MIRA INFORM REPORT

Report Date :

23.10.2013

IDENTIFICATION DETAILS

Name :	HYOSUNG CORP
Registered Office :	119, Mapo-Daero, Mapo-Gu Seoul, 121720
Country :	South Korea
Financials (as on) :	31.12.2012
Date of Incorporation :	03.11.1966
Legal Form :	Public Parent Company
Line of Business :	Subject engaged in textile, industrial materials, chemical, heavy industry, construction, trading and financial businesses.
No. of Employees :	7,614 (2011)

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES:

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

ECGC Country Risk Classification List – March 31^st, 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 and address Top of Form

Bottom of Form

Top of Form

Hyosung Corp

119, Mapo-Daero, Mapo-Gu
Seoul, 121720
Korea, Republic of
Tel:	82-2-7077000
Fax:	82-2-7077799
www.hyosung.com

Operation Address :

22F, 235 Banpo-Daero Seocho-Gu Seoul, South Korea

Employees:

7,614

Company Type:

Public Parent

Corporate Family:

87 Companies

Traded:

Korea Stock Exchange:

004800

Incorporation Date:

03-Nov-1966

Auditor:

PricewaterhouseCoopers LLP

Financials in:	USD (mil)
Fiscal Year End:	31-Dec-2012
Reporting Currency:	South Korean Won
Annual Sales:	11,192.1 ^1
Net Income:	108.6
Total Assets:	12,906.7 ^2
Market Value:	1,806.1
	(28-Jun-2013)

Business Description

HYOSUNG CORPORATION is a Korean industrial conglomerate that is engaged in textile, industrial materials, chemical, heavy industry, construction, trading and financial businesses. Its textile business manufactures spandex yarns, polyester yarns and nylon yarns. Its industrial materials business provides tire cords, steel cords, carpets and others. Its chemical business mainly provides propane propylene (PP), polyethylene terephthalate (PET) bottles, nylon films and polyester films. Its heavy industry business provides transformers, circuit breakers, motors and speed reducers. Its construction business constructs commercial buildings, environment facilities, industry plants and others. Its trading business engages in the trading of chemical and steel products, as well as importation of automobiles. Its financial business provides various financial related services. It also involves in the property leasing services. For the three months ended 31 March 2013, Hyosung Corp revenues decreased 5% to W2.913T. Net loss totaled W12.16B vs. income of W33.66B. Revenues reflect Trade Business segment decrease of 11% to W716.23B, Industrial Material Business segment decrease of 13% to W579B, Chemical Business segment decrease of 4% to W365.43B, Domestic segment decrease of 8% to W2.163T, America segment decrease of 11% to W180.53B.

Industry

Industry	Apparel and Accessories
ANZSIC 2006:	1312 - Natural Textile Manufacturing
NACE 2002:	171 - Preparation and spinning of textile fibres
NAICS 2002:	313111 - Yarn Spinning Mills
UK SIC 2003:	171 - Preparation and spinning of textile fibres
UK SIC 2007:	1310 - Preparation and spinning of textile fibres
US SIC 1987:	2281 - Yarn Spinning Mills

Key Executives

Name	Title
Seok Rae Cho	Chairman of the Board, Co-Chief Executive Officer
Hyeon Taek Cho	Co-President
Bong Gyu Cho	Vice President
Hyun-Joon Cho	Co-President
Gi Eun Bae	Non-Executive Independent Director

Significant Developments

Topic	#*	Most Recent Headline	Date
Strategic Combinations	1	Thanh Cong Textile Garment Investment Trading Joint Stock Co Signs MoU with Hyosung Corporation	23-Apr-2013
New Business / Unit / Subsidiary	1	Hyosung Corporation to Set up New Factory	23-Apr-2013
Equity Investments	2	Hyosung Corporation Acquires Stake in Shinwha Intertek Corporation	7-Jan-2013
Dividends	1	Hyosung Corporation Declares Annual Cash Dividend for FY 2012	26-Feb-2013

Financial Summary

As of 31-Mar-2013

Key Ratios	Company	Industry
Current Ratio (MRQ)	0.68	2.15
Quick Ratio (MRQ)	0.43	1.45
Debt to Equity (MRQ)	2.87	0.55
Sales 5 Year Growth	12.08	7.30
Net Profit Margin (TTM) %	0.53	13.42
Return on Assets (TTM) %	0.47	11.38
Return on Equity (TTM) %	2.68	25.06

Stock Snapshot

Traded: Korea Stock Exchange: 004800

As of 28-Jun-2013

   Financials in: KRW

Recent Price	59,000.00	EPS	3,604.68
52 Week High	75,700.00	Price/Sales	0.16
52 Week Low	44,700.00	Dividend Rate	1,000.00
Avg. Volume (mil)	0.26	Price/Earnings	24.28
Market Value (mil)	2,071,930.00	Price/Book	0.67
		Beta	1.34

	Price % Change	Rel S&P 500%
4 Week	-1.01%	6.30%
13 Week	5.55%	13.57%
52 Week	11.74%	9.09%
Year to Date	-19.84%	-14.08%

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
119, Mapo-Daero, Mapo-Gu
Seoul, 121720
Korea, Republic of

Tel:	82-2-7077000
Fax:	82-2-7077799

www.hyosung.com

Quote Symbol - Exchange
004800 - Korea Stock Exchange
Sales KRW(mil):	12,611,750.0
Assets KRW(mil):	13,763,660.0
Employees:	7,614
Fiscal Year End:	31-Dec-2012

Industry:

Apparel and Accessories

Incorporation Date:	03-Nov-1966
Company Type:	Public Parent
Quoted Status:	Quoted

Chairman of the Board, Co-Chief Executive Officer:

Seok Rae Cho

Industry Codes

ANZSIC 2006 Codes:
1312	-	Natural Textile Manufacturing
1331	-	Textile Floor Covering Manufacturing
1912	-	Rigid and Semi-Rigid Polymer Product Manufacturing
1313	-	Synthetic Textile Manufacturing
6419	-	Other Auxiliary Finance and Investment Services
2439	-	Other Electrical Equipment Manufacturing
3322	-	Metal and Mineral Wholesaling
3020	-	Non-Residential Building Construction

NACE 2002 Codes:
171	-	Preparation and spinning of textile fibres
5152	-	Wholesale of metals and ores
1751	-	Manufacture of carpets and rugs
6713	-	Activities auxiliary to financial intermediation not elsewhere classified
2522	-	Manufacture of plastic packing goods
1754	-	Manufacture of other textiles not elsewhere classified
3110	-	Manufacture of electric motors, generators and transformers
4521	-	General construction of buildings and civil engineering works
3120	-	Manufacture of electricity distribution and control apparatus

NAICS 2002 Codes:
313111	-	Yarn Spinning Mills
523930	-	Investment Advice
335313	-	Switchgear and Switchboard Apparatus Manufacturing
335312	-	Motor and Generator Manufacturing
335311	-	Power, Distribution, and Specialty Transformer Manufacturing
314110	-	Carpet and Rug Mills
236210	-	Industrial Building Construction
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers
326160	-	Plastics Bottle Manufacturing
314992	-	Tire Cord and Tire Fabric Mills

US SIC 1987:
2281	-	Yarn Spinning Mills
3085	-	Plastics Bottles
3621	-	Motors and Generators
1541	-	General Contractors-Industrial Buildings and Warehouses
5051	-	Metals Service Centers and Offices
2273	-	Carpets and Rugs
6282	-	Investment Advice
2296	-	Tire Cord and Fabrics
3612	-	Power, Distribution, and Specialty Transformers
3613	-	Switchgear and Switchboard Apparatus

UK SIC 2003:
171	-	Preparation and spinning of textile fibres
5152	-	Wholesale of metals and ores
3120	-	Manufacture of electricity distribution and control apparatus
2522	-	Manufacture of plastic packing goods
3110	-	Manufacture of electric motors, generators and transformers
45212	-	Construction of domestic buildings
1751	-	Manufacture of carpets and rugs
6713	-	Activities auxiliary to financial intermediation not elsewhere classified
17549	-	Manufacture of other textiles not elsewhere classified

UK SIC 2007:
1310	-	Preparation and spinning of textile fibres
4672	-	Wholesale of metals and metal ores
41202	-	Construction of domestic buildings
2222	-	Manufacture of plastic packing goods
1396	-	Manufacture of other technical and industrial textiles
1393	-	Manufacture of carpets and rugs
6619	-	Other activities auxiliary to financial services, except insurance and pension funding
2711	-	Manufacture of electric motors, generators and transformers
2712	-	Manufacture of electricity distribution and control apparatus

Business Description

HYOSUNG CORPORATION is a Korean industrial conglomerate that is engaged in textile, industrial materials, chemical, heavy industry, construction, trading and financial businesses. Its textile business manufactures spandex yarns, polyester yarns and nylon yarns. Its industrial materials business provides tire cords, steel cords, carpets and others. Its chemical business mainly provides propane propylene (PP), polyethylene terephthalate (PET) bottles, nylon films and polyester films. Its heavy industry business provides transformers, circuit breakers, motors and speed reducers. Its construction business constructs commercial buildings, environment facilities, industry plants and others. Its trading business engages in the trading of chemical and steel products, as well as importation of automobiles. Its financial business provides various financial related services. It also involves in the property leasing services. For the three months ended 31 March 2013, Hyosung Corp revenues decreased 5% to W2.913T. Net loss totaled W12.16B vs. income of W33.66B. Revenues reflect Trade Business segment decrease of 11% to W716.23B, Industrial Material Business segment decrease of 13% to W579B, Chemical Business segment decrease of 4% to W365.43B, Domestic segment decrease of 8% to W2.163T, America segment decrease of 11% to W180.53B.

More Business Descriptions

Operates through seven business groups including textiles; chemicals; construction; information and communication; industrial materials; power and industrial systems and trading; Manufacture of nylon fiber including Spandex, Polyester fiber and technical yarn; nylon tire cords; carpeting; Polypropylene; PET bottles; transformers; motors; civil engineering and architectural services

Synthetic Fiber Products, Specialty Chemicals, Packing Materials & Industrial Machinery Mfr & Developer

