-1,249.3
Other Financing Cash Flow	-234.2	775.6	-618.2	526.7	-1,525.9
Financing Cash Flow Items	-234.2	775.6	-618.2	526.7	-1,525.9
Total Cash Dividends Paid	-37.7	-36.1	-58.4	-31.6	-128.8
Sale/Issuance of Common	-	-	386.3	339.6	32.4
Common Stock, Net	-	-	386.3	339.6	32.4
Issuance (Retirement) of Stock, Net	-	-	386.3	339.6	32.4
Short Term Debt Issued	-	-	2,435.5	32,454.7	10,644.3
Short Term Debt Reduction	-	-	-3,447.0	-31,288.5	-10,680.7
Short Term Debt, Net	-	-	-1,011.4	1,166.2	-36.5
Long Term Debt Issued	-	-	1,948.5	1,011.9	2,104.8
Long Term Debt Reduction	-	-	-836.6	-476.5	-948.9
Long Term Debt, Net	-	-	1,111.8	535.4	1,155.9
Total Debt Issued	3,608.6	4,065.1	-	-	-
Total Debt Reduction	-3,522.9	-3,622.2	-	-	-
Issuance (Retirement) of Debt, Net	85.7	442.8	100.4	1,701.7	1,119.5
Cash from Financing Activities	-186.2	1,182.3	-189.9	2,536.3	-502.8
Foreign Exchange Effects	-	-	57.4	9.7	-29.3
Net Change in Cash	119.9	-427.5	-412.8	484.3	-437.2
Net Cash - Beginning Balance	197.0	616.3	1,200.4	907.8	1,512.5
Net Cash - Ending Balance	316.9	188.8	787.6	1,392.2	1,075.3
Cash Interest Paid	0.3	0.2	-	-	-
Cash Taxes Paid	153.0	90.4	-	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Cash Flows Standardized

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

Financial Glossary

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1131.034971	1107.891393	1095.603455	1101.856011	1120.28956
Net Income/Starting Line	92.0	267.5	294.4	202.0	36.2
Depreciation	25.8	92.8	67.5	43.3	21.4
Depreciation/Depletion	25.8	92.8	67.5	43.3	21.4
Amortization of Intangibles	3.0	12.0	9.0	6.1	3.0
Amortization	3.0	12.0	9.0	6.1	3.0
Unusual Items	-3.4	-8.0	-0.1	-0.1	-3.8
Equity in Net Earnings (Loss)	-80.5	-215.7	-209.2	-153.2	-28.7
Other Non-Cash Items	82.4	359.7	236.0	166.2	89.7
Non-Cash Items	-1.6	136.1	26.7	12.9	57.1
Accounts Receivable	79.4	-196.1	-56.3	106.6	106.4
Inventories	-54.5	-105.1	-147.5	-79.7	-56.8
Other Assets	-31.4	-46.7	-30.5	-13.5	64.6
Accounts Payable	-289.0	439.8	96.8	30.3	-130.5
Other Liabilities	15.7	102.6	158.3	79.0	-15.0
Other Assets & Liabilities, Net	78.8	28.2	12.2	9.0	-43.6
Other Operating Cash Flow	-2.5	-134.3	-116.4	-57.1	-16.6
Changes in Working Capital	-203.4	88.4	-83.4	74.7	-91.4
Cash from Operating Activities	-84.3	596.7	314.2	339.0	26.2
Purchase of Fixed Assets	-22.3	-252.9	-182.2	-128.3	-43.5
Purchase/Acquisition of Intangibles	-5.1	-36.4	-25.1	-17.5	-6.8
Capital Expenditures	-27.3	-289.4	-207.3	-145.8	-50.3
Sale of Fixed Assets	0.5	8.6	3.1	2.0	0.4
Sale/Maturity of Investment	-	201.5	137.8	368.7	0.1
Investment, Net	18.9	-	-	-	-74.0
Purchase of Investments	-0.9	-373.0	-323.6	-488.4	-0.5
Sale of Intangible Assets	0.0	0.5	0.2	0.1	0.2
Other Investing Cash Flow	-7.6	161.1	133.8	129.8	-5.3
Other Investing Cash Flow Items, Total	10.8	-1.3	-48.8	12.2	-79.1
Cash from Investing Activities	-16.5	-290.6	-256.1	-133.6	-129.3
Other Financing Cash Flow	-61.5	-234.2	-171.7	-89.3	-56.4
Financing Cash Flow Items	-61.5	-234.2	-171.7	-89.3	-56.4
Total Cash Dividends Paid	-	-37.7	-38.1	-37.9	-
Sale/Issuance of Common	-	-	9.6	9.7	9.5
Common Stock, Net	-	-	9.6	9.7	9.5
Issuance (Retirement) of Stock, Net	-	-	9.6	9.7	9.5
Total Debt Issued	1,046.9	3,608.6	2,660.2	1,944.8	1,348.5
Total Debt Reduction	-870.1	-3,522.9	-2,380.7	-1,918.6	-1,103.3
Issuance (Retirement) of Debt, Net	176.8	85.7	279.5	26.2	245.3
Cash from Financing Activities	115.4	-186.2	79.3	-91.3	198.4
Foreign Exchange Effects	-1.5	-	-	-	6.2
Net Change in Cash	13.1	119.9	137.4	114.1	101.5
Net Cash - Beginning Balance	310.4	197.0	199.2	198.1	194.9
Net Cash - Ending Balance	323.5	316.9	336.6	312.2	296.4
Cash Interest Paid	61.5	0.3	172.7	144.5	55.6
Cash Taxes Paid	5.8	153.0	130.8	62.4	20.4

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Restated Normal 31-Dec-2010	Reclassified Normal 31-Dec-2009	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	-	-	23,499.3	24,750.9	24,374.5
Sales Revenue-Non-Finance	10,948.6	9,907.5	-	-	-
Sales Revenue on Finance	50.6	2,608.3	-	-	-
Total Revenue	10,999.2	12,515.8	23,499.3	24,750.9	24,374.5
Cost of Revenue	-	-	21,110.2	22,238.0	21,730.0
Salaries and Wages	173.3	142.2	335.4	379.4	406.1
Retirement and Severance Benefits	18.1	16.2	39.0	42.9	51.9
Employee Benefits	24.0	17.5	70.9	65.2	67.8
Commissions	37.5	30.6	68.5	76.8	80.1
Sales Commissions	30.7	26.0	31.8	36.6	43.0
Travel Expense	10.1	7.9	-	-	-
Rental Expenses	24.3	22.8	21.3	26.9	42.0
Outsourcing Service Expense	7.4	5.4	16.3	19.1	14.6
Insurance Premiums	5.3	6.1	-	-	-
Overseas Branch Management Expense	6.0	4.7	-	-	-
Storage Expense	6.2	6.5	-	-	-
Shipping/Handling	48.7	49.2	51.9	62.4	65.9
Oversea Shipping Exp	-	-	31.5	41.1	31.4
Advertising Expenses	18.0	10.8	67.2	83.0	93.2
Depreciation Expense	-	-	60.4	68.4	115.9
Amort of Intangibles	-	-	59.4	22.0	50.7
Expenses of Allowance for Doubtful Accou	42.6	48.9	59.2	91.3	38.9
Taxes and Dues	10.6	8.9	41.1	43.0	43.3
Other Selling and Administrative Expense	91.3	69.7	263.1	302.0	294.9
Cost of Non-Finance Revenue	10,120.0	9,067.0	-	-	-
Cost of Finance Revenue	49.8	2,495.9	-	-	-
Adjustment for Selling and Administrativ	0.0	0.0	-	-	-
Gain on Foreign Currency	-136.4	-119.8	-	-	-
Gain on Derivative Transactions	-67.6	-74.6	-	-	-
Gain on Valuation of Derivatives	-12.4	-15.5	-	-	-
Reversal of Allowance for Doubtful Accou	-3.9	-1.2	-	-	-
Others in Other Operating Income	-19.4	-26.3	-	-	-
Adjustment for Other Operating Income	0.0	0.0	-	-	-
Loss on Foreign Currency	120.3	127.5	-	-	-
Loss on Derivative Transactions	61.0	74.7	-	-	-
Loss on Valuation of Derivatives	6.9	6.3	-	-	-
Commissions, Other Operating	3.5	1.9	-	-	-
Others in Other Operating Expense	40.3	105.5	-	-	-
Adjustment for Other Operating Expense	0.0	0.0	-	-	-
Total Operating Expense	10,716.1	12,114.8	22,327.3	23,598.1	23,169.6
Interest Income	31.2	46.8	54.6	84.8	36.7
Dividend Income	2.2	2.0	3.9	8.9	5.8
G-Foreign Currency Transaction	-	-	172.3	305.3	43.6
G-Foreign Exchange Translation	-	-	71.1	43.2	7.4
G-LT Investment Stock Disposal	-	-	177.3	200.9	17.7
G-Disp Tang. Ast	-	-	49.2	42.8	31.3
G-Derivatives Valuation	-	-	24.2	173.6	9.4
G-Derivatives Trade	-	-	206.5	289.6	22.4
Other Non-Op. Income	-	-	188.9	284.7	96.2
Interest Expenses	-269.9	-253.6	-340.7	-395.3	-323.9
Interest Capitalized	8.4	8.9	-	-	-
L-Trade Receivables Disposal	-	-	-12.3	-13.0	-18.1
Loss Disp Tang. Ast	-	-	-12.9	-10.9	-49.1
L-Tangible Asst Valu	-	-	-12.0	-2.8	-37.6
L-Derivatives Valuation	-	-	-65.7	-235.8	-4.8
L-Derivatives Trade	-	-	-188.9	-266.3	-25.3
L-Foreign Currency Transaction	-	-	-226.4	-431.4	-43.4
L-Foreign Exchange Translation	-	-	-15.2	-235.0	-10.8
L-LT Investment Stock Disposal	-	-	-75.2	-52.1	-0.3
L-LT Investment Stock Reduction	-	-	-82.2	-78.8	-1.6
Fee & Charges Exp	-	-	-6.3	-11.9	-23.5
Other Non-Op Expense	-	-	-169.0	-347.7	-116.2
Gain-Disposal of Equity Method Sec.	-	-	2.2	0.2	50.6
Loss-Valuation of Equity Method Sec.	-	-	-2.7	-	-1.3
Gain under Equity Method	-	-	132.2	9.3	129.6
Loss under Equity Method	-	-	-46.0	-102.0	-5.4
Adjustment for Finance Income	0.0	0.0	-	-	-
Adjustment for Financial Expense	0.0	0.0	-	-	-
Gain/Loss under Equity Method	215.7	321.3	-	-	-
Other Non-Operating Income/Loss	-3.1	712.6	-	-	-
Net Income Before Taxes	267.5	1,239.0	998.7	413.3	994.4
Provision for Income Taxes	183.1	225.1	278.4	100.9	377.6
Net Income After Taxes	84.4	1,013.9	720.4	312.4	616.7
Earning Before Acquisition of Subsidiary	-	-	8.1	102.2	-49.0
Minority Interest	37.0	-20.1	-287.9	-148.3	-324.8
Net Income Before Extra. Items	121.4	993.8	440.5	266.4	242.9
Loss on Discontinued Operations	-	-	-1.9	-	-1.9
Net Income	121.4	993.8	438.6	266.4	241.0
Preferred Dividends	-	-	-0.2	-1.9	-0.3
Participated Preferred Dividends	-0.9	-6.9	-2.8	-	-
Reversal of Consolidation Adjust. Debts	0.0	0.0	-	-	-
Income Available to Com Excl ExtraOrd	120.6	986.9	437.5	264.5	242.6
Income Available to Com Incl ExtraOrd	120.6	986.9	435.6	264.5	240.7
Basic Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Basic EPS Excluding ExtraOrdinary Items	1.75	14.29	6.35	3.93	3.53
Basic EPS Including ExtraOrdinary Item	1.75	14.29	6.32	3.93	3.51
Dilution Adjustment	0.0	0.0	-	-	-
Diluted Net Income	120.6	986.9	435.6	264.5	240.7
Diluted Weighted Average Shares	69.1	69.1	68.9	67.4	68.7
Diluted EPS Excluding ExtraOrd Items	1.75	14.29	6.35	3.93	3.53
Diluted EPS Including ExtraOrd Items	1.75	14.29	6.32	3.93	3.51
DPS-Common Stock	0.41	0.52	0.47	0.45	0.54
Gross Dividends - Common Stock	-	35.8	32.5	30.6	36.3
Normalized Income Before Taxes	267.5	1,239.0	956.0	350.5	1,016.0
Inc Tax Ex Impact of Sp Items	183.1	225.1	271.7	96.3	391.3
Normalized Income After Taxes	84.4	1,013.9	684.3	254.3	624.8
Normalized Inc. Avail to Com.	120.6	986.9	401.4	206.3	250.6
Basic Normalized EPS	1.75	14.29	5.83	3.06	3.65
Diluted Normalized EPS	1.75	14.29	5.83	3.06	3.65
Interest Expense, Supplemental	261.5	244.7	340.7	395.3	323.9
Interest Capitalized, Supplemental	-8.4	-8.9	-	-	-
Rental Expense, Supplemental	60.2	67.6	21.3	26.9	42.0
Advertising Expense	18.0	10.8	67.2	83.0	93.2
Research & Development Exp	34.1	47.3	51.6	-	93.9
Depreciation, Supplemental	92.8	73.1	269.8	384.1	342.8
Amort of Intangibles, Supplemental	12.0	12.1	32.4	27.9	29.8
Amortization of Acquisition Costs	-	-	32.8	22.8	29.5
Amortization of Neg-Acquisition Costs	-	-	-51.6	-66.6	-43.8

