MIRA INFORM REPORT

 

 

Report Date :

27.11.2013

 

IDENTIFICATION DETAILS

 

Name :

TONGYANG INC

 

 

Registered Office :

15F, West Hall, Signature Tower , 100, Cheonggyecheon-Ro, Jung-Gu , Seoul, 100230

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

25.08.1955

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Subject engaged in the construction, construction material, fiber and appliance and plant businesses.

 

 

No. of Employees :

608

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

 Moderate

Payment Behaviour :

Slow

Litigation :

Clear

 

NOTES :

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

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

 South Korea

                       A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. Korea''s export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-South Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The incoming administration in 2013, following the December 2012 presidential election, is likely to face the challenges of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy''s long term challenges include a rapidly aging population, inflexible labor market, and heavy reliance on exports - which comprise half of GDP.

Source : CIA

 

 

COMPANY NAME & ADDRESS

 

TONGYANG INC                                                                                                                                        

 

15F, West Hall, Signature Tower

100, Cheonggyecheon-Ro, Jung-Gu

Seoul, 100230

Korea, Republic of

 

Tel:         82-2-37703000

Fax:        82-2-37703305

Website: www.tongyanginc.co.kr

 

 

SYNTHESIS

 

Employees:                   608

Company Type:             Public Subsidiary

Corporate Family:          29 Companies

Ultimate Parent:            TONGYANG Group

Traded:                         Korea Stock Exchange: 001520

Incorporation Date:         25-Aug-1955

Auditor:                         Ernst & Young LLP

Financials in:                 USD (mil)

Fiscal Year End:            31-Dec-2012

Reporting Currency: South Korean Won

Annual Sales:                1,517.0  1

Net Income:                  (119.8)

Total Assets:                 3,189.6  2

Market Value:                111.1

                                    (08-Nov-2013)

 

Business Description     

 

 

TONGYANG Inc. is a Korea-based company engaged in the construction, construction material, fiber and appliance and plant businesses. Its construction material business manufactures ready mixed concrete (Remicon). Its construction business constructs residential buildings, industrial buildings and civil engineering works. Its fiber business produces fibers, non-woven fabrics and apparels. Its appliance and plant business manufactures steam ovens, gas ovens, dish cleaners, special heat exchangers, fans, blowers, air cooled vacuum condensers and others. Through its subsidiaries, it also provides cements, bituminous coals, leathers, crude oils and others, and operates resorts and golf courses. On August 5, 2013, the Company transferred the tangible assets, debts, contracts and employees related to its three pile factories located in Asan City, to a Korea-based pile company. For the six months ended 30 June 2013, Tongyang Inc revenues decreased 19% to W642.82B. Net loss applicable to common stockholders excluding extraordinary items decreased less than 1% to W78.47B. Revenues reflect Fabric segment decrease of 21% to W101.71B, Trade segment decrease of 11% to W149.06B, Construction Materials segment decrease of 6% to W252.67B, South Korea segment decrease of 8% to W670.38B, Middle East segment decrease of 68% to W7.55B.

 

Industry

 

Industry                 Cement and Concrete Product Manufacturing

ANZSIC 2006:        2033 - Ready-Mixed Concrete Manufacturing

ISIC Rev 4:             2395 - Manufacture of articles of concrete, cement and plaster

NACE Rev 2:          2363 - Manufacture of ready-mixed concrete

NAICS 2012:          32732 - Ready-Mix Concrete Manufacturing

UK SIC 2007:         2363 - Manufacture of ready-mixed concrete

US SIC 1987:         3273 - Ready-Mixed Concrete

                            

 

Key Executives   

   

 

Name                                   Title                                                                     

Cheol Won Park                     Co-Chief Executive Officer, Vice President, Director  

Yeong Hun Kim                      Co-Chief Executive Officer                                      

Chang Jae-hong                     VP-Finance                                                           

Choo Yeon-woo                      VP-Construction                                                    

Jong Mahn Park                     VP-Business Support                                            

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Bankruptcy / Related

1

Tongyang Inc Starts Corporate Turnaround Process

17-Oct-2013

Divestitures

3

Tongyang Inc Announces Amendments to Transfer Pile Business Unit

5-Aug-2013

Officer Changes

2

Tongyang Inc Announces Resignation of Co-CEO

16-Aug-2013

Business Deals

1

Tongyang Inc Signs Contract with HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.

26-Mar-2013

Equity Investments

4

Tongyang Inc Announces Change in Shareholding Structure

8-Oct-2013

 

 

 

* number of significant developments within the last 12 months

 

 

News

 

Title

Date

Yonhap: Regulator To Accelerate M&A Of Local Brokerage Houses
World News Connection (347 Words)

23-Nov-2013

Three Tongyang Group Affiliates Apply for Corporate Rehabilitation
Legal 500 (202 Words)

23-Nov-2013

Protecting financial consumers
Korea Joongang Daily (410 Words)

22-Nov-2013

FSC strengthens its role
Korea Joongang Daily (304 Words)

21-Nov-2013

ROK Daily: FSC Strengthens Its Role
World News Connection (445 Words)

21-Nov-2013

Yonhap: FSC To Curb Financial Units' Funding Of Parent Firms
World News Connection (452 Words)

21-Nov-2013

 

 

 

Financial Summary

 

 

As of 30-Jun-2013

Key Ratios

Company

Industry

Current Ratio (MRQ)

0.48

2.04

Quick Ratio (MRQ)

0.42

1.12

Debt to Equity (MRQ)

54.20

1.04

Sales 5 Year Growth

-19.43

-0.71

 

 

 

 

Stock Snapshot

 

 

 

Traded: Korea Stock Exchange: 001520

 

As of 8-Nov-2013

   Financials in: KRW

Recent Price

451.00

 

EPS

-551.00

52 Week High

1,950.00

 

Price/Sales

0.07

52 Week Low

416.00

 

Price/Book

0.79

Avg. Volume (mil)

5.42

 

Beta

1.20

Market Value (mil)

118,079.30

 

 

 

 

Price % Change

Rel S&P 500%

4 Week

-44.53%

-43.41%

13 Week

-56.43%

-58.72%

52 Week

-43.34%

-45.35%

Year to Date

-42.03%

-41.67%

 

 

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4

 

 

Corporate Overview

 

Location
15F, West Hall, Signature Tower
100, Cheonggyecheon-Ro, Jung-Gu
Seoul, 100230
Korea, Republic of

 

Tel:  82-2-37703000

Fax: 82-2-37703305

 

www.tongyanginc.co.kr

 

Quote Symbol -            Exchange

                                     001520 - Korea Stock Exchange

Sales KRW(mil):           1,709,382.6

Assets KRW(mil):          3,401,374.3

Employees:                   608

Fiscal Year End:            31-Dec-2012

 

 

Industry:                          Construction - Raw Materials

Incorporation Date:         25-Aug-1955

Company Type:              Public Subsidiary

Quoted Status:              Quoted

Previous Name:             Tong Yang Major Corporation

 

Co-Chief Executive Officer:          Sang Cheol Lee

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2033

-

Ready-Mixed Concrete Manufacturing

3020

-

Non-Residential Building Construction

1334

-

Textile Finishing and Other Textile Product Manufacturing

3101

-

Road and Bridge Construction

2031

-

Cement and Lime Manufacturing

3109

-

Other Heavy and Civil Engineering Construction

2441

-

Whiteware Appliance Manufacturing

3019

-

Other Residential Building Construction

2499

-

Other Machinery and Equipment Manufacturing Not Elsewhere Classified

2449

-

Other Domestic Appliance Manufacturing

 

ISIC Rev 4 Codes:

2395

-

Manufacture of articles of concrete, cement and plaster

2750

-

Manufacture of domestic appliances

2394

-

Manufacture of cement, lime and plaster

4220

-

Construction of utility projects

4100

-

Construction of buildings

2819

-

Manufacture of other general-purpose machinery

1399

-

Manufacture of other textiles n.e.c.

4210

-

Construction of roads and railways

 

NACE Rev 2 Codes:

2363

-

Manufacture of ready-mixed concrete

2751

-

Manufacture of electric domestic appliances

2351

-

Manufacture of cement

4221

-

Construction of utility projects for fluids

4120

-

Construction of buildings

1396

-

Manufacture of other technical and industrial textiles

4211

-

Construction of roads and motorways

2825

-

Manufacture of non-domestic cooling and ventilation equipment

 

NAICS 2012 Codes:

32732

-

Ready-Mix Concrete Manufacturing

333413

-

Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing

236116

-

New Multifamily Housing Construction (except For-Sale Builders)

335221

-

Household Cooking Appliance Manufacturing

327310

-

Cement Manufacturing

237990

-

Other Heavy and Civil Engineering Construction

237310

-

Highway, Street, and Bridge Construction

236210

-

Industrial Building Construction

335228

-

Other Major Household Appliance Manufacturing

313230

-

Nonwoven Fabric Mills

 

US SIC 1987:

3273

-

Ready-Mixed Concrete

1629

-

Heavy Construction, Not Elsewhere Classified

2297

-

Non-woven Fabrics

3241

-

Cement, Hydraulic

3564

-

Industrial and Commercial Fans and Blowers and Air Purification Equipment

1611

-

Highway and Street Construction, Except Elevated Highways

1541

-

General Contractors-Industrial Buildings and Warehouses

3639

-

Household Appliances, Not Elsewhere Classified

1522

-

General Contractors-Residential Buildings, Other Than Single-Family

3631

-

Household Cooking Equipment

 

UK SIC 2007:

2363

-

Manufacture of ready-mixed concrete

2751

-

Manufacture of electric domestic appliances

2351

-

Manufacture of cement

4221

-

Construction of utility projects for fluids

41202

-

Construction of domestic buildings

1396

-

Manufacture of other technical and industrial textiles

4211

-

Construction of roads and motorways

2825

-

Manufacture of non-domestic cooling and ventilation equipment

 

Business Description

TONGYANG Inc. is a Korea-based company engaged in the construction, construction material, fiber and appliance and plant businesses. Its construction material business manufactures ready mixed concrete (Remicon). Its construction business constructs residential buildings, industrial buildings and civil engineering works. Its fiber business produces fibers, non-woven fabrics and apparels. Its appliance and plant business manufactures steam ovens, gas ovens, dish cleaners, special heat exchangers, fans, blowers, air cooled vacuum condensers and others. Through its subsidiaries, it also provides cements, bituminous coals, leathers, crude oils and others, and operates resorts and golf courses. On August 5, 2013, the Company transferred the tangible assets, debts, contracts and employees related to its three pile factories located in Asan City, to a Korea-based pile company. For the six months ended 30 June 2013, Tongyang Inc revenues decreased 19% to W642.82B. Net loss applicable to common stockholders excluding extraordinary items decreased less than 1% to W78.47B. Revenues reflect Fabric segment decrease of 21% to W101.71B, Trade segment decrease of 11% to W149.06B, Construction Materials segment decrease of 6% to W252.67B, South Korea segment decrease of 8% to W670.38B, Middle East segment decrease of 68% to W7.55B.

 

 

More Business Descriptions

Manufacture and sale of cement and ready-mixed concrete

 

Holding Company; Engineering & Construction, Cement Production & Financial Services

 

Ready-Mix Concrete Manufacturing

 

 

 

 

 

 

Financial Data

Financials in:

KRW(mil)

 

Revenue:

1,709,382.6

Net Income:

-134,956.0

Assets:

3,401,374.3

Long Term Debt:

483,003.6

 

Total Liabilities:

3,266,596.5

 

Working Capital:

-723.7

 

 

 

Date of Financial Data:

31-Dec-2012

 

 

1 Year Growth

14.6%

NA

-6.4%

 

 

Market Data

 

Quote Symbol:

001520

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

451.0

Stock Price Date:

11-08-2013

52 Week Price Change %:

-43.3

Market Value (mil):

118,079,296.0

 

SEDOL:

6896452

ISIN:

KR7001520006

 

Equity and Dept Distribution:

06/05, Rights Issue, 0.364 new shares for every 1 share held @ KRW 5000 (Adj Fct:1). All the financials reflect consolidated data. 06/07, Rights Issue, 0.310 new shares for every 1 share held @ KRW 6120 (Factor: 1.125200). FY'06, fncl. is CLA. FY'01, fncl. is RES. FY'08 is CLA. FY'09 is CLA.

 

 

 

 

Key Corporate Relationships

Auditor:

Ernst & Young LLP

 

Auditor:

Ernst & Young LLP

 

 

 

 

 

 

 

 

CORPORATE FAMILY

CORPORATE STRUCTURE NEWS:

 

TONGYANG Group
Tongyang Inc

Tongyang Inc
Total Corporate Family Members: 29

 

 

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

TONGYANG Group

Parent

Seoul

Korea, Republic of

Holding Companies

 

 

Tong Yang Securities Inc

Affiliates

Seoul

Korea, Republic of

Securities

1,625.8

2,568

Tong Yang Financial Services Corp.

Subsidiary

Seoul, Seoul

Korea, Republic of

Banking

 

355

Tong Yang Futures Trading Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Commodities

60.7

52

Tong Yang Venture Capital Corporation

Subsidiary

Seoul, Seoul

Korea, Republic of

Securities

 

 

Tong Yang Securities Inc.