Hyosung Corporation (Hyosung) undertakes the manufacture of power systems and industrial machinery, and produces and trades in textile, chemical, industrial and construction products. The company develops motors, gear reducers, generators for power plants and supplies AC and DC motors and industrial machinery products. It also deals in various towers, including wind turbine tower, heat exchanger, pressure vessel, blower, crane, drawing machine and stranding machine. The company provides a wide range of services, which include engineering, installation, audit, maintenance, inspection, safety diagnosis and preventive actions for power facilities. Hyosung operates through six business groups (Performance Groups), namely, Power & Industrial Systems PG, Textile PG, Chemicals PG, Construction PG, Industrial Materials PG and Trading PG. Hyosung’s Power & Industrial Systems PG provides high-voltage transformers and ultra high-voltage breakers, and strengthens its protection and control (P&C) and engineering and service (E&S) businesses. It is further divided into performance units such as, Power Systems PU, Industrial Machinery PU, HYOSUNG Goodsprings PU, and Wind Energy business division. Hyosung’s Power Systems Performance Unit offers a full spectrum of power generation, transmission, and distribution services, from design and engineering to the maintenance of equipment. Industrial Machinery PU manufactures all types of motors, gear units, generators, green energy and industrial machines. HYOSUNG Goodsprings PU producing pumps and supplying facilities for desalination, which produces pumps for various usages, from pumps for power plants to those for petrochemicals, shipping, building/housing, industrial, and desalination plants. Wind Energy business division. The company manufactures 2 MW wind turbines through its wind energy business division, and it is also developing 5 MW offshore wind turbine systems. For the fiscal year ended 2011, the Power & Industrial Systems PG reported revenue of KRW2,023.28 billion, which accounted for 17.8% of the company’s revenue. In the Textile PG, the company operates in the global chemical fiber markets. Textile PG is further divided into performance units such as Spandex PU, Nylon Polyster Fiber PU, and Fabric Dyeing PU. The Spandex performance unit produces spandex and manufacturing facilities in Korea, China, Vietnam, Turkey, and Brazil. Nylon Polyster Fiber PU is further divided into Polyester Fiber Business division, and Nylon Fiber Business division. Polyester Fiber Business division manufactures polyester yarns, specialty yarns, synthetic yarns, antimicrobial yarn, hollow-core yarn, good color fastness yarn, flameretardant yarn, elastic polyester yarn, micro fiber, and askin, among others. Nylon Fiber Business division manufactures nylon textile filament. The business units sells high-functional yarns, including micro fine denier fibers, N/P conjugated yarns, anti-microbial yarns, conductive yarns, bonding yarns, CD yarns, high tenacity yarns, among others. For the fiscal year ended 2011, the Textile PG division reported revenue of KRW1,960.1 billion, which accounted for 16.8% of company’s total revenue. Hyosung’s Chemicals PG specializes in various chemical products including TPA, PP, pet bottles and all kinds of films. Chemical PG is further divided into performance units such as Polypropylene PU, Packaging PU, Film PU, TPA PU, Neochem PU, Optical Film PU. Polypropylene PU produce various polypropylene grades such as homopolymer, block copolymer, and random copolymer. Packaging PU manufactures PET bottles for juice, sports drinks, teas and soft drinks use to the major domestic beverage companies. Film PU manufactures polyester film and nylon film. TPA PU produces purified terephthalic acid. Neochem PU produces nitrogen trifluoride, which is used in the production process of semiconductor, TFT LCD, and solar cell. Optical Film PU manufactures TAC Film, which is used in displays to protect PVA Film in polarizer, an LCD component used in TVs, monitors, laptops, cellular phones. For the fiscal year ended 2011, the Chemicals Performance Group reported revenue of KRW1,538.2 billion, which accounted for 13.6% of company’s revenue. The Industrial Materials PG is further divided into performance units such as Tire & Industrial Reinforcements PU, Technical Yarn PU, Global Safety Textiles, Interior PU, and Aramid Business Division. Tire & Industrial Performance Unit manufactures nylon tire cords steel cords, bead wires and chafers. Technical Yarn PU offers yarn for broad woven coated fabric, yarn for seat belts, yarn for conveyor belts, rubber hoses, power transmission belts, yarn for sling belts, straps, and sewing threads, among others. Global Safety Textiles produces airbag textile and supplies fabric and cushion to the automobile industry. Interior PU offers products such as carpets for cars, yarns for carpets, PVC print tile, anti-static tiles, and commercial use carpets. For the fiscal year ended 2011, the Industrial Materials Unit reported revenue of KRW1,982.71 billion, which accounted for 17.5% of the company’s revenue.Hyosung’s Trading PG is further divided into Steel & Metal Products PU, Chemical Products PU, and Hyosung Trans-World PU. Steel & Metal Products PU exports steel and deals with a variety of steel products such as hot-rolled coils, wire rods, galvanized steel coils, steel plates, electrical steel, stainless hot-rolled coils, stainless cold-rolled coils, stainless wire rods, and bar steel. Chemical Products PU exports various chemical products from basic petroleum products to fine chemicals. It exports products such as terephthalic acid, caprolactam, fertillizers, pet chip, polypropylene, sodium cyanide, purified isophthalic acid, polyester staple fiber, pharmaceuticals, polytetra-methylene ether glycol, polystyrene, expandable polystyrene, and nylon chip, among others. Hyosung Trans-World PU offering unique logistics services to its clients. It offers containers for import and export. For the fiscal year ended 2011, the Trading PG division reported revenue of KRW3,053.3 billion, which accounted for 26.9% of company’s revenue. Hyosung’s Construction PG executes the SOC, re-development, re-construction, remodeling, large scale civil engineering and environmental projects. It constructs apartments, villas, commercial facilities, leisure facilities, electric facilities, plant facilities, exterior wall insulation, and finish system. Construction PG is further divided into Construction PU, Hyosung EBARA Engineering PU, and chinhung International. Construction PU constructs apartments, villas, leisure facilities, and constructs plants facilities, electric facilities, and exterior insulation system. Hyosung EBARA Engineering PU constructs industrial plants, and has Hyosung has competitive Engineering & Construction technologies at organic sludge solidification, carbonization, drying and incineration related to wastes treatment and recycling. chinhung International involves in civil works, residential development, and construction business. For the fiscal year ended 2011, the Construction segment reported revenue of KRW478 billion, which accounted for 4.2% of the company’s revenue. The Information & Communication Performance Group provides financial solution services and carries out server/storage business. Through the Information and Communication PG, the company offers hardware and software services. It provides its services essentially in banking domain. The company also develops storage solutions. In June 2012, the company’s subsidiary Nautilus Hyosung acquired certificate on bill detection for the BRM (bill recycling machine) from the European Central Bank. The certification from ECB is a unique international certificate related to note detection. In May 2012, the company’s Power & Industrial Systems business group’s research and development center obtained Doble Technical Leadership Award at International conference of doble clients. In February 2012, Hyosung’s Construction PU sold 365 apartment houses in Seongju District in Changwon, Gyeongnam Province, Korea. In the same month, Hyosung S&DB labs opened industrial academic cooperation course in KAIST Chemical Biomolecular Engineering. In January 2012, Nautilus Hyosung obtained the CEN (Comite European de Normalisation) III certificate for its ATM products for the first time in Asia.

Hyosung Corporation (Hyosung) manufactures power systems and industrial machinery, and produces and trades in textile, chemical, industrial and construction products. The company develops motors, gear reducers and generators for power plants and supplies AC and DC motors and industrial machinery products. It deals in various towers, including wind turbine tower, heat exchanger, pressure vessel, blower, crane, drawing machine and stranding machine. Hyosung also manufactures wind turbines. Hyosung provides a wide range of services such as engineering, installation, audit, maintenance, inspection, safety diagnosis and preventive actions for power facilities. Hyosung is headquartered in Seoul, Republic of Korea.The company reported revenues of (Won) KRW 12,611,749.87 million during the fiscal year ended December 2012, an increase of 11.19% over 2011. The operating profit of the company was KRW 189,306.84 million during the fiscal year 2012, a decrease of 31.80% from 2011. The net profit of the company was KRW 122,403.89 million during the fiscal year 2012, whereas the company reported a net loss of KRW 44,987.14 million during 2011.

Management of Companies and Enterprises

Brand/Trade Names
TOPLON MIPAN	Swan Carpet

Financial Data

Financials in:	KRW(mil)
Revenue:	12,611,750.0
Net Income:	122,403.9
Assets:	13,763,660.0
Long Term Debt:	3,328,017.5
Total Liabilities:	10,835,303.0
Working Capital:	0.9
Date of Financial Data:	31-Dec-2012

1 Year Growth

11.2%

NA

1.0%

Market Data

Quote Symbol:	004800
Exchange:	Korea Stock Exchange
Currency:	KRW
Stock Price:	59,000.0
Stock Price Date:	06-28-2013
52 Week Price Change %:	11.7
Market Value (mil):	2,071,929,984.0
SEDOL:	6896838
ISIN:	KR7004800009
Equity and Dept Distribution:
All the financials reflect consolidated data. FY'04, financial is restated. 12/03, 12/02, 12/01, 4% stock dividends. 10/1999, Rights Issue, 0.294 new shares for every 1 share held @ KRW15600 (F:1.066402). 01/2000, 2% stock dividend. 01/2001, 5% stock dividend.

Subsidiaries

Company	Percentage Owned	Country
The Class Hyosung Co Ltd		SOUTH KOREA
Dallas Nautilus Hyosung America, Inc.		USA
DECATUR (Alabama) Hyosung USA, Inc.		USA
Hyosung (America) Inc		USA
UTICA (NEW YORK) Hyosung USA, Inc		USA
HICO America Inc		USA
AMERICANA (BRAZIL) Hyosung Brasil Ltda		BRAZIL
SAOPAULO Hyosung Do Brazil		BRAZIL
Baoding Hyosung Tianwei Transformer Co., Ltd		PEOPLE'S REPUBLIC OF CHINA
Hyosung Beijing Food & Beverage Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Container Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Spandex (Guangdong) Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Zhangjiagang Xiao-sha Coil Service Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Chemical Fiber (Jiaxing) Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Film (Jiaxing) Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Spandex (Jiaxing) Co., Ltd		PEOPLE'S REPUBLIC OF CHINA
Hyosung International Trade (Jiaxing)Co., Ltd		PEOPLE'S REPUBLIC OF CHINA
Hyosung Steel Cord (Nanjing) Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Nantong Hyosung Transformer Co., Ltd		PEOPLE'S REPUBLIC OF CHINA
Hyosung Steelcord (Qingdao) Co., Ltd.		PEOPLE'S REPUBLIC OF CHINA
Hyosung Spandex (Zhuhai) Co., Ltd		PEOPLE'S REPUBLIC OF CHINA
Hyosung (HK) Ltd		HONG KONG SAR
Myanmar Hyosung Co., Ltd.		MYANMAR
Hyosung Singapore Pte, Ltd.		SINGAPORE
OpCo GmbH		GERMANY
Hyosung Luxembourg S.A		LUXEMBOURG
Hyosung Istanbul Tekstil Ltd Sti		TURKEY
ChinHung International Inc		SOUTH KOREA
Hyosung Itx Co Ltd		SOUTH KOREA
Hyosung Vietnam Co Ltd	100%	VIETNAM
Beijing Hyosung Computer Technology. Co., Ltd		PEOPLE'S REPUBLIC OF CHINA

Key Corporate Relationships

Auditor:	PricewaterhouseCoopers LLP
Auditor:	Samil PricewaterhouseCoopers, PricewaterhouseCoopers LLP