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Income Statement As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	3 Months	3 Months	3 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1131.034971	1145.271505	1082.999462	1083.436022	1120.28956
Sales Revenue-Non-Finance	2,371.8	2,978.2	2,843.1	2,726.2	2,397.8
Sales Revenue on Finance	16.0	13.2	13.4	12.5	11.5
Total Revenue	2,387.8	2,991.4	2,856.5	2,738.7	2,409.3
Cost of Non-Finance Revenue	2,166.2	2,772.2	2,613.7	2,509.5	2,220.3
Cost of Finance Revenue	12.2	11.8	14.4	8.8	14.7
Selling and Administrative Expenses	132.3	183.1	134.5	114.5	120.0
Other Operating Income	-47.1	-30.3	-104.2	-55.1	-52.0
Other Operating Expense	54.1	27.2	105.5	60.0	41.7
Total Operating Expense	2,317.7	2,964.0	2,763.9	2,637.7	2,344.6
Finance Income	7.3	5.2	12.1	8.6	7.6
Interest Expenses	-63.8	-65.8	-65.7	-67.4	-62.6
Gain/Loss under Equity Method	80.5	8.5	55.7	126.1	28.7
Other Non-Operating Income/Loss	-2.2	1.7	-2.3	-0.3	-2.3
Net Income Before Taxes	92.0	-22.9	92.3	168.0	36.2
Provision for Income Taxes	17.2	49.3	40.3	38.2	54.7
Net Income After Taxes	74.8	-72.1	52.0	129.8	-18.6
Minority Interest	2.4	6.1	-1.2	-2.0	33.5
Net Income Before Extra. Items	77.2	-66.0	50.7	127.8	15.0
Net Income	77.2	-66.0	50.7	127.8	15.0
Participated Preferred Dividend	-0.6	0.5	-0.3	-0.9	-0.1
Miscellaneous Earnings Adjustment	0.0	0.0	0.0	0.0	-
Income Available to Com Excl ExtraOrd	76.7	-65.6	50.4	126.9	14.9
Income Available to Com Incl ExtraOrd	76.7	-65.6	50.4	126.9	14.9
Basic Weighted Average Shares	69.1	67.6	69.6	69.6	69.6
Basic EPS Excluding ExtraOrdinary Items	1.11	-0.97	0.72	1.82	0.21
Basic EPS Including ExtraOrdinary Item	1.11	-0.97	0.72	1.82	0.21
Dilution Adjustment	0.0	0.0	0.0	0.0	0.0
Diluted Net Income	76.7	-65.6	50.4	126.9	14.9
Diluted Weighted Average Shares	69.1	67.6	69.6	69.6	69.6
Diluted EPS Excluding ExtraOrd Items	1.11	-0.97	0.72	1.82	0.21
Diluted EPS Including ExtraOrd Items	1.11	-0.97	0.72	1.82	0.21
DPS-Common Stock	0.00	0.39	0.00	0.00	0.00
Gross Dividends - Common Stock	0.0	-	0.0	0.0	0.0
Normalized Income Before Taxes	92.0	-22.9	92.3	168.0	36.2
Inc Tax Ex Impact of Sp Items	17.2	49.3	40.3	38.2	54.7
Normalized Income After Taxes	74.8	-72.1	52.0	129.8	-18.6
Normalized Inc. Avail to Com.	76.7	-65.6	50.4	126.9	14.9
Basic Normalized EPS	1.11	-0.97	0.72	1.82	0.21
Diluted Normalized EPS	1.11	-0.97	0.72	1.82	0.21
Interest Expense, Supplemental	63.8	65.8	65.7	67.4	62.6
Depreciation, Supplemental	25.8	25.2	24.2	21.9	21.4
Amort of Intangibles, Supplemental	3.0	3.0	2.9	3.1	3.0
Interest Capitalized, Supplemental	-1.7	-2.8	-2.0	-1.9	-2.1
Research & Development Exp, Supplemental	4.8	20.5	5.0	4.8	2.9
Rental Expense, Supplemental	17.1	51.7	7.7	6.2	13.1
Advertising Expense, Supplemental	5.6	5.4	4.9	4.8	2.9