Branch

Suwon, Kyonggi-Do

Korea, Republic of

Securities

 

 

Tong Yang Savings Bank, Inc

Subsidiary

Metro Manila

Philippines

Banking

 

 

Tong Yang Life Insurance Co Ltd

Affiliates

Seoul

Korea, Republic of

Life and Health Insurance

4,499.5

909

Tong Yang Investment Trust Management Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Securities

19.1

111

Tongyang Networks Corp

Affiliates

Seoul

Korea, Republic of

Computer System Design Services

285.8

860

Kt Fds Corporation

Subsidiary

Seoul, Seoul

Korea, Republic of

Computer System Design Services

18.8

180

Dongyang Ts Co.,Ltd.

Subsidiary

Kunsan, Chollabuk-Do

Korea, Republic of

Metal Products Manufacturing

26.3

88

Tong Yang Online Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Computer Programming

6.8

68

TONGYANG Online Co., Ltd.

Subsidiary

Seoul

Korea, Republic of

Computer System Design Services

 

 

Tongyang Cement & Energy Corp.

Affiliates

Samcheok

Korea, Republic of

Cement and Concrete Product Manufacturing

563.8

792

Tongyang Inc

Affiliates

Seoul

Korea, Republic of

Cement and Concrete Product Manufacturing

1,517.0

608

Busan Indah Global, Pt

Subsidiary

West Java

Indonesia

Clothing and Apparel Manufacturing

 

3,500

Han Seung Remicon Co., Ltd.

Subsidiary

Kimpo-Gun

Korea, Republic of

Non-Metallic Mineral Product Manufacturing

 

52

Tongyang Hanil Synthetic Fiber

Branch

Seoul

Korea, Republic of

Textile Manufacturing

 

 

Hanil Indonesia, PT

Subsidiary

Jakarta

Indonesia

Textile Manufacturing

 

2,800

TONGYANG Engineering & Construction Group

Subsidiary

Seoul

Korea, Republic of

Architecture and Engineering

 

 

TONGYANG Asset Management Corp.

Affiliates

Seoul

Korea, Republic of

Securities

 

80

TONGYANG Leisure Co., Ltd.

Affiliates

Seoul

Korea, Republic of

Miscellaneous Amusement and Recreation

 

30

TONGYANG Power Corp.

Affiliates

Seoul

Korea, Republic of

Electricity Generation and Distribution

 

10

TONGYANG A&D Co., Ltd.

Affiliates

Seoul

Korea, Republic of

Cement and Concrete Product Manufacturing

 

 

Geumjin Biotech

Affiliates

Gangneung, Gangwon-do

Korea, Republic of

Research and Development Services

 

 

TONGYANG Life Science Corp.

Affiliates

Seoul

Korea, Republic of

Research and Development Services

 

 

TONGYANG Investment Co., Ltd.

Affiliates

Seoul

Korea, Republic of

Investment Services

 

 

TONGYANG Cement E&C

Affiliates

Samcheok, Gangwon-do

Korea, Republic of

Cement and Concrete Product Manufacturing

 

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

Cemex SAB de CV

San Pedro Garza Garcia, Mexico

42,853

Public

Dyckerhoff AG

Wiesbaden, Hessen, Germany

6,808

Public

Orascom Construction Industries SAE

Cairo, Egypt

75,000

Public

 

 

 

 

 

 

Executives Report

 

Board of Directors

 

Name

Title

Function

 

Jae Hyeon Hyun

 

Chairman of the Board

Chairman

 

Biography:

Hyun Jae Hyeon is Chairman of the Board of TONGYANG Inc. Currently, Hyun is Chairman of Dong Yang Group. Hyun also serves as Director at TONG YANG MAGIC CO., LTD., Tong Yang Financial Services Corp., Tong Yang Capital, TongYang Investment Bank, Tong Yang Cement Corp., Tong Yang SYSTEMS Corporation, Tong Yang Venture Capital Corp., Tong Yang Life Insurance Co., Ltd. and Tong Yang Leisure Co.,Ltd. Previously, Hyun was President of the Company's predecessor company. and a prosecutor of Supreme Prosecutors' Office in Busan. Hyun was also a lawyer. Hyun received a Bachelor's, a Master's and a Doctorate's degrees in Law from Seoul National University, Korea, and a Master of Business Administration from Stanford University, the United States.

 

Age: 64

 

Education:

Seoul National University, PHD (Law)
Stanford University, MBA
Seoul National University, M (Law)

 

Hye Gyeong Lee

 

Vice Chairman of the Board

Vice-Chairman

 

 

Biography:

Lee Hye Gyeong is Vice Chairman of the Board in TONGYANG Inc. Previously, Lee was Vice Chairman of a Korea-based company. Lee holds a Bachelor's degree from Ewha Womans University, Korea.

 

Age: 61

 

Education:

Ewha Womans University, B

 

Noh Young-in

 

Vice Chairman & President

Vice-Chairman

 

 

Bu Hwan Han

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Han Bu Hwan is Non-Executive Independent Director of TONGYANG Inc. Han is currently a lawyer. Han received a Bachelor of Law from Seoul National University and a Master's degree in Law from Harvard University, the United States.

 

Age: 64

 

Education:

Harvard University, M (Law)
Seoul National University, LLB

 

Tae Gyu Han

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Han Tae Gyu has been Non-Executive Independent Director of TONGYANG Inc since March 26, 2010. Currently, Han is also Head of Jeju Peace Institute. Previously, Han was Head of Institute of Foreign Affairs and National Security, Korea. Han received a Bachelor of Public Administration from Seoul National University, Korea.

 

Age: 64

 

Education:

Seoul National University, BPA

 

Won Chang Lee

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Lee Won Chang has been Non-Executive Independent Director of TONGYANG Inc since March 2007. Lee is also a Certified Public Accountant of Yeil Accounting Corporation and Director of Korean Academic Society of Taxation. Prior to joining the Company, Lee served as a professor of Chungnam National University, Korea and a Certified Public Accountant of KPMG Sehjung Accounting Corporation. Lee used to work for The Board of Audit and Inspection of Korea. Lee holds a Bachelor's, a Master's and a Doctorate's degrees in Business Administration from Korea University.

 

Age: 61

 

Education:

Korea University, PHD (Business Administration)
Korea University, M (Business Administration)
Korea University, B (Business Administration)

 

Tae Ho Song

 

Non-Executive Independent Director

Director/Board Member

 

 

Biography:

Song Tae Ho has been Non-Executive Independent Director of TONGYANG Inc since July 27, 2011. Song also serves as a professor of Korea Advanced Institute of Science & Technology. Song received a Bachelor's degree in Mechanical Engineering from Seoul National University, Korea and a Doctorate's degree in Mechanical Engineering from Purdue University, the United States.

 

Age: 58

 

Education:

Purdue University, PHD (Mechanical Engineering)
Seoul National University, B (Mechanical Engineering)

 

 

Executives

 

Name

Title

Function

 

Yeong Hun Kim

 

Co-Chief Executive Officer

Chief Executive Officer

 

Sang Cheol Lee

 

Co-Chief Executive Officer

Chief Executive Officer

 

Chun Sang Yil

 

Chief Executive Officer

Chief Executive Officer

 

Tae-Sub Lee

 

General Manager

Division Head Executive

 

Kim Chang-shik

 

Managing Director-Business Support

Managing Director

 

Jae Hui Goh

 

Managing Director

Managing Director

 

Age: 56

 

Education:

Dongguk University, B (Civil Engineering)

 

Guk Yin Hwang

 

Assistant Managing Director

Managing Director

 

 

Biography:

Hwang Guk Yin has been Assistant Managing Director of TONGYANG Inc since July 27, 2011. Hwang also serves as Head-S&M of TONG YANG MAGIC CO., LTD. Previously, Hwang worked for SAMSUNG ELECTRONICS CO,.LTD. Hwang received a Bachelor's degree in International Trade from Yeungnam University, Korea and a Master of Business Administration from Eastern Michigan University, the United States.

 

Age: 55

 

Education:

Eastern Michigan University, MBA
Yeungnam University, B (International Trade)

 

Jeong Dam Hyun

 

Assistant Managing Director

Managing Director

Reuters 

 

Biography:

Hyun Jeong Dam has been Assistant Managing Director of TONGYANG Inc. Hyun was working for TONG YANG MAGIC CO., LTD. Hyun received a Master of Business Administration from Stanford University, the United States.

 

Age: 36

 

Education:

Stanford University, MBA

 

Yin Gyun Jung

 

Assistant Managing Director

Managing Director

 

 

Biography:

Jung Yin Gyun has been serving as Assistant Managing Director of TONGYANG Inc since March 21, 2013. Jung used to serve as Assistant Managing Director at NAMYANG CONSTRUCTION CO.,LTD. Jung holds a Bachelor's degree from Yonsei University, Korea.

 

Age: 48

 

Education:

Yonsei University, B

 

Jong Seok Lee

 

Assistant Managing Director

Managing Director

 

 

Age: 50

 

Education:

Hanyang University, B (Business Administration)

 

Geon Ju Lee

 

Assistant Managing Director

Managing Director

 

 

Biography:

Lee Geon Ju is Assistant Managing Director in TONGYANG Inc since March 29, 2012. Lee was Assistant Managing Director in Tong Yang Magic Co., Ltd. Lee holds a Bachelor's degree in Mechanical Engineering from Chonnam National University, Korea.

 

Age: 56

 

Education:

Chonnam National University, B (Mechanical Engineering)

 

Se Gyeong Oh

 

Managing Director

Managing Director

 

 

Age: 52

 

Kang Seok-Hwa

 

Deputy Managing Director-R & D

Managing Director

 

 

Chang Jae-hong

 

VP-Finance

Finance Executive

 

 

Choo Yeon-woo

 

VP-Construction

Facilities Executive

 

 

Cheol Won Park

 

Co-Chief Executive Officer, Vice President, Director

Other

 

 

Biography:

Park Cheol Won has been Co-Chief Executive Officer, Vice President and Director of TONGYANG Inc since March 24, 2009. Previously, Park was Managing Director as well as Assistant Managing Director of Tong Yang Securities Inc., and Chief Executive Officer of Hanil Synthetic Fiber and Tong Yang Orion Investment Securities Co, Ltd. Park also worked for Samsung Electronics Co., Ltd. Park holds a Bachelor's degree in Politics and Diplomacy and a Master of Business Administration from Yonsei University, Korea.

 

Age: 59

 

Education:

Yonsei University, MBA
Yonsei University, B

 

Jong Mahn Park

 

VP-Business Support

Other

 

 

 

 

 

 

Significant Developments

 

 

 

Tongyang Inc Starts Corporate Turnaround Process

Oct 17, 2013


Tongyang Inc announced that it has started its corporate turnaround process. Seoul Central District Court will be the competent court for this action.

Tongyang Inc Announces Change in Shareholding Structure

Oct 08, 2013


Tongyang Inc announced that HYOSUNG CAPITAL CO.,LTD. has purchased 14,500,000 shares of the Company, representing a 5.68% stake.

Tongyang Inc Announces Resignation of Co-CEO

Aug 16, 2013


Tongyang Inc announced the resignation of Kim Yeong Hun and Lee Sang Cheol as Co-Chief Executive Officer (Co-CEO), effective August 16, 2013. Park Cheol Won and Go Jae Hui will continue their duties as Co-CEOs.

Tongyang Inc Announces Amendments to Transfer Pile Business Unit

Aug 05, 2013


Tongyang Inc announced that it has made amendments to the transferring of the tangible assets, debts, contracts and employees related to its three pile factories located in Asan City, to a Korea-based pile company, initially announced on July 15, 2013. After the amendments, the transfer amount has been amended to KRW 117,000 million from KRW 120,000 million, and the transaction settlement date has been amended to August 5, 2013.

Tongyang Inc to Transfer Pile Business Unit

Jul 15, 2013


Tongyang Inc announced that it has decided to transfer the tangible assets, debts, contracts and employees related to its three pile factories located in Asan City, to a Korea-based pile company, for KRW 120,000 million. The expected transaction settlement date is August 20, 2013.

Tongyang Inc to Transfer Assets

Jun 03, 2013


Tongyang Inc announced that it plans to transfer tangible assets of its two ready-mixed concrete plants, respectively located in Pohang City and Gyeongju City, to two Korea-based ready-mixed concrete companies, at a total price of KRW 4,300 million. The transaction is expected to be settled on June 10, 2013. The Company will also transfer tangible assets of a Goryeong-gun-based ready-mixed concrete plant to a Korea-based company for KRW 1,620 million. This transaction is expected to be settled on June 17, 2013.

Tongyang Inc to Acquire Stake in Tongyang Power Inc.

May 09, 2013


Tongyang Inc announced that it will acquire 1,920,000 shares of Tongyang Power Inc. for KRW 9,600 million, to expand its funds in the latter company, on May 13, 2013. After the transaction, the Company will hold 2,160,000 shares, or 19.99% of Tongyang Power Inc.

Tongyang Inc Appoints New Co-CEO

Mar 29, 2013


Tongyang Inc announced that it has appointed Goh Jae Hui as its new Co-Chief Executive Officer (Co-CEO), replacing Kim Jeong Deuk, effective March 29, 2013. The current Co-CEOs, Kim Yeong Hun, Park Cheol Won and Lee Sang Cheol, continue their duties as Co-CEOs.

Tongyang Inc Signs Contract with HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD.