Corporate Structure News

Hyosung Corp
Total Corporate Family Members: 87

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Hyosung Corp	Parent	Seoul	Korea, Republic of	Apparel and Accessories	11,192.1	7,614
Hyosung Chemicals Gumi Plant I	Subsidiary	Gumi, Gyeongbuk	Korea, Republic of	Containers and Packaging		80,000
Hyosung Itx Co Ltd	Subsidiary	Seoul	Korea, Republic of	Business Services	189.3	5,911
Hyosung Industrial PG	Subsidiary	Seoul	Korea, Republic of	Electronic Instruments and Controls		3,588
Hyosung Computer Performance Unit	Subsidiary	Seoul	Korea, Republic of	Apparel and Accessories		800
Nautilus Hyosung Inc	Affiliates	Seoul	Korea, Republic of	Office Equipment	351.0	725
Hyosung Fms Inc.	Subsidiary	Seoul, Seoul	Korea, Republic of	Computer Networks	3.5	33
Hyosung Construction Performance Unit	Subsidiary	Seoul	Korea, Republic of	Apparel and Accessories		400
Chinhung International Inc.	Subsidiary	Incheon	Korea, Republic of	Construction Services	414.3	347
The Class Hyosung Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Retail (Specialty)	259.5	300
Hyosung Wire Luxembourg S.A.	Subsidiary	Rost	Luxembourg	Miscellaneous Fabricated Products		300
Hyosung EBARA Engineering Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Construction Services		230
Galaxia Photonics Co., Ltd.	Subsidiary	Pyeongtaek, Gyeonggi-do	Korea, Republic of	Semiconductors		210
Hyosung Ebara Environmental Engineering Co. Ltd.	Affiliates	Anyang	Korea, Republic of	Apparel and Accessories		200
Hyosung Construction Co., Ltd.	Affiliates	Seoul	Korea, Republic of	Construction Services		200
Hyosung Luxembourg S.A.	Subsidiary	Colmar-Berg	Luxembourg	Textiles - Non Apparel		200
Hyosung Information Systems Co., Ltd.	Affiliates	Seoul, Kangnam Gu	Korea, Republic of	Apparel and Accessories		100
Hyosung Chemicals (Jiaxing) Co., Ltd.	Subsidiary	Jiaxing, Zhejiang	China	Chemical Manufacturing		100
Nautilus Hyosung America, Inc.	Subsidiary	Irving, TX	United States	Office Equipment		80
Zhangjiagang Xiao-sha Coil Service Co., Ltd.	Subsidiary	Zhangjiagang, Jiangsu	China	Construction - Supplies and Fixtures		70
Hyosung Trans-World Co., Ltd.	Subsidiary	Seoul	Korea, Republic of	Miscellaneous Transportation		50
Hyosung Trading Performance Group	Affiliates	Seoul	Korea, Republic of	Business Services		45
Hyosung Japan	Division	Tokyo	Japan	Apparel and Accessories		40
HICO America Sales & Tech, Inc.	Subsidiary	Pittsburgh, PA	United States	Electronic Instruments and Controls		30
HICO America Sales & Technology Inc	Branch	Greensburg, PA	United States	Retail (Home Improvement)	2.5	8
HICO America Sales & Technology Inc	Branch	Brea, CA	United States	Retail (Home Improvement)	1.7	5
Hyosung Corporation Shanghai	Division	Shanghai	China	Apparel and Accessories		30
Hyosung Corporation Qingdao	Division	Beijing	China	Apparel and Accessories		30
Hyosung Do Brazil	Division	Sao Paulo	Brazil	Chemicals - Plastics and Rubber		25
Hyosung (H.K.) Ltd.	Division	Tsim Tsa Tsui	Hong Kong	Apparel and Accessories		20
Beijing Computer Technology Co., Ltd.	Division	Beijing, Chaooyang	China	Apparel and Accessories		20
Hyosung America, Inc.	Subsidiary	New York, NY	United States	Personal and Household Products		15
Hyosung USA Inc	Subsidiary	Decatur, AL	United States	Apparel and Accessories		200
Hyosung USA Inc	Branch	Utica, NY	United States	Electronic Instruments and Controls	13.3	175
Hyosung America Inc	Branch	Brea, CA	United States	Electronic Instruments and Controls	6.8	5
Hyosung Japan Osaka	Division	Osaka	Japan	Apparel and Accessories		14
Hyosung Corporation Taipei	Division	Taipei	Taiwan	Apparel and Accessories		13
Hyosung Corporation Milano Office	Division	Milan	Italy	Apparel and Accessories		13
Hyosung Corporation Education Center	Affiliates	Anyang, Gyeonggi	Korea, Republic of	Apparel and Accessories		12
Hyosung Corporation Dubai	Division	Dubai	United Arab Emirates	Apparel and Accessories		11
Hyosung Corporation Moscow	Division	Moscow	Russian Federation	Apparel and Accessories		10
Hyosung Corporation Istanbul	Division	Istanbul	Turkey	Apparel and Accessories		8
Hyosung Corporation Mexico	Division	Mexico, DF	Mexico	Apparel and Accessories		7
Hyosung Corporation Kuala Lumpur	Division	Kuala Lumpur	Malaysia	Apparel and Accessories		6
Hyosung Singapore Pte. Ltd.	Division	Singapore	Singapore	Apparel and Accessories	123.5	5
Hyosung Corporation Manila	Division	Makati, Metro Manila	Philippines	Apparel and Accessories		5
Hyosung Corporation Ho Chi Minh	Division	Ho Chi Minh City, District 1	Viet Nam	Apparel and Accessories		5
Hyosung Corporation Panama	Division	Panama	Panama	Chemicals - Plastics and Rubber		5
Hyosung Corporation Bangkok	Division	Bangkok	Thailand	Apparel and Accessories		4
Hyosung Corporation Kaohsiung	Division	Kaohsiung	Taiwan	Apparel and Accessories		4
Hyosung Capital Co Ltd	Subsidiary	Seoul	Korea, Republic of	Consumer Financial Services	33.5
Hyosung Beijing Food & Beverage Co., Ltd.	Division	Beijing	China	Food Processing
Hyosung Vietnam Co Ltd	Subsidiary	Nhon Trach District, Dong Nai Province	Viet Nam	Apparel and Accessories
KIS-BANK Inc.	Subsidiary	Seoul	Korea, Republic of	Commercial Banks
Hyosung Corporation - Gwanghyewon Plant	Facility	Jincheon, Chungcheongbuk-do	Korea, Republic of	Containers and Packaging
Galaxia Electronics Co., Ltd.	Subsidiary	Seongnam, Gyeonggi-do	Korea, Republic of	Semiconductors
Galaxia Device Co., Ltd.	Subsidiary	Suwon, Kyungkido	Korea, Republic of	Electronic Instruments and Controls
Hyosung Corporation - Ulsan Plant	Facility	Ulsan	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Daegu Plant	Facility	Daegu	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Yongyeon Plant 1	Facility	Ulsan	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Jincheon Plant	Facility	Jincheon, Chungbuk	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Kwanghaewon Plant	Facility	Jincheon	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Yangsan Plant	Facility	Yangsan, Gyeongnam	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Daejeon Plant	Facility	Daejeon, 306-220	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Icheon Plant	Facility	Icheon, Gyeonggi	Korea, Republic of	Textiles - Non Apparel
Hyosung Brasil Indústria E Comércio De Fibras Ltda.	Subsidiary	Araquari, Santa Catarina	Brazil	Apparel and Accessories		19
Hyosung Spandex (Guangdong) Co., Ltd.	Subsidiary	Zhuhai, Guangdong	China	Textiles - Non Apparel
Hyosung Spandex (Jiaxing) Co., Ltd.	Subsidiary	Jiaxing, Zhejiang	China	Chemicals - Plastics and Rubber
Hyosung International Trade (Jiaxing) Co., Ltd.	Subsidiary	Jiaxing, Zhejiang	China	Textiles - Non Apparel
Hyosung Steel Cord (Qingdao) Co., Ltd.	Subsidiary	Qingdao	China	Construction - Supplies and Fixtures
Hyosung Corporation - Yongyeon Plant 3	Facility	Ulsan	Korea, Republic of	Textiles - Non Apparel
Hyosung Corporation - Jochiwon Plant	Facility	Yeongi, Chungnam	Korea, Republic of	Miscellaneous Capital Goods
Sumiden Hyosung Steel Cord (Thailand) Co., Ltd.	Subsidiary	Bangkok	Thailand	Miscellaneous Capital Goods
Hysoung Investment & Development	Affiliates	Seoul	Korea, Republic of	Rental and Leasing
Hyosung Taegu Business Center	Subsidiary	Daegu	Korea, Republic of	Textiles - Non Apparel
Myanmar Hyosung Co., Ltd.	Division	Yangon	Myanmar (Burma)	Apparel and Accessories
Hyosung Corporation Tehran Liaison Office	Division	Tehran	Iran	Apparel and Accessories
Hyosung Media Co., Ltd.	Affiliates	Kumi, Kyungbuk	Korea, Republic of	Apparel and Accessories
Hyosung Textile, Chemical, Electronics Research Institute	Affiliates	Anyang, Gyeonggi	Korea, Republic of	Chemicals - Plastics and Rubber
Hyosung Technical Research Institute	Subsidiary	Seoul	Korea, Republic of	Chemicals - Plastics and Rubber
Hyosung Corporation Guangzhou	Division	Guangzhou	China	Apparel and Accessories
Hyosung Corporation - Anyang Plant	Facility	Anyang, Gyeonggi	Korea, Republic of	Textiles - Non Apparel
Beijing Hyosung Container Co., Ltd.	Division	Beijing	China	Apparel and Accessories
Xepix Corp	Subsidiary	Brea, CA	United States	Biotechnology and Drugs
Hyosung USA, Inc. - DECATUR PLANT	Facility	Decatur, AL	United States	Textiles - Non Apparel
Hyosung Holdings, USA Inc.	Subsidiary	Decatur, AL	United States	Investment Services
Hyosung International (HK) Ltd.	Subsidiary	Kowloon	Hong Kong	Electronic Instruments and Controls

Competitors Report

CompanyName	Location	Employees	Ownership
Amcor Limited	Hawthorn, Victoria, Australia	32,986	Public
Beaulieu Group, LLC	Dalton, Georgia, United States	6,800	Private
Chemtura Corporation	Middlebury, Connecticut, United States	4,600	Public
Daewoo International Corporation	Seoul, Korea, Republic of	2,050	Public
Dow Advanced Materials	Philadelphia, Pennsylvania, United States	15,710	Private
E I Du Pont De Nemours And Co	Wilmington, Delaware, United States	70,000	Public
Eastman Chemical Company	Kingsport, Tennessee, United States	13,500	Public
Elementis plc	London, United Kingdom	1,323	Public
Hanwha Chemical Corp	Seoul, Korea, Republic of	2,641	Public
Huntsman Corporation	Salt Lake City, Utah, United States	12,000	Public
Hyundai Heavy Industries Co., Ltd.	Ulsan, Korea, Republic of	26,404	Public
Korea Power Engineering Company, Inc.	Yongin-Si, Korea, Republic of		Private
LG Chem Ltd	Seoul, Korea, Republic of	12,179	Public
Mitsubishi Electric Corporation	Chiyoda-Ku, Japan	117,314	Public
Mitsubishi Heavy Industries, Ltd.	Minato-Ku, Japan	68,213	Public

Executives Report

Board of Directors

Name	Title	Function
Seok Rae Cho	Chairman of the Board, Co-Chief Executive Officer	Chairman
Biography: Cho Seok Rae is Chairman of the Board and Co-Chief Executive Officer of Hyosung Corporation. Cho holds a Bachelor's degree from Waseda University, Japan, and a Master's degree in Engineering from National Institutes of Technology, Bhopal, the United States as well as a Master's degree in Engineering from Illinois Institute of Technology, the United States. Age: 77 Education: Illinois Institute of Technology, M (Engineering) National Institutes of Technology, Bhopal, M (Engineering) Waseda University, B
Sang Wun Lee	Vice Chairman of the Board, Co-Chief Executive Officer	Vice-Chairman
Biography: Lee Sang Wun is Vice Chairman of the Board and Co-Chief Executive Officer Hyosung Corporation. Lee was previously Co-President and Chief Operating Officer of the Company. Lee holds a Bachelor's degree in Textile Engineering from Seoul National University, Korea. Age: 61 Education: Seoul National University, B (Textile Engineering)
Gi Eun Bae	Non-Executive Independent Director	Director/Board Member
Biography: Bae Gi Eun has been serving as Non-Executive Independent Director of Hyosung Corporation since March 14, 2008. Bae is also Chairman in another Korea-based company. Previously, Bae served as Chairman of Hwajin Teikuro, and President and Chief Executive Officer of Tong Yang Nylon Co., Ltd. Bae holds a Bachelor's degree in Chemical Engineering from Seoul National University, Korea. Age: 79 Education: Seoul National University, B (Chemical Engineering)
Hyeon Jun Cho	Co-President, Director	Director/Board Member
Biography: Cho Hyeon Jun has been Co-President and Director of Hyosung Corporation since December 21, 2006. Cho was previously Vice President of the Company and also worked for Morgan Stanley Japan. Cho holds a Bachelor's degree in Political Science from Yale University, the United States, and a Master's degree in Political Science from Keio University, Japan. Age: 45 Education: Keio University, M (Political Science) Yale University, B (Political Science)
Hyun-Joon Cho	Co-President	Director/Board Member
Heung Sik Choi	Non-Executive Independent Director	Director/Board Member
Age: 60 Education: Universite Catholique de Lille, PHD (Business Administration) Yonsei University, MBA Yonsei University, B (Business Administration)
Yeong Won Ha	Non-Executive Independent Director	Director/Board Member
Biography: Ha Yeong Won has been serving as Non-Executive Independent Director of Hyosung Corporation since March 20, 2009. Ha is also Professor of Sogang University, Korea. Ha holds a Doctorate's degree in Business Administration from University of Chicago, the United States. Age: 58 Education: University of Chicago, PHD (Business Administration)
Min Gu Han	Non-Executive Independent Director	Director/Board Member
Biography: Han Min Gu has been servng as Non-Executive Independent Director of Hyosung Corporation since March 20, 2009. Han is also a Professor of Seoul National University, Korea. Han holds a Doctorate's degree in Electronics Engineering from Johns Hopkins University, the United States. Age: 64 Education: Johns Hopkins University, PHD (Electrical Engineering)
Min-Koo Han	Board Member	Director/Board Member
Yun Taek Jung	Co-President, Director	Director/Board Member
Biography: Jung Yun Taek is Co-President and Director of Hyosung Corporation. Jung used to serve as Vice President and Managing Director of the Company and Chief Executive Officer of HYOSUNG CAPITAL CO., LTD. Jung holds a Master's degree from Yonsei University, Korea. Age: 57 Education: Yonsei University, M
Sang Hui Kim	Non-Executive Independent Director	Director/Board Member
Biography: Kim Sang Hui has been serving as Non-Executive Independent Director of Hyosung Corporation since December 31, 2006. Currently, Kim also serves as Non-Executive Independent Director of LG ELECTRONICS INC. Kim is a Lawyer of a Korea-based law firm. Kim used to serve as Independent Director of DOOSAN HEAVY INDUSTRIES & CONSTRUCTION CO.,LTD. Kim holds a Doctoreate's degree in Law from Seoul National University, Korea. Age: 62 Education: Seoul National University, B (Law)
Sang-Hee Kim	Board Member	Director/Board Member
Oh-Kyu Kwon	Board Member	Director/Board Member
Byeong Ju Lee	Non-Executive Independent Director	Director/Board Member
Biography: Lee Byeong Ju has been Non-Executive Independent Director of HYOSUNG CORPORATION since March 22, 2013. Lee currently also serves as Non-Executive Independent Director of another Korea-based company. Lee holds a Doctorate's degree in Economics from University of Hawaii, the United States. Age: 61 Education: University of Hawaii, PHD (Economics) Seoul National University, BBA
Jung Jin Park	Non-Executive Independent Director	Director/Board Member
Biography: Park Jung Jin has been serving as Non-Executive Independent Director of Hyosung Corporation since February 28, 2008. Currently, Park also serves as Vice Chairman and Chief Executive Officer of TONG YANG LIFE INSURANCE CO.,LTD. Previously, Park was Vice Chairman of of TongYang Investment Bank and Tong Yang Securities Inc. Park holds a Bachelor's degree in Economics from Seoul National University, Korea, a Master's degree in Industrial Engineering from Korea Advanced Institute of Science & Technology, and a Master's degree in Accounting from George Washington University, the United States. Age: 61 Education: Korea Advanced Institute of Science and Technology, M (Industrial Engineering) George Washington University, M (Accounting) Seoul National University, B (Economics)
Byeong Du Son	Non-Executive Independent Director	Director/Board Member
Biography: Son Byeong Du has been Non-Executive Independent Director of HYOSUNG CORPORATION since March 22, 2013. Son used to be President of KBS. Son holds a Doctorate's degree in Economics from Hanyang University, Korea. Age: 71 Education: Hanyang University, PHD (Economics)

