MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI CORPORATION |
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Registered Office : |
140-2, Gye-Dong, Jongno-Gu Seoul, 110801 Korea |
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Country : |
South Korea |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.12.1976 |
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Legal Form : |
Public Parent Company |
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Line of Business : |
Wholesaler of metals and ores |
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No. of Employees : |
361 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
South Korea |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
South Korea - ECONOMIC OVERVIEW
South Korea over the past four decades has demonstrated incredible
growth and global integration to become a high-tech industrialized economy. In
the 1960s, GDP per capita was comparable with levels in the poorer countries of
Africa and Asia. In 2004, South Korea joined the trillion dollar club of world
economies, and is currently the world's 12th largest economy. Initially, a
system of close government and business ties, including directed credit and
import restrictions, made this success possible. The government promoted the
import of raw materials and technology at the expense of consumer goods, and
encouraged savings and investment over consumption. The Asian financial crisis
of 1997-98 exposed longstanding weaknesses in South Korea's development model
including high debt/equity ratios and massive short-term foreign borrowing. GDP
plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted
numerous economic reforms following the crisis, including greater openness to
foreign investment and imports. Growth moderated to about 4% annually between
2003 and 2007. Korea's export focused economy was hit hard by the 2008 global
economic downturn, but quickly rebounded in subsequent years, reaching 6.3%
growth in 2010. The US-South Korea Free Trade Agreement was ratified by both
governments in 2011 and went into effect in March 2012. Throughout 2012 the
economy experienced sluggish growth because of market slowdowns in the United
States, China, and the Eurozone. The incoming administration in 2013, following
the December 2012 presidential election, is likely to face the challenges of
balancing heavy reliance on exports with developing domestic-oriented sectors,
such as services. The South Korean economy's long term challenges include a
rapidly aging population, inflexible labor market, and heavy reliance on
exports - which comprise half of GDP.
|
Source : CIA |
Company name and address
Hyundai Corporation
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Business Description
|
HYUNDAI CORPORATION is a Korea-based
company engaged in the multinational trading business. The Company operates
its business through five segments: steel segment, which provides steel
plates, steel pipes, section steels and stainless steel products; machinery
and plant segment, which provides automobiles, ships and small and mid-sized
industrial plants; chemical segment, which provides petroleum, petrochemicals
and others; electronics and communication segment, which is engaged in the
export of electronic products, as well as brand loyalty business, and energy
resource segment, which invests in natural and industrial resource projects,
including oil and gas, liquefied natural gas (LNG), coal and mineral
resources, lead ore, capacitor, biomass fuel and others. For the fiscal year
ended 31 December 2011, Hyundai Corporation revenues increased 46% to
W5.449T. Net income decreased 10% to W43.88B. Revenues reflect Steel segment
increase of 35% to W2.559T, Chemical segment increase from W429.58B to
W1.054T, Equipment/Plant segment increase of 27% to W2.446T, Asia segment
increase of 46% to W2.692T, Europe segment increase from W488.31B to W1.158T,
Americas segment increase of 12% to W1.63T. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
42351 - Metal Service Centers and Other Metal
Merchant Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
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Significant Developments
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Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1107.891
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1152
Corporate Overview
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Hyundai Corporation The Strategic Initiatives report is created
using technology to extract meaningful insights from analyst reports about a company's
strategic projects and investments. More about Strategic Initiatives
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Partnerships |
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|
As such GlobalData can accept no liability whatever
for actions taken based on any information that may subsequently prove to be
incorrect. May 21, 2012Total To Resume Operations At Yemen LNGTotal SA
(Total) said that it may resume its operations at Yemen LNG next week,
following a third explosion of 38 inch gas pipeline in this year, Bloomberg
reported. Yemen LNG is fixing the pipeline, subjected to an explosion on May
14, 2012 at north of Balhaf Liquefaction plant.Patrick de la Chevardiere, CFO
of Total, said, "We will develop better surveillance of the pipeline and
stronger collaboration with each tribe along the pipeline. This was done but
evidently not enough if we have had three explosions." Total owns 40% of
Yemen LNG, while Hunt Oil Co. |
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Overview
Hyundai Corporation (Hyundai) is a Korean
general trading company. It principally deals with international trade and
distribution services for products ranging from plants, machinery, chemicals,
steel, automobiles, ships, electrical products and electronics to general
merchandise. The company has its operations in America, South Korea,
Middle-East, Europe, Africa, and Asia. The company through its worldwide
presence and strong engineering capabilities provides expertise in trading
operations. Though the company is concerned about environmental regulations and
political problems, its growing ship building business, increasing demand for
Korean SME markets and new contracts and agreements provide growth
opportunities for the company.
Strengths
Expertise in Trading
Operations
Hyundai is Korea’s leading trading company
that offers services related to export and import of a wide range of products
In addition, it is engaged in intermediary trade and also provides financing services.
The company exports the following items: plant & relevant materials,
electric & electronic products, metal and steel products, ships, autos,
machines, parts, petrochemicals, and other commodities. Under imports, the
company imports petroleum, coal, machines and parts, steel, electronic and auto
parts, aluminum, nonferrous metals, other export-use raw materials and facility
materials. The company supports its operations across the world through its 36
offices located in various regions across Asia, North America, South America,
Africa, Europe and Middle East countries. The operational base comprises seven
offices in America, three offices in Europe, seven offices in Middle East &
Africa, four offices in Russia and the CIS, and 18 offices in Asia & Oceania.
The company's client base includes Posco, Hysco, and INI Steel in the steel
industry. The company also exports products of the Hyundai Group, especially
export vessels which are manufactured by Hyundai Heavy Industries. The robust
trading operations of the company facilitate its growth.
Hyundai maintains various business
activities, in addition to its trading business. The company through its
subsidiary Qingdao Hyundai Shipbuilding, is one of the leading shipbuilding
company and specializes in the construction of mid-sized commercial vessels.
Under Resources segment, Hyundai invests in natural resources projects. The
company invests in resource development related to oil and gas, liquified
natural gas (LNG), coal and mineral resources. Besides, the segment engages
investing in industrial resources such as lead ore, capacitor, biomass fuel and
polysilicon. Some of the projects in which the company owns interests include
Oman LNG, Qatar LNG, Vietnam gas fields and Yemen LNG project. Hyundai
established POS-Hyundai, a joint venture with POSCO and POSTEEL that engages in
the import of steel coils and processes and distributes them to automobile and
home appliance companies in India. The company through PT. Hyundai Inti.
Development, a joint venture company with Lippo Group, supplies cost-effective
and strategically located industrial lots to international manufacturers and
also to various Korean companies that invests in Indonesia. Such diversified
business operations helps the company in securing its revenue generation stream
and mitigates the risks of being associated to a single business.
Weaknesses
High debt could have a major impact on the
company's operational performance as major portion of the company's earnings
would be diverted towards servicing of its debt obligations. This could concern
the investors as well as make it is difficult for the company to raise funds at
favorable terms from the market. For the fiscal year ended December 2011, the
company's debt increased to KRW676472m, an increase of 17% over the previous
year. The company's debt to operating income ratio increased to 12.8 times in
2011 as compared to 11.6 times in 2010. Such substantial debt increases the
debt servicing obligations of the company and impacts its cash flows adversely.
It could limit the company's ability to raise debt in future and pursue other
strategic opportunities. It would also increase the company’s vulnerability
to adverse economic and industry conditions.
Hyundai reported increase in revenues from
KRW3735035m in 2010 to KRW5448881m in 2011. The total receivables of the
company increased during trade receivables have increased from KRW656525m to
KRW802756m in 2011, indicating possible credit sales. The increasing doubtful
debts, along with accounts receivables, reflect the inefficient credit
management by the company. In the backdrop of volatile economic conditions, the
probability of defaults by any of creditors increased, which may impact the
overall financial position as well as profitability of the company.
Opportunities
Growing Ship Building
Business
Hyundai has established its operations in
ship building business. By acquiring Qingdao Lingshan Shipyard, a 30 year old
shipyard, located in Jiaonan City (China), it consequently formed a joint
venture named Qingdao Hyundai Shipbuilding. As the company acquired interest in
building 10,000-20,000 ton multipurpose cargo ships which can be used as
container ships and oil product cargo ships. The company’s rapid growth in
the Chinese market is expected to position it in the list of top 3 shipbuilders
by 2015. Hyundai Shipbuilding, in the first six months of its launch, secured
large-scale shipbuilding contracts and also received 3 years of work load.
Existing presence and further expansion of the company in the shipbuilding
business limits its business risks and could drive up its financial
performance.
Increasing Demand for
Korean SME Markets
The small and medium sized enterprises (SMEs)
of Korea offer high scope for growth. These companies provide high quality
products but lack trading efficiencies. After the recovery from the Asian
financial crisis, these companies are focusing on international trade. Hyundai
Corporation can provide its expertise to these SMEs through its established
international networks and substantial proficiency in international trade. This
focus of the company might stabilize its financial performance in the long
term.