Mar 26, 2013


Tongyang Inc announced that it has signed a contract with HYUNDAI SAMHO HEAVY INDUSTRIES CO., LTD. to construct shed. The contract amount is KRW 64,900 million.

Tongyang Inc Decides on Bank Loan

Feb 07, 2013


Tongyang Inc announced that it has decided to get a loan of KRW 40 billion, for its operations.

Tongyang Inc Sell Shares of TONGYANG NETWORKS Corporation

Feb 06, 2013


TONGYANG NETWORKS Corporation announces Tongyang Inc has sold a certain stake of TONGYANG NETWORKS, after that, Tongyang Inc's stake in TONGYANG NETWORKS has decreased to 14.61% from 18.99.

Tongyang Inc Sells Shares of Tongyang Cement & Energy Corp

Jan 10, 2013


Tongyang Inc announced that it has decided to sell 5,640,000 shares of Tongyang Cement & Energy Corp, which is engaged in the cement Manufacturing, for KRW 15,340,800,000, on January 10, 2013, to improve its financial structure. After the transaction, the Company holds 73,760,981 shares, or a 57.71% stake in Tongyang Cement & Energy Corp.

 

 

 

News

 

Yonhap: Regulator To Accelerate M&A Of Local Brokerage Houses
World News Connection (347 Words)

23-Nov-2013

 

 

Three Tongyang Group Affiliates Apply for Corporate Rehabilitation
Legal 500 (202 Words)

23-Nov-2013

 

 

Protecting financial consumers
Korea Joongang Daily (410 Words)

22-Nov-2013

 

 

FSC strengthens its role
Korea Joongang Daily (304 Words)

21-Nov-2013

 

 

ROK Daily: FSC Strengthens Its Role
World News Connection (445 Words)

21-Nov-2013

 

 

Yonhap: FSC To Curb Financial Units' Funding Of Parent Firms
World News Connection (452 Words)

21-Nov-2013

 

 

Top 30 Conglomerates to Boost Investment Next Year
Digital Chosun (256 Words)

20-Nov-2013

 

 

ROK Daily: Top 30 Conglomerates To Boost Investment Next Year
World News Connection (387 Words)

20-Nov-2013

 

 

ROK Daily: Potential Buyers Start To Size Up LIG Insurance
World News Connection (608 Words)

20-Nov-2013

 

 

ROK Daily: Dongbu Group Unveils Plan To Rebuild Finances
World News Connection (654 Words)

18-Nov-2013

 

 

Dongbu Group unveils plan to rebuild finances
Korea Joongang Daily (512 Words)

17-Nov-2013

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Restated Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

1100.562842

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Net Sales

1,443.1

1,301.1

807.5

5,062.0

5,676.7

Revenue

1,443.1

1,301.1

807.5

5,062.0

5,676.7

    Other Revenue

73.9

45.5

49.3

-

-

Other Revenue, Total

73.9

45.5

49.3

-

-

Total Revenue

1,517.0

1,346.6

856.9

5,062.0

5,676.7

 

 

 

 

 

 

    Cost of Revenue

1,224.9

1,171.2

746.0

3,869.3

4,529.6

Cost of Revenue, Total

1,224.9

1,171.2

746.0

3,869.3

4,529.6

Gross Profit

218.2

129.9

61.5

1,192.7

1,147.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

131.1

95.6

71.3

655.2

699.9

    Labor & Related Expense

74.2

62.8

45.3

266.1

306.7

    Advertising Expense

7.9

3.1

1.1

28.0

33.5

Total Selling/General/Administrative Expenses

213.3

161.5

117.7

949.4

1,040.1

Research & Development

0.2

0.1

0.0

1.2

0.2

    Depreciation

1.0

1.2

0.4

25.4

22.3

    Amortization of Intangibles

2.9

1.8

1.2

40.2

42.9

Depreciation/Amortization

4.0

3.0

1.6

65.6

65.2

        Investment Income - Operating

-

-

-0.6

-

-

    Interest/Investment Income - Operating

-

-

-0.6

-

-

Interest Expense (Income) - Net Operating Total

-

-

-0.6

-

-

    Impairment-Assets Held for Use

7.8

0.7

43.3

-

-

    Loss (Gain) on Sale of Assets - Operating

-

-

-8.9

-

-

Unusual Expense (Income)

7.8

0.7

34.4

-

-

    Other Operating Expense

-

-

12.4

-

-

    Other, Net

0.0

0.2

-9.4

-

-

Other Operating Expenses, Total

0.0

0.2

3.0

-

-

Total Operating Expense

1,450.1

1,336.7

902.2

4,885.4

5,635.1

 

 

 

 

 

 

Operating Income

66.8

9.9

-45.4

176.6

41.6

 

 

 

 

 

 

        Interest Expense - Non-Operating

-194.6

-178.1

-142.8

-88.7

-127.8

    Interest Expense, Net Non-Operating

-194.6

-178.1

-142.8

-88.7

-127.8

        Interest Income - Non-Operating

9.6

8.6

13.3

3.7

32.5

        Investment Income - Non-Operating

-44.6

79.0

98.4

7.4

-68.5

    Interest/Investment Income - Non-Operating

-35.0

87.6

111.7

11.1

-36.0

    Interest Income (Expense) - Net Non-Operating

0.0

0.0

0.0

-

-

Interest Income (Expense) - Net Non-Operating Total

-229.6

-90.5

-31.0

-77.7

-163.8

Gain (Loss) on Sale of Assets

-1.8

1.2

-

-2.7

-1.1

    Other Non-Operating Income (Expense)

12.9

0.1

0.0

-19.1

11.4

Other, Net

12.9

0.1

0.0

-19.1

11.4

Income Before Tax

-151.7

-79.3

-76.4

77.2

-111.9

 

 

 

 

 

 

Total Income Tax

-23.5

6.7

42.4

68.8

71.8

Income After Tax

-128.2

-85.9

-118.8

8.3

-183.7

 

 

 

 

 

 

    Minority Interest

7.6

23.7

26.9

-106.6

-28.1

    Equity In Affiliates

-

-

-

-

-0.1

Net Income Before Extraord Items

-120.5

-62.2

-91.9

-98.3

-211.9

    Discontinued Operations

0.8

1.2

3.2

-

-

Total Extraord Items

0.8

1.2

3.2

-

-

Net Income

-119.8

-61.0

-88.7

-98.3

-211.9

 

 

 

 

 

 

    Preferred Dividends

-0.5

-0.5

-0.4

-0.4

-0.5

Total Adjustments to Net Income

-0.5

-0.5

-0.4

-0.4

-0.5

Income Available to Common Excl Extraord Items

-121.0

-62.6

-92.4

-98.7

-212.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

-120.2

-61.4

-89.1

-98.7

-212.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

234.7

180.9

75.5

75.5

74.2

Basic EPS Excl Extraord Items

-0.52

-0.35

-1.22

-1.31

-2.86

Basic/Primary EPS Incl Extraord Items

-0.51

-0.34

-1.18

-1.31

-2.86

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-120.2

-61.4

-89.1

-98.7

-212.4

Diluted Weighted Average Shares

234.7

180.9

75.5

75.5

74.2

Diluted EPS Excl Extraord Items

-0.52

-0.35

-1.22

-1.31

-2.86

Diluted EPS Incl Extraord Items

-0.51

-0.34

-1.18

-1.31

-2.86

Dividends per Share - Common Stock Primary Issue

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Interest Expense, Supplemental

194.6

178.1

142.8

88.7

127.8

Interest Capitalized, Supplemental

-0.8

-0.7

-3.5

-

-

Depreciation, Supplemental

114.1

89.9

53.8

51.4

102.0

Total Special Items

9.6

-0.5

34.4

24.2

37.5

Normalized Income Before Tax

-142.0

-79.8

-42.0

101.3

-74.4

 

 

 

 

 

 

Effect of Special Items on Income Taxes

3.4

-0.2

12.0

1.0

0.4

Inc Tax Ex Impact of Sp Items

-20.1

6.5

54.4

69.8

72.2

Normalized Income After Tax

-121.9

-86.3

-96.5

31.6

-146.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-114.7

-63.0

-70.0

-75.4

-175.3

 

 

 

 

 

 

Basic Normalized EPS

-0.49

-0.35

-0.93

-1.00

-2.36

Diluted Normalized EPS

-0.49

-0.35

-0.93

-1.00

-2.36

Amort of Acquisition Costs, Supplemental

-

-

-

21.5

36.3

Amort of Intangibles, Supplemental

6.0

3.6

1.8

18.3

6.2

Rental Expenses

8.0

5.6

4.0

21.7

20.1

Advertising Expense, Supplemental

7.9

3.1

1.1

28.0

33.5

Research & Development Exp, Supplemental

0.2

0.1

0.0

1.2

0.2

Normalized EBIT

74.7

10.5

-11.5

176.6

41.6

Normalized EBITDA

194.8

104.1

44.1

267.7

186.0

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

1259.55

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

    Cash & Equivalents

91.3

114.1

126.5

1,029.6

2,429.9

    Short Term Investments

68.4

35.0

36.7

5,791.4

4,679.2

Cash and Short Term Investments

159.7

149.1

163.2

6,821.0

7,109.1

        Accounts Receivable - Trade, Gross

457.5

474.3

288.3

277.0

274.0

        Provision for Doubtful Accounts

-87.6

-65.2

-48.9

-55.9

-44.9

    Trade Accounts Receivable - Net

409.4

448.7

256.6

342.1

324.0

    Other Receivables

30.4

26.5

35.7

215.9

197.3

Total Receivables, Net

439.8

475.2

292.3

558.0

521.3

    Inventories - Finished Goods

57.0

51.8

18.1

31.2

38.2

    Inventories - Work In Progress

32.6

27.5

50.9

10.2

20.9

    Inventories - Raw Materials

94.2

84.0

40.0

22.9

46.7

    Inventories - Other

29.9

21.0

16.6

81.5

139.0

Total Inventory

213.7

184.2

125.6

145.8

244.9

Prepaid Expenses

23.7

25.5

20.4

33.6

34.9

    Deferred Income Tax - Current Asset

-

-

-

10.9

11.2

    Discontinued Operations - Current Asset

4.5

2.8

7.5

6.6

11.9

    Other Current Assets

3.9

4.6

107.1

31.2

115.4

Other Current Assets, Total

8.5

7.5

114.6

48.8

138.6

Total Current Assets

845.4

841.5

716.1

7,607.2

8,048.8

 

 

 

 

 

 

        Buildings

507.8

464.4

440.3

415.6

508.7

        Land/Improvements

548.0

524.1

497.7

837.6

811.2

        Machinery/Equipment

1,165.1

1,044.5

1,042.7

321.9

632.6

        Construction in Progress

16.7

24.5

15.5

22.2

112.6

        Leases

0.2

0.0

0.0

-

-

        Natural Resources

0.2

0.1

0.1

0.9

0.9

        Other Property/Plant/Equipment

83.3

76.5

45.1

25.2

62.8

    Property/Plant/Equipment - Gross

2,321.3

2,134.1

2,041.4

1,623.4

2,128.8

    Accumulated Depreciation

-808.8

-636.3

-562.3

-281.0

-319.8

Property/Plant/Equipment - Net

1,512.4

1,497.8

1,479.2

1,342.4

1,809.1

Goodwill, Net

90.3

87.0

89.9

383.8

425.0

Intangibles, Net

278.0

258.4

250.4

65.6

154.1

    LT Investment - Affiliate Companies

242.2

235.0

62.8

234.9

50.8

    LT Investments - Other

168.7

170.8

317.5

7,951.2

3,505.4

Long Term Investments

410.9

405.8

380.3

8,186.2

3,556.2

Note Receivable - Long Term

17.6

38.2

18.0

4,487.0

4,008.5

    Deferred Income Tax - Long Term Asset

2.3

6.1

10.3

19.2

52.2

    Other Long Term Assets

32.8

19.2

26.4

2,447.5

1,869.5

Other Long Term Assets, Total

35.1

25.3

36.7

2,466.7

1,921.7

Total Assets

3,189.6

3,154.1

2,970.6

24,538.8

19,923.4

 

 

 

 

 

 

Accounts Payable

166.2

195.8

108.4

187.1

122.9

Accrued Expenses

19.4

25.5

25.0

137.2

141.4

Notes Payable/Short Term Debt

852.7

920.6

785.3

1,943.9

1,374.4

Current Portion - Long Term Debt/Capital Leases

1,178.3

1,137.9

770.4

191.0

520.6

    Dividends Payable

-

0.3

0.4

-

-

    Customer Advances

16.5

13.0

13.7

31.2

101.1

    Security Deposits

0.5

0.5

0.5

167.0

15.6

    Income Taxes Payable

0.5

0.6

0.6

49.7

21.4

    Other Payables

68.6

57.8

42.4

106.6

187.7

    Deferred Income Tax - Current Liability

-

-

-

7.7

0.4

    Discontinued Operations - Current Liability

0.0

0.2

-

-

-

    Other Current Liabilities

15.1

25.0

215.7

44.0

64.3

Other Current liabilities, Total

101.2

97.3

273.2

406.2

390.5

Total Current Liabilities

2,317.8

2,377.1

1,962.3

2,865.5

2,549.8

 

 

 

 

 

 