Executives

Name	Title	Function
Seok Rae Cho	Chairman of the Board, Co-Chief Executive Officer	Chief Executive Officer
Biography: Cho Seok Rae is Chairman of the Board and Co-Chief Executive Officer of Hyosung Corporation. Cho holds a Bachelor's degree from Waseda University, Japan, and a Master's degree in Engineering from National Institutes of Technology, Bhopal, the United States as well as a Master's degree in Engineering from Illinois Institute of Technology, the United States. Age: 77 Education: Illinois Institute of Technology, M (Engineering) National Institutes of Technology, Bhopal, M (Engineering) Waseda University, B
Sang Wun Lee	Vice Chairman of the Board, Co-Chief Executive Officer	Chief Executive Officer
Biography: Lee Sang Wun is Vice Chairman of the Board and Co-Chief Executive Officer Hyosung Corporation. Lee was previously Co-President and Chief Operating Officer of the Company. Lee holds a Bachelor's degree in Textile Engineering from Seoul National University, Korea. Age: 61 Education: Seoul National University, B (Textile Engineering)
Hyeon Taek Cho	Co-President	President
Biography: Cho Hyeon Taek is President of Hyosung Corporation. Previously, Cho served as Vice President and Director of the Company and President of Hyosung Textile PG. Cho holds a Bachelor's degree in International Economics from Seoul National University, Korea. Age: 62 Education: Seoul National University, B (International Economics)
Hyeon Jun Cho	Co-President, Director	President
Biography: Cho Hyeon Jun has been Co-President and Director of Hyosung Corporation since December 21, 2006. Cho was previously Vice President of the Company and also worked for Morgan Stanley Japan. Cho holds a Bachelor's degree in Political Science from Yale University, the United States, and a Master's degree in Political Science from Keio University, Japan. Age: 45 Education: Keio University, M (Political Science) Yale University, B (Political Science)
Hyun-Joon Cho	Co-President	President
Yun Taek Jung	Co-President, Director	President
Biography: Jung Yun Taek is Co-President and Director of Hyosung Corporation. Jung used to serve as Vice President and Managing Director of the Company and Chief Executive Officer of HYOSUNG CAPITAL CO., LTD. Jung holds a Master's degree from Yonsei University, Korea. Age: 57 Education: Yonsei University, M
Gyu Yeong Kim	Co-President	President
Jun Hyeong Park	Co-President	President
Age: 60
Pil Gu Ryu	Co-President	President
Biography: Ryu Pil Gu is Co-President of Hyosung Corporation. Ryu also serves as Chief Executive Officer at JIN HEUNG ENTERPRISE CO.,LTD. Ryu holds a Bachelor's degree in Business Administration from Yonsei University, Korea. Age: 67 Education: Yonsei University, B (Business Administration)
Sang Seon Woo	Co-President	President
Age: 63
Yeong Jun Ahn	Assistant Managing Director	Managing Director
Age: 54
Su Hwan Ahn	Assistant Managing Director	Managing Director
Age: 53
Seong Hun Ahn	Assistant Managing Director	Managing Director
Age: 41
Yin Han Bae	Assistant Managing Director	Managing Director
Age: 48
Seung Gwon Baek	Assistant Managing Director	Managing Director
Biography: Baek Seung Gwon is Assistant Managing Director of Hyosung Corporation. Previously, Baek worked for SAMSUNG ENGINEERING CO.,LTD. Age: 52
Yong Su Cho	Assistant Managing Director	Managing Director
Age: 53
Chun Cho	Managing Director	Managing Director
Biography: Cho Chun has been Managing Director of Hyosung Corporation since 2009. Prior to the current position, Cho was Assistant Managing Director of the Company. Age: 65
Hyeon Sang Cho	Managing Director	Managing Director
Age: 41
Jae Jun Cho	Assistant Managing Director	Managing Director
Age: 51
Jin Gyu Cho	Assistant Managing Director	Managing Director
Age: 58
Hui Geun Cho	Managing Director	Managing Director
Age: 57
Hong Cho	Managing Director	Managing Director
Age: 56
Yeong Gyo Choi	Assistant Managing Director	Managing Director
Age: 46
Su Myeong Choi	Assistant Managing Director	Managing Director
Age: 58
Hyeon Tae Choi	Assistant Managing Director	Managing Director
Age: 58
Dong Yun Goh	Assistant Managing Director	Managing Director
Age: 54
Yik Hyeon Gwon	Assistant Managing Director	Managing Director
Age: 62
Seung Min Ha	Assistant Managing Director	Managing Director
Age: 50
Dong Su Han	Assistant Managing Director	Managing Director
Biography: Han Dong Su is Assistant Managing Director of Hyosung Corporation. Previously, Han worked for DAEWOO ENGINEERING & CONSTRUCTION CO.,LTD and SEOHEE CONSTRUCTION CO., LTD. Age: 53
Gwang Seok Han	Assistant Managing Director	Managing Director
Biography: Han Gwang Seok has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Han worked for HUVIS Corporation. Age: 56
Yun Eon Hwang	Managing Director	Managing Director
Biography: Hwang Yun Eon has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Hwang was Assistant Managing Director of the Company. Age: 53
Jong Yil Hwang	Managing Director	Managing Director
Biography: Hwang Jong Yil has been serving as Managing Director of Hyosung Corporation since 2009. Currently, Hwang also serves as Professor at Hongik University, Korea. Age: 60
Jeong Mo Hwang	Managing Director	Managing Director
Age: 55
Jae Cheol Jang	Assistant Managing Director	Managing Director
Age: 59
Yeong Jun Jeon	Managing Director	Managing Director
Age: 63 Education: Thunderbird University, MBA Yonsei University, B
Jae Gyu Joo	Managing Director	Managing Director
Age: 56
Yeon Ju Jung	Assistant Managing Director	Managing Director
Age: 56
Gyeong Tae Kang	Assistant Managing Director	Managing Director
Age: 53
Dam Gyu Kang	Managing Director	Managing Director	Reuters
Age: 65
Su Hyeon Kang	Assistant Managing Director	Managing Director
Age: 59
Seung Han Kim	Assistant Managing Director	Managing Director
Biography: Kim Seung Han has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Kim worked for HWASEUNG CORPORATION. Age: 60
Jong Mu Kim	Assistant Managing Director	Managing Director
Age: 60
Ho Gi Kim	Assistant Managing Director	Managing Director
Age: 53
Hye Gyeong Kim	Managing Director	Managing Director
Age: 50
Dong Su Kim	Assistant Managing Director	Managing Director
Biography: Kim Dong Su has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Kim worked for GE and Siemens. Age: 53
Han Jun Kim	Assistant Managing Director	Managing Director
Biography: Kim Han Jun is Assistant Managing Director of Hyosung Corporation. Previously, Kim worked for JP Morgan and ABN AMRO. Age: 48
Tae Hyeong Kim	Assistant Managing Director	Managing Director
Age: 49
Jin Su Kim	Managing Director	Managing Director
Biography: Kim Jin Su has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Kim was Assistant Managing Director of the Company. Age: 60
Yeong Hwan Kim	Assistant Managing Director	Managing Director
Biography: Kim Yeong Hwan has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Kim worked for CJ Corp. Age: 53
Chi Hyeong Kim	Managing Director	Managing Director
Age: 51
Nam Yil Kim	Assistant Managing Director	Managing Director
Age: 55
Gwang Cheol Kim	Managing Director	Managing Director
Age: 56
Yong Won Kim	Assistant Managing Director	Managing Director
Age: 61
Yin Gil Kim	Assistant Managing Director	Managing Director
Age: 51
Yong Seop Kim	Assistant Managing Director	Managing Director
Age: 50
Bang Sin Kim	Managing Director	Managing Director
Biography: Kim Bang Sin has been serving as Managing Director of Hyosung Corporation. Previously, Kim served as Assistant Managing Director at Hyundai Motor Co. Kim holds a Bachelor's degree from Yonsei University, Korea. Age: 53 Education: Yonsei University, B
Jae Gyun Kim	Assistant Managing Director	Managing Director
Age: 49
Chung Won Lee	Assistant Managing Director	Managing Director
Biography: Lee Chung Won has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Lee worked for a China-based company. Age: 60
Gi Won Lee	Assistant Managing Director	Managing Director
Biography: Lee Gi Won is Assistant Managing Director of Hyosung Corporation. Previously, Lee worked for AT Kearney Korea. Age: 41
Seung Jong Lee	Assistant Managing Director	Managing Director
Age: 57
Sang Cheol Lee	Assistant Managing Director	Managing Director
Age: 49
Sang Do Lee	Assistant Managing Director	Managing Director
Age: 50
Eung Rak Lee	Assistant Managing Director	Managing Director
Age: 56
Yin Chan Lee	Managing Director	Managing Director
Biography: Lee Yin Chan has been serving as Managing Director of Hyosung Corporation. Previously, Lee served as Director of Woongjin Coway Co., Ltd. Lee holds a Bachlor's degree in Mechanical Engineering from Yeungnam University, Korea, a Master's degree in Mechanical Engineering and a Doctorate's degree in Industrial Engineering from University of Oklahoma, the United States. Age: 52 Education: University of Oklahoma, DS (Industrial Engineering) University of Oklahoma, M (Mechanical Engineering) Yeungnam University, B (Mechanical Engineering)
Won Lee	Managing Director	Managing Director
Age: 55
Du Ha Lee	Assistant Managing Director	Managing Director
Age: 64
Chang Hyeop Lee	Assistant Managing Director	Managing Director
Biography: Lee Chang Hyeop is Assistant Managing Director of Hyosung Corporation. Previously, Han served as Assistant Managing Director at CHEIL INDUSTRIES INC. Lee holds a Bachelor's degree in Electronic Engineering and a Master's degree in Electronics and Communications Engineering from Hanyang University, Korea. Age: 53 Education: Hanyang University, M (Electronics and Communications Engineering) Hanyang University, B (Electronics Engineering)
Chang Hwang Lee	Managing Director	Managing Director
Biography: Lee Chang Hwang has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Lee was Assistant Managing Director of the Company. Age: 51
Gang Hyeon Lee	Assistant Managing Director	Managing Director
Age: 45
Cheon Gyu Lee	Assistant Managing Director	Managing Director
Age: 50
Seop Cheol Moon	Managing Director	Managing Director
Biography: Moon Seop Cheol has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Moon was Assistant Managing Director of the Company. Age: 54
Sam Yeong Moon	Managing Director	Managing Director
Biography: Moon Sam Yeong has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Moon was Assistant Managing Director of the Company. Age: 62
Guk Hyeon Nam	Managing Director	Managing Director
Age: 60
Jae Bong Noh	Managing Director	Managing Director
Biography: Noh Jae Bong has been serving as Managing Director of Hyosung Corporation since 2009. Prior to the current position, Noh was Assistant Managing Director of the Company. Age: 53
Jae Yong Park	Assistant Managing Director	Managing Director
Age: 45
Seung Ryong Park	Managing Director	Managing Director
Biography: Park Seung Ryong has been Managing Director of Hyosung Corporation. Previously, Park served as Managing Director at SAMSUNG ELECTRONICS CO,.LTD and also worked for SAMSUNG ADVANCED INSTITUTE OF TECHNOLOGY. Park holds a Bachelor's degree from Hanyang University, Korea. Age: 56 Education: Hanyang University, B
Byeong Seon Park	Assistant Managing Director	Managing Director
Age: 52
Sang Wuk Park	Assistant Managing Director	Managing Director
Age: 59
Chan Seon Park	Assistant Managing Director	Managing Director
Age: 62
Sang Deok Park	Assistant Managing Director	Managing Director
Age: 55
Sang Sik Shim	Managing Director	Managing Director
Age: 54
Won Pyo Song	Managing Director	Managing Director
Age: 54
Gi Cheol Song	Assistant Managing Director	Managing Director
Age: 47
Min Ju Sung	Assistant Managing Director	Managing Director
Biography: Sung Min Ju has been serving as Assistant Managing Director of Hyosung Corporation. Previously, Sung worked for Samsung SDS. Age: 56
Seong Ryong Uhm	Managing Director	Managing Director
Age: 61
Yin Tae Yang	Assistant Managing Director	Managing Director
Age: 55
Gyu Ho Yim	Assistant Managing Director	Managing Director
Age: 48
Myeong Su Yim	Assistant Managing Director	Managing Director
Age: 54 Education: Sungkyunkwan University, B (Mechanical Engineering)
Jin Dal Yim	Assistant Managing Director	Managing Director
Age: 54
Yeong Hwan Yoo	Assistant Managing Director	Managing Director
Age: 54
Seon Hyeong Yoo	Assistant Managing Director	Managing Director
Age: 54
Bo Yeong Yoon	Assistant Managing Director	Managing Director
Age: 50
Han Chun Yoon	Assistant Managing Director	Managing Director
Age: 53
Ok Seop Yoon	Managing Director	Managing Director
Age: 58
Pil Hwan Yoon	Assistant Managing Director	Managing Director
Age: 44
Bong Gyu Cho	Vice President	Other
Age: 63
Do Seon Cho	Assistant Managing Directot	Other
Age: 57
Hyeon Su Dong	Vice President	Other
Age: 57 Education: University of North Carolina, PHD (Polymer Chemistry)
Gi Su Gwon	Vice President	Other
Age: 62
Deok Su Kim	Vice President	Other
Age: 61
Byeong Cheol Lee	Vice President	Other
Age: 60
Gye Ho Lee	Vice President	Other
Biography: Lee Gye Ho has been serving as Vice President of Hyosung Corporation. Lee served as Assistant Managing Director at Chin Hung International Inc. Lee holds a Bachelor's degree in Commerce from Yonsei University, Korea. Age: 65 Education: Yonsei University, B (Commerce)
Min Je Lee	Vice President	Other
Age: 62
Je Geun Lee	Vice President	Other
Age: 61
Seung Won Seo	Vice President	Other
Biography: Seo Seung Won has been serving as Vice President Hyosung Corporation since 2011. Prior to the current position, Seo was Managing Director of and Assistant Managing Director of the Company. Age: 59