Strategic initiatives such as acquisitions
and contracts provides growth opportunities for the company. In February 2011,
Hyundai declared to establish a new subsidiary in Singapore. The new entity
would require KRW11,225m for establishment and would be engaged in the
synthesize trade. The same month, it signed an agreement with Shenzhen Coship
Electronics Co., Ltd.'s electronic product subsidiary to use certain
agreements, including Hyundai trademark in Mainland China. Earlier in December
2010, the company singed a contract with South Railways to supply electric
trainsets at an amount of KRW 353,418,400,000. In June 2010, the company along
with Hyundai Engineering & Construction Co. received a contract worth $400m
for construction of two combined cycle power plants in India. Such growth
drivers would help the company in diversifying its revenue generation ability.
Threats
Hyundai’s operations are subject to several
rules and regulations. The company is required to comply with Kyoto Protocol, which
is an international agreement linked to the United Nations Framework Convention
on climate change and which calls on 37 industrialized countries and the
European community for reducing greenhouse gas emissions to an average of 5%
annually over the period 2008-2012, relative to their emission levels in 1990.
The US Environmental Protection Agency (EPA) has passed the 'Clean Air
Interstate Rule' (CAIR) in which US states are responsible to reduce their SO2
and NOX emissions by 70% and 60%, respectively, by 2015, against 2003 levels.
Many countries, specifically those with low greenhouse gas polluting industries
and high prevailing environmental standards are required to purchase carbon
credits to comply with the Kyoto regulations. While compliance to these
regulations could increase operating costs, failing to do so could result in
imposition of fines, which could hamper the company’s growth.
There have always been conflicts and problems
between North Korea and South Korea. The relationships between these regions
have undergone strain over the years. As a major part of the operations of
Hyundai's are concentrated in Korea, any outbreak in military hostilities or a
break down in contacts resulting from the conflicts could have an adverse
impact on the company’s business performance. The increase in conflicts in
the region would not only affect its exports but also affects the company’s
financial performance.
Hyundai’s business is highly dependent on
the price and availability of fuel, and its performance could be adversely
affects by high volatility in fuel costs. As of March 31, 2011, the crude oil
price increased 2.35% to reach $106.72 per barrel. During 2010, prices for
crude oil and related products increased significantly. The average daily spot
price of crude oil during 2010 was $79.48 per barrel compared to $61.95 per
barrel in 2009. Crude oil prices were volatile, with daily spot prices
fluctuating between a low of $64.78 per barrel in May 2010 to a high of $91.48
per barrel in December 2010. The volatility in fuel prices could affect the
profit margin of the company, as they would find it difficult to pass on the
increased fuel prices to customers in the form of price hike or surcharge.
Corporate Structure
News
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Hyundai Corporation |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Seoul |
Korea, Republic of |
Miscellaneous Capital Goods |
4,918.2 |
361 |
|
|
Subsidiary |
North Ryde, NSW |
Australia |
Auto and Truck Manufacturers |
1,120.7 |
130 |
|
|
Subsidiary |
Schwalbach am Taunus |
Germany |
Computer Hardware |
|
5 |
Competitors
Report
|
Company Name |
Location |
Employees |
Ownership |
|
Hanjin Shipping Co Ltd |
Seoul, Korea, Republic of |
1,876 |
Public |
|
Hitachi Zosen Corp |
Osaka-Shi, Japan |
8,846 |
Public |
|
IHI Corporation |
Tokyo, Japan |
26,915 |
Public |
|
Inchcape plc |
London, United Kingdom |
13,854 |
Public |
|
Itochu Corp |
Tokyo, Japan |
70,639 |
Public |
|
Nucor Corporation |
Charlotte, North Carolina, United States |
20,800 |
Public |
|
Oceaneering International |
Houston, Texas, United States |
9,600 |
Public |
|
SK Holdings Co, Ltd. |
Seoul, Korea, Republic of |
195 |
Public |
|
Swire Pacific Limited |
, Hong Kong |
73,867 |
Public |
Executives
Report
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Significant
Developments
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Annual Income Statement
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Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
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|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
1,883.6 |
|
Revenue |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
1,883.6 |
|
Total Revenue |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
1,883.6 |
|
|
|
|
|
|
|
|
Cost of Revenue |
4,793.3 |
3,128.4 |
2,426.6 |
3,069.2 |
1,800.8 |
|
Cost of Revenue, Total |
4,793.3 |
3,128.4 |
2,426.6 |
3,069.2 |
1,800.8 |
|
Gross Profit |
125.0 |
101.8 |
61.2 |
98.2 |
82.8 |
|
|
|
|
|
|
|
|
Selling/General/Administrative
Expense |
38.3 |
32.7 |
30.1 |
35.9 |
30.6 |
|
Labor & Related
Expense |
37.0 |
27.9 |
21.2 |
22.9 |
24.4 |
|
Advertising Expense |
- |
- |
0.1 |
0.2 |
- |
|
Total Selling/General/Administrative
Expenses |
75.2 |
60.5 |
51.4 |
58.9 |
55.0 |
|
Depreciation |
1.6 |
0.9 |
1.0 |
0.9 |
0.5 |
|
Amortization of
Intangibles |
0.5 |
0.1 |
1.2 |
1.3 |
- |
|
Depreciation/Amortization |
2.1 |
1.0 |
2.2 |
2.2 |
0.5 |
|
Investment
Income - Operating |
-13.6 |
-10.0 |
- |
- |
- |
|
Interest/Investment
Income - Operating |
-13.6 |
-10.0 |
- |
- |
- |
|
Interest Expense (Income) - Net Operating
Total |
-13.6 |
-10.0 |
- |
- |
- |
|
Loss (Gain) on Sale
of Assets - Operating |