    Long Term Debt

451.9

255.1

681.7

10,853.9

8,577.6

    Capital Lease Obligations

1.0

-

-

-

-

Total Long Term Debt

452.9

255.1

681.7

10,853.9

8,577.6

Total Debt

2,483.9

2,313.6

2,237.3

12,988.9

10,472.7

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

52.9

69.9

50.8

58.3

17.6

Deferred Income Tax

52.9

69.9

50.8

58.3

17.6

Minority Interest

93.6

77.8

321.0

1,160.5

953.3

    Reserves

23.8

20.7

21.6

6,511.4

5,250.3

    Pension Benefits - Underfunded

100.4

85.5

69.4

75.0

117.0

    Other Long Term Liabilities

21.7

38.8

28.9

3,007.6

2,357.3

Other Liabilities, Total

145.9

145.0

119.9

9,594.1

7,724.5

Total Liabilities

3,063.2

2,924.9

3,135.6

24,532.3

19,822.9

 

 

 

 

 

 

    Preferred Stock - Non Redeemable

-

-

-

44.1

40.8

Preferred Stock - Non Redeemable, Net

-

-

-

44.1

40.8

    Common Stock

119.7

110.8

378.0

324.2

299.8

Common Stock

119.7

110.8

378.0

324.2

299.8

Additional Paid-In Capital

347.5

827.4

67.0

62.9

92.6

Retained Earnings (Accumulated Deficit)

-300.8

-652.9

-635.1

-486.4

-265.0

Treasury Stock - Common

-55.0

-51.0

-5.8

-42.3

-85.3

Unrealized Gain (Loss)

0.6

-4.8

-

115.5

18.6

    Translation Adjustment

-0.1

2.6

-

2.5

1.2

    Other Equity

-2.4

-2.2

-2.2

-13.9

-1.7

    Other Comprehensive Income

16.9

-0.8

33.2

-0.1

-0.5

Other Equity, Total

14.4

-0.4

30.9

-11.5

-1.1

Total Equity

126.4

229.2

-165.0

6.6

100.5

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

3,189.6

3,154.1

2,970.6

24,538.8

19,923.4

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

234.7

234.7

75.5

75.5

75.5

Total Common Shares Outstanding

234.7

234.7

75.5

75.5

75.5

Treasury Shares - Common Stock Primary Issue

10.3

10.3

0.0

0.0

0.0

    Shares Outstanding - Preferred Stock Primary Issue

5.5

5.5

9.7

9.7

9.7

    Shares Outstanding - Preferred Stock Issue 2

2.5

2.5

-

-

-

    Shares Outstanding - Preferred Stock Issue 3

0.9

0.9

-

-

-

    Shares Outstanding - Preferred Stock Issue 4

0.0

0.0

-

-

-

Total Preferred Stock Outstanding

8.9

8.9

9.7

9.7

9.7

Treasury Shares - Preferred Primary Issue

0.8

0.8

0.6

0.6

0.6

Treasury Shares - Preferred Issue 2

0.6

0.6

-

-

-

Treasury Shares - Preferred Issue 3

0.0

0.0

-

-

-

Treasury Shares - Preferred Issue 4

0.1

0.1

-

-

-

Employees

-

1,219

876

902

902

Number of Common Shareholders

-

-

17,817

-

23,541

Accumulated Intangible Amort, Suppl.

16.3

10.5

6.8

-

-

Deferred Revenue - Current

16.5

13.0

13.7

31.2

101.1

Deferred Revenue - Long Term

-

3.8

4.5

-

-

Total Long Term Debt, Supplemental

1,651.9

1,393.0

-

236.5

1,278.9

Long Term Debt Maturing within 1 Year

752.0

427.4

-

207.7

536.3

Long Term Debt Maturing in Year 2

533.8

578.2

-

22.8

472.3

Long Term Debt Maturing in Year 3

309.6

67.9

-

5.9

59.0

Long Term Debt Maturing in Year 4

21.6

274.1

-

-

55.8

Long Term Debt Maturing in 2-3 Years

843.4

646.0

-

28.8

531.2

Long Term Debt Maturing in 4-5 Years

21.6

274.1

-

-

55.8

Long Term Debt Matur. in Year 6 & Beyond

34.8

45.5

-

0.0

155.6

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

1100.562842

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Auditor Opinion

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified with Explanation

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

-127.4

-84.7

-115.6

8.3

-183.7

    Depreciation

114.1

89.9

-

51.4

102.0

Depreciation/Depletion

114.1

89.9

-

51.4

102.0

    Amortization of Intangibles

6.0

3.6

-

40.4

43.8

    Amortization of Acquisition Costs

-

-

-

-0.7

-1.3

Amortization

6.0

3.6

-

39.8

42.5

Deferred Taxes

-

-7.0

-

51.7

5.7

    Discontinued Operations

0.0

-

-

-

-

    Unusual Items

43.9

17.4

-

-26.3

6.1

    Equity in Net Earnings (Loss)

12.9

-95.9

-

-18.7

0.2

    Other Non-Cash Items

180.1

202.9

182.4

406.5

456.1

Non-Cash Items

237.0

124.3

182.4

361.6

462.4

    Accounts Receivable

37.2

-45.6

-

10.5

14.8

    Inventories

-21.5

-13.7

-

20.4

-93.2

    Prepaid Expenses

-

-0.1

-

6.0

-0.2

    Other Assets

-18.5

10.9

-

-4,878.7

-1,248.4

    Accounts Payable

-36.4

-23.1

-

-79.0

69.4

    Accrued Expenses

-

-

-

-10.7

24.2

    Taxes Payable

-

0.0

-

24.3

8.2

    Other Liabilities

-26.2

-9.3

-

3,033.8

486.3

    Other Assets & Liabilities, Net

0.0

-

-30.6

-

-0.2

    Other Operating Cash Flow

-167.1

-153.0

-201.6

-

-

Changes in Working Capital

-232.5

-234.0

-232.3

-1,873.4

-739.1

Cash from Operating Activities

-2.8

-107.8

-165.4

-1,360.8

-310.3

 

 

 

 

 

 

    Purchase of Fixed Assets

-67.9

-62.8

-171.6

-110.0

-187.3

    Purchase/Acquisition of Intangibles

-9.7

-10.7

-0.8

-31.6

-9.9

Capital Expenditures

-77.6

-73.5

-172.4

-141.6

-197.3

    Acquisition of Business

-

0.8

42.4

-

-

    Sale of Fixed Assets

18.0

38.6

158.2

12.1

17.2

    Sale/Maturity of Investment

1,111.0

168.6

174.8

769.6

1,670.7

    Purchase of Investments

-999.4

-260.4

-89.9

-736.9

-1,889.1

    Sale of Intangible Assets

3.6

0.6

1.0

0.0

4.4

    Other Investing Cash Flow

20.1

-116.9

-24.6

-15.7

37.1

Other Investing Cash Flow Items, Total

153.3

-168.7

262.0

29.2

-159.8

Cash from Investing Activities

75.7

-242.2

89.6

-112.4

-357.0

 

 

 

 

 

 

    Other Financing Cash Flow

16.3

1.6

2.8

317.6

436.5

Financing Cash Flow Items

16.3

1.6

2.8

317.6

436.5

Total Cash Dividends Paid

-

-

-

-11.4

-18.9

        Sale/Issuance of Common

-

305.5

0.0

2.5

91.0

        Repurchase/Retirement of Common

-

-1.0

-

-0.5

-11.1

    Common Stock, Net

-

304.5

0.0

2.0

79.8

Issuance (Retirement) of Stock, Net

-

304.5

0.0

2.0

79.8

        Short Term Debt Issued

2,559.0

3,245.4

1,107.7

2,353.9

192,543.5

        Short Term Debt Reduction

-2,787.3

-3,184.4

-1,536.9

-1,850.0

-190,649.2

    Short Term Debt, Net

-228.3

61.0

-429.2

503.9

1,894.3

        Long Term Debt Issued

1,026.8

578.2

1,143.3

103.2

131.7

        Long Term Debt Reduction

-917.9

-606.3

-649.1

-900.5

-610.5

    Long Term Debt, Net

108.9

-28.1

494.2

-797.3

-478.7

Issuance (Retirement) of Debt, Net

-119.4

32.9

65.0

-293.5

1,415.6

Cash from Financing Activities

-103.1

339.0

67.8

14.6

1,913.0

 

 

 

 

 

 

Net Change in Cash

-30.2

-11.0

-8.0

-1,458.6

1,245.7

 

 

 

 

 

 

Net Cash - Beginning Balance

116.6

129.6

132.2

2,397.9

1,535.3

Net Cash - Ending Balance

86.4

118.6

124.2

939.3

2,781.0

Cash Interest Paid

184.1

173.9

152.1

-

-

Cash Taxes Paid

-2.7

-13.8

72.8

-

-

 

 

 

 

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

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

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Restated Normal
31-Dec-2011

Restated Normal
31-Dec-2010

Reclassified Normal
31-Dec-2009

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

1100.562842

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Revenue

-

-

-

5,062.0

5,676.7

    Goods Sales Revenues

1,225.7

1,098.8

630.5

-

-

    Service Revenue

35.5

12.8

163.9

-

-

    Construction Contract Revenue

181.9

189.5

13.2

-

-

    Other Revenue

73.9

45.5

49.3

-

-

    Adj. for Revenues

0.0

0.0

0.0

-

-

Total Revenue

1,517.0

1,346.6

856.9

5,062.0

5,676.7

 

 

 

 

 

 

    Costs of Goods & Services Sold

1,224.9

1,171.2

746.0

3,869.3

4,529.6

    Salaries & Wages

49.1

42.1

31.6

212.5

244.7

    Bonuses

5.4

3.9

3.0

-

-

    Retirement & Severance Benefits

9.3

9.8

5.8

22.0

27.6

    Employee Benefits

9.8

7.0

4.9

31.7

34.5

    Stock-Based Compensation

0.6

-

-

-

-

    Travel Expense

2.4

1.9

1.2

1.9

2.9

    Communication Expense

1.1

1.0

0.8

0.0

2.8

    Consumable Expense

2.4

1.4

1.0

1.2

1.6

    Rental Expense

8.0

5.6

4.0

21.7

20.1

    Taxes & Dues

5.2

5.3

6.6

23.5

23.5

    Amort. of Bad Debts

-

-

-

68.1

33.7

    Depreciation

1.0

1.2

0.4

25.4

22.3

    Amort. of Intangibless

2.9

1.8

1.2

40.2

42.9

    Vehicle Maintenance Expense

2.9

2.0

1.8

-

-

    Repair Expense

1.2

1.2

0.9

1.1

1.3

    Insurance Premiums

1.4

1.1

0.7

0.7

1.1

    Printing Expense

0.3

0.3

0.2

0.4

0.7

    Automobile Expense

-

-

-

2.3

3.0

    Entertainment Expense

4.3

3.7

3.3

6.5

8.6

    Depreciation-New Contract

-

-

-

311.7

315.7

    Conference Expense

0.6

0.5

0.3

0.3

0.2

    Advertising Expense

7.9

3.1

1.1

27.6

32.9

    Education Expense

0.0

0.0

0.0

-

-

    Education & Training Expense

0.9

0.5

0.5

3.6

4.6

    Computing Expense

0.3

0.4

0.2

27.2

0.0

    R & D Expense

0.2

0.1

0.0

-

-

    Technology Development Expense

-

-

-

0.1

0.2

    Research & Survey Expense

-

-

-

1.1

0.0

    Shipping & Handling Expense

39.7

34.8

17.6

6.4

29.2

    Commissions

16.4

11.3

8.4

39.0

30.9

    Sales Commissions

27.4

14.4

-

18.0

24.4

    Sales Promotional Expense

0.0

0.0

0.1

0.5

0.6

    Sales Related Expense

0.1

0.0

-

-

-

    Sample Expense

0.1

0.1

0.0

-

-

    Electricity Expense

0.1

0.1

0.1

-

0.0

    Heating Expense

0.1

1.0

1.0

-

-

    Handling Expense

2.5

2.4

1.2

-

2.0

    Service Expense

11.0

2.9

17.3

4.2

24.5

    Business Expense

-

-

-

106.0

124.2

    Customs Clearing Expense

-

-

-

0.2

0.1

    Other Exporting Related Expense

1.7

1.1

1.3

0.5

0.5

    Utility Expense

0.2

0.1

0.0

2.5

3.0

    Defective Repair Expense

1.0

1.4

1.6

5.5

1.2

    Rec. of Prov. for Others

-0.1

-0.2

-

-

-

    Rec. of Prov. for Defect Repair

-0.7

-0.2

-

-

-

    Prov. for Restoration

0.0

0.0

-

-

-

    Rec. of Prov. for Restoration

-0.1

0.0

-

-

-

    Prov. for Product Warranties

0.1

0.0

-

-

-

    Miscellaneous SG&A Expense

-

-

-

2.9

40.2

    Depreciation for Invmt Property

0.2

0.8

0.4

-

-

    Other Selling & Administrative Expense

0.7

0.7

0.7

-

-

    Gain on Loan Transaction

-

-

-0.1

-

-

    Rec. of Impmt on Trade Receivable

-4.9

0.0

-3.2

-

-

    Gain on Disposal of PPE

-

-

-11.4

-

-

    Gain on Disposal of Invmt in Real Estate

-

-

-0.8

-

-

    Gain on Disposal of Other Assets

-

-

0.0

-

-

    Rec. of Prov.s

-

-

-0.6

-

-

    Others in Other Operating Income

-

-

-8.7

-

-

    Adj. for Other Operating Income

-

-

0.0

-

-

    Loss on Loan Transaction

-

-

0.1

-

-

    Impairment Loss on Loan Receivable

-

-

2.9

-

-

    Loss on Disposal of Trade Receivable

-

-

0.0

-

-

    Impmt Loss on Trade Receivable

12.7

0.7

6.9

-

-

    Impairment Loss on Foreign Currency Trad

-

-

0.1

-

-

    Loss on Disposal of PPE

-

-

2.4

-

-

    Impairment Loss on PPE

-

-

5.7

-

-

    Loss on Disposal of Invmt in Real Estate

-

-

0.2

-

-

    Impmt Loss on Intangibless

-

-

29.3

-

-

    Loss on Disposal of Other Assets

-

-

0.1

-

-

    Impmt Loss on Other Assets

-

-

4.5

-

-

    Prov.s

-

-

4.3

-

-

    Provisison for Others

0.0

0.2

-

-

-

    Others in Other Operating Expense

-

-

5.1

-

-

    Adj. for Other Operating Expense

-

-

0.0

-

-

    Adj. for Selling & Administrative Exp.