Significant Developments

Hyosung Corporation to Set up New Factory

Apr 23, 2013

Hyosung Corporation announced that it will invest KRW 280 billion constructing a new propylene factory, during the period of April 23, 2013 to July 31, 2013, to secure cost competitiveness.

Thanh Cong Textile Garment Investment Trading Joint Stock Co Signs MoU with Hyosung Corporation

Apr 23, 2013

Thanh Cong Textile Garment Investment Trading Joint Stock Co announced that it has signed a Memorandum of Understanding (MoU) with Hyosung Corporation on April 16, 2013, for technical cooperation in terms of research and development and new product development.

Hyosung Corporation Declares Annual Cash Dividend for FY 2012

Feb 26, 2013

Hyosung Corporation announced that it has declared an annual cash dividend of KRW 1,000 per share of common stock to shareholders of record on December 31, 2012, for the fiscal year 2012. The dividend rate of market price is 1.4% and the total amount of the cash dividend is KRW 33,268,604,000.

Hyosung Corporation Acquires Stake in Shinwha Intertek Corporation

Jan 07, 2013

Shinwha Intertek Corporation announced that Hyosung Corporation has acquired 4,446,227 shares of Shinwha Intertek Corporation, representing a 19.04% stake.

Hyosung Corporation Announces Changes in Shareholding Structure

Dec 12, 2012

Hyosung Corporation announced that Allianz Global Investors Korea Limited has acquired 1,758,862 shares of the Company, representing a 5.01% stake.

Annual Income Statement

Financials in: USD (mil)

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

Financial Glossary

	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	Updated Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	11,192.1	10,237.6	8,775.2	7,841.8	8,722.9
Revenue	11,192.1	10,237.6	8,775.2	7,841.8	8,722.9
Total Revenue	11,192.1	10,237.6	8,775.2	7,841.8	8,722.9
Cost of Revenue	10,215.3	9,240.2	7,478.7	6,536.4	7,479.2
Cost of Revenue, Total	10,215.3	9,240.2	7,478.7	6,536.4	7,479.2
Gross Profit	976.7	997.4	1,296.5	1,305.4	1,243.7
Selling/General/Administrative Expense	406.1	363.0	334.0	496.3	470.7
Labor & Related Expense	239.9	233.8	197.2	174.8	174.7
Advertising Expense	16.2	19.1	17.1	13.5	15.0
Total Selling/General/Administrative Expenses	662.2	615.9	548.3	684.7	660.5
Research & Development	116.2	118.6	97.4	79.9	90.4
Depreciation	15.9	10.5	8.9	9.8	14.2
Amortization of Intangibles	14.6	4.3	3.1	34.4	39.0
Depreciation/Amortization	30.5	14.9	12.0	44.2	53.2
Investment Income - Operating	-	-	-17.1	-	-
Interest/Investment Income - Operating	-	-	-17.1	-	-
Interest Expense (Income) - Net Operating Total	-	-	-17.1	-	-
Impairment-Assets Held for Use	-	-	-1.3	-	-
Loss (Gain) on Sale of Assets - Operating	-	-	2.8	-	-
Unusual Expense (Income)	-	-	1.5	-	-
Other Operating Expense	-	-	52.0	-	-
Other, Net	-0.2	-2.6	-50.0	-	-
Other Operating Expenses, Total	-0.2	-2.6	2.0	-	-
Total Operating Expense	11,024.1	9,987.1	8,122.8	7,345.2	8,283.3
Operating Income	168.0	250.5	652.3	496.6	439.6
Interest Expense - Non-Operating	-218.8	-189.7	-166.5	-172.8	-169.6
Interest Expense, Net Non-Operating	-218.8	-189.7	-166.5	-172.8	-169.6
Interest Income - Non-Operating	8.8	17.3	6.0	25.5	21.9
Investment Income - Non-Operating	169.1	-95.4	-2.9	3.3	-219.4
Interest/Investment Income - Non-Operating	177.9	-78.1	3.1	28.8	-197.6
Interest Income (Expense) - Net Non-Operating	0.0	0.0	0.0	-	-
Interest Income (Expense) - Net Non-Operating Total	-41.0	-267.8	-163.4	-144.0	-367.2
Gain (Loss) on Sale of Assets	3.1	-27.4	-	0.2	-4.5
Other Non-Operating Income (Expense)	4.3	35.7	-	-69.5	12.5
Other, Net	4.3	35.7	-	-69.5	12.5
Income Before Tax	134.4	-9.0	488.9	283.3	80.4
Total Income Tax	39.1	40.3	139.8	96.3	-48.2
Income After Tax	95.3	-49.3	349.2	187.1	128.6
Minority Interest	13.3	44.1	59.4	66.3	-21.0
Net Income Before Extraord Items	108.6	-5.3	408.5	253.4	107.7
Discontinued Operations	-	-35.3	-144.1	-	-
Total Extraord Items	-	-35.3	-144.1	-	-
Net Income	108.6	-40.6	264.4	253.4	107.7
Income Available to Common Excl Extraord Items	108.6	-5.3	408.5	253.4	107.7
Income Available to Common Incl Extraord Items	108.6	-40.6	264.4	253.4	107.7
Basic/Primary Weighted Average Shares	33.3	33.3	33.3	33.3	33.3
Basic EPS Excl Extraord Items	3.27	-0.16	12.28	7.62	3.24
Basic/Primary EPS Incl Extraord Items	3.27	-1.22	7.95	7.62	3.24
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	108.6	-40.6	264.4	253.4	107.7
Diluted Weighted Average Shares	33.3	33.3	33.3	33.3	33.3
Diluted EPS Excl Extraord Items	3.27	-0.16	12.28	7.62	3.24
Diluted EPS Incl Extraord Items	3.27	-1.22	7.95	7.62	3.24
Dividends per Share - Common Stock Primary Issue	-	0.90	1.08	0.78	0.68
Gross Dividends - Common Stock	-	30.0	36.0	26.1	22.7
Interest Expense, Supplemental	218.8	189.7	166.5	172.8	169.6
Depreciation, Supplemental	439.3	359.4	344.0	269.4	297.0
Total Special Items	-3.1	27.4	1.5	-0.2	4.5
Normalized Income Before Tax	131.3	18.5	490.4	283.2	84.9
Effect of Special Items on Income Taxes	-0.9	9.6	0.4	-0.1	1.6
Inc Tax Ex Impact of Sp Items	38.2	49.9	140.2	96.2	-46.6
Normalized Income After Tax	93.1	-31.5	350.2	186.9	131.5
Normalized Inc. Avail to Com.	106.4	12.6	409.6	253.3	110.6
Basic Normalized EPS	3.20	0.38	12.31	7.61	3.32
Diluted Normalized EPS	3.20	0.38	12.31	7.61	3.32
Amort of Intangibles, Supplemental	22.3	9.6	9.1	37.3	40.1
Rental Expenses	26.1	21.3	17.0	17.4	16.6
Advertising Expense, Supplemental	16.2	19.1	17.1	13.5	15.0
Research & Development Exp, Supplemental	116.2	118.6	97.4	79.9	90.4
Normalized EBIT	168.0	250.5	636.8	496.6	439.6
Normalized EBITDA	629.7	619.5	989.8	803.3	776.7

Annual Balance Sheet

Financials in: USD (mil)