3.7 |
3.4 |
- |
- |
- |
|
Unusual Expense (Income) |
3.7 |
3.4 |
- |
- |
- |
|
Other Operating
Expense |
157.2 |
107.0 |
- |
- |
- |
|
Other, Net |
-147.1 |
-103.0 |
- |
- |
- |
|
Other Operating Expenses, Total |
10.1 |
4.0 |
- |
- |
- |
|
Total Operating Expense |
4,870.7 |
3,187.4 |
2,480.1 |
3,130.4 |
1,856.3 |
|
|
|
|
|
|
|
|
Operating Income |
47.5 |
42.8 |
7.7 |
37.1 |
27.3 |
|
|
|
|
|
|
|
|
Interest
Expense - Non-Operating |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
-13.8 |
|
Interest Expense,
Net Non-Operating |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
-13.8 |
|
Interest
Income - Non-Operating |
4.4 |
5.7 |
3.5 |
6.4 |
9.4 |
|
Investment
Income - Non-Operating |
17.4 |
14.1 |
21.4 |
-0.3 |
39.0 |
|
Interest/Investment
Income - Non-Operating |
21.8 |
19.8 |
24.9 |
6.2 |
48.4 |
|
Interest Income
(Expense) - Net Non-Operating |
0.0 |
0.0 |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating
Total |
3.3 |
1.7 |
9.9 |
-11.3 |
34.7 |
|
Gain (Loss) on Sale of Assets |
- |
- |
-7.5 |
-17.1 |
-11.2 |
|
Other Non-Operating
Income (Expense) |
3.2 |
3.3 |
-47.6 |
-0.7 |
-9.3 |
|
Other, Net |
3.2 |
3.3 |
-47.6 |
-0.7 |
-9.3 |
|
Income Before Tax |
54.0 |
47.8 |
-37.5 |
7.9 |
41.4 |
|
|
|
|
|
|
|
|
Total Income Tax |
16.2 |
6.6 |
9.9 |
6.2 |
-6.4 |
|
Income After Tax |
37.8 |
41.2 |
-47.4 |
1.7 |
47.8 |
|
|
|
|
|
|
|
|
Minority Interest |
1.8 |
0.9 |
5.1 |
7.8 |
-0.9 |
|
Net Income Before Extraord Items |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
Net Income |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord
Items |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord
Items |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Basic EPS Excl Extraord Items |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Basic/Primary EPS Incl Extraord Items |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
Diluted Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Diluted EPS Excl Extraord Items |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Diluted EPS Incl Extraord Items |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Dividends per Share - Common Stock Primary
Issue |
0.45 |
0.22 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
10.1 |
4.8 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
18.5 |
18.1 |
15.0 |
17.5 |
13.8 |
|
Depreciation, Supplemental |
5.2 |
4.4 |
4.4 |
3.9 |
2.9 |
|
Total Special Items |
3.7 |
3.4 |
7.6 |
17.3 |
11.4 |
|
Normalized Income Before Tax |
57.7 |
51.2 |
-29.9 |
25.2 |
52.8 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
1.1 |
0.5 |
2.6 |
6.0 |
3.9 |
|
Inc Tax Ex Impact of Sp Items |
17.3 |
7.0 |
12.5 |
12.2 |
-2.5 |
|
Normalized Income After Tax |
40.4 |
44.1 |
-42.4 |
13.0 |
55.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
42.2 |
45.0 |
-37.3 |
20.8 |
54.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.89 |
2.02 |
-1.67 |
0.93 |
2.43 |
|
Diluted Normalized EPS |
1.89 |
2.02 |
-1.67 |
0.93 |
2.43 |
|
Amort of Acquisition Costs, Supplemental |
- |
- |
0.1 |
0.2 |
0.2 |
|
Amort of Intangibles, Supplemental |
3.0 |
2.6 |
2.9 |
2.6 |
1.7 |
|
Rental Expenses |
2.3 |
2.4 |
2.6 |
2.9 |
3.2 |
|
Advertising Expense, Supplemental |
- |
- |
0.1 |
0.2 |
- |
|
Normalized EBIT |
37.6 |
36.2 |
7.7 |
37.1 |
27.3 |
|
Normalized EBITDA |
45.8 |
43.2 |
15.1 |
43.8 |
32.1 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash &
Equivalents |
308.7 |
137.8 |
168.1 |
146.1 |
81.4 |
|
Short Term
Investments |
4.7 |
59.2 |
5.8 |
13.7 |
64.1 |
|
Cash and Short Term Investments |
313.4 |
197.0 |
173.9 |
159.9 |
145.4 |
|
Accounts
Receivable - Trade, Gross |
662.6 |
575.0 |
266.5 |
215.3 |
202.2 |
|
Provision
for Doubtful Accounts |
-11.3 |
-11.3 |
-31.3 |
-23.2 |
-28.6 |
|
Trade Accounts
Receivable - Net |
655.6 |
566.1 |
241.0 |
197.8 |
179.9 |
|
Other Receivables |
41.2 |
12.4 |
5.7 |
37.5 |
19.8 |
|
Total Receivables, Net |
696.8 |
578.5 |
246.6 |
235.2 |
199.7 |
|
Inventories -
Finished Goods |
125.1 |
336.4 |
158.0 |
139.1 |
107.6 |
|
Inventories - Work
In Progress |
0.0 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Inventories - Other |
212.2 |
34.5 |
101.7 |
282.8 |
119.4 |
|
Total Inventory |
337.3 |
371.0 |
259.7 |
421.9 |
227.0 |
|
Prepaid Expenses |
2.9 |
2.8 |
1.2 |
1.5 |
1.7 |
|
Deferred Income Tax
- Current Asset |
- |
- |
2.2 |
6.3 |
8.1 |
|
Other Current
Assets |
1.7 |
1.8 |
3.3 |
6.2 |
5.1 |
|
Other Current Assets, Total |
1.7 |
1.8 |
5.5 |
12.5 |
13.2 |
|
Total Current Assets |
1,352.1 |
1,151.1 |
687.0 |
831.1 |
587.0 |
|
|
|
|
|
|
|
|
Buildings |
35.9 |
35.3 |
38.4 |
31.2 |
15.5 |
|
Land/Improvements |
- |
- |
0.2 |
0.2 |
0.3 |
|
Machinery/Equipment |
31.4 |
37.3 |
32.6 |
35.2 |
32.6 |
|
Construction
in Progress |
- |
- |
0.3 |
2.2 |
15.0 |
|
Leases |
- |
- |
0.1 |
- |
0.5 |
|
Other
Property/Plant/Equipment |
3.1 |
3.0 |
- |
- |
- |
|
Property/Plant/Equipment
- Gross |
70.4 |
75.6 |
71.6 |
68.9 |
63.9 |
|
Accumulated
Depreciation |
-25.6 |
-28.9 |
-23.9 |
-18.7 |
-18.4 |
|
Property/Plant/Equipment - Net |
44.7 |
46.7 |
47.7 |
50.2 |
45.5 |
|
Goodwill, Net |
- |
- |
- |
0.1 |
0.4 |
|
Intangibles, Net |
59.0 |
56.4 |
46.1 |
45.5 |
38.1 |
|
LT Investment -
Affiliate Companies |
108.5 |
4.7 |
4.1 |
4.0 |
9.2 |
|
LT Investments -
Other |
91.6 |
7.5 |
8.3 |
5.0 |
205.5 |
|
Long Term Investments |
200.1 |
12.2 |
12.4 |
9.1 |
214.7 |
|
Note Receivable - Long Term |
51.0 |
40.6 |
64.8 |
64.6 |
73.2 |
|
Deferred Income Tax
- Long Term Asset |
0.5 |
8.1 |
10.6 |
13.8 |
22.3 |
|
Other Long Term
Assets |
97.3 |
104.7 |
166.1 |
32.4 |
13.3 |
|
Other Long Term Assets, Total |
97.8 |
112.9 |
176.7 |
46.2 |
35.5 |
|
Total Assets |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
994.4 |
|
|
|
|
|
|
|
|
Accounts Payable |
579.7 |
577.4 |
353.7 |
392.4 |
337.0 |
|