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Balance Sheet As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1152	1134.9	1164.475	1259.55	936.05
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Cash Equivalents	304.8	192.4	863.3	1,216.4	1,067.4
ST Finl Assets	-	-	104.9	153.0	217.0
Currency Futures	-	-	61.5	106.9	24.1
ST Financial Assets-Government Subsidy	-	-	-0.3	-	-
Current Securities Available-for-Sale	5.5	1.2	-	-	-
ST Investment Assets	-	-	3,645.2	2,897.3	3,446.9
Loans	24.9	12.7	153.5	66.4	42.2
ST Loan, Net-Reserve-Doubtful Account	-	-	-6.8	-	-
Trade Receivable, Gross	1,821.4	1,670.7	2,234.0	1,619.4	2,027.8
Allowance for Doubtful Accounts for Trad	-106.7	-70.0	-58.4	-43.5	-58.6
Present Value on Discount on Trade Recei	0.0	-0.1	-0.1	-	-
Account Receivables	83.4	66.1	289.9	313.6	62.0
Allowance for Doubtful Accounts for Acco	-1.1	-3.2	-	-	-
Doubtful Account	-	-	-144.3	-	-
Unbilled Constructions	385.8	424.9	-	-	-
Adjustment for Trade & Other Receivables	0.0	0.0	-	-	-
Prepaid Construc	-	-	118.4	70.7	14.5
Advance Payments	185.4	228.7	230.6	120.0	77.8
Allowance for Doubtful Accounts	0.0	0.0	0.0	-	-
Prepaid Expenses from Constructions	201.6	143.5	-	-	-
Prepaid Value Added Taxes	9.5	12.3	11.2	12.7	13.2
Prepaid Expenses	18.5	19.7	38.3	35.7	52.0
Current Tax Assets	0.8	0.6	2.6	3.5	24.7
Accrued Income	1.0	1.2	785.5	614.3	801.8
Allowance for Doubtful Accounts for Accr	0.0	0.0	-1.4	-	-
Deferred Income Tax	-	-	42.1	38.9	11.2
Deposits by Savings	8.6	22.3	-	-	-
Guarantee Deposits, Current Assets	0.3	2.1	-	-	-
Current Derivative Assets	5.8	13.5	-	-	-
Other Quick Asst	-	-	5.9	0.5	80.9
Merchandise	205.8	152.1	252.6	217.3	207.1
Allowance for Loss on Valuation of Merch	-5.4	-0.2	-6.1	-	-
Finished Goods	92.2	55.7	222.3	221.6	199.1
Allowance for Loss on Valuation of Finis	-1.9	-1.6	-6.4	-	-
Finished Residential Units, Current	-	-	7.7	0.1	-
Homes in Progres	-	-	5.8	63.3	92.1
Semi-finish Good	1.0	0.6	3.7	3.9	4.5
Allowance for Loss on Valuation of Semi-	-0.1	-0.1	-0.1	-	-
Works in Progress	200.1	158.5	327.3	279.2	365.7
Allowance for Valuation of Works in Prog	-0.2	0.0	-0.2	-	-
Raw Materials	163.2	166.9	128.0	115.1	123.7
Allowance for Loss on Valuation of Raw M	-1.0	-1.3	-1.0	-	-
Supplies	1.1	0.8	25.3	25.0	29.2
Paper	-	-	107.6	564.4	823.7
Goods in Transit	116.0	129.9	88.0	103.6	133.7
Display Materials	-	-	0.6	0.6	0.8
Current Assets Held for Sale	13.2	55.4	-	-	-
Adjustment for Other Financial Instrumen	0.0	0.0	-	-	-
Adjustment for Other Current Assets	0.0	0.0	-	-	-
Adjustment for Inventories	0.0	0.0	-	-	-
Total Current Assets	3,733.4	3,455.2	9,530.8	8,820.0	9,884.7
LT Finl Assets	-	-	1.5	1.7	4.3
Non-Current Bank Deposits	1.3	0.9	-	-	-
LT Investment Stock	-	-	22,581.8	18,363.1	24,674.0
Non-Current Securities Available-for-Sal	142.5	200.8	-	-	-
Affiliates Stock	-	-	559.3	476.8	651.3
Investment in Affiliates	5,044.2	4,984.3	-	-	-
Non-Current Loans	344.0	229.1	77.5	85.9	64.6
Present Value on Non-Current Loans	-21.9	-14.0	-	-	-
Allowance for Doubtful Accounts for Loan	-79.5	-77.2	-0.1	-	-
Other Inv Assets	-	-	3.3	6.9	5.9
Allowance for Doubtful Accounts for Guar	-0.1	-0.1	-0.5	-	-
Other Fixed Assets	-	-	6.6	8.8	-
Doubtful Account	-	-	0.0	-	-
Natural Resource Development Fund	-	-	12.6	8.6	-
LT Trade Rcvbls.	-	-	11.8	6.2	9.0
Doubtful Account	-	-	-1.7	-	-
Discount for Present Value	-	-	-0.3	-	-
LT Acct Rcvb Net	-	-	255.6	12.4	0.6
Doubtful Account	-	-	-85.1	-	-
Non-Current Deferred Income Taxes Assets	5.4	75.7	36.0	27.3	6.1
LT Prepaid Expenses	-	-	2.9	3.7	4.2
Prepaid-Obligatory Forestation Expense	-	-	2.0	0.3	-
Doubtful Account	-	-	-1.7	-	-
Security Fund	-	-	2.4	1.8	-
Inv.Real Estate	-	-	63.8	29.7	40.7
Depreciation	-	-	-1.7	-	-
Reduction	-	-	-7.6	-	-
Lands	1,378.8	1,365.1	3,032.1	2,696.1	3,051.7
Land-Reduction	-	-	-10.7	-9.9	-
Buildings	997.1	907.4	2,886.9	2,470.8	3,074.6
Buildings Depre.	-227.1	-200.9	-479.4	-333.9	-499.6
Buildings-Reduction	-	-	-1.2	-1.1	-18.1
Buildings-Government Subsidy	-0.1	-0.1	-0.2	-0.1	-0.2
Structures	238.4	209.5	335.6	291.7	359.4
Structure Depre.	-90.3	-81.6	-139.2	-111.4	-130.8
Tools & Equipments	211.9	189.9	725.2	588.5	770.6
Tool/Equip Depr.	-128.1	-120.4	-579.2	-447.1	-586.0
Tools & Equipments-Government Subsidy	-	0.0	0.0	0.0	-
Machineries & Equipments	315.2	278.3	1,835.4	1,563.4	2,024.3
Machineries & Equipments-Government Subs	-0.2	-0.2	-0.3	-0.3	-0.2
Machineries & Equipments-Depreciation	-216.2	-200.6	-1,094.2	-923.7	-1,102.0
Reduction Loss-Machinery/Equip.	-	-	-6.6	-	-2.6
Vehicles	47.2	45.8	37.7	34.2	42.1
Vehicles-Depreciation	-18.8	-15.1	-27.6	-23.3	-28.2
Condominiums	-	-	355.5	332.9	442.0
Condominiums-Depreciation	-	-	-64.9	-53.2	-62.2
Display Equip.	-	-	0.8	1.4	2.0
Display Equipments-Depreciation	-	-	-0.8	-1.2	-15.3
Construction	49.9	87.5	697.8	483.6	413.4
Construction in Progress-Government Subs	-	-	-9.0	-	-
Mach.In Transit	-	-	2.8	1.6	0.8
Timberland	-	-	1.7	1.4	1.9
Other Property Plant & Equipment	125.4	92.3	83.7	47.8	59.9
Other Tangible Assets-Depreciation	-24.4	-20.4	-	-	-
Other Property Plant & Equipment-Reducti	-	0.0	-	-	-
Other Property Plant & Equipment-Governm	0.0	-	-	-	-
Usage Rights Adjustment, Total	-	-	-216.4	-211.8	-299.6
Land Use Rights	-	-	-	0.0	1.0
Indust.-Patent	-	-	-	3.6	7.3
Other Intangible Assets	39.5	27.0	247.7	32.6	43.4
Govt Subsidy	-	-	-132.7	-	-
Neg Goodwill	-	-	-178.8	-239.0	-399.8
Goodwill	60.8	67.1	279.6	172.2	115.2
Membership Rights	22.4	18.8	-	-	-
Development Costs	59.1	56.1	97.1	86.2	115.1
Govt Subsidy	-	-	-4.5	-	-
Non-Current Other Receivables-Finance	0.2	1.9	-	-	-
Insurance Rcvbls	-	-	301.3	226.7	135.4
Doubtful Account	-	-	-3.5	-	-
Stock Receivable	-	-	5.9	14.8	36.5
Doubtful Account	-	-	-0.2	-	-
Accrued Income-Finance	5.1	8.8	-	-	-
Loans-Finance	452.3	412.8	11,999.8	9,995.8	12,031.0
Doubtful Account	-	-	-238.0	-	-
Separate Acct-Dr	-	-	-	-	0.0
Separate A-Asst	-	-	9,473.6	7,149.7	8,051.2
Receivable upon Indemnity	-	-	27.4	7.5	10.1
Non-Current Deposits-Finance	9.1	11.0	389.5	331.7	408.5
Discount for Present Value for Guarantee	-6.0	-7.0	-	-	-
Policy Acquistn	-	-	2,554.1	2,369.5	3,112.5
Enrollment Rgt	-	-	1.8	1.7	2.2
Other Non-Current Assets	3.3	3.8	-	-	8.9
Guarantee Deposits, Non-Current Assets	78.0	85.5	32.9	91.0	96.8
Non-Current Derivatives Assets	0.9	0.0	-	-	-
Stock Deposits	-	-	158.8	125.8	160.8
Insurance Deposits	-	-	829.2	586.6	-
payable Deposits	-	-	11.7	11.9	-
Error	-	-	-	-	13.8
Non-Current Trade & Other Receivables	100.0	99.1	-	-	-
Investment in Properties	320.3	632.1	-	-	-
Securities Available-for-Sale for Financ	60.2	48.4	-	-	-
Securities Held-to-Maturities for Financ	0.7	21.0	-	-	-
Investment in Properties for Finance	-	3.2	-	-	-
Other Assets for Finance	12.6	5.7	-	-	-
Adjustment for Other Non-Current Financi	0.0	0.0	-	-	-
Adjustment for Property, Plant & Equipme	0.0	0.0	-	-	-
Adjustment for Intangible Assets	0.0	0.0	-	-	-
Adjustment for Non-Current Loans & Other	0.0	0.0	-	-	-
Total Assets	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
Trade Payables	1,081.2	941.2	1,430.3	1,199.6	1,467.9
Other Payables	147.4	126.2	353.9	306.0	428.1
Dividend Payable	-	-	0.0	0.0	0.0
Current Tax Liabilities	27.7	38.9	116.4	208.3	167.6
Accrued Expenses	69.5	54.6	284.9	199.7	236.9
Advance from Customers	204.0	182.7	574.0	289.1	527.9
Prepaid Income	24.0	25.6	16.6	14.2	16.7
Overbilled Constructions	521.6	274.1	-	-	-
Withholdings	140.3	55.6	51.1	56.6	91.5
Value Added Taxes Withholdings	7.1	2.0	8.5	6.9	8.5
Guarantee Deposits Withholdings, Current	13.1	21.3	4.4	1.3	0.2
Current Borrowings	1,691.0	1,911.0	1,738.6	2,632.3	2,085.0
Current Port LTD	-	-	824.9	227.5	159.6
Bonds, Current Liabilities	529.4	818.8	1,410.5	987.0	814.7
Discount for Present Value, Current Liab	0.0	-0.1	-0.6	-	-
Current Derivatives Liabilities	4.9	2.5	30.4	72.0	12.1
Reserve for Current Liabilities	0.0	0.1	6.3	4.4	5.0
Construct L Res.	-	-	27.4	26.1	2.7
Current Financial Guarantee Contract Lia	29.6	27.3	-	-	-
Other Cur Liabs.	-	-	21.8	1.4	2.0
Deferred Income Tax Credits	-	-	1.2	1.1	3.7
Other Current Financial Liabilities	0.1	0.1	-	-	-
Adjustment for Trade & Other Payables	0.0	0.0	-	-	-
Adjustment for Current Borrowings	0.0	0.0	-	-	-
Adjustment for Other Current Financial L	0.0	0.0	-	-	-
Adjustment for Other Current Liabilities	0.0	0.0	-	-	-
Total Current Liabilities	4,491.0	4,482.0	6,900.6	6,233.4	6,030.0
Bonds	-	-	1,505.2	1,659.0	2,590.9
Discount on Issuance of Debentures	-	-	-4.5	-	-
Non-Current Borrowings	2,012.9	1,540.4	875.5	835.9	1,003.3
Discount for Present Value	-	-	-6.7	-	-
Capital Lse Pay.	-	-	0.0	0.0	0.0
Non-Current Borrowings for Finance	61.6	69.0	-	-	-
Total Long Term Debt	2,074.5	1,609.4	2,369.4	2,495.0	3,594.2
Derivatives	-	-	130.3	322.7	47.2
Non-Current Other Payables	12.5	11.1	10.6	6.8	8.7
LT Trade Account Payable	-	-	-	-	0.0
LT Sec Dep Wthhd	-	-	648.1	466.6	501.5
Member Gurnt Dep	-	-	49.4	0.5	2.0
LT Advance Rcvd	-	-	141.6	76.0	68.3
Long-term Provision for Other Estimated	-	-	9.7	4.4	10.6
Other Non-Current Liabilities	150.4	375.2	26.4	10.9	18.4
Deferred Income Taxes, Non-Current Liabi	660.9	716.0	657.4	321.0	695.7
Securities Withheld	-	-	-	8.0	200.2
Retire Reserve	-	-	617.1	407.6	548.7
hybrid Securiety	-	-	140.9	62.3	-
Call Money	-	-	104.0	23.8	-
Insurance Payable	-	-	295.2	217.3	103.6
Adv.Insuran Prem	-	-	26.4	21.6	39.5
Reserve-Possible Obligations	-	-	36,976.1	30,998.8	39,713.4
Reserve-Risk Compensation	-	-	-	-	1.4
Policyholder Adj	-	-	135.9	92.2	5.3
Separate Acct-Cr	-	-	-	-	0.0
Separate A-Liab	-	-	9,710.0	7,359.7	8,582.0
Security Deposit, LT	-	-	648.2	408.5	-
Discount for Present Value	-	-	-216.4	-	-
Return Receivables	-	-	1,980.1	1,720.4	1,874.5
Deferred Income Taxes, Non-Current Liabi	0.2	0.1	-	26.8	13.6
Minority Interests	324.0	379.3	3,134.5	2,567.2	3,447.2
Deposit-Retirement Insurance	-	-	-186.4	-	-
Transfer to National Pension Fund	-	-	-5.7	-	-
Other Non-Current Liabilities for Financ	3.8	2.3	36.5	-	-
Other Non-Current Financial Liabilities	483.5	474.3	-	-	-
Non-Current Fixed Benefit Liabilities	242.8	187.9	-	-	-
Non-Current Provisions	39.0	23.2	-	-	-
Deposits for Finance	481.1	489.4	-	-	-
Non-Current Provisions for Finance	0.7	0.9	-	-	-
Fixed Benefit Liabilities for Finance	1.3	1.1	-	-	-
Other Non-Current Financial Liability fo	13.6	13.9	-	-	-
Total Liabilities	8,979.2	8,766.2	64,339.9	53,851.7	65,506.0
Common Stock	-	-	321.9	297.6	400.4
Preferred Stock	-	-	2.1	1.9	2.6
Other Capital Surplus	-	-	252.4	-	-
Cons Capital Sur	-	-	68.3	369.4	238.6
Reserve for Assets Revaluation	-	-	67.3	-	-
Legal Reserve	-	-	14.5	-	-
Voluntary Reserve	-	-	805.3	-	-
Retained Earnings or Accumulated Deficit	3,417.6	3,424.4	418.7	878.8	908.8
L-ST Investment Asset Valuation	-	-	-0.2	9.9	30.1
G-LT Investment Stock Valuation	-	-	57.9	12.6	-12.8
Capital Change, Equity Method	-	-	2.0	0.3	-1.5
Capital Change, Equity Method (Loss)	-	-	-0.8	-0.8	21.1
Overseas Business Translation Debit	-	-	-68.8	3.6	9.0
L-Derivatives Valuation	-	-	60.8	-1.6	46.5
Other Capital Adjustment	-4.1	-4.2	-55.9	-92.4	-203.0
Treasury Stock	-18.0	-18.3	-17.8	-113.5	-152.7
Capital Stock	327.4	332.4	-	-	-
Capital Surplus	346.8	356.0	-	-	-
Accumulated Other Comprehensive Income	-2.3	29.6	-	-	-
Adjustment for Capital Adjustment	0.0	0.0	-	-	-
Total Equity	4,067.4	4,119.9	1,927.7	1,365.9	1,287.0
Total Liabilities & Shareholders' Equity	13,046.6	12,886.1	66,267.6	55,217.5	66,793.0
S/O-Common Stock	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
T/S-Common Stock	5.9	5.9	5.9	5.9	5.9
S/O-Preferred Stock	0.5	0.5	0.5	0.5	0.5
S/O-Preferred Stock (New Form)	0.0	0.0	-	-	-
Total Preferred Shares Outstanding	0.5	0.5	0.5	0.5	0.5
T/S-Preferred Stock	0.0	0.0	0.0	-	-
T/S-Preferred Stock (New Form)	0.0	0.0	-	-	-
Accumulated Intangible Amort, Suppl.	38.7	55.6	-	-	-
Deferred Revenue - Long Term	151.1	375.9	-	-	-
Deferred Revenue, Current	228.0	208.2	590.6	303.3	544.6
Employees	3,642	3,422	3,164	3,031	2,877
Number of Common Shareholders	-	44,689	39,291	60,188	32,401
Long Term Debt Maturing within 1 Year	-	-	824.9	226.6	159.6
Long Term Debt Maturing within 2 Years	-	-	382.6	308.5	2,136.5
Long Term Debt Maturing within 3 Years	-	-	227.0	188.2	328.2
Long Term Debt Maturing within 4 Years	-	-	81.2	144.1	1,661.2
Long Term Debt Maturing within 5 Years	-	-	81.1	56.8	171.4
Long Term Debt Remaining Maturities	-	-	103.5	147.9	119.3
Total Long Term Debt, Supplemental	-	-	1,700.3	1,072.1	4,576.1
Capital Lease Maturing within 1 Year	-	-	0.1	0.0	0.1
Capital Lease Maturing within 5 Years	-	-	0.0	0.1	0.1
Interest Costs	-	-	0.0	0.0	0.0
Total Capital Leases	-	-	0.1	0.1	0.2
Operating Lease Maturing within 1 Year	-	-	2.6	1.1	1.3
Operating Lease Maturing within 5 Years	-	-	4.5	1.0	0.5
Operating Lease Remaining Maturities	-	-	2.1	-	1.8
Total Operating Leases	-	-	9.2	2.1	3.6