Financial Glossary

	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
UpdateType/Date	Updated Normal 31-Dec-2012	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9	1164.475	1259.55
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Equivalents	407.3	457.1	548.6	385.1	380.6
Short Term Investments	65.3	13.9	51.4	52.3	13.2
Cash and Short Term Investments	472.5	471.0	600.0	437.4	393.8
Accounts Receivable - Trade, Gross	1,867.8	1,865.4	2,092.3	1,471.8	1,058.9
Provision for Doubtful Accounts	-40.8	-18.0	-165.2	-57.5	-19.5
Trade Accounts Receivable - Net	1,904.7	1,962.7	2,060.9	1,435.8	1,056.5
Other Receivables	172.2	214.0	435.9	289.8	276.9
Total Receivables, Net	2,076.9	2,176.7	2,496.8	1,725.6	1,333.4
Inventories - Finished Goods	750.9	710.4	377.3	291.8	415.5
Inventories - Work In Progress	284.6	376.3	181.5	145.4	169.0
Inventories - Raw Materials	356.2	436.1	462.1	306.2	271.6
Inventories - Other	157.0	205.2	357.8	251.5	127.3
Total Inventory	1,548.6	1,728.0	1,378.8	994.9	983.3
Prepaid Expenses	64.7	55.4	35.4	24.4	24.7
Deferred Income Tax - Current Asset	-	-	-	20.9	80.3
Other Current Assets	66.9	10.5	0.0	160.4	99.9
Other Current Assets, Total	66.9	10.5	0.0	181.3	180.3
Total Current Assets	4,229.6	4,441.5	4,511.0	3,363.6	2,915.4
Buildings	-	-	1,034.1	1,022.8	902.7
Land/Improvements	-	-	1,257.7	1,404.0	1,289.9
Machinery/Equipment	-	-	4,320.0	3,853.5	3,439.4
Construction in Progress	-	-	138.2	300.6	226.4
Leases	217.0	184.2	-	-	-
Natural Resources	-	-	-	0.8	0.8
Other Property/Plant/Equipment	-	-	39.0	-	-
Property/Plant/Equipment - Gross	217.0	184.2	6,789.1	6,581.7	5,859.1
Accumulated Depreciation	-	-	-3,084.8	-2,818.6	-2,392.2
Property/Plant/Equipment - Net	5,047.8	4,463.6	3,704.2	3,763.1	3,467.0
Goodwill, Net	121.0	125.7	80.1	64.1	85.5
Intangibles, Net	261.2	265.6	150.9	53.7	47.8
LT Investment - Affiliate Companies	249.8	224.8	169.3	85.5	65.4
LT Investments - Other	790.6	459.9	2,059.4	1,352.1	1,303.1
Long Term Investments	1,040.5	684.7	2,228.7	1,437.6	1,368.5
Note Receivable - Long Term	1,904.9	1,635.6	143.9	0.3	0.3
Deferred Income Tax - Long Term Asset	53.6	29.6	19.7	9.0	7.8
Other Long Term Assets	248.0	179.4	8.3	137.4	109.3
Other Long Term Assets, Total	301.7	209.1	28.0	146.4	117.1
Total Assets	12,906.7	11,825.7	10,846.8	8,828.8	8,001.6
Accounts Payable	900.0	1,169.9	1,835.8	1,173.2	977.1
Accrued Expenses	105.1	85.3	-	70.4	69.0
Notes Payable/Short Term Debt	3,050.1	2,702.8	1,891.2	1,385.5	1,387.4
Current Portion - Long Term Debt/Capital Leases	1,357.9	818.7	1,164.5	964.9	716.3
Dividends Payable	0.1	-	-	-	-
Customer Advances	314.4	331.0	237.0	237.7	205.8
Security Deposits	-	-	-	139.8	82.3
Income Taxes Payable	73.1	16.0	92.7	26.1	14.7
Other Payables	288.9	303.0	-	229.1	178.2
Deferred Income Tax - Current Liability	-	-	-	0.0	0.0
Other Current Liabilities	119.3	105.0	37.8	76.1	95.1
Other Current liabilities, Total	795.8	754.9	367.4	708.8	576.0
Total Current Liabilities	6,208.9	5,531.7	5,258.9	4,302.8	3,725.8
Long Term Debt	3,120.8	3,042.6	2,207.3	1,575.1	1,786.7
Total Long Term Debt	3,120.8	3,042.6	2,207.3	1,575.1	1,786.7
Total Debt	7,528.7	6,564.2	5,263.0	3,925.5	3,890.4
Deferred Income Tax - LT Liability	314.7	324.5	295.6	-	-
Deferred Income Tax	314.7	324.5	295.6	-	-
Minority Interest	80.4	79.4	133.5	276.5	213.2
Reserves	22.0	9.3	-	36.0	17.1
Pension Benefits - Underfunded	53.2	45.9	47.8	52.8	46.5
Other Long Term Liabilities	360.7	301.9	289.4	251.6	275.3
Other Liabilities, Total	435.9	357.1	337.2	340.4	338.9
Total Liabilities	10,160.6	9,335.4	8,232.5	6,494.8	6,064.5
Common Stock	164.7	152.4	154.7	150.8	139.4
Common Stock	164.7	152.4	154.7	150.8	139.4
Additional Paid-In Capital	431.8	395.2	403.9	1,004.1	933.1
Retained Earnings (Accumulated Deficit)	2,152.3	1,921.2	2,033.1	509.5	213.9
Treasury Stock - Common	-32.1	-29.7	-30.1	-29.4	-27.2
Unrealized Gain (Loss)	41.7	18.6	14.3	610.7	529.5
Translation Adjustment	-11.9	32.8	11.3	89.8	148.4
Other Equity	-0.9	-0.4	0.2	-1.5	-
Other Comprehensive Income	0.3	0.2	26.9	-	-
Other Equity, Total	-12.5	32.6	38.4	88.4	148.4
Total Equity	2,746.0	2,490.3	2,614.2	2,334.0	1,937.1
Total Liabilities & Shareholders’ Equity	12,906.7	11,825.7	10,846.8	8,828.8	8,001.6
Shares Outstanding - Common Stock Primary Issue	33.3	33.3	33.3	33.3	33.3
Total Common Shares Outstanding	33.3	33.3	33.3	33.3	33.3
Treasury Shares - Common Stock Primary Issue	1.8	1.8	1.8	1.8	1.8
Employees	-	7,614	7,786	7,047	6,340
Number of Common Shareholders	-	-	32,363	-	20,913
Deferred Revenue - Current	314.4	331.0	237.0	237.7	205.8
Deferred Revenue - Long Term	0.0	-	-	-	-
Total Long Term Debt, Supplemental	4,801.2	4,156.4	2,830.9	2,542.9	2,505.8
Long Term Debt Maturing within 1 Year	1,255.6	974.0	620.9	964.9	716.3
Long Term Debt Maturing in Year 2	795.5	761.8	596.3	823.6	901.9
Long Term Debt Maturing in Year 3	795.5	761.8	510.6	500.1	648.2
Long Term Debt Maturing in Year 4	795.5	761.8	510.6	183.7	136.0
Long Term Debt Maturing in Year 5	795.5	761.8	510.6	37.5	-
Long Term Debt Maturing in 2-3 Years	1,591.0	1,523.6	1,106.9	1,323.7	1,550.1
Long Term Debt Maturing in 4-5 Years	1,591.0	1,523.6	1,021.3	221.3	136.0
Long Term Debt Matur. in Year 6 & Beyond	363.5	135.2	81.9	33.1	103.4
Total Operating Leases, Supplemental	-	-	-	15.5	11.6
Operating Lease Payments Due in Year 1	-	-	-	5.9	3.5
Operating Lease Payments Due in Year 2	-	-	-	2.4	3.5
Operating Lease Payments Due in Year 3	-	-	-	2.4	3.5
Operating Lease Payments Due in Year 4	-	-	-	2.4	1.1
Operating Lease Payments Due in Year 5	-	-	-	2.4	-
Operating Lease Pymts. Due in 2-3 Years	-	-	-	4.8	7.0
Operating Lease Pymts. Due in 4-5 Years	-	-	-	4.8	1.1
Oper. Lse. Pymts. Due in Year 6 & Beyond	-	-	-	0.0	0.0

Annual Cash Flows

Financials in: USD (mil)

Financial Glossary

	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	Updated Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income/Starting Line	134.4	-9.0	488.9	187.1	128.6
Depreciation	537.3	372.6	344.0	269.4	297.0
Depreciation/Depletion	537.3	372.6	344.0	269.4	297.0
Amortization of Intangibles	-	-	-	37.3	40.1
Amortization	-	-	-	37.3	40.1
Deferred Taxes	-	-	-	44.1	-62.9
Discontinued Operations	-	-58.0	-119.1	-	-
Unusual Items	4.5	139.1	4.3	29.4	8.1
Equity in Net Earnings (Loss)	-14.8	-43.5	-18.0	-5.4	3.0
Other Non-Cash Items	204.5	211.1	128.1	115.0	128.6
Non-Cash Items	194.2	248.7	-4.6	139.0	139.6
Accounts Receivable	118.3	-436.2	-370.8	-291.3	-78.2
Inventories	235.2	-402.8	-244.4	-7.2	-326.1
Prepaid Expenses	-	-	-	17.7	-1.3
Other Assets	-195.4	-315.4	-460.3	40.8	-39.0
Accounts Payable	-311.4	396.6	556.4	129.1	281.3
Accrued Expenses	-	-	-	-3.7	20.5
Taxes Payable	-	-	-	9.3	-38.4
Other Liabilities	-69.5	-60.0	-47.6	-36.7	-35.5
Other Assets & Liabilities, Net	-7.4	-54.1	-3.0	-	-
Other Operating Cash Flow	-203.9	-218.2	-164.3	-50.6	177.9
Changes in Working Capital	-434.2	-1,090.1	-734.0	-192.8	-38.8
Cash from Operating Activities	431.7	-477.7	94.4	484.0	503.6
Purchase of Fixed Assets	-816.3	-978.9	-525.1	-385.7	-810.5
Purchase/Acquisition of Intangibles	-24.0	-49.1	-33.4	-13.4	-15.4
Capital Expenditures	-840.2	-1,028.0	-558.5	-399.1	-825.9
Sale of Business	-	12.1	53.4	-	-
Sale of Fixed Assets	38.9	21.2	31.0	62.7	27.8
Sale/Maturity of Investment	81.7	142.9	135.8	150.9	170.5
Purchase of Investments	-281.9	-223.6	-96.3	-203.6	-220.5
Sale of Intangible Assets	23.2	4.5	2.1	-	-
Other Investing Cash Flow	56.8	-143.0	110.0	-61.2	3.8
Other Investing Cash Flow Items, Total	-81.4	-186.0	236.0	-51.2	-18.4
Cash from Investing Activities	-921.6	-1,214.0	-322.5	-450.3	-844.3
Other Financing Cash Flow	-154.2	117.8	-67.9	-612.4	-397.7
Financing Cash Flow Items	-154.2	117.8	-67.9	-612.4	-397.7
Cash Dividends Paid - Common	-30.4	-38.2	-29.7	-20.2	-23.5
Total Cash Dividends Paid	-30.4	-38.2	-29.7	-20.2	-23.5
Sale/Issuance of Common	2.4	8.2	0.4	105.9	-
Common Stock, Net	2.4	8.2	0.4	105.9	-
Issuance (Retirement) of Stock, Net	2.4	8.2	0.4	105.9	-
Short Term Debt Issued	5,302.2	4,794.0	4,233.7	5,105.4	7,617.3
Short Term Debt Reduction	-5,278.6	-4,692.1	-4,272.9	-5,189.1	-7,523.4
Short Term Debt, Net	23.6	101.9	-39.2	-83.6	93.9
Long Term Debt Issued	969.9	1,833.1	1,281.4	695.5	1,211.5
Long Term Debt Reduction	-403.6	-417.7	-741.7	-142.9	-291.1
Long Term Debt, Net	566.3	1,415.4	539.7	552.5	920.4
Issuance (Retirement) of Debt, Net	589.9	1,517.3	500.5	468.9	1,014.3
Cash from Financing Activities	407.7	1,605.1	403.4	-57.9	593.2
Foreign Exchange Effects	0.3	0.0	-1.0	-	-
Net Change in Cash	-81.9	-86.7	174.2	-24.2	252.5
Net Cash - Beginning Balance	467.3	562.0	364.3	375.6	183.1
Net Cash - Ending Balance	385.4	475.3	538.5	351.4	435.6
Cash Interest Paid	336.2	230.4	216.6	-	-
Cash Taxes Paid	28.8	146.7	76.9	-	-