0.0

0.0

0.0

-

-

Total Operating Expense

1,450.1

1,336.7

902.2

4,885.4

5,635.1

 

 

 

 

 

 

    Interest Income

9.6

8.6

13.3

3.7

32.5

    Gain-Disposal of Investment Securities

-

-

-

2.9

0.7

    Dividend Income

0.4

2.8

5.7

0.1

0.2

    Gain on Foreign Currency Transaction

8.3

7.7

6.5

10.5

16.4

    Gain on Foreign Currency Translation

1.9

3.1

2.1

3.9

15.4

    Gain-Disposal of inventory

-

-

-

0.1

-

    Gain on Disposal of Other Assets

0.0

0.1

-

0.0

-

    G-Dispose Securities under Equity Method

-

-

-

2.8

-

    Gain on Disposal of PPE

1.3

5.6

-

0.7

0.9

    Gain on Disposal of Intangibless

0.1

-

-

-

-

    Gain on Disposal of Real Estate

2.2

0.0

-

-

-

    Gain on Disposal of Derivatives

0.1

0.3

-

-

-

    G-Inv Asset Disposal

-

-

-

0.1

0.5

    Gain on Redemption of Bonds

-

0.0

-

-

-

    Recvery of Impairment on Loan

-

-0.8

-

-

-

    Recovery of Impairment on Loan & Trade R

1.4

0.1

-

-

-

    Recovery-Contingent Loss Reserve

-

-

-

0.2

-

    Recovery of Impairment Loss on Other Ass

0.2

0.0

-

-

-

    Recovery-Invest. Sec. Reduction Loss

-

-

-

0.0

2.4

    Gain-Derivatives Transactions

-

-

-

1.2

1.1

    Gain on Valt of Derivatives

0.1

-

-

4.4

19.9

    Revers-Doubtful Acct

-

-

-

3.0

0.8

    Reversal Neg Goodwill

-

-

-

0.7

1.3

    Recovery-Reserve for Deposit

-

-

-

0.4

-

    Recovery-Put Option Reserve

-

-

-

7.6

-

    Rental Income

-

-

-

2.0

4.0

    Commision-Assets Maintenance

-

-

-

-

0.3

    Rec. of Fincl Guarantee Liabilities

1.3

0.6

1.3

-

-

    Miscellaneous Non-Operating Income

17.4

5.8

-

13.4

48.9

    Gain-Prior Period Error Correction

-

-

-

-

4.1

    Gain-Disposal of F.A. Avail. for Sale

0.0

102.4

0.3

-

-

    Gain-Disposal of Marketable Sec.

-

-

-

0.0

0.0

    Gain-Valt of Current Trading F.I.

0.0

3.2

0.0

-

-

    Gain-Valuation of Marketable Securities

-

-

-

0.0

0.0

    Other Finance Income

0.0

0.0

-

-

-

    Interest Expense

-194.6

-178.1

-142.8

-88.7

-127.8

    ABS Rental Expense

-

-

-

-0.8

-0.9

    Loss on Foreign Currency Transaction

-7.8

-7.9

-6.9

-8.1

-18.6

    Loss on Foreign Currency Translation

-5.0

-1.8

-1.7

-4.0

-19.9

    Loss on Disposal of Trade Receivable

-0.8

-0.1

-

-0.1

-0.4

    L-Inventory Disposal

-

-

-

0.0

-

    Loss-Disposal of Investment Securities

-

-

-

0.0

-0.1

    Loss-Reduction of Investment Securities

-

-

-

-0.5

-0.9

    Donations Paid

-

-

-

-1.9

-2.2

    L-Inv Asset Disposal

-

-

-

-0.6

-1.4

    Loss on Disposal of Intangibless

-

-0.9

-

-

-

    Loss on Disposal of PPE

-2.5

-3.6

-

-2.0

-1.7

    Loss on Disposal of Real Estate

-0.9

-0.1

-

-

-

    Loss-Disposal of F.A. Avail. for Sale

-0.1

-87.5

-0.3

-

-

    Impmt Loss on Intangibless

-2.0

-3.5

-

-8.5

-4.7

    Impmt Loss-Fincl Instrm Avail. for Sale

-0.4

-1.1

-

-

-

    Impmt Loss on PPE

-2.5

-1.0

-

-

-

    Impmt Loss of Goodwill

-3.5

-

-

-

-

    Loss on Loan Transaction

-

-0.1

-

-

-

    Impairment Loss on Loan Receivable

-

-8.9

-

-

-

    Impairment Loss on Loan & Trade Receivab

-15.6

-9.2

-

-

-

    Other Amortization

-

-

-

-21.7

-5.0

    Loss on Redemption of Bonds

-1.8

-

-

-0.1

-0.8

    Loss-Valuation of ST Trading F.A.

-3.1

-0.5

-

-

-

    Loss on Valuation of Derivative Liabilit

-

-0.2

-38.6

0.0

-16.1

    Impairment Loss on Other Assets

-0.9

-11.3

-

-

-

    Impair. Loss on Assets Held for Sale

-0.8

-

-

-

-

    Provision-Contingent Loss Reserve

-

-

-

-0.2

-5.2

    Fincl Guarantee Liabilities

-

0.0

-1.3

-

-

    Loss on Derivative Liabilities Transacti

-

-3.4

-

-2.0

-60.0

    Loss-Derivatives Transaction-Risk Hedge

-0.1

0.0

-

-

-

    Loss on Valts of Derivatives-Risk Hedge

-0.2

0.0

-

-

-

    Other Commission

-

-

-

-0.4

-15.6

    Other Finance Expense

-

-0.3

0.0

-

-

    Miscellaneous Non-Operating Expense

-7.5

-5.3

-

-21.2

-17.9

    Retirement Bonus Expense

-

-

-

-

-1.9

    Provision-Guarantee Reserve

-

-

-

-

-1.0

    Loss-Revaluation of Land

-

-

-

-13.6

-

    Loss-Depletion of inventory

-

-

-

-0.1

-0.7

    Loss on Disposal of Other Assets

-

0.0

-

-1.4

-

    Gain/Loss on Invmt in Subsidiaries

6.9

-30.4

173.1

-

-

    Gain/Loss on Invmt in Affiliates

-19.8

126.4

-41.8

-

-

    Gain under Equity Method

-

-

-

24.5

0.5

    Loss-Disposal of Equity Method Sec.

-

-

-

-

0.0

    Loss under Equity Method

-

-

-

-5.4

-0.8

    Adj. for Finance Income

0.0

0.0

0.0

-

-

    Adj. for Finance Expense

0.0

0.0

0.0

-

-

    Adj. for Other Non-Operating Income

0.0

0.0

-

-

-

    Adj. for Other Non-Operating Expense

0.0

0.0

-

-

-

Net Income Before Taxes

-151.7

-79.3

-76.4

77.2

-111.9

 

 

 

 

 

 

Prov. for Income Taxes

-23.5

6.7

42.4

68.8

71.8

Net Income After Taxes

-128.2

-85.9

-118.8

8.3

-183.7

 

 

 

 

 

 

    Earning Before Acquisition of Subsidiary

-

-

-

-

-0.1

    Minority Interest

7.6

23.7

26.9

-106.6

-28.1

Net Income Before Extra. Items

-120.5

-62.2

-91.9

-98.3

-211.9

    Discontinued Operations

0.8

1.2

3.2

-

-

Net Income

-119.8

-61.0

-88.7

-98.3

-211.9

 

 

 

 

 

 

    Preferred Dividends

-0.5

-0.5

-0.4

-0.4

-0.5

Income Available to Com Excl ExtraOrd

-121.0

-62.6

-92.4

-98.7

-212.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

-120.2

-61.4

-89.1

-98.7

-212.4

 

 

 

 

 

 

Basic Weighted Average Shares

234.7

180.9

75.5

75.5

74.2

Basic EPS Excluding ExtraOrdinary Items

-0.52

-0.35

-1.22

-1.31

-2.86

Basic EPS Including ExtraOrdinary Items

-0.51

-0.34

-1.18

-1.31

-2.86

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

-120.2

-61.4

-89.1

-98.7

-212.4

Diluted Weighted Average Shares

234.7

180.9

75.5

75.5

74.2

Diluted EPS Excluding ExtraOrd Items

-0.52

-0.35

-1.22

-1.31

-2.86

Diluted EPS Including ExtraOrd Items

-0.51

-0.34

-1.18

-1.31

-2.86

DPS-Ordinary Shares

0.00

0.00

0.00

0.00

0.00

Gross Dividends - Common Stock

0.0

0.0

0.0

0.0

0.0

Normalized Income Before Taxes

-142.0

-79.8

-42.0

101.3

-74.4

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

-20.1

6.5

54.4

69.8

72.2

Normalized Income After Taxes

-121.9

-86.3

-96.5

31.6

-146.6

 

 

 

 

 

 

Normalized Inc. Avail to Com.

-114.7

-63.0

-70.0

-75.4

-175.3

 

 

 

 

 

 

Basic Normalized EPS

-0.49

-0.35

-0.93

-1.00

-2.36

Diluted Normalized EPS

-0.49

-0.35

-0.93

-1.00

-2.36

Interest Expense, Supplemental

194.6

178.1

142.8

88.7

127.8

Interest Capitalized, Supplemental

-0.8

-0.7

-3.5

-

-

Rental Expense, Supplemental

8.0

5.6

4.0

21.7

20.1

Advertising Expense, Supplemental

7.9

3.1

1.1

28.0

33.5

R&D Expense, Supplemental

0.2

0.1

0.0

1.2

0.2

Depreciation, Supplemental

114.1

89.9

53.8

51.4

102.0

Amort of Intangibles, Supplemental

6.0

3.6

1.8

18.3

6.2

Amortization of Acquisition Cost

-

-

-

22.1

37.7

Amort. of Negative Goodwill

-

-

-

-0.7

-1.3

 

 

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Restated Normal
31-Dec-2009

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

1259.55

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Cash Equivalents

91.3

114.1

126.5

1,029.6

2,429.9

    Current Fincl Instrm

68.1

31.6

17.4

181.3

231.4

    ST Investment Securities

-

-

-

5,610.1

4,447.8

    Current Securities Available-for-Sale

0.1

0.2

0.0

-

-

    Current Securities Held-to-Maturities

-

-

0.4

-

-

    Current Trading Securities

0.2

3.3

18.7

-

-

    Trade Rcvb Gross

457.5

474.3

288.3

277.0

274.0

    Allow. for DA for Trade Receivable

-87.6

-65.2

-48.9

-55.9

-44.9

    Adj. for Trade Receivable

0.0

0.0

0.0

-

-

    Account Receivable

12.4

10.0

17.0

196.4

174.7

    Allow. for DA for Account Receivable

-2.4

-2.3

-2.4

-

-

    Unbilled Constructions

38.8

35.7

14.6

-

-

    Accrued Income

2.2

4.5

3.3

121.0

94.9

    Allow. for DA for Accrued Income

-1.5

-0.5

-0.6

-

-

    Derivatives

-

-

-

31.2

115.4

    Current Deposits

-

0.1

23.8

-

-

    Current Guarantee Deposits

-

0.1

0.0

-

-

    Current Derivative Assets

0.1

-

-

-

-

    Current Loans

20.5

18.7

9.6

19.5

22.6

    Loans Receivable

-

-

11.4

-

-

    Adj. for Other Current Receivable

0.0

0.0

0.0

-

-

    Advance Payments

14.1

5.6

4.4

76.7

128.0

    Prepaid Expense

15.9

16.7

14.7

30.9

29.9

    Current Tax Assets

4.6

5.4

4.5

-

-

    Prepaid Value Added Taxes

3.2

3.4

1.2

-

-

    Prepaid Inc. Tax

-

-

-

2.7

5.0

    Current Assets Held for Sale

3.6

4.5

83.2

-

-

    Derivative Assets for Risk Hedge

0.3

-

-

-

-

    Other in Other Current Assets

4.5

2.8

7.5

6.6

11.9

    Adj. for Other Current Assets

0.0

0.0

0.0

-

-

    Deferred Tax Asset

-

-

-

10.9

11.2

    Merchandises

21.5

17.2

7.9

8.9

11.0

    Finished Goods

31.3

24.4

7.8

19.8

17.1

    Unpackaged Cement

12.7

8.0

10.3

0.0

10.8

    Semi-finished Goods

11.6

7.2

6.9

0.2

7.7

    Raw Fuels

71.2

63.3

38.5

22.4

46.3

    Supplies

15.8

15.4

12.2

4.8

11.0

    Goods in Transit

4.2

10.3

2.5

2.5

10.1

    Works in Process

8.3

12.3

33.6

10.0

2.5

    Lots

23.0

20.7

1.5

-

-

    Land-Construction Business

-

-

-

0.4

0.4

    Adj. for Inventories

0.0

0.0

0.0

-

-

Total Current Assets

845.4

841.5

716.1

7,607.2

8,048.8

 