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Balance Sheet As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Updated Normal 31-Mar-2011
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1138.093549	1152	1178.05	1067.65	1096.95
Cash & Cash Equivalents	321.5	304.8	247.7	269.4	244.2
Cash and Cash Equivalent for Finance	-	-	65.4	52.8	58.5
Deposits by Savings	14.8	8.6	16.5	33.3	86.4
Accrued Income	1.2	1.0	1.0	0.9	1.0
Allowance for Doubtful Accounts for Accr	0.0	0.0	-	0.0	0.0
Loans	25.8	24.9	35.7	12.9	14.3
Guarantee Deposits, Current Assets	0.3	0.3	0.3	0.3	0.2
Current Derivative Assets	2.2	5.8	13.3	24.1	23.3
Adjustment for Other Financial Instrumen	0.0	0.0	0.0	0.0	0.0
Current Securities Available-for-Sale	6.9	5.5	4.9	5.1	1.4
Trade Receivable, Gross	1,692.9	1,821.4	1,581.7	1,342.5	1,488.3
Allowance for Doubtful Accounts for Trad	-118.2	-106.7	-83.8	-91.4	-88.9
Present Value on Discount on Trade Recei	0.0	0.0	0.0	0.0	-0.1
Account Receivables	95.4	83.4	96.5	103.5	115.1
Allowance for Doubtful Accounts for Acco	-1.1	-1.1	-0.9	-1.2	-3.4
Unbilled Constructions	422.0	385.8	513.9	703.4	552.4
Adjustment for Trade & Other Receivables	0.0	0.0	0.0	0.0	0.0
Advance Payments	268.9	185.4	193.7	227.7	205.2
Allowance for Doubtful Accounts	0.0	0.0	0.0	0.0	0.0
Prepaid Expenses from Constructions	157.4	201.6	211.8	203.3	166.2
Prepaid Expenses	18.7	18.5	18.1	19.6	18.9
Current Tax Assets	1.2	0.8	1.5	0.9	0.6
Finance-Prepaid Income Tax	-	-	0.9	0.6	0.5
Prepaid Value Added Taxes	8.8	9.5	16.5	11.3	12.3
Adjustment for Other Current Assets	0.0	0.0	0.0	0.0	0.0
Finished Goods	75.6	92.2	105.1	98.3	80.0
Allowance for Loss on Valuation of Finis	-1.9	-1.9	-1.4	-1.6	-1.6
Merchandises	184.6	205.8	210.7	180.7	184.9
Allowance for Loss on Valuation of Merch	-2.0	-5.4	-2.0	-2.2	-0.2
Semi-finished Goods	0.8	1.0	0.7	0.9	0.7
Allowance for Doubtful Account for Loss	-0.1	-0.1	-0.2	-0.3	-0.1
Works in Progress	242.5	200.1	208.0	214.1	186.3
Allowance for Valuation of Works in Prog	-0.2	-0.2	-0.1	-0.1	0.0
Raw Materials	182.5	163.2	178.3	192.3	169.4
Allowance for Loss on Valuation of Raw M	-1.0	-1.0	-0.9	-1.2	-1.2
Goods in Transit	152.6	116.0	64.6	96.1	120.0
Supplies	1.3	1.1	1.2	1.4	1.1
Adjustment for Inventories	0.0	0.0	0.0	0.0	0.0
Current Assets Held for Sale	28.8	13.2	35.8	49.8	67.8
Total Current Assets	3,782.2	3,733.4	3,734.7	3,747.4	3,703.2
Non-Current Bank Deposits	1.3	1.3	1.3	1.0	0.9
Loans	318.5	344.0	340.7	320.0	254.3
Allowance for Doubtful Accounts for Loan	-80.2	-79.5	-75.9	-83.0	-80.2
Present Value on Non-Current Loans	-20.1	-21.9	-21.7	-23.1	-15.3
Guarantee Deposits, Non-Current Assets	77.2	78.0	78.5	85.0	86.0
Allowance for Doubtful Accounts for Guar	-0.1	-0.1	-0.1	-0.2	-0.1
Discount for Present Value for Guarantee	-6.2	-6.0	-6.2	-7.6	-7.0
Non-Current Derivatives Assets	0.7	0.9	0.7	-	-
Adjustment for Other Non-Current Financi	0.0	0.0	0.0	0.0	0.0
Non-Current Securities Available-for-Sal	148.3	142.5	165.7	201.2	199.4
Non-Current Trade Receivables	110.2	-	94.4	104.7	103.4
Allowance for Doubtful Accounts for Non-	-3.1	-	-2.7	-3.0	-2.5
Present Value Discount for Non-Current T	0.0	-	-0.1	0.0	0.0
Non-Current Other Receivables	111.6	0.2	108.0	119.2	116.0
Allowance for Doubtful Accounts for Non-	-111.4	-	-107.7	-118.8	-115.6
Adjustment for Non-Current Trade & Other	0.0	-	0.0	0.0	0.0
Investments in Joint Ventures and Associ	-	-	-	-	5,167.4
Investment in Properties	324.7	320.3	612.7	667.2	649.9
Lands	1,386.6	1,378.8	1,326.2	1,453.0	1,409.9
Buildings	-	997.1	966.1	1,033.4	945.6
Buildings-Depreciation	-	-227.1	-214.8	-228.1	-214.6
Buildings-Government Subsidy	-	-0.1	-0.1	-0.1	-0.1
Structures	-	238.4	229.2	247.3	218.9
Structures-Depreciation	-	-90.3	-86.1	-91.6	-86.7
Machineries & Equipments	-	315.2	301.7	308.6	290.7
Machineries & Equipments-Depreciation	-	-216.2	-206.2	-221.6	-212.5
Machineries & Equipments-Government Subs	-	-0.2	-0.2	-0.2	-0.2
Vehicles	-	47.2	46.1	49.8	47.9
Vehicles-Depreciation	-	-18.8	-17.4	-17.8	-16.6
Tools & Equipments	-	211.9	202.5	-	199.6
Tools & Equipments-Depreciation	-	-128.1	-122.9	-	-127.5
Tools & Equipments-Government Subsidy	-	-	0.0	-	0.0
Construction in Progress	-	49.9	45.8	69.0	122.9
Other Property Plant & Equipment	1,283.1	125.4	104.6	111.4	100.6
Other Tangible Assets-Depreciation	-	-24.4	-22.1	-25.2	-22.2
Other Property Plant & Equipment-Governm	-	0.0	-	-	-
Other Tangible Assets-Reduction	-	-	-	0.0	0.0
Adjustment for Property, Plant & Equipme	0.0	0.0	0.0	0.0	0.0
Development Costs	-	59.1	62.6	64.6	59.5
Membership Rights	-	22.4	22.2	23.9	19.3
Other Intangible Assets	125.0	39.5	35.7	30.3	29.2
Goodwill	13.8	60.8	10.5	11.6	11.3
Adjustment for Intangible Assets	0.0	0.0	0.0	0.0	0.0
Non-Current Prepaid Expenses	2.9	-	3.1	3.5	3.7
Other in Other Non-Current Assets	0.1	-	0.3	0.3	0.1
Adjustment for Other Non-Current Assets	0.0	-	0.0	0.0	0.0
Non-Current Deferred Income Taxes Assets	4.6	5.4	6.0	36.9	36.4
Securities Available-for-Sale for Financ	61.1	60.2	67.2	74.8	52.9
Guaranteed Loans Maturities	1.2	-	1.4	1.4	1.2
Securities guaranteed loans	282.8	-	211.1	227.5	213.6
Allowance for Securities guaranteed loan	-48.5	-	-44.1	-44.2	-54.7
Real Estate Guarantee for Loans	113.2	-	121.6	138.3	141.5
Allowance for Real Estate Guarantee for	-20.0	-	-20.8	-27.4	-30.0
Credit Loans	141.9	-	95.6	132.3	111.0
Allowance for Doubtful Account for Credi	-9.4	-	-13.5	-25.8	-23.7
Acceptance loans	45.8	-	36.5	44.8	56.3
Allowance for Doubtful Account for Accep	-0.4	-	-0.8	-6.4	-6.6
Non-Current Loans-Finance	-0.4	452.3	-0.2	-	0.2
Non-Current Deposits-Finance	13.5	9.1	9.0	10.0	9.6
Non-Current Other Receivables-Finance	0.3	-	0.1	0.5	0.2
Accrued Income-Finance	5.7	5.1	4.8	7.9	7.3
Adjustment for Non-Current Loans & Other	0.0	0.0	0.0	0.0	0.0
Investment in Properties for Finance	-	-	-	-	3.3
Lands-finance	3.9	-	-	-	-
Other Property Plant & Equipment -financ	3.0	-	-	-	-
Adjustment for Property, Plant & Equipme	0.0	-	-	-	-
Other Intangible Assets-Finance	0.3	-	0.5	0.5	0.5
Goodwill-Finance	47.8	-	54.2	59.8	58.2
Adjustment for Intangible Assets-Finance	0.0	-	0.0	0.0	0.0
Advance Payments-Finance	-	-	0.0	0.1	0.0
Prepaid Expense-Finance	-	-	0.2	0.0	0.0
Other Finance Assets-Finance	-	-	4.4	4.1	2.9
Adjustment for other Finance Assets	-	-	0.0	0.0	0.0
Investment in Affiliates	5,138.7	5,044.2	4,891.1	5,361.4	-
Tools & Fixtures	-	-	-	217.9	-
Accumulated Depreciation for Tools & Equ	-	-	-	-134.0	-
Government Subsidy for Tools & Equipment	-	-	-	0.0	-
Allowance for Guaranteed Loan Maturity	-	-	-	0.0	-
Other Loan	-	-	-	-0.5	-
Assets Held for Sale-Finance	-	-	3.1	3.4	-
Non-Current Trade & Other Receivables	-	100.0	-	-	-
Other Non-Current Assets	-	3.3	-	-	-
Securities Held-to-Maturities for Financ	0.6	0.7	-	-	-
Other Assets for Finance	5.0	12.6	-	-	-
Total Assets	13,255.6	13,046.6	13,036.7	13,915.5	13,418.8
Trade Payables	793.0	1,081.2	777.7	876.3	900.6
Other Payables	158.5	147.4	146.2	108.5	93.1
Gross Amount Due to Customers for Contra	-	-	484.2	488.3	269.8
Adjustment for Trade & Other Payables	0.0	0.0	0.0	0.0	0.0
Current Borrowings	2,022.5	1,691.0	2,020.2	2,459.3	3,091.2
Other Current Borrowings	4.7	-	-	-	-
Bonds, Current Liabilities	376.8	529.4	517.6	-	-
Adjustment for Current Borrowings	0.0	0.0	0.0	-	-
Current Derivatives Liabilities	4.0	4.9	9.1	2.9	8.7
Guarantee Deposits Withholdings, Current	7.8	13.1	19.9	21.7	21.8
Discount for Present Value, Current Liab	-0.1	0.0	0.0	-	-0.1
Accrued Expenses	41.3	69.5	43.9	49.7	44.7
Current Financial Guarantee Contract Lia	26.3	29.6	33.7	41.6	33.9
Other Current Financial Liabilities	0.1	0.1	0.0	0.1	0.1
Adjustment for Other Current Financial L	0.0	0.0	0.0	0.0	0.0
Reserve for Current Liabilities	-	0.0	0.0	0.1	0.1
Overbilled Constructions	542.7	521.6	-	-	-
Advance from Customers	208.9	204.0	331.3	274.1	213.8
Withholdings	168.1	140.3	67.8	82.0	65.2
Value Added Taxes Withholdings	6.4	7.1	10.2	5.3	10.3
Unearned Income	26.8	24.0	25.8	29.6	30.5
Dividend Payables	27.0	-	-	-	37.3
Adjustment for Other Current Liabilities	0.0	0.0	0.0	0.0	0.0
Current Tax Liabilities	40.0	27.7	58.7	103.5	98.0
Allowance for Security Deposit Withheld	-	-	-	0.0	-
Total Current Liabilities	4,454.7	4,491.0	4,546.3	4,542.8	4,919.0
Non-Current Borrowings	2,055.0	2,012.9	1,879.6	2,099.0	1,569.9
Non-Current Borrowings for Finance	57.3	61.6	59.7	69.0	66.6
Total Long Term Debt	2,112.3	2,074.5	1,939.3	2,167.9	1,636.5
Non-Current Trade & Other Payables	12.4	12.5	11.7	12.3	11.9
Non-Current Derivatives Liabilities	0.6	-	0.3	4.1	1.9
Guarantee Deposits Withholdings, Non-Cur	730.5	-	689.1	755.0	723.9
Present Value Discount	-230.6	-	-221.2	-247.2	-240.9
Other Non-current Financial Liabilities	0.3	483.5	0.4	0.4	0.4
Adjustment for Other Non-Current Financi	0.0	-	0.0	0.0	0.0
Non-Current Fixed Benefit Liabilities	248.8	242.8	193.9	209.2	198.5
Non-Current Provisions	41.6	39.0	29.8	32.4	30.6
Non-Current Advance from Customers	0.0	0.0	205.8	228.4	224.2
Non-Current Unearned Income	156.8	150.4	147.0	164.8	160.3
Adj. for Other Non-current Liabilities	0.0	0.0	0.0	0.0	0.0
Deposits for Finance	567.1	481.1	465.2	501.7	462.2
Deferred Income Taxes, Non-Current Liabi	664.6	660.9	593.7	681.9	667.5
Other Payable-Finance	-	-	-	-	12.6
Other Non-Current Financial Liability fo	14.7	13.6	11.0	0.3	0.2
Adj for Other Non-Current Fin Lia-Financ	-	-	-	0.0	0.0
Non-Current Provisions for Finance	1.1	0.7	0.8	1.1	1.5
Non-Current Unearned Income -Fianance	0.6	0.8	0.8	0.9	1.1
Other Liabilities-Finance	5.0	3.0	2.7	2.8	1.9
Adj. for Other Non-current Liabilities-F	0.0	0.0	0.0	0.0	0.0
Fixed Benefit Liabilities for Finance	1.4	1.3	1.1	1.2	1.1
Deferred Income Taxes, Non-Current Liabi	0.3	0.2	0.1	0.1	0.1
Minority Interests	326.6	324.0	324.1	359.1	352.5
Accrued Expenses-Finance	-	-	-	15.4	-
Total Liabilities	9,108.8	8,979.2	8,941.9	9,434.6	9,167.1
Capital Stock	331.4	327.4	320.2	353.3	343.9
Additional Paid-in Capital	-	-	67.5	74.5	72.5
Reserve for Assets Revaluation	-	-	52.2	57.6	56.0
Other Capital Surplus	-	-	222.2	245.1	238.6
Adjustment for Capital Surplus	-	-	0.0	0.0	0.0
Treasury Stock	-18.2	-18.0	-17.6	-19.4	-18.9
Other Capital Adjustment	-4.1	-4.1	-4.0	-4.4	-4.3
Adjustment for Capital Adjustment	0.0	0.0	0.0	0.0	0.0
Accumulated Other Comprehensive Income	-22.6	-2.3	-3.4	10.1	28.0
Retained Earnings or Accumulated Deficit	3,509.4	3,417.6	3,457.9	3,764.1	3,536.0
Capital Surplus	351.1	346.8	-	-	-
Total Equity	4,146.9	4,067.4	4,094.9	4,480.9	4,251.8
Total Liabilities & Shareholders' Equity	13,255.6	13,046.6	13,036.7	13,915.5	13,418.8