Accrued Expenses |
1.5 |
3.5 |
5.2 |
14.9 |
5.8 |
|
Notes Payable/Short Term Debt |
442.8 |
374.3 |
106.7 |
54.2 |
46.0 |
|
Current Portion - Long Term Debt/Capital
Leases |
42.6 |
42.3 |
114.8 |
- |
- |
|
Dividends Payable |
- |
- |
0.0 |
0.0 |
0.0 |
|
Customer Advances |
158.6 |
104.4 |
92.2 |
116.6 |
59.0 |
|
Security Deposits |
0.1 |
0.3 |
0.3 |
0.3 |
0.1 |
|
Income Taxes
Payable |
9.7 |
1.4 |
1.2 |
2.0 |
1.9 |
|
Other Payables |
72.2 |
27.3 |
63.4 |
42.0 |
19.1 |
|
Other Current Liabilities |
15.1 |
18.6 |
9.4 |
5.0 |
7.0 |
|
Other Current liabilities, Total |
255.7 |
151.9 |
166.5 |
165.9 |
87.1 |
|
Total Current Liabilities |
1,322.4 |
1,149.4 |
746.8 |
627.4 |
476.0 |
|
|
|
|
|
|
|
|
Long Term Debt |
101.8 |
93.4 |
86.7 |
197.2 |
217.9 |
|
Total Long Term Debt |
101.8 |
93.4 |
86.7 |
197.2 |
217.9 |
|
Total Debt |
587.2 |
510.0 |
308.1 |
251.4 |
263.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax
- LT Liability |
39.3 |
- |
- |
- |
- |
|
Deferred Income Tax |
39.3 |
- |
- |
- |
- |
|
Minority Interest |
-1.7 |
0.9 |
1.6 |
2.9 |
7.6 |
|
Reserves |
2.0 |
1.9 |
- |
- |
- |
|
Pension Benefits -
Underfunded |
4.0 |
2.1 |
2.2 |
2.4 |
2.9 |
|
Other Long Term
Liabilities |
0.0 |
0.0 |
72.8 |
56.4 |
90.5 |
|
Other Liabilities, Total |
6.0 |
4.0 |
75.0 |
58.9 |
93.4 |
|
Total Liabilities |
1,467.8 |
1,247.6 |
910.1 |
886.5 |
794.8 |
|
|
|
|
|
|
|
|
Common Stock |
96.9 |
98.4 |
95.9 |
88.6 |
119.3 |
|
Common Stock |
96.9 |
98.4 |
95.9 |
88.6 |
119.3 |
|
Retained Earnings (Accumulated Deficit) |
117.0 |
87.0 |
34.8 |
75.1 |
89.3 |
|
Treasury Stock - Common |
- |
- |
0.0 |
0.0 |
0.0 |
|
Unrealized Gain (Loss) |
141.9 |
0.5 |
-1.2 |
-1.2 |
-3.2 |
|
Translation
Adjustment |
-5.7 |
-0.2 |
8.2 |
4.9 |
-5.8 |
|
Other Equity |
-13.2 |
-13.4 |
-13.0 |
-7.2 |
- |
|
Other Comprehensive
Income |
0.0 |
0.0 |
- |
- |
- |
|
Other Equity, Total |
-18.9 |
-13.6 |
-4.9 |
-2.2 |
-5.8 |
|
Total Equity |
336.9 |
172.3 |
124.6 |
160.3 |
199.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’
Equity |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
994.4 |
|
|
|
|
|
|
|
|
Shares Outstanding
- Common Stock Primary Issue |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Total Common Shares Outstanding |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Treasury Shares - Common Stock Primary
Issue |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Employees |
361 |
290 |
236 |
241 |
271 |
|
Number of Common Shareholders |
- |
11,810 |
10,422 |
8,912 |
9,864 |
|
Deferred Revenue - Current |
158.6 |
104.4 |
92.2 |
116.6 |
59.0 |
|
Total Long Term Debt, Supplemental |
- |
- |
149.4 |
346.4 |
217.9 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
62.8 |
197.2 |
70.0 |
|
Long Term Debt Maturing in Year 2 |
- |
- |
9.5 |
64.0 |
70.0 |
|
Long Term Debt Maturing in Year 3 |
- |
- |
9.5 |
6.3 |
19.5 |
|
Long Term Debt Maturing in Year 4 |
- |
- |
9.5 |
9.5 |
19.5 |
|
Long Term Debt Maturing in Year 5 |
- |
- |
9.5 |
9.6 |
19.5 |
|
Long Term Debt Maturing in Year 6 |
- |
- |
48.8 |
59.6 |
19.5 |
|
Long Term Debt Maturing in 2-3 Years |
- |
- |
19.0 |
70.4 |
89.5 |
|
Long Term Debt Maturing in 4-5 Years |
- |
- |
19.0 |
19.2 |
39.0 |
|
Long Term Debt Matur. in Year 6 &
Beyond |
- |
- |
48.8 |
59.6 |
19.5 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
37.8 |
41.2 |
-47.4 |
1.7 |
47.8 |
|
Depreciation |
5.2 |
4.4 |
4.4 |
3.9 |
2.9 |
|
Depreciation/Depletion |
5.2 |
4.4 |
4.4 |
3.9 |
2.9 |
|
Amortization of
Intangibles |
3.0 |
2.6 |
2.9 |
2.8 |
1.8 |
|
Amortization |
3.0 |
2.6 |
2.9 |
2.8 |
1.8 |
|
Deferred Taxes |
- |
- |
8.3 |
3.7 |
-9.2 |
|
Unusual Items |
5.8 |
4.3 |
7.3 |
44.3 |
1.7 |
|
Equity in Net
Earnings (Loss) |
-17.4 |
-14.1 |
-12.6 |
-23.8 |
-10.4 |
|
Other Non-Cash
Items |
31.0 |
16.5 |
6.1 |
2.3 |
7.7 |
|
Non-Cash Items |
19.4 |
6.7 |
0.7 |
22.8 |
-1.0 |
|
Accounts Receivable |
-136.2 |
-215.9 |
-10.7 |
19.1 |
-56.9 |
|
Inventories |
110.8 |
-132.2 |
41.2 |
-70.4 |
-48.5 |
|
Prepaid Expenses |
- |
- |
0.8 |
-0.4 |
-6.0 |
|
Other Assets |
-81.8 |
16.0 |
3.6 |
-1.6 |
-0.2 |
|
Accounts Payable |
40.1 |
147.0 |
-7.5 |
12.5 |
42.9 |
|
Accrued Expenses |
- |
- |
-20.7 |
8.2 |
3.1 |
|
Taxes Payable |
- |
- |
-1.0 |
0.4 |
0.4 |
|
Other Liabilities |
58.2 |
37.6 |
-28.7 |
56.6 |
-5.7 |
|
Other Assets &
Liabilities, Net |
-5.6 |
2.1 |
- |
- |
- |
|
Other Operating
Cash Flow |
13.8 |
10.4 |
13.2 |
23.5 |
- |
|
Changes in Working Capital |
-0.8 |
-134.9 |
-9.7 |
48.0 |
-71.1 |
|
Cash from Operating Activities |
64.7 |
-80.1 |
-40.8 |
83.0 |
-28.7 |
|
|
|
|
|
|
|
|
Purchase of Fixed
Assets |
-2.4 |
-2.2 |
-1.5 |
-8.2 |
-21.9 |
|
Purchase/Acquisition
of Intangibles |
-6.7 |
-4.7 |
-0.2 |
-20.6 |
-0.7 |
|
Capital Expenditures |
-9.1 |
-6.9 |
-1.8 |
-28.7 |
-22.6 |
|
Sale of Fixed
Assets |
0.0 |
0.1 |
0.0 |
0.7 |
5.1 |
|
Sale/Maturity of
Investment |
1.6 |
1.1 |
8.3 |
45.7 |
31.4 |
|
Investment, Net |
55.7 |
-52.0 |
- |
- |
- |
|
Purchase of
Investments |
-4.5 |
-0.4 |
-1.9 |
-1.8 |
-17.0 |
|
Sale of Intangible
Assets |
- |
- |
- |
0.0 |
- |
|
Other Investing
Cash Flow |
-3.6 |
-9.5 |
1.2 |
18.8 |
-193.0 |
|
Other Investing Cash Flow Items, Total |
49.2 |
-60.7 |
7.6 |
63.4 |
-173.5 |
|
Cash from Investing Activities |
40.1 |
-67.7 |
5.8 |
34.7 |
-196.1 |
|
|
|
|
|
|
|
|
Other Financing
Cash Flow |
- |
- |
0.0 |
-25.3 |
-3.0 |
|
Financing Cash Flow Items |
- |
- |
0.0 |
-25.3 |
-3.0 |
|
Cash Dividends Paid
- Common |
-5.0 |
- |
-0.6 |
- |
- |
|
Total Cash Dividends Paid |
-5.0 |
- |
-0.6 |
- |
- |
|
Sale/Issuance
of Common |
- |
0.0 |
- |
- |
- |
|
Common Stock, Net |
- |
0.0 |
- |
- |
- |
|
Issuance (Retirement) of Stock, Net |
- |
0.0 |
- |
- |
- |
|
Short
Term Debt Issued |
- |
- |
55.6 |
4.3 |
30.7 |
|
Short
Term Debt Reduction |
- |
- |
-8.6 |
- |
- |
|
Short Term Debt,
Net |