 

 

 

 

 

    Non-Current Fincl Instrm

0.9

2.2

2.6

2.7

2.9

    Invmt in Properties

113.5

118.2

122.2

4,060.6

2,695.6

    Non-Current Securities Available-for-Sal

54.3

50.5

192.8

-

-

    Non-Current Securities Held-to-Maturitie

-

-

0.0

-

-

    Invmt in Affiliates

242.2

235.0

62.8

-

-

    Securities under Equity Method

-

-

-

234.9

50.8

    Non-Current Loans

15.4

35.6

16.3

29.3

11.7

    Long-term Loans Receivable

-

-

0.0

-

-

    Non-Current Trade Receivable

3.0

3.3

2.5

5.0

6.8

    Allow. for DA for LT Trade Receivable

-1.0

-0.9

-1.0

-

-

    Adj. for Non-Current Trade Receivable

0.0

0.0

0.0

-

-

    Non-Current Other Receivable

0.2

0.2

0.2

0.2

0.2

    Allow. for DA for LT Other Receivable

0.0

0.0

-

-

-

    Adj. for Other Non-Current Receivable

0.0

0.0

0.0

-

-

    Non-Current Prepaid Expense

14.0

7.1

-

0.0

9.4

    Non-Current Advance Payments

5.9

-

-

-

-

    Guarantee Deposits, Non-Current Assets

12.2

11.4

7.3

154.6

142.2

    Derivative Assets for Risk Hedge, LT

0.4

-

-

-

-

    Other in Other Non-Current Assets

0.2

0.5

-

-

-

    Inv Real Estate

-

-

-

64.8

63.0

    Non-Current Deferred Income Taxes Assets

2.3

6.1

10.3

19.2

52.2

    Other Invmt Assets

-

-

-

100.7

66.3

    Deposit

-

-

-

3,468.7

177.2

    CMA Operating Assets

-

-

-

213.8

441.7

    Receivable-Insurance

-

-

-

40.0

58.6

    Loans

-

-

-

4,452.5

3,989.9

    Derivative Securities

-

-

-

201.7

138.8

    Lands

548.0

524.1

497.7

827.5

801.9

    Rental Land

-

-

-

10.1

9.3

    Buildings

333.2

301.3

283.1

378.0

403.0

    Buildings-Depreciation

-75.2

-58.2

-55.1

-62.0

-53.7

    Buildings-Reduction

-

-

-0.3

-

-

    Structures

180.3

165.4

158.8

37.6

105.7

    Structures-Depreciation

-44.5

-35.2

-29.8

-7.1

-26.5

    Structures-Government Subsidy

-5.7

-2.4

-1.2

-

-

    Structures-Reduction

-

-

0.0

-

-

    Machineries & Equipments

1,030.3

927.2

928.7

91.8

383.2

    Machineries & Equipments-Depreciation

-574.4

-464.6

-413.7

-45.9

-44.4

    Machineries & Equipments-Govern. Subsidy

-0.1

0.0

0.0

-0.1

-0.1

    Vehicles

23.8

21.1

21.2

5.1

10.7

    Vehicles-Depreciation

-14.5

-11.1

-9.1

-3.1

-7.5

    Tools & Equipments

32.2

23.3

18.7

225.1

191.8

    Tools & Equipments-Depreciation

-15.2

-8.5

-12.3

-157.1

-128.0

    Ships

78.9

73.0

74.1

-

47.0

    Ships-Depreciation

-56.1

-43.9

-36.3

-

-23.3

    Lease Improvements

0.2

0.0

0.0

-

-

    Lease Improvements-Depreciation

0.0

-

0.0

-

-

    Other Tangibles

30.3

35.3

39.8

25.2

62.8

    Other Tangible Assets-Depreciation

-11.2

-7.7

-5.0

-5.8

-36.4

    Other Tangible Assets-Reduction

-2.5

-0.3

-5.4

-

-

    Other Property Plant & Equipment

56.4

42.0

10.6

-

-

    Other Tangibles-Depreciation

-17.7

-7.0

-0.9

-

-

    Other Tangibles-Reduction

-1.0

-0.5

-

-

-

    Construction in Progress

16.7

24.5

15.5

22.2

112.6

    Trees

0.2

0.1

0.1

0.9

0.9

    Adj. for Property, Plant & Equipment

0.0

0.0

0.0

-

-

    Goodwill

90.3

87.0

89.9

386.9

435.0

    Software

0.3

0.4

2.6

8.2

7.2

    Software Development Costs

3.6

4.1

2.6

-

-

    Negative Goodwill

-

-

-

-3.1

-10.0

    Industrial Property Rights

0.4

0.4

0.2

0.4

0.4

    Membership Rights

41.7

38.8

36.5

-

-

    Mining Rights

201.9

189.1

193.4

-

131.5

    Exploration Valt Inangible Assets

21.5

20.4

12.8

-

-

    Fund for Loss Compensation

-

-

-

6.9

5.4

    Usufruct on Donated Assets

0.2

0.2

0.2

0.1

0.3

    Development Costs

1.9

2.1

0.1

32.4

7.8

    Other Intangibless

6.7

3.1

2.2

24.6

7.1

    Adj. for Intangibless

0.0

0.0

0.0

-

-

    New Contract Expense

-

-

-

690.2

649.5

    Special Assets

-

-

-

1,385.4

921.0

    Other Non-Current Assets

-

-

18.9

8.6

3.0

    Adj. for Other Non-Current Assets

0.0

0.0

-

-

-

Total Assets

3,189.6

3,154.1

2,970.6

24,538.8

19,923.4

 

 

 

 

 

 

    Current Trade Payable

166.2

195.8

108.4

187.1

122.9

    Other Payable

68.6

57.8

42.4

106.6

187.7

    Dividend Payable

-

0.3

0.4

-

-

    Adj. for Other Current Payable

0.0

0.0

0.0

-

-

    Current Borrowings

843.3

911.9

785.3

1,477.2

1,349.0

    Current Bonds

9.4

8.7

-

455.3

-

    ST Borrow Currency

-

-

-

11.4

25.3

    Guarantee Deposits Received

0.5

0.5

0.5

-

-

    Legal Restructuring Liabilities, Current

-

-

-

1.5

1.4

    Prov. for Current Liabilities

0.6

0.6

0.6

-

-

    Unearned Income

0.4

0.3

0.7

14.9

23.9

    Advance from Customers, Current

16.2

12.6

13.0

16.3

77.2

    Deferred Income Tax Credits

-

-

-

7.7

0.4

    Deposit Withheld

1.3

1.2

5.6

17.4

12.6

    Accrued Expense

19.4

25.5

25.0

136.7

141.4

    Current Tax Liabilities

0.5

0.6

0.6

49.7

21.4

    Current Portion of Long-Term Borrowings

235.6

447.8

104.8

38.5

53.1

    Current Portion of Bonds

942.7

690.1

665.6

152.6

467.5

    Guarantee Dep.

-

-

-

167.0

15.6

    Other in Other Current Liabilities

6.7

4.5

3.9

4.6

12.4

    LT Derivative Liabilities

-

0.2

195.8

20.5

37.9

    Derivative Liability for Risk Hedge

0.1

0.3

-

-

-

    Overbilled Constructions

6.4

18.2

9.9

-

-

    Value Add. Taxes

-

-

-

0.5

-

    Current Liabilities Held for Sale

0.0

0.2

-

-

-

    Adj. for Other Current Liabilities

0.0

0.0

0.0

-

-

Total Current Liabilities

2,317.8

2,377.1

1,962.3

2,865.5

2,549.8

 

 

 

 

 

 

    Bonds

-

0.7

-

-

71.8

    Borrowings

-

-

-

10,825.2

8,056.0

    Non-Current Borrowings

451.9

254.4

681.7

28.8

449.8

    Capital Leased Liabilities, LD

1.0

-

-

-

-

Total Long Term Debt

452.9

255.1

681.7

10,853.9

8,577.6

 

 

 

 

 

 

    Derivative Products in Liabilities

-

-

-

122.2

-

    Special Guar Dep

-

-

-

-

1.3

    Guarantee Dep.

-

-

-

10.3

11.6

    Member Gurnt Dep

-

-

-

183.4

171.0

    Non-Current Other Payable

6.1

1.6

1.5

0.1

-

    Non-Current Accrued Expense

0.5

0.1

0.4

-

-

    Advanced Liability

-

-

-

1,087.6

1,144.8

    Legal Restructuring Liabilities

-

-

-

-

1.3

    LT Deposit from Import License Liability

8.1

23.0

20.3

-

-

    Adj. for Other Non-Current Payable

0.0

0.0

0.0

-

-

    Fincl Guarantee Contracts Liabilities

0.9

3.0

1.9

-

-

    Non-Current Prov.s

23.8

20.7

21.6

-

-

    Other Liabilities Resv

-

-

-

0.1

-

    Other in Other Non-Current Liabilities

6.0

7.2

0.3

1.5

1.1

    Special Liabilities

-

-

-

1,432.5

936.2

    Least Guarantee Provision

-

-

-

19.6

2.1

    Contractor Equity Adjustment

-

-

-

12.0

-1.1

    Non-Current Unearned Income

-

3.8

4.5

-

-

    Ad-Other Non-current Liabilities

-

0.0

0.0

-

-

    Insurance Payable

-

-

-

30.3

51.5

    Advances on Development Expense

-

-

-

20.6

27.8

    Legal Reserve

-

-

-

6,462.4

5,231.3

    Reserve-Defective Guarantee

-

-

-

4.2

2.4

    Long-term Provision for Other Estimated

-

-

-

-

1.0

    Deferred Income Taxes, LT Liabilities

52.9

69.9

50.8

58.3

17.6

    Other Financial Liabilities

-

-

-

87.4

9.7

    Reserve-Guarantee Payment

-

-

-

8.9

0.9

    Reserve-Contingent Loss

-

-

-

2.4

4.8

    Reserve for Donations

-

-

-

1.8

1.7

    Reserve-Contribution of Mining

-

-

-

-

8.3

    Reserve-Put Option

-

-

-

31.6

-

    Non-Current Fixed Benefit Liabilities

100.4

85.5

69.4

-

-

    Retire Reserve

-

-

-

91.5

161.7

    Deposit-Retirement Insurance

-

-

-

-3.4

-43.1

    Plan Assets

-

-

-

-12.7

-0.4

    Transfer to National Pension Fund

-

-

-

-0.4

-1.3

    Minority Interests

93.6

77.8

321.0

1,160.5

953.3

Total Liabilities

3,063.2

2,924.9

3,135.6

24,532.3

19,822.9

 

 

 

 

 

 

    Capital Stock

119.7

110.8

378.0

-

-

    Common Stock

-

-

-

324.2

299.8

    Preferred Stock

-

-

-

44.1

40.8

    Additional Paid in Capital

152.5

240.9

-

-

0.7

    Retained Earnings Before Appropriations

-300.8

-652.9

-635.1

-

-

    Retained Earning Carried Forward

-

-

-

-486.4

-265.0

    Treasury Stock

-55.0

-51.0

-5.8

-42.3

-85.3

    Gain on Capital Reduction

-

335.1

-

-

-

    Other Capital Surplus

194.4

251.1

67.0

62.9

91.9

    Stock Options

0.7

0.3

-

0.0

0.0

    Accumulated Other Comprehensive Income

-

-

-

0.0

-

    Gain/Losses on Valuation of Securities A

0.6

-4.8

-

-

-

    Capital Change, Equity Method

-

-

-

12.1

30.1

    Capital Change, Equity Method (Loss)

-

-

-

-

-39.3

    Overseas Bus. Translation Debit/Credit

-0.1

2.6

-

2.5

1.2

    Gain/Loss Accumulated Other Afflt Equity

0.4

-0.7

-

-

-

    Cash Flow Risk Hedge

16.5

-0.1

-

-

-

    Loss-Valuation of Derivatives

-

-

-

-0.1

-0.5

    Adj.-Accum. Other Comprehensive Income

0.0

0.0

0.0

-

-

    Comprehensive Income/Loss Assets Held fo

-

-

33.2

-

-

    Loss on Disposal of Treasury Stocks

-1.7

-1.6

-1.6

-1.6

-1.8

    Disc.s on Stock Issuance

-0.1

-

-

-

-

    Other Capital Adj.