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	Updated Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Sales	11,192.1	10,237.6	8,775.2	7,841.8	8,722.9
Total Revenue	11,192.1	10,237.6	8,775.2	7,841.8	8,722.9
Cost-Revenue	10,215.3	9,240.2	7,478.7	6,536.4	7,479.2
Salaries & Wages	200.6	192.7	167.6	146.5	145.5
Retirement Allowance	16.4	16.0	12.2	13.4	13.4
Employee Benefits	22.9	25.0	17.3	14.9	15.8
Education & Training Expense	2.9	3.8	4.6	3.4	4.2
Travel Expense	22.7	25.6	21.7	20.1	20.6
Vehicle Expense	-	-	-	3.8	4.0
Communication Exp.	6.7	7.0	5.5	4.5	5.3
Taxes and Dues	16.3	15.9	12.7	12.9	10.7
Insurance Expenses	-	-	-	2.8	3.5
Rent	26.1	21.3	17.0	17.4	16.6
Depreciation Expense	15.9	10.5	8.9	9.8	14.2
Amort of Intangibles	14.6	4.3	3.1	34.4	39.0
Overseas Branch Management Expense	17.2	18.3	14.8	14.3	17.2
Advertising Expense	16.2	19.1	17.1	13.5	15.0
Shipping & Storage Expense	55.9	47.6	41.2	-	-
Shipping & Handling Expense	-	-	-	37.7	41.6
Commission Paid	48.4	59.7	61.5	67.0	49.2
Exporting Expense	108.6	84.9	76.1	175.8	192.2
Entertainment	11.6	11.3	10.0	-	-
Research & Development Expense	116.2	118.6	97.4	79.9	90.4
Amort. of Bad Debts	7.2	0.2	-	39.3	11.3
Service Expense	-	-	-	12.4	14.0
Volunteer Expense	-	-	-	9.1	18.1
Misc Sales & Adm Exp	-	-	-	75.8	62.3
Other Selling & Administrative Expense	82.6	67.3	68.9	-	-
Adj. for Other Selling & Admin. Expense	0.0	0.0	0.0	-	-
Rental Income	-	-	-1.1	-	-
Gain on Disposal of PPT	-	-	-8.3	-	-
Gain on Disposal of Other Assets	-	-	-0.2	-	-
Gain on Disposal of Invmt in Real Estate	-	-	-1.5	-	-
Rec. of Impmt Loss on PPT	-	-	-5.3	-	-
Miscellaneous Income	-	-	-44.2	-	-
Gain on Purchase at Bargain Price	-	-	-2.4	-	-
Gain on Derivative Transaction	-	-	-14.7	-	-
Gain on Valt of Derivatives	-	-	-15.4	-	-
Reversal of Allow. for DA	-0.2	-2.6	-0.2	-	-
Government Subsidy	-	-	-0.7	-	-
Dividend Income	-	-	-1.4	-	-
Adj. for Other Operating Income	-	-	0.0	-	-
Loss on Disposal of PPT	-	-	8.9	-	-
Loss on Disposal of Invmt in Real Estate	-	-	4.1	-	-
Loss on Disposal of Other Assets	-	-	0.0	-	-
Loss on Disposal of Trade Receivable	-	-	2.4	-	-
Impmt Loss on PPT	-	-	3.9	-	-
Impmt Loss on Intangibless	-	-	0.0	-	-
Impmt Loss on Invmt in Real Estate	-	-	0.0	-	-
Miscellaneous Loss	-	-	28.6	-	-
Loss on Reduction of Other Assets	-	-	16.0	-	-
Loss on Valt of Inventory	-	-	0.2	-	-
Loss on Derivative Transaction	-	-	5.6	-	-
Loss on Valt of Derivatives	-	-	4.6	-	-
Donations Paid	-	-	3.0	-	-
nego Commission	-	-	4.4	-	-
Sales Incentives	-	-	0.1	-	-
Adj. for Other Operating Expense	-	-	0.0	-	-
Total Operating Expense	11,024.1	9,987.1	8,122.8	7,345.2	8,283.3
Interest Income	8.8	17.3	6.0	25.5	21.9
Dividend Income	1.5	1.6	-	0.2	0.8
Rental Income	1.2	1.1	-	0.7	0.6
Recovery-Negative Goodwill Amortization	-	-	-	1.2	5.9
Nego Commissions	-7.2	-5.4	-	-	-
Government Subsidy Inocme	3.2	2.4	-	-	-
Gain on Disposal of Intangibless	18.9	0.0	-	-	-
Gain Dispose Assets	2.9	3.1	-	4.5	3.0
Gain Disp Inv Asset	-	-	-	1.1	0.7
Gain on Disposal of Real Estate	0.1	0.1	-	-	-
G-Secs for Sale Disposal	12.0	21.3	0.1	-	-
Gain-Foreign Currency Translation	90.6	133.6	87.8	58.0	62.8
Gain-Foreign Exchange Transaction	110.0	70.8	72.2	104.6	110.6
Gain-Valt of Derivatives	58.5	5.4	-	13.3	10.5
G-Derivatives Trading	50.9	31.6	-	12.5	5.1
Recovery-Loan Loss Reserve	0.4	1.3	-	-	14.2
Rec. of Impmt Loss on Intangibless	-	0.0	-	-	-
Recovery-Invest. Asset Reduction Loss	-	-	-	0.7	0.5
Miscellaneous Non-Operating Income	86.9	61.4	-	46.9	67.4
Sales Incentives	-0.3	-0.1	-	-0.1	-0.1
Interest Expense, Non-Operating	-218.8	-189.7	-166.5	-172.8	-169.6
L-Trade Rcvbl Disposal	-3.4	-2.1	-	-2.3	-3.9
Loss Disp Tang. Ast	-8.3	-2.2	-	-2.0	-3.6
L-Disp. of Inv. Assets	-	-	-	-17.8	-1.2
L-Reduct Loss of Investment Assets	-	-	-	-5.1	-0.5
Loss on Reduction of Other Assets	-0.1	-0.4	-	-	-
L-Reduct of Secs. Avail.-for-Sale	0.0	-125.4	0.0	-	-
L-Secs for Sale Disposal	-0.1	-1.0	-	-	-
Loss on Disposal of Real Estate	-	0.0	-	-	-
Loss Reduction of Tangible Asset	-6.4	-25.9	-	-	-
Loss Disp Intang. Ast	-	-0.1	-	-	-
Loss-Reduction of Tangible Assets	-	-	-	-7.7	-2.1
Loss-Valt of Derivatives	-0.4	-18.2	-	-2.4	-47.0
L-Derivatives Transaction	-4.8	-17.2	-	-17.4	-66.0
Loss on Valuation of Financial Assets at	-	-6.5	-	-	-
Loss-Redemption of Debentures	-	-	-	-0.2	-0.8
Loss-Foreign Currency Translation	-73.3	-102.6	-108.7	-41.5	-99.5
L-Foreign Exchange Translation	-67.9	-130.9	-72.2	-99.7	-189.2
Loss on Valuation of Inventories	-	-0.6	-	-0.1	-0.1
Impmt Loss on Intangibless	-22.7	-0.4	-	-	-
Loss-Reduction of Goodwill	-	-	-	-	-0.5
Other Amortization	-5.1	-	-	-43.5	-12.0
Miscellaneous Non-Operating Expense	-61.6	-22.1	-	-43.3	-21.0
Donations Paid	-2.6	-2.9	-	-2.2	-1.7
Fee & Charges Exp	-	-	-	-30.0	-41.3
Prov. for Guarantee Deposit	-10.6	-	-	-	-
Loss on Scrapping of Inventory	-0.6	-0.2	-	-	-
Gain under Equity Method	-	-	-	7.2	3.9
Loss under Equity Method	-	-	-	-1.8	-6.9
Adj. for Finance Income	0.0	0.0	0.0	-	-
Adj. for Finance Expense	0.0	0.0	0.0	-	-
Gain/Loss on Invmt in Affiliates	14.8	43.5	18.0	-	-
Adj. for Other Non-Operating Income	0.0	0.0	-	-	-
Adj. for Other Non-Operating Expense	0.0	0.0	-	-	-
Net Income Before Taxes	134.4	-9.0	488.9	283.3	80.4
Provision for Income Taxes	39.1	40.3	139.8	96.3	-48.2
Net Income After Taxes	95.3	-49.3	349.2	187.1	128.6
Gain Minority Int.	13.3	44.1	59.4	66.3	-21.0
Net Income Before Extra. Items	108.6	-5.3	408.5	253.4	107.7
Discontinued Operations	-	-35.3	-144.1	-	-
Net Income	108.6	-40.6	264.4	253.4	107.7
Income Available to Com Excl ExtraOrd	108.6	-5.3	408.5	253.4	107.7
Income Available to Com Incl ExtraOrd	108.6	-40.6	264.4	253.4	107.7
Basic Weighted Average Shares	33.3	33.3	33.3	33.3	33.3
Basic EPS Excluding ExtraOrdinary Items	3.27	-0.16	12.28	7.62	3.24
Basic EPS Including ExtraOrdinary Items	3.27	-1.22	7.95	7.62	3.24
Dilution Adjustment	-	0.0	0.0	-	-
Diluted Net Income	108.6	-40.6	264.4	253.4	107.7
Diluted Weighted Average Shares	33.3	33.3	33.3	33.3	33.3
Diluted EPS Excluding ExtraOrd Items	3.27	-0.16	12.28	7.62	3.24
Diluted EPS Including ExtraOrd Items	3.27	-1.22	7.95	7.62	3.24
DPS-Common Stock	-	0.90	1.08	0.78	0.68
Gross Dividends - Common Stock	-	30.0	36.0	26.1	22.7
Normalized Income Before Taxes	131.3	18.5	490.4	283.2	84.9
Inc Tax Ex Impact of Sp Items	38.2	49.9	140.2	96.2	-46.6
Normalized Income After Taxes	93.1	-31.5	350.2	186.9	131.5
Normalized Inc. Avail to Com.	106.4	12.6	409.6	253.3	110.6
Basic Normalized EPS	3.20	0.38	12.31	7.61	3.32
Diluted Normalized EPS	3.20	0.38	12.31	7.61	3.32
Interest Expense, Supplemental	218.8	189.7	166.5	172.8	169.6
Advertising Expense, Supplemental	16.2	19.1	17.1	13.5	15.0
Rental Expense, Supplemental	26.1	21.3	17.0	17.4	16.6
R&D Expense, Supplemental	116.2	118.6	97.4	79.9	90.4
Depreciation, Supplemental	439.3	359.4	344.0	269.4	297.0
Amort of Intangibles, Supplemental	22.3	9.6	9.1	37.3	40.1