S/O-Common Stock	69.1	69.1	69.1	69.1	69.1
Total Common Shares Outstanding	69.1	69.1	69.1	69.1	69.1
T/S-Common Stock	5.9	5.9	5.9	5.9	5.9
S/O-Preferred Stock	0.5	0.5	0.5	0.5	0.5
S/O-Preferred Stock (New Form)	0.0	0.0	-	-	-
Total Preferred Shares Outstanding	0.5	0.5	0.5	0.5	0.5
T/S-Preferred Stock	0.0	0.0	0.0	0.0	0.0
T/S-Preferred Stock (New Form)	0.0	0.0	-	-	-
Deferred Revenue, Current	235.7	228.0	357.1	303.7	244.4
Deferred Revenue - Long Term	156.8	151.1	353.5	895.8	847.8
Accumulated Intangible Amort, Suppl.	41.2	38.7	36.8	34.6	30.8
Full-Time Employees	3,778	3,642	3,721	3,564	3,493
Long Term Debt Maturing within 1 Year	-	-	2,607.7	-	-
Long Term Debt Maturing in Year 5	-	-	1,877.3	-	-
Long Term Debt - Remaining Maturities	-	-	112.0	-	-
Total Long Term Debt, Supplemental	-	-	4,597.0	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Annual Cash Flows As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months	12 Months	12 Months
UpdateType/Date	Updated Normal 31-Dec-2011	Restated Normal 31-Dec-2011	Reclassified Normal 31-Dec-2010	Updated Normal 31-Dec-2008	Updated Normal 31-Dec-2007
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1107.891393	1156.281981	1276.385219	1100.562842	929.183333
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	KPMG LLP	KPMG LLP	KPMG LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	267.5	1,239.0	726.5	266.4	241.0
Depreciation	92.8	73.1	269.8	384.1	342.8
Amortization of Intangible Assets	12.0	12.1	13.6	32.0	59.4
Amortization of New Contract Cost	-	238.4	-	-	-
Expense of Allowance for Doubtful Accoun	53.4	196.1	59.3	89.7	38.9
Retirement and Severance Benefits	49.2	35.3	98.1	130.2	152.5
Interest&Dividend Income	-33.3	-48.8	-	-	-
Interest Expenses	261.5	244.7	1.8	3.3	2.9
Losses on Foreign Currency Translation	15.2	36.8	15.0	215.7	10.8
Provisions	21.1	6.6	-	-	-
Depreciation of Investment Properties	7.9	3.7	-	-	-
L-Trade Rcvbl Disp	-	-	12.3	13.0	18.1
Valuation Inventory	-	-	-	0.0	0.4
L-LT Investment Stock Disposal	-	-	75.3	52.1	0.3
L-LT Investment Stock Reduction	-	-	82.2	78.8	1.6
Gain/Loss on Disposal of Investment in A	-8.0	-791.3	-	-	-
Disp Tang Asst Loss	-	-	12.9	10.9	49.1
L-Tangible Asst Valu	-	-	12.0	2.8	37.6
Valuation of Equity	-	-	46.0	102.0	5.4
Loss-Disposal of Sec under Equity Method	-	-	2.7	-	1.3
Recovery Reserve for Policy	-	-	1,883.4	1,699.9	2,424.2
Amortization-New Contract Cost	-	-	1,154.5	1,298.0	1,463.4
L-Derivatives Valuation	-	-	65.7	235.8	4.8
Minority Interest	-	-	-	148.3	324.8
Other Adjustment for Non-cash Items	1.0	-104.8	419.1	462.6	63.8
G-Derivatives Valuation	-	-	-24.2	-173.6	-9.4
Gain/Loss under Equity Method	-215.7	-321.3	-2.2	-0.2	-50.6
Recovery-Inventory Valuation Loss	-	-	-18.9	-	-
Gain Disp Tang. Ast	-	-	-49.2	-42.8	-31.3
Gains on Foreign Currency Translation	-16.2	-7.7	-70.1	-43.1	-7.4
Interest Received	-	-	-62.5	-76.3	-37.7
Equity Earnings	-	-	-132.2	-9.3	-129.6
G-LT Investment Stock Disposal	-	-	-177.3	-200.9	-17.7
Miscellaneous Gains	-	-	-307.7	-325.5	-323.5
Inventory	-105.1	-15.6	525.0	-169.9	-401.3
Derivatives in Assets	-	-	49.3	-0.1	-
Trade Receivables	-189.2	-266.8	-157.1	1.4	-437.8
LT Trade Receivables	-	-	-2.8	0.8	-1.6
Accrued Income	-	-	-109.1	-16.3	-28.0
Loans and Other Receivables	-49.6	-177.6	-	-	-
Account Receivables	-	-	176.6	-450.5	457.3
LT Account Receivables	-	-	-143.4	-5.4	0.1
Prepaid Construction	-	-	-38.2	-31.9	17.0
Prepaid Expenses	-	-	0.3	4.0	-18.4
Advanced Payment	-	-	-91.9	40.3	133.9
Prepaid Taxes	-	-	1.0	13.6	-17.8
Derivatives	-	-	-	-	0.0
Prepaid VAT	-	-	2.3	0.8	-6.7
Other Financial Assets	-6.1	-1,231.6	-	-	-
Loans Receivables	-	-	-866.6	-812.0	-964.5
Receivable from Insurance	-	-	-47.9	-143.3	91.7
Separate Account Credit	-	-	-	-12.9	-60.6
Special Account Assets	-	-362.4	-2,232.4	-1,332.7	-2,154.1
New Contract Expenses	-	-	802.3	-1,362.5	-1,467.9
Other Receivables	42.7	78.2	-	-	-
Financial Assets Available-for-Sale	-14.3	118.1	-	-	-
Other Investment Assets	-	-	3.7	-784.0	-1,081.0
Deferred New Contract Expense	-	-167.5	-	-	-
Other Assets	-26.3	-51.3	-4.9	80.1	685.0
Trade Payables	148.8	73.8	-121.1	-269.4	91.3
Other Payable	291.0	-138.9	-20.9	-186.2	-206.8
Accrued Expenses	-	-	-62.9	3.0	13.6
Accrued Income Taxes	-	-	99.3	88.5	51.2
Reserve-Sales Return	-	-	-4.5	36.0	5.7
Unearnd Income	-	-	-1.2	-0.3	13.9
Advances Received	-	-	-238.3	-192.1	153.5
LT Advance Received	-	-	-54.2	29.8	10.7
Deposit Withheld	-	-	9.2	-71.2	-35.9
Security Deposit Withheld	-	-	-2.7	15.6	-
Security Deposits	-	-	-	-	0.0
Valu Add Tax Withhld	-	-	-1.0	0.0	-20.1
LT Security Deposit Withheld	-	-	-35.3	-3.1	-
Deferred Taxes-Liability	-	-	-289.0	-178.4	120.6
Other Current Liability	-	-	-18.5	108.4	21.5
Other Liabilities	118.7	25.0	-	-	-
Prepaid Expense-Employment Insurance	-	-	-2.8	-8.9	-14.3
Account Payable-Insurance	-	-	-54.8	159.7	6.0
Special Account Liability	-	161.3	-	-	-
Separate-Account Credit	-	-	-	-	-189.1
Separate Account Liabilitise	-	-	-935.5	1,109.6	2,593.5
Marketable Securities	-	-	-466.5	201.2	-627.4
LT Guarantee Deposits	-	-	-	-	0.0
Provisions	-4.4	-14.7	-	-	-
Other Financial Liabilities	16.6	12.9	-	-	-
National Pension	-	-	-0.8	1.0	1.1
Employ Benefits Liabilities	-28.3	-18.7	-97.4	-88.7	-86.4
Retirement Insurance Deposits	-	-	31.8	-46.2	-38.6
Reserve-Severance & Retirement Benefit	-	-	15.6	0.5	1.6
Overseas Business Translation Debit	-	-	-	-106.7	-0.1
Other Assets and Liabilities	28.2	-7.4	18.1	-146.2	97.8
Adjustment for Cash Flow from Operating	0.0	0.0	-	-	-
Financial Business Interest and Dividend	45.5	595.3	-	-	-
Cash Financial Business Interest Paid	-26.9	-26.2	-	-	-
Cash-Tax Paid	-153.0	-90.4	-	-	-
Cash from Operating Activities	596.7	-693.0	-261.2	-170.8	1,344.2
Dec-ST Finl Asset	-	-	816.5	2,014.8	335.1
Dec-ST Investment Assets	-	-	19.0	33.5	3.8
Dec-LT Finl Asset	-	-	701.4	55.8	234.1
Dec-LT Investment Stock	-	-	21.0	16.3	15.9
Decrease-Other Investment Assets	-	-	20.2	43.3	-
Dec-Affiliates Stock	-	-	81.9	17.9	416.4
Dec in ST Loans	-	-	-	-	80.1
Decrease in LT Loans	-	-	32.4	1.8	4.4
Decrease Acct Rcvbl.	-	-	-	-	0.0
Dec-Guarantee Dep	-	-	978.2	1,714.1	1,080.5
Dividend Received	116.2	64.6	-	-	-
Disposal of Land	-	-	721.7	180.3	65.4
Disposal of Building	-	-	84.0	94.4	1.2
Disposal Structure	-	-	2.7	0.1	0.0
Disposal Mach./Equip	-	-	26.2	5.8	0.5
Disposal Trans Equip	-	-	1.0	0.9	0.4
Disp Tools/Supplies	-	-	31.9	0.8	0.8
Disp-Display Equip.	-	-	-	0.0	0.0
Disposal-Trees	-	-	-	0.0	-
Disposal-Construction in Progress	-	-	40.0	28.7	-
Decrease-Other Non-Current Assets	-	-	6.3	38.3	-
Disp-Other Tangibles	-	-	2.4	0.3	6.6
Decrease-Industrial Property Right	-	-	-	1.9	-
Decrease-Development Cost	-	-	-	0.0	-
Dec-Dividend, Equity Method	-	-	12.9	8.9	6.6
Disposal of Intangible Assets	0.5	13.8	2.9	-	0.0
Disposal of Condo	-	-	-	0.2	-
Disposal Right-Land Lease	-	-	-	1.0	-
Dec-Loans Receivables	-	-	54.6	20.7	0.6
IP Others	-	-	71.8	7.0	33.2
Inc-ST Finl Asset	-	-	-764.5	-2,069.5	-418.7
Inc-ST Investment Asset	-	-	-83.3	-25.3	-46.8
Inc-LT Finl Asset	-	-	-861.3	-525.2	-403.8
Inc-LT Investment Stock	-	-	-157.4	-111.5	-117.4
Purchase of Investment in Affiliates	-29.8	-54.0	-97.9	-134.3	-50.3
Increase in ST Loans	-	-	-129.2	-47.0	-42.8
Increase in LT Loans	-	-	-20.6	-31.5	-42.6
Inc in Acct Rcvbl.	-	-	-	-	0.0
Inc in Guarant Depos	-	-	-885.7	-1,629.3	-969.6
Acquisition of Land	-	-	-14.0	-393.8	-472.6
Acquis. of Building	-	-	-18.1	-281.7	-130.5
Acq-Cando Building	-	-	-	-	0.0
Purch. of Structure	-	-	-6.0	-1.9	-4.4
Purch. of Mach/Equip	-	-	-24.5	-17.4	-8.3
Acq. of Trans Equip	-	-	-2.2	-4.4	-5.3
Acq. in Tools/Suppl.	-	-	-31.7	-50.9	-50.3
Acq-Display Equip.	-	-	-	-	0.0
Inc. Const. In Prog	-	-	-512.0	-724.5	-403.4
Inc-Mach. In Transit	-	-	-2.5	-3.6	-5.9
Acq-Other Tangibles	-	-	-29.5	-8.1	-13.3
Acq-Timberlands	-	-	-	-	0.0
Purchase of Intangible Assets	-36.4	-30.9	-	-	-
Acq-Industrial Patent	-	-	-	-0.2	-2.7
Inc-Development Expenses	-	-	-21.2	-22.4	-45.1
Acq-Other Intangibles	-	-	-30.7	-4.5	-32.1
Increase-Loans Receivables	-	-	-	-1.6	0.0
Increase-Other Non-Current Assets	-	-	-1.2	-46.7	-
Increase-Other Investment Assets	-	-	-25.5	-	-12.9
Othr Invest Outflow	-	-	-29.1	-42.5	-256.3
Purchase of Property, Plant and Equipmen	-252.9	-288.6	-	-	-
Disposal of Property, Plant and Equipmen	8.6	4.3	-	-	-
Purchase of Investment Properties	-14.3	-99.2	-	-	-
Disposal of Investment Properties	-	24.1	-	-	-
Purchase of of Assets Held for Sale	-13.6	-11.9	-	-	-
Disposal of Assets Held for Sale	24.8	-	-	-	-
Disposal of Other Financial Instruments	201.5	298.4	-	-	-
Purchase of Other Financial Instruments	-328.9	-353.9	-	-	-
Decrease in Deposit	-	1,078.9	-	-	-
Increase in Deposit	-	-1,606.4	-	-	-
Cash Interest Received	33.6	44.0	-	-	-
Others	0.1	0.1	-	-	-
Cash from Investing Activities	-290.6	-916.8	-19.1	-1,890.9	-1,249.3
Inc in ST Borrowings	-	-	2,435.5	32,454.7	10,644.3
Inc in LT Borrowings	-	-	126.5	274.0	686.9
Increase in Bonds	-	-	1,821.9	737.9	1,418.0
Increase in Current Bonds	-	-	-	-	0.0
Inc Guarantee Dep.	-	-	252.9	42.1	12.8
FP Inc Accrd Pay.	-	-	-	-	0.0
Inc/LT Accrd Payment	-	-	3.0	1.4	5.9
Increase in Minority Interest	9.7	1,099.7	-	140.8	11.1
Inc. Share Capital	-	-	386.3	339.6	32.4
FP Others	-	-	234.1	956.1	172.5
Repay Curr LT Liabs	-	-	-571.9	-358.2	-470.9
Dec of ST Borrowings	-	-	-3,447.0	-31,288.5	-10,680.7
Decrease-Capital Lease Payable	-	-	-	0.0	-
Dec in LT Borrowings	-	-	-158.9	-51.0	-161.8
Repayment of Bonds	-	-	-677.8	-425.4	-787.1
Dec in Accrued Pmts	-	-	-	-	0.0
Dec/LT Accrd Payment	-	-	-	-1.7	-1.7
Decr-Guarnt Deposit	-	-	-217.6	-159.4	-23.3
Decrease in Minority Interest	-	-	-	-126.5	-1,236.7
Dividend Paid	-37.7	-36.1	-58.4	-31.6	-128.8
FN Others	-	-	-676.8	-3.0	-4.7
Cash Inflow/Outflow from Foreign Currenc	-1.0	2.6	-	-	-
Increase-Consolidated Capital Surplus	-	-	329.4	-	-
Cash Inflow/Outflow from Consolidation S	-8.9	-117.1	28.7	35.2	9.1
Increase in Borrowings	3,608.6	4,065.1	-	-	-
Decrease in Borrowings	-3,522.9	-3,622.2	-	-	-
Decrease in Other Financial Liabilities	-2.2	11.2	-	-	-
Cash-Interest Paid	-231.8	-220.9	-	-	-
Cash from Financing Activities	-186.2	1,182.3	-189.9	2,536.3	-502.8
Foreign Exchange Effects	-	-	57.4	9.7	-29.3
Net Change in Cash	119.9	-427.5	-412.8	484.3	-437.2
Cash and Cash Equivalents at Beginning	197.0	616.3	1,200.4	907.8	1,512.5
Cash and Cash Equivalents at End	316.9	188.8	787.6	1,392.2	1,075.3
Cash Interest Paid	0.3	0.2	-	-	-
Cash Taxes Paid	153.0	90.4	-	-	-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Interim Cash Flows As Reported