-0.5

-0.6

-0.6

-12.3

0.0

    Adj. for Other Capital Items

0.0

0.0

0.0

-

-

    Gain-Revaluation of Land

-

-

-

61.1

-

    Loss-Valuation of Investment Securities

-

-

-

42.2

27.9

Total Equity

126.4

229.2

-165.0

6.6

100.5

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

3,189.6

3,154.1

2,970.6

24,538.8

19,923.4

 

 

 

 

 

 

    S/O-Ordinary Shares

234.7

234.7

75.5

75.5

75.5

Total Common Shares Outstanding

234.7

234.7

75.5

75.5

75.5

T/S-Ordinary Shares

10.3

10.3

0.0

0.0

0.0

    S/O-Preference Shares

5.5

5.5

9.7

9.7

9.7

    S/O-Preference Shares

2.5

2.5

-

-

-

    S/O-Preference Shares

0.9

0.9

-

-

-

    S/O-Preference Shares

0.0

0.0

-

-

-

Total Preferred Shares Outstanding

8.9

8.9

9.7

9.7

9.7

T/S-Preference Shares

0.8

0.8

0.6

0.6

0.6

T/S-Preference Shares

0.6

0.6

-

-

-

T/S-Preference Shares

0.0

0.0

-

-

-

T/S-Preference Shares

0.1

0.1

-

-

-

Deferred Revenue, Current

16.5

13.0

13.7

31.2

101.1

LT Deferred Revenue

-

3.8

4.5

-

-

Accumulated Intangible Amort, Suppl.

16.3

10.5

6.8

-

-

Full-Time Employees

-

1,219

876

902

902

Number of Common Shareholders

-

-

17,817

-

23,541

LT Debt Maturing within 1 yr

752.0

427.4

-

207.7

536.3

LT Debt Maturing within 2 yr

533.8

578.2

-

22.8

472.3

LT Debt Maturing within 3 yr

309.6

67.9

-

5.9

59.0

LT Debt Maturing within 4 yr

21.6

274.1

-

-

55.8

LT Debt Remaining Maturities

34.8

45.5

-

-

155.6

Total Long Term Debt, Supplemental

1,651.9

1,393.0

-

236.5

1,278.9

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Reclassified Normal
31-Dec-2010

Updated Normal
31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

1100.562842

Auditor

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Ernst & Young LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified with Explanation

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income or Loss

-127.4

-84.7

-115.6

8.3

-183.7

    Depreciation

114.1

89.9

-

51.4

102.0

    Amort. Intangible

6.0

3.6

-

40.4

43.8

    Reverse-Neg Goodwill

-

-

-

-0.7

-1.3

    Depreciation of Real Estate

1.9

1.3

-

-

-

    Stock-Based Compensation

0.6

0.3

-

0.1

-

    Interest Expenses

194.6

178.1

-

-

-

    Retirement and Severance Benefits

20.6

22.0

-

28.3

42.2

    Losses on Foreign Currency Translation

5.0

1.8

-

19.9

19.9

    Loss-Sale of Derivative Asset-Hedging

0.2

0.2

-

-

-

    Loss-Valuation of Marketable Securities

-

-

-

59.9

-

    Loss on Valt of Current Trading Sec.

3.1

0.5

-

-

-

    L-Dispose ST Investment Securities

-

-

-

0.1

-

    Loss-Sale of Fincl Asset Avail.-for-Sale

0.1

87.5

-

-

-

    L-Trade Rcvbl Disp.

-

-

-

0.1

0.4

    Loss on Disposal of Loan

-

-

-

0.3

-

    Amort-Bad Debt Exp.

-

-

-

68.1

33.7

    Loss on Inventory Disposal

-

-

-

0.0

-

    Loss-Disposal of Other Assets

1.6

0.0

-

1.4

-

    Loss on Depletion of Inventory

0.0

-

-

0.1

0.7

    L-Dispose LT Investment Securities

-

-

-

3.7

0.1

    Loss-Reduction of LT Investment Secs.

-

-

-

29.6

0.9

    Loss under Equity Method

-

-

-

5.2

0.8

    Loss-Disposal of Sec under Equity Method

-

-

-

-

0.0

    L-Inv Asset Disposal

-

-

-

0.6

1.4

    Loss on Sale of Intangibles

-

0.9

-

-

-

    Loss on Sale of Real Estate

0.9

0.1

-

-

-

    L-Tang Asset Disp.

2.5

3.6

-

2.0

1.7

    Loss-Reduction of Tangible Assets

2.5

1.0

-

-

-

    Impmt Loss on Assets Held for Sale

0.8

-

-

-

-

    L-Intangible Asset Reduction

2.0

3.5

-

8.5

4.7

    Amortization-New Contract Cost

-

-

-

311.7

315.7

    Loss on Redemption of Bonds

1.8

0.2

-

0.1

0.8

    Loss on Valuation of Secs. Sold

-

-

-

1.4

-

    Impmt Loss on Loans & Other Receivables

15.6

9.2

-

-

-

    Impmt Loss on Trade Receivables

12.7

9.9

-

-

-

    Impmt Loss on Goodwill

3.5

-

-

-

-

    Impmt Loss on Other Assets

0.9

11.3

-

-

-

    Impmt Loss-Fincl Asset Avail.-for-Sale

0.4

1.1

-

-

-

    Amort-Bond Discount

-

-

-

-

1.5

    Amort Discount Value

-

-

-

-

2.3

    Convertible Right Adj.

-

-

-

-

1.7

    Amort-Otr Bad Debt E

-

-

-

21.7

5.0

    Loss-Valu. of Derivative Linked Secs.

-

-

-

2.1

-

    Loss-Valu. of Derivative Linked Secs. So

-

-

-

58.6

-

    L-Derivatives Valuation

-

-

-

28.7

16.1

    Loss-Derivatives Transaction

-

-

-

0.3

60.0

    Loss-Derivative Liabilities Transaction

-

3.4

-

-

-

    Provision-Sales Guarantee

-

-

-

-

7.0

    Provision-Mining Restoration

-

-

-

-

0.5

    Prov.s

1.6

3.9

-

-

-

    Miscellaneous Loss

-

-

-

-

1.4

    Defect Repair Expense

-

1.0

-

0.4

0.2

    Earning Before Acquisition of Subsidiary

-

-

-

-

-0.1

    Accrued Interest Expense

-

-

-

3.8

-

    Loss-Reduction of ST Investment Securiti

-

-

-

0.4

-

    Deferred Loan Additional Income

-

-

-

13.4

-

    Provision of Contingent Loss Reserve

-

-

-

0.2

-

    Loss-Revaluation of Land

-

-

-

13.6

-

    Loss -Guarantee Payment

-

-

-

7.7

-

    Other Non-Operating Expense

-

-

-

0.1

-

    Gain-Valuation of Special Deposits

-

-

-

-22.7

-

    Gains on Foreign Currency Translation

-1.9

-3.1

-

-4.0

-15.4

    Interest Income

-9.6

-8.6

-

-5.4

-4.2

    Dividend Income

-0.4

-2.8

-

-

-

    Corporate Taxes Income

-23.5

7.1

-

-

-

    Gain-Disposal of Inventory

-

-

-

-0.1

-

    G-Dispose-LT Investment Securities

-

-

-

-6.9

-0.7

    Gain-Valuation of Sec, Available for Sal

-

-

-

-17.8

-

    Rev Loss-LT Investment Securities

-

-

-

0.0

-2.4

    Gain-Sale of Fincl Asset Avail.-for-Sale

0.0

-102.4

-

-

-

    Gain-Disp. of Securities/Equity Method

-

-

-

-2.8

-

    Gain under Equity Method

-

-

-

-23.8

-0.5

    Gain/Loss on Invmt in Susidiary

-6.9

30.4

-

-

-

    Gain/Loss on Invmt in Affiliates

19.8

-126.4

-

-

-

    Gain on Sale of Other Assets

0.0

-0.1

-

0.0

-

    Gain on Sale of Intangibles

-0.1

-

-

-

-

    Gain on Sale of Tangibles

-1.3

-5.6

-

-0.7

-0.9

    G-Inv Asset Disp.

-

-

-

-0.1

-0.5

    Gain-Disposal of Loans

-

-

-

-3.8

-

    Gain on Sale of Real Estate

-2.2

0.0

-

-

-

    Gain-Valuation of Derivative Sec. Availa

-

-

-

-81.9

-

    Gain-Sale of Derivative Asset-Hedging

0.0

-

-

-

-

    Gain on Redemption of Bonds

-

0.0

-

-

-

    Gains on Valts of Derivatives Assets

-0.1

-

-

-67.1

-19.9

    Recovery-Provision Doubtful Account

-1.0

-0.5

-

-13.0

-0.8

    Recovery of Contingent Loss Reserve

-

-

-

-0.2

-

    Recovery of Guarentee Loss Reserve

-

-

-

-0.4

-

    Recovery of Put Option Reserve

-

-

-

-7.6

-

    Reserve of Fincl Guarantee Depsotis

-

0.0

-

-

-

    Rec.Impmt Losses on Loans Receivables

-

-0.4

-

-

-

    Rec. of Impmt Loss on Trade Receivables

-4.9

0.0

-

-

-

    Rec. of Impmt Loss on Other Assets

-0.2

0.0

-

-

-

    Rec. of Fincl Guarantee Liabilities

-1.3

-0.6

-

-

-

    Rec. of Impt Loss on Loans & Other Recei

-1.4

-0.1

-

-

-

    Gain-Disposal of Marketable Securities

-

-

-

-0.2

0.0

    Gain-Valuation of Marketable Securities

-

-

-

-30.9

0.0

    Gain on Valt of Current Trading Sec.

0.0

-3.2

-

-

-

    G-Futures Transactn.

-

-

-

-0.1

-1.1

    Gain-Valuation of Derivative Securities

-

-

-

-40.9

-

    Gain on Sale of Asset Held for Sale

-0.8

-

-

-

-

    Miscellaneous Gain

-

-

-

-0.2

-2.6

    Accrued Income

-

-

-

-18.3

4.2

    Prepaid Expenses

-

-

-

-0.4

-1.8

    Corporate Tax Refundable

-

-0.1

-

6.4

-3.1

    Inventory

-21.5

-13.7

-

-7.4

-41.3

    Trade Receivables

40.4

-61.9

-

-45.2

60.5

    Account Receivables

-

-

-

52.6

-42.1

    LT Trade Rcvbl.

0.5

-0.9

-

0.0

-7.9

    Other Non-Current Receivables

0.2

-3.3

-

0.1

0.2

    Other Current Receivables

-3.7

24.8

-

-

-

    Receivable from Insurance

-

-

-

21.3

-

    Unbilled Constructions

-0.2

-4.4

-

-

-

    LT Prepaid Expenses

-

-

-

0.0

4.7

    Deposit

-

-

-

-3,160.5

-98.5

    Deferred Taxes-Asset, Current

-

-

-

-

-0.7

    Account Payable-Insurance

-

-

-

-23.1

-

    Deferred Taxes-Asset

-

-

-

24.3

49.7

    Incr-New Contracts

-

-

-

-300.4

-468.5

    Inc-Special Guarantee Deposit

-

-

-

-

-0.3

    Other Finance Business Asset

-

-

-

-36.6

-2.3

    Other Quick Assets

-

-

-

3.9

-1.4

    Other Special Assets

-

-

-

19.5

-8.0

    Other Current Assets

-6.4

1.4

-

-

-

    Current Derivative Assets-Hedging

-0.3

0.0

-

-

-

    Non-Current Derivative Assets-Hedging

-0.3

-

-

-

-

    Other Non-Current Assets

-11.5

-0.7

-

0.0

-

    Other Current Payable

3.6

-2.2

-

-

-

    Trade Payables

-40.0

-20.9

-

30.8

-48.7

    Account Payables

-

-

-

-86.7

118.2

    LT Account Payable

-

-

-

0.1

-0.1

    Currency Forwards, A/L

-

-

-

-

-0.2

    Advanced Payment

-

-

-

27.8

-51.9

    Accrued Expenses

-

-

-

-10.7

24.2

    Accrued Income Taxes

-

0.0

-

24.3

8.2

    Inc-Other Reserve

-

-

-

-

-5.1

    Unearned Income

-

-

-

-10.1

4.5

    Other Non-Current Payable

1.3

1.3

-

-

-

    Other Current Liabilities

3.5

7.6

-

0.9

-1.2

    Other LT Liabilities

-0.8

1.6

-

-

-11.8

    Other Fincl Business Liabilities

-

-

-

67.3

1.3

    Current Derivative Liabilities-Hedging

0.3

0.1

-

-

-

    Fixed Benefit Liabilities

-

-23.7

-

-

-

    Other Fixed Assets

-

-

-

0.0

-

    Reserve-Obligations

-

-

-

733.5

679.8

    Current Prov.