68.0 |
152.8 |
47.0 |
4.3 |
30.7 |
|
Long
Term Debt Issued |
15.5 |
45.1 |
41.7 |
23.1 |
159.9 |
|
Long
Term Debt Reduction |
-6.4 |
-85.1 |
-42.5 |
-34.5 |
-2.6 |
|
Long Term Debt, Net |
9.2 |
-40.0 |
-0.9 |
-11.3 |
157.4 |
|
Issuance (Retirement) of Debt, Net |
77.1 |
112.8 |
46.1 |
-7.0 |
188.0 |
|
Cash from Financing Activities |
72.1 |
112.8 |
45.4 |
-32.3 |
185.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
1.0 |
-1.2 |
12.7 |
5.8 |
|
Net Change in Cash |
179.8 |
-34.0 |
9.1 |
98.1 |
-34.0 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
141.2 |
169.3 |
144.2 |
69.2 |
116.0 |
|
Net Cash - Ending Balance |
321.0 |
135.3 |
153.4 |
167.3 |
82.0 |
|
Cash Interest Paid |
18.3 |
17.8 |
- |
- |
- |
|
Cash Taxes Paid |
4.3 |
2.7 |
- |
- |
- |
Annual Income Statement
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
|
|
|
|
|
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales Revenue |
4,918.2 |
3,230.2 |
- |
3,167.4 |
1,883.6 |
|
General Revenues |
- |
- |
2,445.7 |
- |
- |
|
Revenue from
Resource Development |
- |
- |
15.1 |
- |
- |
|
Income from Fee
& Charges |
- |
- |
27.0 |
- |
- |
|
Total Revenue |
4,918.2 |
3,230.2 |
2,487.8 |
3,167.4 |
1,883.6 |
|
|
|
|
|
|
|
|
Costs of Goods and
Services Sold |
4,793.3 |
3,128.4 |
- |
3,069.2 |
1,800.8 |
|
Cost of General
Rev. |
- |
- |
2,410.1 |
- |
- |
|
Cost-Resource
Development |
- |
- |
12.2 |
- |
- |
|
Cost-Fee &
Commission |
- |
- |
4.2 |
- |
- |
|
Salaries and Wages |
31.3 |
23.6 |
17.4 |
18.6 |
19.2 |
|
Retirement and
Severance Benefits |
1.7 |
1.3 |
1.4 |
1.9 |
2.9 |
|
Employee Benefits |
3.9 |
3.0 |
2.3 |
2.4 |
2.3 |
|
Communication
Expense |
- |
- |
0.6 |
0.7 |
- |
|
Utility Expense |
- |
- |
0.7 |
0.7 |
- |
|
Expense-Consumable
Goods |
- |
- |
0.0 |
0.1 |
- |
|
Publishing &
Printing Expense |
- |
- |
0.3 |
0.2 |
- |
|
Office Supplies
Expense |
- |
- |
0.1 |
0.1 |
- |
|
Travel Expenses |
3.8 |
3.1 |
2.1 |
2.2 |
2.0 |
|
Taxes and Dues |
1.8 |
1.6 |
1.3 |
1.3 |
1.2 |
|
Vehicles
Maintenance Expense |
- |
- |
0.4 |
0.4 |
- |
|
Repair Expense |
- |
- |
0.0 |
0.1 |
- |
|
Insurance Expense |
- |
- |
0.5 |
0.5 |
- |
|
Shipping &
Handling Expense |
- |
- |
0.4 |
0.6 |
- |
|
Entertainment
Expense |
2.0 |
1.6 |
1.2 |
1.3 |
- |
|
Rental Expenses |
2.3 |
2.4 |
2.8 |
2.9 |
3.2 |
|
Depreciation |
1.6 |
0.9 |
1.0 |
0.9 |
0.5 |
|
Advertising Expense |
- |
- |
0.1 |
0.2 |
- |
|
Amortization of Intangible
Assets |
0.5 |
0.1 |
1.2 |
1.3 |
- |
|
Education &
Training Expense |
- |
- |
0.1 |
0.2 |
- |
|
Overseas Residence
Expense |
13.2 |
11.1 |
9.6 |
7.7 |
- |
|
Overseas Market
Development Expense |
- |
- |
0.8 |
1.1 |
- |
|
Expense-Samples |
- |
- |
0.0 |
0.1 |
- |
|
Activity Expense |
- |
- |
0.1 |
0.2 |
- |
|
Safety Training
Expense |
- |
- |
0.0 |
0.0 |
- |
|
Expenses of
Allowance for Doubtful Accou |
0.3 |
- |
2.0 |
7.6 |
- |
|
Commissions |
5.4 |
4.6 |
4.4 |
5.6 |
7.0 |
|
Computing Expenses |
1.8 |
1.9 |
1.9 |
2.2 |
2.7 |
|
Other Selling and
Administrative Expense |
7.6 |
6.4 |
0.9 |
0.2 |
14.4 |
|
Adjustment for
Selling and Administrativ |
0.0 |
0.0 |
- |
- |
- |
|
Income of Foreign
Assets&Liabilities |
-131.7 |
-88.7 |
- |
- |
- |
|
Dividend Income |
-15.7 |
-10.9 |
- |
- |
- |
|
Income of
Derivatives Assets |
-10.4 |
-8.0 |
- |
- |
- |
|
Other Operating
Income |
-5.0 |
-6.3 |
- |
- |
- |
|
Adjustment for
Other Operating Income |
0.0 |
0.0 |
- |
- |
- |
|
Loss of Foreign
Assets&Liabilities |
130.2 |
88.3 |
- |
- |
- |
|
Loss of Derivatives
Assets |
11.9 |
5.6 |
- |
- |
- |
|
Impairment Loss on
Securities Held-to-Ma |
2.1 |
0.9 |
- |
- |
- |
|
Loss on Disposal of
Trade Receivable |
3.7 |
3.4 |
- |
- |
- |
|
Donations Paid |
3.8 |
0.5 |
- |
- |
- |
|
Other Operating
Expense |
11.3 |
12.5 |
- |
- |
- |
|
Adjustment for
Other Operating Expense |
0.0 |
0.0 |
- |
- |
- |
|
Total Operating Expense |
4,870.7 |
3,187.4 |
2,480.1 |
3,130.4 |
1,856.3 |
|
|
|
|
|
|
|
|
Interest Income |
4.4 |
5.7 |
3.5 |
6.4 |
9.4 |
|
Dividend Income |
- |
- |
9.4 |
15.5 |
13.2 |
|
Revers-Doubtful
Acct |
- |
- |
4.4 |
0.1 |
0.1 |
|
Other Non-Operating
Income |
- |
- |
1.2 |
3.1 |
1.3 |
|
G-For Curr
Transactn |
- |
- |
74.6 |
115.0 |
18.0 |
|
G-For Exch
Translatn |
- |
- |
12.8 |
57.8 |
4.2 |
|
G-Currency Futr
Trad |
- |
- |
7.6 |
10.8 |
1.4 |
|
G-Currency Futr
Val. |
- |
- |
0.4 |
2.3 |
- |
|
Gain-Valuation of
Contracts-Settlement |
- |
- |
0.1 |
- |
- |
|
G-Dispose LT
Investment Securities |
- |
- |
0.0 |
0.0 |
13.5 |
|
G-Reduction of LT
Investment Securities |
- |
- |
0.5 |
1.4 |
2.9 |
|
G-Tang Asset Disp. |
- |
- |
0.0 |
0.1 |
0.8 |
|
G-Disp. of Trande
Receivable |
- |
- |
- |
- |
1.8 |
|
Interest Expenses |
-18.5 |
-18.1 |
-15.0 |
-17.5 |
-13.8 |
|
Other Amortization |
- |
- |
0.0 |
-0.6 |
-4.5 |
|
Donations Paid |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Non-Op
Expense |
- |
- |
-53.2 |
-3.2 |
-6.3 |
|
L-For Curr
Transactn |
- |
- |
-77.1 |
-119.1 |
-15.5 |
|
L-for Exch
Translatn |
- |
- |
-15.0 |
-50.5 |
-3.3 |
|
Loss-Curr Fut.
Trade |
- |
- |
-4.0 |
-26.3 |
-0.7 |
|
L-Currency Future
Valuation |
- |
- |
- |
0.0 |
0.0 |
|
Loss Value
Inventory |
- |
- |
- |
-23.6 |
- |
|
L-LT Inv Secs
Valuation |
- |
- |
- |
- |
-0.1 |
|
Loss-Valuation of
Derivatives |
- |
- |
-0.1 |
- |
- |
|
L-Inv Asset
Disposal |
- |
- |
- |
- |
-0.1 |
|
Loss-Disposal of Investment
Securities |
- |
- |
0.0 |
0.0 |
- |
|
Loss-Disposal of
Equity Method Sec. |
- |
- |
- |
-0.3 |
-0.1 |
|
Recovery-Invest.
Asset Reduction Loss |
- |
- |
- |
-6.4 |
- |
|
Loss-Reduction of
Investment Securities |
- |
- |
-0.4 |
-0.6 |
-4.8 |
|
L-Trade Rcv
Disposal |
- |
- |
-7.5 |
-17.2 |
-13.6 |
|
L-Tang Asset Disp. |
- |
- |
0.0 |
0.0 |
-0.2 |
|
Gain under Equity
Method |
- |
- |
12.6 |
23.8 |
10.4 |
|
Gain/Loss on
Investments in Affiliates |
17.4 |
14.1 |
- |
- |
- |
|