Financials in: USD (mil)

Except for share items (millions) and per share items (actual units)

	31-Mar-2012	31-Dec-2011	30-Sep-2011	30-Jun-2011	31-Mar-2011
Period Length	3 Months	12 Months	9 Months	6 Months	3 Months
UpdateType/Date	Updated Normal 31-Mar-2012	Updated Normal 31-Dec-2011	Updated Normal 30-Sep-2011	Updated Normal 30-Jun-2011	Reclassified Normal 31-Mar-2012
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate (Period Average)	1131.034971	1107.891393	1095.603455	1101.856011	1120.28956
Net Income	92.0	267.5	294.4	202.0	36.2
Depreciation	25.8	92.8	67.5	43.3	21.4
Amortization of Intangible Assets	3.0	12.0	9.0	6.1	3.0
Interest and Dividend Income	-7.3	-	-28.2	-16.2	-7.6
Interest Expenses	63.8	-	195.6	129.9	62.6
Interest&Dividend Income	-	-33.3	-32.7	-21.7	-
Expenses of Allowance for Doubtful Accou	11.6	53.4	25.7	21.2	20.3
Depreciation-Investment Real Estate	0.4	7.9	6.2	3.9	1.9
Retirement and Severance Benefits	14.7	49.2	37.4	24.5	11.8
Provisions	3.5	21.1	11.0	9.5	7.8
Losses on Foreign Currency Translation	5.9	15.2	38.6	10.3	4.2
Gains on Foreign Currency Translation	-4.7	-16.2	-31.6	-11.1	-12.1
Gain on Valuation of Financial Instrumen	-4.3	-	-	-	-3.0
Gain/Loss under Equity Method	-80.5	-215.7	-209.2	-153.2	-28.7
Interest Expenses	-	261.5	21.6	14.0	-
Gain/Loss on Disposal of Investment in A	-	-8.0	-0.1	-0.1	-
Other Adjustment for Non-cash Items	-5.6	1.0	-7.7	2.0	0.7
Loss on Valuation of Financial Instrumen	0.9	-	-	-	-0.9
Loss-Sale of Investment in Affiliates	-	-	0.0	-	-
Other Receivables	-8.5	42.7	26.2	-3.8	-2.0
Inventories	-54.5	-105.1	-147.5	-79.7	-56.8
Securities Avaiable for Sale	2.3	-14.3	-23.8	-22.1	18.8
Loan and Other Receivables	-52.9	-49.6	10.6	-16.5	14.3
Trade Receivables	140.8	-189.2	-93.1	126.9	94.1
Other Financial Assets	-2.3	-6.1	1.9	5.1	3.3
Other Assets	-31.3	-26.3	-8.7	3.5	42.5
Trade Payables	-298.1	148.8	-118.3	-107.1	-65.9
Other Payable	9.0	291.0	215.2	137.4	-64.6
Employ Benefits Liabilities	-11.6	-28.3	-23.5	-19.6	-7.8
Provisions	-0.8	-4.4	-3.0	-1.8	-0.6
Other Financial Liabilities	-25.6	16.6	-12.1	-12.9	-30.3
Other Liabilities	53.6	118.7	196.9	113.4	23.8
Other Assets and Liabilities	78.8	28.2	12.2	9.0	-43.6
Financial Business Interest and Dividend	10.7	45.5	36.1	36.1	10.6
Cash Financial Business Interest Paid	-7.4	-26.9	-21.7	-30.8	-6.7
Cash-Tax Paid	-5.8	-153.0	-130.8	-62.4	-20.4
Adjustment for Cash Flow from Operating	0.0	0.0	0.0	0.0	0.0
Cash from Operating Activities	-84.3	596.7	314.2	339.0	26.2
Purchase of Property, Plant and Equipmen	-22.3	-252.9	-182.2	-128.3	-43.5
Disposal of Property, Plant and Equipmen	0.5	8.6	3.1	2.0	0.4
Purchase of Intangible Assets	-5.1	-36.4	-25.1	-17.5	-6.8
Disposal of Intangible Assets	0.0	0.5	0.2	0.1	0.2
Purchase of Investment in Affiliates	0.0	-29.8	-30.7	-29.9	-0.5
Proceeds from Sale of Equity Method Secu	-	-	-	-	0.1
Purchase of Investment Properties	-0.9	-14.3	-9.7	-7.8	-
Purchase of of Assets Held for Sale	-15.6	-13.6	-13.7	-13.6	-13.4
Disposal of Assets Held for Sale	-	24.8	19.7	19.6	2.5
Disposal of Other Financial Instruments	-	201.5	137.8	368.7	-
Purchase of Other Financial Instruments	-	-328.9	-283.3	-450.6	-
Cash Interest Received	6.3	33.6	12.9	8.7	4.2
Dividend Received	1.6	116.2	114.9	113.9	1.4
Others	-	0.1	-	1.3	-
Other Financial Instruments, Net	18.9	-	-	-	-74.0
Cash from Investing Activities	-16.5	-290.6	-256.1	-133.6	-129.3
Increase in Borrowings and Bonds	1,046.9	3,608.6	2,660.2	1,944.8	1,348.5
Decrease in Borrowings and Bonds	-870.1	-3,522.9	-2,380.7	-1,918.6	-1,103.3
Capital Increase	-	-	9.6	9.7	9.5
In/Decrease in Other Financial Liabi	0.0	-2.2	-1.7	-1.0	-0.7
Cash-Interest Paid	-61.5	-231.8	-172.7	-113.7	-55.6
Dividend Paid	-	-37.7	-38.1	-37.9	-
Cash Inflow/Outflow from Foreign Currenc	-	-1.0	2.6	25.4	-
Increase in Minority Interest	-	9.7	-	-	-
Cash Inflow/Outflow from Consolidation S	-	-8.9	-	-	-
Cash from Financing Activities	115.4	-186.2	79.3	-91.3	198.4
Foreign Exchange Effects	-1.5	-	-	-	6.2
Net Change in Cash	13.1	119.9	137.4	114.1	101.5
Cash and Cash Equivalents at Beginning	310.4	197.0	199.2	198.1	194.9
Cash and Cash Equivalents at End	323.5	316.9	336.6	312.2	296.4
Cash Interest Paid	61.5	0.3	172.7	144.5	55.6
Cash Taxes Paid	5.8	153.0	130.8	62.4	20.4

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Geographic Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11				31-Dec-10			31-Dec-09		31-Dec-08				31-Dec-07
Domestic	7,732.7		70.3 %		9,409.3		75.2 %	22.4	88.1 %	21,323.6		86.2 %		21,818.8		89.5 %
United States	32.0		0.3 %		24.3		0.2 %	0.4	1.5 %	401.5		1.6 %		226.5		0.9 %
Asia	3,037.8		27.6 %		2,929.4		23.4 %	2.5	9.9 %	2,931.6		11.8 %		2,259.2		9.3 %
Other	196.7		1.8 %		152.8		1.2 %	0.1	0.5 %	94.3		0.4 %		70.1		0.3 %
Segment Total	10,999.2		100 %		12,515.8		100 %	25.5	100 %	24,750.9		100 %		24,374.5		100 %
Consolidation Adjustment	-		-		-2.8		0 %	-2.0	-7.8 %	-		-		0.0		0 %
Consolidated Total	10,999.2		100 %		12,515.8		100 %	23.5	92.2 %	24,750.9		100 %		24,374.5		100 %
Exchange Rate: KRW to USD	1,107.891393				1,156.281981			1,276.385219		1,100.562842				929.183333
Intersegment Revenue   USD (mil)
		31-Dec-10				31-Dec-09			31-Dec-08				31-Dec-07
Domestic		2.4		84.2 %		1.6		78.7 %	3,180.1		84.1 %		3,392.4		89.1 %
United States		0.2		8 %		0.2		7.9 %	159.6		4.2 %		121.7		3.2 %
Asia		0.2		7.2 %		0.2		11.2 %	411.3		10.9 %		266.3		7 %
Other		0.0		0.6 %		0.0		2.2 %	31.2		0.8 %		28.2		0.7 %
Segment Total		2.8		100 %		2.0		100 %	3,782.2		100 %		3,808.7		100 %
Consolidation Adjustment		-2.8		-100 %		-2.0		-100 %	-3,782.2		-100 %		-3,808.7		-100 %
Consolidated Total		0.0		0 %		0.0		0 %	0.0		0 %		0.0		0 %
Exchange Rate: KRW to USD		1,156.281981				1,276.385219			1,100.562842				929.183333