-0.2

-0.3

-

-

-

    Advances Received

-

-

-

-62.6

26.0

    Deposits Withheld

-

-

-

-2.4

-127.9

    Guarantee Deposits

-

-

-

0.2

-45.6

    Inc-Special Liabilities

-

-

-

-

-30.1

    Inc-Special Loss

-

-

-

-

-3.6

    Retirement Pension Operating Fund

-

-

-

-7.2

2.1

    Retirmt Allw Rsv-Aff

-

-

-

0.0

0.7

    Retiremt Allow Paymt

-18.4

-

-

-36.3

-37.1

    Retirement Insurance

-

-

-

8.0

23.2

    Nation Pension Fund

-

-

-

0.1

1.0

    Dividend Income, A/L

-

-

-

-

3.2

    Overbilled Constructions

-13.2

4.7

-

-

-

    LT Overbilled Constructions

-

0.9

-

-

-

    Non-Current Prov.s

-1.2

-1.6

-

-

-

    Reserve-Contingent Loss

-

-

-

-2.5

-

    Reserve-Defect Repair

-

-

-

0.4

-

    Membership Deposits

-

-

-

-1.6

-

    Other Liability Reserve

-

-

-

-1.0

-

    Advanced Liability

-

-

-

-103.1

-

    Advanced Insurance

-

-

-

-8.6

-

    Borrowings

-

-

-

2,448.6

-

    Special Liability

-

-

-

-5.7

-

    Least Provision

-

-

-

15.8

-

    Plan Assets

3.4

-

-

-

-

    Payment of Plan Assets

-0.8

-

-

-

-

    Deferred Tax Credit, Current

-

-

-

2.7

-27.8

    Deferred Tax Credit

-

-

-

24.7

-15.5

    Increase-Deferred Income Tax Debit, ON

-

0.0

-

-

-

    Deferred Income Tax Debits

-

-7.0

-

-

-

    Loans

-

5.6

-

-221.7

-669.5

    ST Financial Assets

-

-

-

1.7

-

    Current Trading Sec.

0.0

4.5

-

-

-

    Investment Securities

-

-

-

-875.0

-

    Securities under Equity Method

-

-

-

-0.2

-

    Derivative Securities

-

-

-

-8.2

-

    Marketable Securities

-

-

-

-741.1

-

    Derivatives in Assets

-

-

-

40.3

-

    Conpensation Pension

-

-

-

-1.0

-

    CMA Operating Assets

-

-

-

400.7

-

    Adj. for Cash Flow from Other Operations

-

0.0

-

-

-

    Adj-Non-Cash Items

0.0

-

-

-

-

    Adj-Operating Assets & Liabilities

0.0

-

-

-

-

    Non-Cash Items

-

-

182.4

-

-

    Operating Assets & Liabilities

-

-

-30.6

-

-

    Cash-Interest Received

13.9

5.7

17.3

-

-

    Cash-Interest Paid

-184.1

-173.9

-152.1

-

-

    Cash-Dividend Income

0.4

1.5

6.0

-

-

    Cash-Tax Paid

2.7

13.8

-72.8

-

-

Cash from Operating Activities

-2.8

-107.8

-165.4

-1,360.8

-310.3

 

 

 

 

 

 

    Disposal of Current Financial Instrument

1,054.8

113.4

98.3

571.6

986.4

    Disposal of Current Securities Held of t

-

0.5

38.1

-

-

    Sale of LT Sec. Held to Maturities

-

0.0

-

-

-

    Dispose-ST Investment Securities

-

-

-

1.2

391.5

    Disposal of Non-Current Financial Instru

1.8

0.7

-

0.6

10.3

    Dec-ST Invset Asset

-

-

-

-

2.1

    Sale of Current Fincl Assets at FVTPL

-

14.5

0.0

-

-

    Disposal of Current Securities Available

0.1

27.6

0.0

-

-

    Disposal of Non-Current Securities Avail

3.2

8.4

2.9

-

-

    Decrease in Current Loans

60.6

1.3

0.1

7.2

51.5

    Decrease-ST Receivable from Employees

-

-

-

-

0.0

    Sale of Invmt in Subsidiaries

34.1

-

-

-

-

    Sale of Invmt in Affiliates

6.7

-

8.1

-

-

    Disposal of Investment Properties

10.3

3.5

27.6

80.3

70.1

    Disp-Securities under Equity Method

-

-

-

113.4

1.4

    Decrease in Non-Current Loans

15.2

0.1

20.9

25.3

38.0

    Disp of Invest RE

-

-

-

-

3.1

    Disposal of Non-Current Assets Held for

2.4

131.1

-

-

-

    Decrease-Intangible Assets

-

-

-

0.0

4.4

    Disposal of Property, Plant and Equipmen

18.0

38.6

158.2

12.1

17.2

    Decr-Guarantee Deposits

-

-

-

21.6

50.1

    Increase in Rental Guarantee Depsoits

0.6

-

-

-

-

    Dec. Other Inv Asset

-

-

-

2.5

205.8

    Disposal of Other Intangible Assets

3.6

0.6

1.0

-

-

    Decrease in Rental Guarantee Depsoits

-3.3

-

-

-

-

    Cash Inflow from Merger

-

5.1

42.4

-

-

    Cash Outflow from Merger

-

-4.3

-

-

-

    Increase in Current Financial Assets at

-

-

-0.2

-

-

    Purchase of Current Fincl Instruments

-995.8

-107.0

-29.8

-570.9

-593.8

    Acq-ST Investment Securities

-

-

-

-3.1

-648.4

    Purchase of LT Sec. Available for sale

-2.6

-38.2

-48.9

-

-

    Increase-ST Investment Assets

-

-

-

-

-75.7

    Purchase of Non-Current Fincl Instrm

-0.4

-0.4

-0.1

-0.4

-0.3

    Acq-LT Investment Securities

-

-

-

-146.3

-510.2

    Acq-Securities under Equity Method

-

-

-

-8.7

-19.2

    Increase in Non-current Financial Assets

-

-

-2.6

-

-

    Purchase of Invmt in Subsidiaries

-

-91.8

-

-

-

    Purchase of Invmt in Affiliates

-

-21.7

-

-

-

    Increase in Current Loans

-40.4

-21.8

-33.6

-14.4

0.0

    Increase in Non-Current Loans

-14.9

-23.7

-12.0

-26.1

-6.6

    Purchase of Real Estate

-0.6

-1.3

-8.2

-7.1

-33.4

    Inc in Guarant Depos

-

-

-

-23.2

-44.9

    Inc Other Invt Ast

-

-

-

-0.4

-8.2

    Purchase of Tangibles

-67.9

-62.8

-171.6

-110.0

-187.3

    Acq-Intangibles

-

-

-

-31.6

-9.9

    Purchase of Other Intangibless

-9.7

-10.7

-0.8

-

-

    Increase-Derevatives

-

-

-

-6.1

-50.9

    Current Derivative Liabilities Decrease

-0.2

-203.9

-

-

-

Cash from Investing Activities

75.7

-242.2

89.6

-112.4

-357.0

 

 

 

 

 

 

    Increase in Current Borrowings

2,559.0

3,245.4

1,107.7

1,904.9

191,878.4

    Inc-ForCurr ST Borr

-

-

-

31.4

23.3

    Increase-Borrowings

-

-

-

78.2

-

    Increase in Non-Current Borrowings

194.9

37.8

581.6

25.0

131.7

    Increase-ST Bond

-

-

-

417.6

641.8

    Increase in Bonds

831.9

540.4

561.7

-

-

    Inc Memb. Guar. Deps

-

-

-

-

2.7

    Rights Issue

-

305.5

-

-

90.8

    Decrease-Deposits

-

-

-

0.1

-

    Increase in Minority Interest

14.2

-

-

-

14.7

    Decrease in Treasury Stocks

-

-

0.0

2.5

0.2

    Increase in Government Subsidy

3.1

1.3

1.0

-

-

    Inc-Securities Available for Sale

-

-

-

-

8,142.0

    Increase-Consolidation Adjustment Debit

-

-

-

209.9

-

    Decrease-Other Guarantee Deposit

-

-

-

-

-20.9

    Increase-Debenture Issuance Discount

-

-

-

-1.1

-0.8

    Decrease in Current Portion of Bonds

-658.3

-

-62.4

-279.9

-189.3

    Dec-Curr LT Liabs

-

-

-

-4.7

-100.5

    Decrease-Convertible Bond

-

-

-

-

-15.5

    Decrease in Bonds

-0.8

-500.7

-100.9

-

-236.2

    Decrease in Non-Current Borrowings

-26.0

-51.4

-6.2

-15.2

-68.9

    Dec-Cap Lse Payables

-

-

-

-559.7

-

    Increase-Guarantee Deposit

-

-

-

140.0

-

    Increase in Treasury Stocks

-

-1.0

-

-0.5

-11.1

    Decrease in Current Borrowings

-2,787.3

-3,184.4

-1,024.0

-1,821.1

-190,625.3

    Decrease in Current Bonds

-

-

-512.8

-

-

    Dec-ForCurr ST Brrw.

-

-

-

-28.9

-23.8

    Stock Issurance Expense

-

-

-

-3.9

0.0

    Decrease in Capital Lease Liabilities

-0.3

-

-

-

-

    Decrease in Lower Priority Bonds

-

-

-38.1

-

-

    Decs in Current Portion of LT Borrowings

-232.4

-54.2

-441.6

-41.1

-

    Others

-0.1

-

-

-

-

    Increase-Debenture Issuance Discount,Cur

-

-

-

-

-0.9

    Dec-Securities Available for Sale

-

-

-

-

-7,721.5

    Decrease in Cost on Capital Increase wit

-

0.0

-

-

-

    Inc-Trust Deposit

-

-

-

-1.5

-11.2

    Dec-Guarantee Deposits

-

-

-

-4.1

-4.5

    Dec in Guarantee Inc

-

-

-

-

0.5

    Inc-Expense for Stock Issuance

-

-

-

-

-1.7

    Dividends Paid

-

-

-

-11.4

-18.9

    Decrease in Minority Interest

-0.5

-

-

-

-

    Cash Inflow-Consoli. Capital Transaction

-

-

-

-21.4

32.7

    Payement in Odd Lots in Mergers

-

-

0.0

-

-

    Cash Inflow from Merger

-

-

-

-

0.0

    Change-Foreign Currency Translation

-0.3

0.3

1.8

-0.4

5.6

Cash from Financing Activities

-103.1

339.0

67.8

14.6

1,913.0

 

 

 

 

 

 

Incs or Decs in Cash & Cash Equivalents

-30.2

-11.0

-8.0

-1,458.6

1,245.7

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning

116.6

129.6

132.2

2,397.9

1,535.3

Cash and Cash Equivalents at End

86.4

118.6

124.2

939.3

2,781.0

    Cash Interest Paid

184.1

173.9

152.1

-

-

    Cash Taxes Paid

-2.7

-13.8

72.8

-

-

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

298.1

-17.84%

1,517.0

14.58%

-35.80%

-19.43%

Research & Development1 (?)

-

-

0.2

90.43%

-47.72%

-2.92%

Operating Income1 (?)

14.8

-62.22%

66.8

587.73%

-30.61%

-20.37%

Income Available to Common Excl Extraord Items1 (?)

-30.6

-

-121.0

-

-

-

Basic EPS Excl Extraord Items1 (?)

-0.13

-

-0.52

-

-

-

Capital Expenditures2 (?)

18.9

-60.29%

77.6

7.29%

-21.51%

-21.54%

Cash from Operating Activities2 (?)

-22.4

-

-2.8

-

-

-

Free Cash Flow (?)

-39.7

-

-84.9

-

-

-

Total Assets3 (?)

2,892.1

-

3,189.6

-6.39%

-50.81%

-31.20%

Total Liabilities3 (?)

2,851.4

-

3,063.2

-3.05%

-51.46%

-31.55%

Total Long Term Debt3 (?)

390.7

-

452.9

64.35%

-66.32%

-13.93%

Employees3 (?)

-

-

-

-

-

-

Total Common Shares Outstanding3 (?)

234.7

-

234.7

0.00%

45.93%

26.67%

1-ExchangeRate: KRW to USD Average for Period

1122.022568

 

1126.848795

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1103.219597

 

1126.848795

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1147.202838

 

1066.400024

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin (?)

15.12%

9.98%

7.62%

23.56%

20.21%

Operating Margin (?)

4.41%

0.73%

-5.29%

3.49%

0.73%

Pretax Margin (?)

-10.00%

-5.89%

-8.92%

1.52%

-1.97%

Net Profit Margin (?)

-7.98%

-4.65%

-10.78%

-1.95%

-3.74%

Financial Strength

Current Ratio (?)

0.36

0.35

0.36

2.65

3.16

Long Term Debt/Equity (?)

3.58

1.11

-4.13

1,655.73

85.36

Total Debt/Equity (?)

19.65

10.10

-13.56

1,981.41

104.22

Interest Coverage (?)

33,706.84

-

-

-

-

Management Effectiveness

Return on Assets (?)

-4.11%

-2.72%

-0.86%

0.04%

-0.86%

Return on Equity (?)

-68.38%

-180.91%

92.46%

-801.74%

-135.36%

Efficiency

Receivables Turnover (?)

3.36

3.39

2.02

9.89

9.66

Inventory Turnover (?)

6.27

7.32

5.52

20.65

22.67

Asset Turnover (?)

0.49

0.43

0.06

0.24

0.27

Market Valuation USD (mil)

Enterprise Value2 (?)

2,195.0

.

Enterprise Value/Revenue (TTM) (?)

1.58

Price/Book (MRQ) (?)

2.27

.

Enterprise Value/EBITDA (TTM) (?)

12.29

Market Cap as of 08-Nov-20131 (?)

111.1

.

 

 

1-ExchangeRate: KRW to USD on 8-Nov-2013

1062.889897

 

 

 

2-ExchangeRate: KRW to USD on 30-Jun-2013

1147.202838

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.100.86

Euro

1

Rs.84.50

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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

 

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

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

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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