Gains of Foreign
Assets&Liabilities |
34.6 |
4.4 |
- |
- |
- |
|
Adjustment for
Finance Income |
0.0 |
0.0 |
- |
- |
- |
|
Expense of Foreign
Assets&Liabilities |
-31.4 |
-1.1 |
- |
- |
- |
|
Adjustment for
Finance Expense |
0.0 |
0.0 |
- |
- |
- |
|
Net Income Before Taxes |
54.0 |
47.8 |
-37.5 |
7.9 |
41.4 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
16.2 |
6.6 |
9.9 |
6.2 |
-6.4 |
|
Net Income After Taxes |
37.8 |
41.2 |
-47.4 |
1.7 |
47.8 |
|
|
|
|
|
|
|
|
Minority Interest |
1.8 |
0.9 |
5.1 |
7.8 |
-0.9 |
|
Net Income Before Extra. Items |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
Net Income |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Income Available to Com Excl E |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Income Available to Com Incl E |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Basic EPS Excluding ExtraOrdin |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Basic EPS Including ExtraOrdin |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Diluted Net Income |
39.6 |
42.1 |
-42.3 |
9.5 |
46.9 |
|
Diluted Weighted Average Share |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Diluted EPS Excluding ExtraOrd |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
Diluted EPS Including ExtraOrd |
1.77 |
1.88 |
-1.90 |
0.43 |
2.10 |
|
DPS-Common Stock |
0.45 |
0.22 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
10.1 |
4.8 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
57.7 |
51.2 |
-29.9 |
25.2 |
52.8 |
|
|
|
|
|
|
|
|
Inc Tax Ex. Impact of Sp Items |
17.3 |
7.0 |
12.5 |
12.2 |
-2.5 |
|
Normalized Income After Taxes |
40.4 |
44.1 |
-42.4 |
13.0 |
55.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
42.2 |
45.0 |
-37.3 |
20.8 |
54.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
1.89 |
2.02 |
-1.67 |
0.93 |
2.43 |
|
Diluted Normalized EPS |
1.89 |
2.02 |
-1.67 |
0.93 |
2.43 |
|
Interest Expense |
18.5 |
18.1 |
15.0 |
17.5 |
13.8 |
|
Advertising Expense, Supplemental |
- |
- |
0.1 |
0.2 |
- |
|
Rental Expense, Supplemental |
2.3 |
2.4 |
2.6 |
2.9 |
3.2 |
|
Amort of Acquisition Costs, Su |
- |
- |
0.1 |
0.2 |
0.2 |
|
Amort of Intangibles, Suppleme |
3.0 |
2.6 |
2.9 |
2.6 |
1.7 |
|
Depreciation |
5.2 |
4.4 |
4.4 |
3.9 |
2.9 |
|
|
|
Annual Balance Sheet |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate |
1152 |
1134.9 |
1164.475 |
1259.55 |
936.05 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Cash
Equivalents |
308.7 |
137.8 |
168.1 |
146.1 |
81.4 |
|
ST Finl Assets |
4.7 |
59.2 |
5.8 |
13.7 |
64.1 |
|
ST Investment
Securities |
- |
- |
0.0 |
0.0 |
0.0 |
|
Current Securities
Held-to-Maturities |
- |
0.0 |
- |
- |
- |
|
Trade Rcvb Gross |
662.6 |
575.0 |
266.5 |
215.3 |
202.2 |
|
Allowance for
Doubtful Accounts |
-11.3 |
-11.3 |
-31.3 |
-23.2 |
-28.6 |
|
ST Loans |
- |
- |
- |
0.6 |
- |
|
Account Receivables |
41.2 |
11.6 |
5.3 |
36.3 |
19.8 |
|
Receivable-Recovery
of Taxes |
- |
0.7 |
0.4 |
0.6 |
- |
|
Accrued Income |
4.3 |
2.4 |
5.8 |
5.7 |
6.3 |
|
Advance Payments |
110.2 |
30.2 |
57.7 |
187.2 |
33.2 |
|
Prepaid Expenses |
2.9 |
2.8 |
1.2 |
1.5 |
1.1 |
|
Prepaid Inc Tax |
- |
- |
- |
- |
0.6 |
|
Derivatives |
- |
- |
0.5 |
2.0 |
- |
|
Guarantee Deposits,
Current Assets |
1.3 |
1.4 |
2.7 |
3.7 |
2.1 |
|
Other Current
Assets |
- |
- |
0.0 |
0.6 |
2.9 |
|
Contracts on
Settlement |
- |
- |
0.1 |
- |
- |
|
Deferred Income Tax,
Current |
- |
- |
2.2 |
6.3 |
8.1 |
|
Import Merchand. |
- |
- |
9.2 |
10.3 |
2.8 |
|
Merchandise |
107.9 |
316.2 |
0.3 |
0.0 |
0.3 |
|
Export Merchand. |
- |
- |
137.5 |
65.3 |
67.0 |
|
Finished Goods |
1.8 |
1.5 |
0.6 |
49.2 |
2.7 |
|
Raw Material |
15.5 |
18.7 |
10.3 |
14.3 |
34.8 |
|
Goods in Transit |
101.9 |
4.3 |
44.0 |
95.6 |
86.2 |
|
Works in Process |
0.0 |
0.2 |
0.0 |
0.0 |
0.0 |
|
Miscellaneous
Inventory |
- |
- |
0.1 |
0.0 |
0.1 |
|
Current Derivative
Assets |
0.4 |
0.4 |
- |
- |
- |
|
Adjustment for
Trade Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for
Inventories |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for
Other Current Receivables |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for
Other Current Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Assets |
1,352.1 |
1,151.1 |
687.0 |
831.1 |
587.0 |
|
|
|
|
|
|
|
|
LT Finl Assets |
0.0 |
0.2 |
0.1 |
0.1 |
0.0 |
|
LT Invest Secs. |
- |
- |
8.1 |
5.0 |
8.3 |
|
Invest-Oil Dev't |
- |
- |
- |
- |
196.1 |
|
Other Inv Assets |
- |
- |
- |
- |
1.0 |
|
Non-Current
Securities Held-to-Maturitie |
0.0 |
2.1 |
- |
- |
- |
|
Non-Current
Securities Available-for-Sal |
91.6 |
5.3 |
- |
- |
- |
|
Investment in
Affiliates |
108.5 |
4.7 |
4.1 |
4.0 |
9.2 |
|
Non-Current Loans |
51.0 |
40.6 |
61.7 |
61.4 |
73.0 |
|
LT Account
Receivable |
- |
- |
3.2 |
3.2 |
0.1 |
|
LT Guarantee Dep |
- |
- |
5.7 |
5.4 |
6.3 |
|
Natural Resource
Development Funds |
91.6 |
97.1 |
155.4 |
22.9 |
- |
|
LT Prepaid Expen |
- |
- |
5.0 |
4.1 |
5.9 |
|
Non-Current
Deferred Income Taxes Assets |
0.5 |
8.1 |
10.6 |
13.8 |
22.3 |
|
LT Accrued Incom |
- |
- |
- |
- |
1.0 |
|
Other Non-Current
Assets |
5.7 |
7.7 |
- |
- |
- |
|
Land |
- |
- |
0.2 |
0.2 |
0.3 |
|
Buildings |
- |
- |
6.6 |
6.3 |
17.2 |
|
Buildings Depre. |
- |
- |
-1.6 |
-1.4 |
-2.7 |
|
Buildings Reduce |
- |
- |
-1.6 |
-1.5 |
-2.0 |
|
Buildings &
Structures |
37.5 |
37.0 |
- |
- |
- |
|
Buildings & Structures-Depreciation |
-8.6 |
-7.0 |
- |
- |
- |
|
Buildings &
Structures-Reduction |
-1.6 |
-1.6 |
- |
- |
- |
|
Structures |
- |
- |
28.7 |
26.1 |
- |
|
Structure Depre. |
- |
- |
-3.6 |
-2.2 |
- |
|
Transport Equip. |
- |
- |
1.4 |
1.3 |
1.3 |
|
Transport Deprec |
- |
- |
-1.1 |
-0.8 |
-0.9 |
|
Tools &
Equipments |
7.6 |
13.9 |
13.1 |
12.4 |
11.8 |
|
Tool/Equip Depr. |
-3.6 |
-10.6 |
-9.7 |
-8.6 |
-10.6 |
|
Rent Building Impr. |
- |
- |
4.6 |