Total Revenue   USD (mil)
	31-Dec-11				31-Dec-10			31-Dec-09				31-Dec-08				31-Dec-07
Domestic	7,732.7		70.3 %		9,409.3		75.2 %	24.0		87.4 %		24,503.6		85.9 %		25,211.2		89.5 %
United States	32.0		0.3 %		24.3		0.2 %	0.5		2 %		561.1		2 %		348.2		1.2 %
Asia	3,037.8		27.6 %		2,929.4		23.4 %	2.7		10 %		3,342.8		11.7 %		2,525.5		9 %
Other	196.7		1.8 %		152.8		1.2 %	0.2		0.7 %		125.6		0.4 %		98.3		0.3 %
Segment Total	10,999.2		100 %		12,515.8		100 %	27.5		100 %		28,533.1		100 %		28,183.2		100 %
Consolidation Adjustment	-		-		-5.7		0 %	-4.0		-14.4 %		-3,782.2		-13.3 %		-3,808.7		-13.5 %
Consolidated Total	10,999.2		100 %		12,515.8		100 %	23.5		85.6 %		24,750.9		86.7 %		24,374.5		86.5 %
Exchange Rate: KRW to USD	1,107.891393				1,156.281981			1,276.385219				1,100.562842				929.183333
Operating Income/Loss   USD (mil)
		31-Dec-10				31-Dec-09					31-Dec-08				31-Dec-07
Domestic		1.2		86 %		1.2			101.2 %		1,153.7		96.4 %		1,206.8		98.5 %
United States		0.0		1.2 %		0.0			0.9 %		9.3		0.8 %		9.7		0.8 %
Asia		0.2		13 %		0.0			-1.8 %		35.5		3 %		13.2		1.1 %
Other		0.0		-0.2 %		0.0			-0.3 %		-1.5		-0.1 %		-4.5		-0.4 %
Segment Total		1.4		100 %		1.2			100 %		1,197.0		100 %		1,225.2		100 %
Consolidation Adjustment		0.0		-3.3 %		0.0			1.2 %		-42.6		-3.6 %		-20.2		-1.7 %
Consolidated Total		1.4		96.7 %		1.2			101.2 %		1,154.4		96.4 %		1,204.9		98.3 %
Exchange Rate: KRW to USD		1,156.281981				1,276.385219					1,100.562842				929.183333

Operating Margin (%)
	31-Dec-10			31-Dec-09			31-Dec-08			31-Dec-07
Domestic	4.0		-	4.9		-	4.7		-	4.8		-
United States	2.0		-	1.9		-	1.7		-	2.8		-
Asia	4.1		-	-0.8		-	1.1		-	0.5		-
Other	-1.2		-	-1.9		-	-1.2		-	-4.6		-
Segment Total	3.9		-	4.2		-	4.2		-	4.3		-
Consolidation Adjustment	0.8		-	-0.4		-	1.1		-	0.5		-
Consolidated Total	4.5		-	5.0		-	4.7		-	4.9		-
Long Lived Assets   USD (mil)
		31-Dec-11						31-Dec-10
Domestic		2,922.1			92.4 %			3,125.9			93.6 %
United States		105.0			3.3 %			97.4			2.9 %
Asia		107.2			3.4 %			112.1			3.4 %
Other		26.6			0.8 %			5.2			0.2 %
Segment Total		3,161.0			100 %			3,340.6			100 %
Consolidated Total		3,161.0			100 %			3,340.6			100 %
Exchange Rate: KRW to USD		1,152.000000						1,134.900000

Total Assets   USD (mil)
	31-Dec-10		31-Dec-09			31-Dec-08			31-Dec-07
Domestic	86.6	96.5 %	67.5	98 %		60,721.4		98.4 %	73,434.9		98.8 %
United States	0.5	0.6 %	0.4	0.6 %		348.7		0.6 %	402.3		0.5 %
Asia	1.9	2.1 %	0.8	1.1 %		502.9		0.8 %	378.5		0.5 %
Other	0.7	0.8 %	0.2	0.3 %		147.4		0.2 %	144.8		0.2 %
Segment Total	89.7	100 %	68.9	100 %		61,720.5		100 %	74,360.4		100 %
Consolidation Adjustment	-10.9	-12.1 %	-2.6	-3.8 %		-6,503.0		-10.5 %	-7,567.4		-10.2 %
Consolidated Total	78.8	87.9 %	66.3	96.2 %		55,217.5		89.5 %	66,793.0		89.8 %
Exchange Rate: KRW to USD	1,134.900000		1,164.475000			1,259.550000			936.050000
Operating Return on Assets (%)
			31-Dec-10		31-Dec-09			31-Dec-08		31-Dec-07
Domestic			1.4	-	1.9		-	1.7	-	1.6		-
United States			3.1	-	2.8		-	2.3	-	2.4		-
Asia			9.9	-	-3.0		-	6.2	-	3.5		-
Other			-0.4	-	-1.6		-	-0.9	-	-3.1		-
Segment Total			1.6	-	1.8		-	1.7	-	1.6		-
Consolidation Adjustment			0.4	-	-0.6		-	0.6	-	0.3		-
Consolidated Total			1.8	-	1.9		-	1.8	-	1.8		-

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Geographic Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Domestic	1,841.9	77.1 %	2,216.1	74.1 %	2,009.5	70.3 %	2,055.0	75 %	1,451.7	60.3 %
United States	8.6	0.4 %	7.9	0.3 %	8.0	0.3 %	7.8	0.3 %	8.2	0.3 %
Asia	476.3	19.9 %	758.1	25.3 %	764.4	26.8 %	636.3	23.2 %	874.9	36.3 %
Other	61.1	2.6 %	9.4	0.3 %	74.5	2.6 %	39.6	1.4 %	74.6	3.1 %
Segment Total	2,387.8	100 %	2,991.5	100 %	2,856.5	100 %	2,738.7	100 %	2,409.3	100 %
Consolidated Total	2,387.8	100 %	2,991.5	100 %	2,856.5	100 %	2,738.7	100 %	2,409.3	100 %
Exchange Rate: KRW to USD	1,131.034971		1,145.271505		1,082.999462		1,083.436022		1,120.289560
Total Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Domestic	1,841.9	77.1 %	2,216.1	74.1 %	2,009.5	70.3 %	2,055.0	75 %	1,451.7	60.3 %
United States	8.6	0.4 %	7.9	0.3 %	8.0	0.3 %	7.8	0.3 %	8.2	0.3 %
Asia	476.3	19.9 %	758.1	25.3 %	764.4	26.8 %	636.3	23.2 %	874.9	36.3 %
Other	61.1	2.6 %	9.4	0.3 %	74.5	2.6 %	39.6	1.4 %	74.6	3.1 %
Segment Total	2,387.8	100 %	2,991.5	100 %	2,856.5	100 %	2,738.7	100 %	2,409.3	100 %
Consolidated Total	2,387.8	100 %	2,991.5	100 %	2,856.5	100 %	2,738.7	100 %	2,409.3	100 %
Exchange Rate: KRW to USD	1,131.034971		1,145.271505		1,082.999462		1,083.436022		1,120.289560

Long Lived Assets   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Domestic	2,898.9	92.5 %	2,922.1	92.4 %	3,069.9	93.2 %	2,943.2	81 %	3,279.5	93.9 %
United States	104.3	3.3 %	105.0	3.3 %	103.9	3.2 %	102.5	2.8 %	101.6	2.9 %
Asia	100.7	3.2 %	107.2	3.4 %	114.3	3.5 %	414.1	11.4 %	105.6	3 %
Other	29.3	0.9 %	26.6	0.8 %	4.8	0.1 %	173.9	4.8 %	6.8	0.2 %
Segment Total	3,133.2	100 %	3,161.0	100 %	3,292.9	100 %	3,633.7	100 %	3,493.6	100 %
Consolidated Total	3,133.2	100 %	3,161.0	100 %	3,292.9	100 %	3,633.7	100 %	3,493.6	100 %
Exchange Rate: KRW to USD	1,138.093549		1,152.000000		1,178.050000		1,067.650000		1,096.950000

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Business Segments

Financials in: As Reported (mil)

Annual

External Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Gunpowder	937.5	8.5 %	846.0	6.8 %
Equipment/Manufactures	362.4	3.3 %	297.9	2.4 %
Constructions	2,460.6	22.4 %	2,096.9	16.8 %
Trade	6,327.9	57.5 %	6,014.4	48.1 %
Hotel/Entertainment	818.7	7.4 %	636.0	5.1 %
Others	92.2	0.8 %	2,624.5	21 %
Segment Total	10,999.2	100 %	12,515.8	100 %
Consolidated Total	10,999.2	100 %	12,515.8	100 %
Exchange Rate: KRW to USD	1,107.891393		1,156.281981
Intersegment Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Gunpowder	2.2	0.2 %	3.0	0.3 %
Equipment/Manufactures	19.6	1.8 %	10.0	0.9 %
Constructions	161.9	14.7 %	280.5	25.1 %
Trade	882.9	80.4 %	808.4	72.4 %
Hotel/Entertainment	31.1	2.8 %	14.8	1.3 %
Segment Total	1,097.8	100 %	1,116.6	100 %
Intercompany Eliminations	-1,097.8	-100 %	-1,116.6	-100 %
Consolidated Total	0.0	0 %	0.0	0 %
Exchange Rate: KRW to USD	1,107.891393		1,156.281981

Total Revenue   USD (mil)
	31-Dec-11		31-Dec-10
Gunpowder	939.7	7.8 %	849.0	6.2 %
Equipment/Manufactures	382.0	3.2 %	307.9	2.3 %
Constructions	2,622.5	21.7 %	2,377.4	17.4 %
Trade	7,210.8	59.6 %	6,822.8	50 %
Hotel/Entertainment	849.8	7 %	650.8	4.8 %
Others	92.2	0.8 %	2,624.5	19.3 %
Segment Total	12,097.0	100 %	13,632.4	100 %
Intercompany Eliminations	-1,097.8	-9.1 %	-1,116.6	-8.2 %
Consolidated Total	10,999.2	90.9 %	12,515.8	91.8 %
Exchange Rate: KRW to USD	1,107.891393		1,156.281981
Depreciation   USD (mil)
	31-Dec-11		31-Dec-10
Gunpowder	41.0	36 %	37.6	40.6 %
Equipment/Manufactures	3.4	3 %	2.9	3.1 %
Constructions	6.6	5.8 %	4.8	5.2 %
Trade	2.9	2.6 %	4.4	4.8 %
Hotel/Entertainment	53.4	46.9 %	40.8	44.1 %
Others	6.6	5.8 %	2.0	2.1 %
Segment Total	113.9	100 %	92.5	100 %
Intercompany Eliminations	-1.3	-1.1 %	-3.6	-3.9 %
Consolidated Total	112.6	98.9 %	88.9	96.1 %
Exchange Rate: KRW to USD	1,107.891393		1,156.281981

Operating Income/Loss   USD (mil)
	31-Dec-11			31-Dec-10
Gunpowder	84.4		27.3 %	135.8		33.4 %
Equipment/Manufactures	31.5		10.2 %	23.5		5.8 %
Constructions	114.8		37.1 %	44.4		10.9 %
Trade	25.8		8.4 %	74.3		18.3 %
Hotel/Entertainment	40.6		13.1 %	14.3		3.5 %
Others	12.0		3.9 %	114.5		28.1 %
Segment Total	309.2		100 %	406.8		100 %
Intercompany Eliminations	-26.1		-8.5 %	-5.9		-1.4 %
Consolidated Total	283.1		91.5 %	401.0		98.6 %
Exchange Rate: KRW to USD	1,107.891393			1,156.281981
Operating Margin (%)
		31-Dec-11			31-Dec-10
Gunpowder		9.0		-	16.0		-
Equipment/Manufactures		8.3		-	7.6		-
Constructions		4.4		-	1.9		-
Trade		0.4		-	1.1		-
Hotel/Entertainment		4.8		-	2.2		-
Others		13.0		-	4.4		-
Segment Total		2.6		-	3.0		-
Intercompany Eliminations		2.4		-	0.5		-
Consolidated Total		2.6		-	3.2		-