0.3 |
0.3 |
|
Rent Build Depr. |
- |
- |
-3.0 |
-0.2 |
-0.2 |
|
Machineries &
Equipments |
23.8 |
23.4 |
18.1 |
21.6 |
19.5 |
|
Machineries &
Equipments-Depreciation |
-11.8 |
-9.9 |
-4.9 |
-5.5 |
-3.9 |
|
Lease Assets |
- |
- |
0.1 |
- |
0.5 |
|
Lease
Assets-Depreciation |
- |
- |
0.0 |
- |
- |
|
Construc in Prog |
- |
- |
0.3 |
2.2 |
15.0 |
|
Goodwill |
- |
- |
- |
0.1 |
0.4 |
|
Other Intangible
Assets |
3.6 |
1.1 |
20.7 |
21.1 |
4.6 |
|
Overseas Mining
Development Cost |
28.0 |
28.9 |
25.4 |
24.4 |
33.5 |
|
Land Lease Rights |
4.3 |
4.3 |
- |
- |
- |
|
Trade Mark Rights |
18.0 |
18.2 |
- |
- |
- |
|
Membership Right |
5.1 |
3.9 |
- |
- |
- |
|
Other Property
Plant & Equipment |
3.1 |
3.0 |
- |
- |
- |
|
Other Property
Plant & Equipment-Depreci |
-1.7 |
-1.5 |
- |
- |
- |
|
Adjustment for
Property, Plant & Equipme |
0.0 |
0.0 |
- |
- |
- |
|
Adjustment for
Intangible Assets |
0.0 |
0.0 |
- |
- |
- |
|
Total Assets |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
994.4 |
|
|
|
|
|
|
|
|
Current Trade
Payables |
579.7 |
577.4 |
353.7 |
392.4 |
337.0 |
|
Current Borrowings |
442.8 |
374.3 |
106.7 |
54.2 |
46.0 |
|
Other Payables |
72.2 |
27.3 |
63.4 |
42.0 |
19.1 |
|
Advance from
Customers, Current Liabilit |
158.6 |
101.1 |
92.2 |
116.6 |
59.0 |
|
Unearned Income |
- |
3.3 |
- |
- |
- |
|
Guarantee Deposits
Withholdings, Current |
0.1 |
0.3 |
0.3 |
0.3 |
0.1 |
|
Accrued Expenses |
1.5 |
3.5 |
5.2 |
14.9 |
5.8 |
|
Dividend Payable |
- |
- |
0.0 |
0.0 |
0.0 |
|
Inc. Taxes Pay. |
9.7 |
1.4 |
1.2 |
2.0 |
1.9 |
|
Withholdings |
6.5 |
5.2 |
4.4 |
4.5 |
6.5 |
|
Reserve-Sales
Guarantee |
- |
- |
0.8 |
- |
0.0 |
|
Current Portion of
Provision for Curren |
8.2 |
12.9 |
- |
- |
- |
|
Other Cur Liabs. |
- |
- |
4.1 |
0.5 |
0.4 |
|
Currency Futures,
Liab. |
- |
- |
- |
0.0 |
0.0 |
|
Current Derivatives
Liabilities |
0.4 |
0.4 |
0.2 |
- |
- |
|
Current Portion of
LT Debt |
42.6 |
42.3 |
114.8 |
- |
- |
|
Adj.-Other Current
Payables |
0.0 |
0.0 |
- |
- |
- |
|
Total Current Liability |
1,322.4 |
1,149.4 |
746.8 |
627.4 |
476.0 |
|
|
|
|
|
|
|
|
Bonds |
43.3 |
43.9 |
- |
48.0 |
66.9 |
|
Non-Current
Borrowings |
58.5 |
49.5 |
86.7 |
149.2 |
39.5 |
|
Foreign Curr LTD |
- |
- |
- |
- |
111.4 |
|
Total Long Term Debt |
101.8 |
93.4 |
86.7 |
197.2 |
217.9 |
|
|
|
|
|
|
|
|
LT Trade Payable |
- |
- |
72.8 |
56.4 |
90.5 |
|
Other Non-Current
Liabilities |
0.0 |
0.0 |
- |
- |
- |
|
Minority Interests |
-1.7 |
0.9 |
1.6 |
2.9 |
7.6 |
|
Retire Reserve |
- |
- |
8.1 |
2.4 |
2.9 |
|
Plan Assets |
- |
- |
-5.9 |
- |
- |
|
Transfer to
National Pension Fund |
- |
- |
-0.1 |
- |
- |
|
Deferred Income
Taxes, Non-Current Liabi |
39.3 |
- |
- |
- |
- |
|
Non-Current Fixed
Benefit Liabilities |
4.0 |
2.1 |
- |
- |
- |
|
Non-Current
Provisions |
2.0 |
1.9 |
- |
- |
- |
|
Total Liabilities |
1,467.8 |
1,247.6 |
910.1 |
886.5 |
794.8 |
|
|
|
|
|
|
|
|
Common Stock |
96.9 |
98.4 |
95.9 |
88.6 |
119.3 |
|
Treasury Stock |
- |
- |
0.0 |
0.0 |
0.0 |
|
Other Capital
Adjustment |
-13.2 |
-13.4 |
-13.0 |
-7.2 |
- |
|
Consolidated
Retained Earnings |
117.0 |
87.0 |
34.8 |
75.1 |
89.3 |
|
Gain on Valuation
of Securities Availabl |
66.4 |
0.5 |
0.0 |
- |
- |
|
Capital Change,
Equity Method |
75.5 |
0.0 |
0.4 |
0.2 |
- |
|
Value-Secs under
Equity Method |
0.0 |
0.0 |
-1.7 |
-1.4 |
-3.2 |
|
Overseas Business
Translation Debit |
-5.7 |
-0.2 |
8.2 |
4.9 |
-5.8 |
|
Adj.-Accumulated Other
Comprehensive Inc |
0.0 |
0.0 |
- |
- |
- |
|
Total Equity |
336.9 |
172.3 |
124.6 |
160.3 |
199.5 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholde |
1,804.7 |
1,419.9 |
1,034.7 |
1,046.7 |
994.4 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
Total Common Shares Outstandin |
22.3 |
22.3 |
22.3 |
22.3 |
22.3 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue, Current |
158.6 |
104.4 |
92.2 |
116.6 |
59.0 |
|
Full-Time Employees |
361 |
290 |
236 |
241 |
271 |
|
Number of Common Shareholders |
- |
11,810 |
10,422 |
8,912 |
9,864 |
|
Long Term Debt Maturing within 1 Year |
- |
- |
62.8 |
197.2 |
- |
|
Long Term Debt Maturing within 2 Years |
- |
- |
9.5 |
64.0 |
140.0 |
|
Long Term Debt Maturing within 3 Years |
- |
- |
9.5 |
6.3 |
- |
|
Long Term Debt Maturing within 4 Years |
- |
- |
9.5 |
9.5 |
- |
|
Long Term Debt Maturing within 5 Years |
- |
- |
9.5 |
9.6 |
- |
|
Long Term Debt Remaining Maturities |
- |
- |
48.8 |
59.6 |
77.9 |
|
Total Long Term Debt, Supplemental |
- |
- |
149.4 |
346.4 |
217.9 |
|
|
|
Annual Cash Flows |
|
Financials in: USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Restated Normal |
Updated Normal |
Updated Normal |
Reclassified Normal |
|
Filed Currency |
KRW |
KRW |
KRW |
KRW |
KRW |
|
Exchange Rate (Period Average) |
1107.891393 |
1156.281981 |
1276.385219 |
1100.562842 |
929.183333 |
|
Auditor |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
PricewaterhouseCoopers LLP |
Sahmgyung Accounting Corp. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
37.8 |
41.2 |
-47.4 |
1.7 |
47.8 |
|
Depreciation |
5.2 |
4.4 |
4.4 |
3.9 |
2.9 |
|
Amortization of
Intangible Assets |
3.0 |
2.6 |
2.9 |
2.8 |
1.8 |
|
Payment for
Retirement Allowance, ONCI |
1.7 |
1.3 |
1.4 |
1.9 |
2.9 |
|
Expense of
Allowance for Doubtful Accoun |
0.3 |
- |
2.0 |
7.6 |
1.3 |
|
Expenses of Allowance
for Other Doubtful |
8.1 |
- |
- |
- |
- |
|
Amort-Othr Bad Debt |
- |
- |
0.0 |
0.6 |
4.5 |
|
Accrued Interest
Expense |
- |
- |
0.1 |
0.1 |
0.1 |
|
Provision-Construction
Loss |
- |
- |
4.6 |
- |
- |
|
L-For Exch
Translatn |
- |
- |
15.0 |
49.9 |
3.3 |
|
Loss-Valuation of
Contract on Settlement |
- |
- |
- |
0.0 |
- |
|
L-Inventory
Valuation |
- |
- |
0.5 |
23.6 |
- |
|
Loss-Valuation of
Derivatives |
- |
- |
0.1 |
- |
0.0 |
|
L-LT Investment
Securities Valuation |
- |
- |
- |
0.3 |
0.1 |
|
L-Reduct. of Inv.