Income Before Tax   USD (mil)
	31-Dec-11			31-Dec-10
Gunpowder	62.5		43 %	73.1		34.3 %
Equipment/Manufactures	29.4		20.2 %	21.1		9.9 %
Constructions	32.8		22.5 %	-40.8		-19.2 %
Trade	22.8		15.7 %	67.8		31.9 %
Hotel/Entertainment	-9.3		-6.4 %	-16.7		-7.9 %
Others	7.4		5.1 %	108.4		50.9 %
Segment Total	145.5		100 %	212.8		100 %
Intercompany Eliminations	122.0		83.8 %	1,026.1		482.1 %
Consolidated Total	267.5		183.8 %	1,239.0		582.1 %
Exchange Rate: KRW to USD	1,107.891393			1,156.281981
Pre-Tax Margin (%)
		31-Dec-11			31-Dec-10
Gunpowder		6.7		-	8.6		-
Equipment/Manufactures		7.7		-	6.8		-
Constructions		1.3		-	-1.7		-
Trade		0.3		-	1.0		-
Hotel/Entertainment		-1.1		-	-2.6		-
Others		8.0		-	4.1		-
Segment Total		1.2		-	1.6		-
Intercompany Eliminations		-11.1		-	-91.9		-
Consolidated Total		2.4		-	9.9		-

Total Assets   USD (mil)
	31-Dec-11			31-Dec-10
Gunpowder	4,202.5		31 %	4,078.8		6.2 %
Equipment/Manufactures	276.9		2 %	268.6		0.4 %
Constructions	4,113.6		30.4 %	3,878.7		5.9 %
Trade	1,743.3		12.9 %	1,738.3		2.7 %
Hotel/Entertainment	2,146.0		15.9 %	2,335.0		3.6 %
Others	1,056.7		7.8 %	53,254.3		81.2 %
Segment Total	13,539.0		100 %	65,553.7		100 %
Intercompany Eliminations	-492.4		-3.6 %	-52,667.7		-80.3 %
Consolidated Total	13,046.6		96.4 %	12,886.1		19.7 %
Exchange Rate: KRW to USD	1,152.000000			1,134.900000
Operating Return on Assets (%)
		31-Dec-11			31-Dec-10
Gunpowder		1.9		-	3.4		-
Equipment/Manufactures		11.0		-	8.9		-
Constructions		2.7		-	1.2		-
Trade		1.4		-	4.4		-
Hotel/Entertainment		1.8		-	0.6		-
Others		1.1		-	0.2		-
Segment Total		2.2		-	0.6		-
Intercompany Eliminations		5.1		-	0.0		-
Consolidated Total		2.1		-	3.2		-

Total Liabilities   USD (mil)
	31-Dec-11		31-Dec-10
Gunpowder	2,359.4	26 %	2,192.5	3.9 %
Equipment/Manufactures	158.0	1.7 %	165.8	0.3 %
Constructions	2,865.8	31.5 %	2,575.1	4.6 %
Trade	1,297.9	14.3 %	1,298.8	2.3 %
Hotel/Entertainment	1,489.9	16.4 %	1,563.0	2.8 %
Others	917.4	10.1 %	47,929.2	86 %
Segment Total	9,088.4	100 %	55,724.5	100 %
Intercompany Eliminations	-433.1	-4.8 %	-47,337.6	-84.9 %
Consolidated Total	8,655.3	95.2 %	8,386.8	15.1 %
Exchange Rate: KRW to USD	1,152.000000		1,134.900000

Hanwha Corp Seoul, Korea, Republic of, Tel: 82-2-7291114, URL: http://english.hanwhacorp.co.kr

Business Segments

Financials in: As Reported (mil)

Interim

External Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Industrial Explosives	205.8	8 %	359.7	16.1 %	223.8	7.5 %	184.8	6.2 %	164.3	5.9 %
Machinery	69.3	2.7 %	92.2	4.1 %	88.0	2.9 %	99.0	3.3 %	83.3	3 %
Construction	593.0	23 %	578.7	25.9 %	634.1	21.1 %	709.2	23.7 %	542.8	19.4 %
Retailing Trade	1,495.3	58 %	980.5	43.9 %	1,794.0	59.8 %	1,768.4	59 %	1,811.0	64.7 %
Hotel	195.9	7.6 %	194.4	8.7 %	235.6	7.9 %	212.4	7.1 %	177.6	6.3 %
Other	19.2	0.7 %	26.0	1.2 %	23.2	0.8 %	23.0	0.8 %	19.8	0.7 %
Segment Total	2,578.5	100 %	2,231.6	100 %	2,998.7	100 %	2,996.9	100 %	2,798.9	100 %
Consolidated Adjustment	-190.7	-7.4 %	759.9	34.1 %	-142.2	-4.7 %	-258.3	-8.6 %	-389.6	-13.9 %
Consolidated Total	2,387.8	92.6 %	2,991.5	134.1 %	2,856.5	95.3 %	2,738.7	91.4 %	2,409.3	86.1 %
Exchange Rate: KRW to USD	1,131.034971		1,145.271505		1,082.999462		1,083.436022		1,120.289560
Total Revenue   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Industrial Explosives	205.8	8 %	359.7	16.1 %	223.8	7.5 %	184.8	6.2 %	164.3	5.9 %
Machinery	69.3	2.7 %	92.2	4.1 %	88.0	2.9 %	99.0	3.3 %	83.3	3 %
Construction	593.0	23 %	578.7	25.9 %	634.1	21.1 %	709.2	23.7 %	542.8	19.4 %
Retailing Trade	1,495.3	58 %	980.5	43.9 %	1,794.0	59.8 %	1,768.4	59 %	1,811.0	64.7 %
Hotel	195.9	7.6 %	194.4	8.7 %	235.6	7.9 %	212.4	7.1 %	177.6	6.3 %
Other	19.2	0.7 %	26.0	1.2 %	23.2	0.8 %	23.0	0.8 %	19.8	0.7 %
Segment Total	2,578.5	100 %	2,231.6	100 %	2,998.7	100 %	2,996.9	100 %	2,798.9	100 %
Consolidated Adjustment	-190.7	-7.4 %	759.9	34.1 %	-142.2	-4.7 %	-258.3	-8.6 %	-389.6	-13.9 %
Consolidated Total	2,387.8	92.6 %	2,991.5	134.1 %	2,856.5	95.3 %	2,738.7	91.4 %	2,409.3	86.1 %
Exchange Rate: KRW to USD	1,131.034971		1,145.271505		1,082.999462		1,083.436022		1,120.289560

Operating Income/Loss   USD (mil)
	31-Mar-12		31-Dec-11			30-Sep-11				30-Jun-11		31-Mar-11
Industrial Explosives	26.4	37.5 %	28.5		67.5 %	22.2		22.3 %		17.3	17 %	16.0		23.8 %
Machinery	4.6	6.5 %	3.6		8.5 %	5.8		5.8 %		8.8	8.6 %	13.4		19.9 %
Construction	27.6	39.2 %	-2.9		-6.9 %	56.1		56.2 %		49.9	48.9 %	14.0		20.8 %
Retailing Trade	7.7	10.9 %	-4.4		-10.5 %	-1.7		-1.7 %		7.4	7.2 %	24.6		36.6 %
Hotel	0.1	0.2 %	13.7		32.4 %	17.2		17.2 %		10.2	10 %	-0.3		-0.4 %
Other	4.1	5.8 %	3.8		9 %	0.3		0.3 %		8.5	8.3 %	-0.5		-0.7 %
Segment Total	70.4	100 %	42.3		100 %	99.8		100 %		102.1	100 %	67.3		100 %
Consolidated Adjustment	-0.3	-0.4 %	-14.8		-35 %	-7.3		-7.3 %		-1.1	-1.1 %	-2.7		-3.9 %
Consolidated Total	70.2	99.6 %	27.5		65 %	92.6		92.7 %		101.0	98.9 %	64.7		96.1 %
Exchange Rate: KRW to USD	1,131.034971		1,145.271505			1,082.999462				1,083.436022		1,120.289560
Operating Margin (%)
				31-Mar-12		31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11
Industrial Explosives				12.8	-	7.9	-		9.9	-	9.4	-	9.8		-
Machinery				6.6	-	3.9	-		6.6	-	8.9	-	16.1		-
Construction				4.7	-	-0.5	-		8.8	-	7.0	-	2.6		-
Retailing Trade				0.5	-	-0.5	-		-0.1	-	0.4	-	1.4		-
Hotel				0.1	-	7.0	-		7.3	-	4.8	-	-0.1		-
Other				21.2	-	14.6	-		1.2	-	36.8	-	-2.4		-
Segment Total				2.7	-	1.9	-		3.3	-	3.4	-	2.4		-
Consolidated Adjustment				0.1	-	-1.9	-		5.1	-	0.4	-	0.7		-
Consolidated Total				2.9	-	0.9	-		3.2	-	3.7	-	2.7		-

Total Assets   USD (mil)
	31-Mar-12		31-Dec-11			30-Sep-11				30-Jun-11		31-Mar-11
Industrial Explosives	4,311.1	32.5 %	4,202.5		31 %	3,947.0		30.6 %		4,494.8	31.8 %	4,413.4		31 %
Machinery	266.0	2 %	276.9		2 %	275.5		2.1 %		297.9	2.1 %	290.8		2 %
Construction	4,229.8	31.9 %	4,113.6		30.4 %	4,095.9		31.8 %		4,479.2	31.7 %	4,320.1		30.4 %
Retailing Trade	1,469.3	11.1 %	1,743.3		12.9 %	1,454.4		11.3 %		1,447.4	10.2 %	1,830.7		12.9 %
Hotel	2,181.1	16.4 %	2,146.0		15.9 %	2,105.8		16.3 %		2,317.5	16.4 %	2,253.7		15.9 %
Other	821.1	6.2 %	1,056.7		7.8 %	1,019.6		7.9 %		1,110.2	7.8 %	1,109.7		7.8 %
Segment Total	13,278.4	100 %	13,539.0		100 %	12,898.2		100 %		14,147.1	100 %	14,218.5		100 %
Consolidated Adjustment	-22.7	-0.2 %	-492.4		-3.6 %	-116.1		-0.9 %		-231.6	-1.6 %	-517.1		-3.6 %
Consolidated Total	13,255.7	99.8 %	13,046.6		96.4 %	12,782.1		99.1 %		13,915.5	98.4 %	13,701.4		96.4 %
Exchange Rate: KRW to USD	1,138.093549		1,152.000000			1,178.050000				1,067.650000		1,096.950000
Operating Return on Assets (%)
				31-Mar-12		31-Dec-11			30-Sep-11		30-Jun-11		31-Mar-11
Industrial Explosives				0.6	-	0.7	-		0.5	-	0.4	-	0.4		-
Machinery				1.7	-	1.3	-		1.9	-	3.0	-	4.7		-
Construction				0.6	-	-0.1	-		1.3	-	1.1	-	0.3		-
Retailing Trade				0.5	-	-0.3	-		-0.1	-	0.5	-	1.4		-
Hotel				0.0	-	0.6	-		0.7	-	0.4	-	0.0		-
Other				0.5	-	0.4	-		0.0	-	0.8	-	0.0		-
Segment Total				0.5	-	0.3	-		0.7	-	0.7	-	0.5		-
Consolidated Adjustment				1.2	-	3.0	-		5.8	-	0.5	-	0.5		-
Consolidated Total				0.5	-	0.2	-		0.7	-	0.7	-	0.5		-

Total Liabilities   USD (mil)
	31-Mar-12		31-Dec-11		30-Sep-11		30-Jun-11		31-Mar-11
Industrial Explosives	2,446.0	27.8 %	2,359.4	26 %	2,376.4	27.4 %	2,483.2	27.3 %	2,477.8	26 %
Machinery	146.3	1.7 %	158.0	1.7 %	159.5	1.8 %	172.6	1.9 %	165.9	1.7 %
Construction	2,955.3	33.6 %	2,865.8	31.5 %	2,803.4	32.4 %	2,956.6	32.5 %	3,009.6	31.5 %
Retailing Trade	1,020.4	11.6 %	1,297.9	14.3 %	1,006.8	11.6 %	955.0	10.5 %	1,363.1	14.3 %
Hotel	1,526.0	17.4 %	1,489.9	16.4 %	1,436.0	16.6 %	1,576.8	17.3 %	1,564.7	16.4 %
Other	692.9	7.9 %	917.4	10.1 %	881.8	10.2 %	965.2	10.6 %	963.5	10.1 %
Segment Total	8,786.9	100 %	9,088.4	100 %	8,663.8	100 %	9,109.4	100 %	9,544.5	100 %
Consolidated Adjustment	-4.7	-0.1 %	-433.1	-4.8 %	-46.1	-0.5 %	-33.9	-0.4 %	-454.8	-4.8 %
Consolidated Total	8,782.2	99.9 %	8,655.3	95.2 %	8,617.8	99.5 %	9,075.5	99.6 %	9,089.7	95.2 %
Exchange Rate: KRW to USD	1,138.093549		1,152.000000		1,178.050000		1,067.650000		1,096.950000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.37
UK Pound	1	Rs.82.07
Euro	1	Rs.70.03

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
----	NB	New Business	----

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.