Assets |
- |
- |
- |
6.4 |
- |
|
L-Reduct. of LT
Inv. Secs. |
- |
- |
0.4 |
0.6 |
4.8 |
|
Reduction Loss on
Securities Held-to-Mat |
2.1 |
0.9 |
- |
- |
- |
|
Disposal Loss on
Trade Receivables |
3.7 |
3.4 |
7.5 |
17.2 |
13.6 |
|
L-Tang Asset Disp. |
- |
- |
0.0 |
0.0 |
0.2 |
|
L-Inv Asset Disp. |
- |
- |
- |
- |
0.1 |
|
L-LT Inv Secs
Disposal |
- |
- |
0.0 |
0.0 |
0.1 |
|
Revers-Doubtful
Acct |
- |
- |
-4.4 |
-0.1 |
-0.1 |
|
Interest Expenses |
18.5 |
18.1 |
- |
- |
- |
|
Interest Income |
-4.4 |
-5.7 |
- |
- |
- |
|
Dividend Income,on |
-15.7 |
-10.9 |
- |
- |
- |
|
Corporate Taxes
Expense |
16.2 |
6.6 |
- |
- |
- |
|
Contract on
Settlement |
- |
- |
0.0 |
- |
- |
|
G-For Exch
Translatn |
- |
- |
-12.8 |
-57.8 |
-4.2 |
|
G-Currency Futr
Val. |
- |
- |
-0.4 |
-2.3 |
- |
|
Gain-Valuation of
Contract on Settlement |
- |
- |
-0.1 |
- |
- |
|
G-Reduction LT
Investment Securities |
- |
- |
-0.5 |
- |
-2.9 |
|
G-Tang Asset Disp. |
- |
- |
0.0 |
-0.1 |
-0.8 |
|
G-Dispose ST
Investment Securities |
- |
- |
- |
-1.4 |
- |
|
G-Dispose LT
Investment Securities |
- |
- |
0.0 |
0.0 |
-13.5 |
|
G-Equity Method
Val. |
- |
- |
-12.6 |
-23.8 |
-10.4 |
|
Gain/Loss under
Equity Method |
-17.4 |
-14.1 |
- |
- |
- |
|
Gain/Loss on
Valuation of Derivative Fin |
0.0 |
-0.1 |
- |
- |
- |
|
Gain/Loss on
Foreign Currency Translatio |
0.1 |
2.0 |
- |
- |
- |
|
Other Cash Flow
from Operating Activitie |
6.2 |
5.2 |
- |
- |
- |
|
Trade Receivables |
-89.4 |
-211.0 |
-44.0 |
30.0 |
-48.4 |
|
LT Trade Rcvbls. |
- |
- |
- |
0.7 |
14.0 |
|
Other Current
Receivables |
-46.7 |
-4.9 |
33.6 |
-12.2 |
-17.3 |
|
Accrued Income |
- |
- |
-0.3 |
0.7 |
-5.3 |
|
Inventories |
110.8 |
-132.2 |
41.2 |
-93.2 |
-47.4 |
|
Advanced Payments |
- |
- |
0.0 |
22.8 |
-1.1 |
|
Prepaid Expenses |
- |
- |
0.6 |
-0.5 |
0.0 |
|
LT Prepaid Expenses |
- |
- |
- |
0.4 |
-5.9 |
|
Prepaid Taxes |
- |
- |
0.3 |
-0.2 |
0.0 |
|
Security Deposits |
- |
- |
1.0 |
-1.9 |
-0.7 |
|
Other Current
Assets |
-81.8 |
27.6 |
0.6 |
0.4 |
0.5 |
|
Derivatives in
Assets |
- |
- |
2.0 |
0.0 |
0.0 |
|
Source Development
Cost |
-1.9 |
-14.6 |
- |
- |
- |
|
Decrease in Other
Non-Current Assets |
1.9 |
3.0 |
- |
- |
- |
|
Deferred
Taxes-Asset |
- |
- |
8.3 |
3.7 |
-9.2 |
|
Trade Payables |
-5.1 |
195.2 |
-36.8 |
-2.0 |
38.7 |
|
Other Payables |
45.1 |
-48.2 |
29.3 |
14.4 |
4.2 |
|
Accrued Expenses |
- |
- |
-20.7 |
8.2 |
3.1 |
|
Accrued Income Tax |
- |
- |
-1.0 |
0.4 |
0.4 |
|
Advance from
Customers |
58.2 |
37.6 |
-26.0 |
58.4 |
-6.1 |
|
Deposits Withheld |
- |
- |
-0.3 |
-1.1 |
3.9 |
|
Security Deposit |
- |
- |
0.0 |
0.2 |
0.0 |
|
Unearned Income |
- |
- |
- |
0.7 |
-0.2 |
|
Other Current Liab. |
- |
- |
-0.3 |
0.1 |
0.2 |
|
Other Non-Current
Liabilities |
- |
- |
-0.2 |
- |
0.0 |
|
Nation Pension Fund |
- |
- |
0.0 |
0.0 |
0.0 |
|
Reserve for Sales
Guarantee |
- |
- |
0.7 |
0.0 |
-0.4 |
|
Retirement Pension
Operating Fund |
- |
- |
-1.0 |
-0.9 |
-1.4 |
|
Reserve-Severance
& Retirement Benefit |
- |
- |
- |
0.4 |
-0.1 |
|
Payment-Retirement
Bonus |
- |
- |
-0.8 |
-1.2 |
-1.6 |
|
Reserve-Construction
Loss |
- |
- |
-0.8 |
- |
- |
|
Other Assets and
Liabilities |
-5.6 |
2.1 |
- |
- |
- |
|
Dividend Income,
A/L |
33.0 |
24.9 |
13.2 |
23.5 |
- |
|
Adjustment for
Operating Activities |
0.0 |
0.0 |
- |
- |
- |
|
Cash-Interest
Received |
3.5 |
6.0 |
- |
- |
- |
|
Cash-Interest Paid |
-18.3 |
-17.8 |
- |
- |
- |
|
Cash-Tax Paid |
-4.3 |
-2.7 |
- |
- |
- |
|
Adjustment for
Operating Assets & Liabil |
0.0 |
0.0 |
- |
- |
- |
|
Cash from Operating Activities |
64.7 |
-80.1 |
-40.8 |
83.0 |
-28.7 |
|
|
|
|
|
|
|
|
Dispose-ST
Investment Securities |
- |
- |
0.0 |
0.0 |
0.1 |
|
Disp of LT Invest
Secs. |
- |
- |
0.0 |
2.5 |
16.8 |
|
Dec-LT Finl Assets |
- |
- |
8.2 |
38.8 |
- |
|
Disposal of
Investment in Affiliates |
0.3 |
- |
- |
4.4 |
12.1 |
|
Disposal of
Securities Available-for-Sal |
1.3 |
0.6 |
- |
- |
- |
|
Dec. Other Inv
Asset |
- |
- |
- |
- |
2.4 |
|
Disposal of
Securities Held-to-Maturitie |
0.0 |
0.5 |
- |
- |
- |
|
Decrease-ST Loans |
- |
- |
1.2 |
- |
- |
|
Decrease in LT
Loans |
0.1 |
0.1 |
0.0 |
27.1 |
- |
|
Dec-Guarantee Dep |
- |
- |
0.1 |
0.0 |
- |
|
LT Account
Receivable |
- |
- |
- |
- |
-1.0 |
|
Disposal of
Property, Plant and Equipmen |
0.0 |
0.1 |
0.0 |
0.7 |
5.1 |
|
Dispose-Intangibles |
- |
- |
- |
0.0 |
- |
|
ST Finl Assets |
55.7 |
-52.0 |
- |
- |
- |
|
Inc-ST Finl Assets |
- |
- |
- |
- |
-17.0 |
|
Inc-LT Finl Assets |
- |
0.0 |
0.0 |
-0.1 |
0.0 |
|
Acq-ST Investment
Securities |
- |
- |
-1.8 |
-1.8 |
- |
|
Increase-Securities
under Equity Method |
-4.5 |
-0.4 |
- |
- |
- |
|
Increase in ST
Loans |
- |
- |
- |
-0.6 |
- |
|
Inc Oil Develop
Fund |
- |
- |
0.0 |
-7.3 |
-140.2 |
|
Increase in
Non-Current Loans |
-3.8 |
-9.5 |
0.0 |
-0.1 |
-50.8 |
|
Inc in Guarant
Depos |
- |
- |
-0.2 |
-0.3 |
-0.9 |
|
Acq-Tangible Assets |
-2.4 |
-2.2 |
-1.5 |
-8.2 |
-21.9 |
|
Purchase of
Intangible Assets |
-6.7 |
-4.7 |
-0.2 |
-20.6 |
-0.7 |
|
Cash from Investing Activities |
40.1 |
-67.7 |
5.8 |
34.7 |
-196.1 |
|
|
|
|
|
|
|
|
Increase-Bond |
- |
43.1 |
41.1 |
- |
- |
|
Increase in
Non-Current Borrowings |
15.5 |
2.0 |
0.6 |
23.1 |
68.8 |
|
Inc in ST
Borrowings |
- |
- |
55.6 |
4.3 |
30.7 |
|
Inc LT Account
Payable |
- |
- |
- |
0.0 |
91.1 |
|
Disposal-Treasury
Stock |
- |
0.0 |
- |
- |
- |
|
Decrease-ST
Borrowings |
- |
- |
-8.6 |
- |
- |
|
Dec-Current Portion
of LT Liabilities |
-6.4 |
-82.2 |
- |
- |
- |
|
Repayment of Bonds |
- |
- |
-41.1 |
-2.0 |
- |
|
Decrease-LT
Borrowings |
- |
-2.9 |
-1.4 |
-32.5 |
-2.6 |
|
Decrease-LT Accrued
Payment |
- |
- |
0.0 |
-22.8 |
- |
|
Consolidated Scope
Adjustment |
- |
- |
- |
-2.5 |
-3.0 |
|
Dividend Paid |
-5.0 |
- |
-0.6 |
- |
- |
|
Current Borrowings,
Net |
68.0 |
152.8 |
- |
- |
- |
|
Cash from Financing Activities |
72.1 |
112.8 |
45.4 |
-32.3 |
185.0 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
2.9 |
1.0 |
-1.2 |
12.7 |
5.8 |
|
Net Change in Cash |
179.8 |
-34.0 |
9.1 |
98.1 |
-34.0 |
|
|
|
|
|
|
|
|
Cash and Cash Equivalents at Beginning |
141.2 |
169.3 |
144.2 |
69.2 |
116.0 |
|
Cash and Cash Equivalents at End |
321.0 |
135.3 |
153.4 |
167.3 |
82.0 |
|
Cash Interest Paid |
18.3 |
17.8 |
- |
- |
- |
|
Cash Taxes Paid |
4.3 |
2.7 |
- |
- |
- |
Financial Health
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
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Annual Ratios
|
Financials in:
USD (mil) |
|
|
Except for
share items (millions) and per share items (actual units) |
|
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.60 |
|
UK Pound |
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NLM |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as
a reference to assess SC’s credit risk and to set the amount of credit to be
extended. It is calculated from a composite of weighted scores obtained from
each of the major sections of this report. The assessed factors and their
relative weights (as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.