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	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	Reclassified Normal 31-Dec-2009
Filed Currency	KRW	KRW	KRW	KRW	KRW
Exchange Rate	1066.400024	1152	1134.9	1164.475	1259.55
Auditor	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Cash & Deposits	407.3	457.1	548.6	385.1	380.6
Current Fincl Instrm	64.6	12.4	-	48.5	11.2
Current Sec. Available-for-Sale	0.2	0.7	-	3.7	2.0
Current Sec. Held-to-Maturities	0.4	0.8	-	-	-
Current Derivative Assets	62.5	7.6	-	14.6	12.0
Current Loans	27.4	99.4	-	200.4	155.9
Guarantee Deposits, Current Assets	4.3	2.9	-	-	-
Trade Rcvb Gross	1,867.8	1,865.4	2,092.3	1,471.8	1,058.9
Doubtful Account	-40.8	-18.0	-165.2	-57.5	-19.5
Account Receivable	144.8	114.6	573.7	89.4	121.0
Allow. for DA for Other Receivables	-	-	-137.8	-	-
Advance Payments	122.3	137.7	136.0	205.7	107.6
Prepaid Expenses	52.3	42.8	28.5	24.4	24.7
Accrued Income	29.3	26.0	-	21.4	17.0
Deferred Income Tax	-	-	-	20.9	80.3
Other Quick Assets	-	-	-	15.9	43.9
Merchandises	240.8	214.5	120.5	92.5	66.8
Manufactured Goods under Costodian	4.2	3.6	-	3.7	29.9
Manufactured Goods under Consignments	0.7	0.6	-	0.4	0.3
Finished Goods	467.7	461.1	256.9	195.1	318.1
Packaging Materials	3.7	3.1	-	-	-
Unfinished Construction Fee	7.0	82.0	-	11.1	69.9
Semi-finished Goods	202.0	200.9	122.0	84.0	68.6
Work in Progress	75.6	93.3	59.5	50.3	30.4
Raw Materials	232.2	237.0	189.6	196.8	137.7
Supplemental Raw Materials	24.3	24.4	-	18.0	30.9
Supplies	11.1	12.8	-	3.0	5.5
Land in Commercial Use	-	-	-	91.3	103.1
Goods in Transit	23.4	57.3	-	42.8	14.2
Display Materials	-	-	-	0.2	0.4
Other Current Assets	-	-	-	129.9	44.1
Unbilled Constructions	48.4	89.2	133.8	-	-
Other Fincl Instrm	-	-	51.4	-	-
Current Tax Assets	12.4	12.6	6.9	-	-
Finished Residential Units, Current	37.5	30.6	-	-	-
Temporary Materials	0.0	0.0	0.1	-	-
Lots	95.9	171.5	272.4	-	-
Other Inventories	0.2	0.7	231.7	-	-
Allowance for Doubtful Accounts for Adva	-0.1	-3.3	-9.8	-	-
Adj. for Inventories	0.0	0.0	0.0	-	-
Adj. for Other Current Assets	0.0	0.0	0.0	-	-
Adj. for Trade & Other Receivable	0.0	0.0	0.0	-	-
Adj. for Other Fincl Instrm	0.0	0.0	-	-	-
Total Current Assets	4,229.6	4,441.5	4,511.0	3,363.6	2,915.4
Non-Current Fincl Instrm	0.1	1.8	-	65.9	57.9
Non-Current Sec. Available-for-Sale	225.3	85.9	-	154.1	125.6
Non-Current Sec. Held-to-Maturities	1.3	1.4	-	4.5	9.2
Non-Current Loans	15.3	11.3	-	4.1	3.6
Fincl Instrm at FVTPL, LT Assets	-	11.8	-	-	-
Invmt in Affiliates	249.8	224.8	169.3	85.5	65.4
Guarantee Deposits, Non-Current Assets	236.3	166.0	-	111.0	109.1
LT Prepaid Expense	11.1	13.0	8.3	26.4	0.2
Non-Current Derivatives Assets	0.6	0.4	-	-	-
Allow. for DA for LT Trade Receivable	-	-	-6.4	-	-
Other Non-Current Receivable	-	-	142.7	-	-
LT Trade Receivable	5.2	5.5	8.4	0.3	0.3
Non-Current Loans & Other Receivable	1,899.7	1,630.1	-	-	-
Operating Leased Assets	217.0	184.2	-	-	-
Natural Resource Development Fund	-	-	-	0.8	0.8
Non-Current Deferred Income Taxes Assets	53.6	29.6	19.7	9.0	7.8
Other Invmt Assets	13.1	11.9	2.1	21.7	55.5
Other Fincl Business Assets	-	-	1,558.3	1,101.8	1,051.3
Other Non-Current Fincl Assets	-	-	195.4	-	-
Invmt in Properties	535.7	335.8	303.5	-	-
Land	-	-	1,257.7	1,404.0	1,289.9
Land-Reduction	-	-	0.0	-	-
Buildings	-	-	865.5	892.8	780.8
Buildings-Depreciation	-	-	-193.3	-183.8	-148.4
Buildings-Reduction	-	-	0.0	-6.7	-2.2
Structures	-	-	168.7	136.7	124.1
Structures-Depreciation	-	-	-50.6	-39.3	-33.8
Tools/Equip./Fix	-	-	226.9	249.8	202.4
Tools & Equipments-Depreciation	-	-	-166.7	-165.0	-135.8
Tool/Equip-Government Subsidy	-	-	-0.2	-	-
Machinery/Equip.	-	-	4,070.4	3,582.7	3,214.3
Mach/Equip Depre	-	-	-2,646.9	-2,411.1	-2,056.8
Machinery/Equip-Government Subsidy	-	-	-5.3	-	-
Machinery & Equipment, Reduction	-	-	-3.2	-6.1	-1.8
Transport Equip.	-	-	31.4	27.1	24.4
Transport Deprec	-	-	-21.2	-19.4	-17.2
Construction in Progress	-	-	137.8	299.9	225.5
Machines in Transit	-	-	0.5	0.7	0.9
Other Property Plant & Equipment	-	-	40.1	-	-
Other Property Plant & Equipment -Reduct	-	-	-1.1	-	-
Other Property Plant & Equipment -Deprec	-	-	-6.3	-	-
Adjustment for Property Plant & Equipmen	-	-	0.0	-	-
Indust.-Patent	-	-	-	6.5	7.2
Facility Use Rgt	-	-	-	0.0	0.1
Membership Rights	24.4	24.0	27.3	-	-
Industrial Property Rights	15.8	16.9	6.3	-	-
Goodwill	121.0	125.7	80.1	79.0	103.5
Negative Goodwill	-	-	-	-14.9	-17.9
Other Intangible	220.9	224.7	117.3	47.1	40.5
Adj. for Intangibless	0.0	0.0	0.0	-	-
Other Non-Current Assets	0.0	0.0	0.0	-	-
Allowance for Doubtful Account for Non-C	-	-	-0.8	-	-
Adj. for LT Trade & Other Receivable	0.0	0.0	0.0	-	-
Adjustment for Other Financial Business	0.0	0.0	-	-	-
Adj.Other Non-Current Fincl Assets	0.0	0.0	-	-	-
Property, Plant & Equipment, Net	4,830.8	4,279.4	-	-	-
Total Assets	12,906.7	11,825.7	10,846.8	8,828.8	8,001.6
Trade Acct. Pay.	900.0	1,169.9	-	1,173.2	977.1
Current Trade & Other Payable	-	-	1,835.8	-	-
Other Payable	288.9	303.0	-	229.1	178.2
Dividend Payable	0.1	-	-	-	-
Current Tax Liabilities	73.1	16.0	92.7	26.1	14.7
Accrued Expenses	105.1	85.3	-	70.4	69.0
Customer Advance	285.8	301.9	210.5	237.7	205.8
Unearned Income	28.6	29.1	26.5	-	-
Resv for Current Liabilities	1.1	1.1	1.1	-	-
Guarantee Deposit Withheld	34.1	22.4	-	56.1	47.0
Withheld	33.9	37.9	-	-	-
Derivatives in Liabilities, Current	4.3	18.7	-	13.1	41.7
Overbilled Constructions	45.9	24.9	30.3	-	-
Other Current Liabilities	-	-	-	6.9	6.4
Adj. for Other Current Liabilities	0.0	0.0	0.0	-	-
Other Current Fincl Liabilities	-	-	6.5	-	-
CL Deferred Tax	-	-	-	0.0	0.0
Security Deposit Withheld	-	-	-	139.8	82.3
ST Borrowings	3,050.1	2,702.8	1,891.2	1,385.5	1,387.4
Current Portion of Long-term Borrowings	654.6	293.6	1,164.5	964.9	716.3
Current Portion of Bonds	703.3	525.2	-	-	-
Adjustment for ST Borrowings	0.0	0.0	0.0	-	-
Adj. for Trade & Other Payable	0.0	0.0	-	-	-
Total Current Liabilities	6,208.9	5,531.7	5,258.9	4,302.8	3,725.8
Bonds	1,376.4	1,401.7	-	877.6	862.6
LT Borrowings	1,742.1	1,638.7	2,207.3	697.5	924.1
Convertible Redeemable Preferred Stock	2.2	2.2	-	-	-
Adj Non-Current Borrowings	0.0	0.0	-	-	-
Total Long Term Debt	3,120.8	3,042.6	2,207.3	1,575.1	1,786.7
Non-Current Other Payable	11.0	13.0	-	9.4	6.6
Deferred Income Tax, Credit	-	-	-	217.2	203.0
Other LT Liabs.	-	-	-	2.4	1.1
Guarantee Deposits Withheld, Non-Current	347.4	286.8	-	22.6	64.6
Non-Current Advance from Customers	0.0	-	-	-	-
Government Subsidy, LT Liabilities	1.6	1.4	-	-	-
Non-Current Derivatives Liabilities	0.7	0.8	-	-	-
Retire Reserve	53.2	45.9	47.8	167.0	139.3
Reserve-Equity Method Loss	-	-	-	-	0.4
Rsrv-Constrctn L	-	-	-	22.5	16.6
Reserve-Sales Guarantee	-	-	-	0.2	0.1
Reserve-Construction Loss	-	-	-	13.3	-
Non-Current Prov.s	22.0	9.3	-	-	-
Deposit-Retirement Insurance	-	-	-	-113.3	-91.6
Transfer to National Pension Fund	-	-	-	-0.9	-1.2
Minority Int.	80.4	79.4	133.5	276.5	213.2
Non-Current Trade & Other Payable	-	-	249.2	-	-
Deferred Income Taxes, LT Liabilities	314.7	324.5	295.6	-	-
Other Non-Current Fincl Liabilities	-	-	0.5	-	-
Other Non-Current Liabilities	-	-	39.7	-	-
Adj. for LT Trade & Other Payable	0.0	0.0	-	-	-
Adj. for Other Non-current Liabilities	0.0	0.0	-	-	-
Total Liabilities	10,160.6	9,335.4	8,232.5	6,494.8	6,064.5
Common Stock	164.7	152.4	154.7	150.8	139.4
Consolidated Capital Surplus	-	-	-	1,004.1	933.1
Consolidated Retained Earnings	-	-	-	509.5	213.9
Capital Change, Equity Method (Loss)	-	-	-	-4.9	-2.7
Capital Change, Equity Method	15.5	11.6	14.3	20.5	17.3
G-Secs for Sale Valuation	-	-	-	22.8	11.5
Loss-Valu. of Sec. Available for Sale	-	-	-	-1.0	-6.1
Gain/Loss-Valt of Sec. Avail.-for-Sale	26.3	7.1	-	-	-
Loss-Valuation of Derivatives	-	-	-	-6.3	-27.7
Resv for Assets ReValt	-	-	-	579.6	537.2
Treasury Stock	-32.1	-29.7	-30.1	-29.4	-27.2
Overseas Business Translation Credit	-11.9	32.8	11.3	89.8	148.4
Other Capital Adj.	-0.9	-0.4	0.2	-1.5	-
Additional Paid in Capital	122.7	113.6	115.3	-	-
Other Capital Surplus	309.1	281.6	288.6	-	-
Accumulated Other Comprehensive Income	-	-	26.9	-	-
Gain/Losses on Valt of Derivatives	0.3	0.2	0.0	-	-
Retained Earnings	2,152.3	1,921.2	2,033.1	-	-
Adj. for Other Capital Items	0.0	0.0	0.0	-	-
Total Equity	2,746.0	2,490.3	2,614.2	2,334.0	1,937.1
Total Liabilities & Shareholders' Equity	12,906.7	11,825.7	10,846.8	8,828.8	8,001.6
S/O-Common Stock	33.3	33.3	33.3	33.3	33.3
Total Common Shares Outstanding	33.3	33.3	33.3	33.3	33.3
T/S-Common Stock	1.8	1.8	1.8	1.8	1.8
Deferred Revenue, Current	314.4	331.0	237.0	237.7	205.8
LT Deferred Revenue	0.0	-	-	-	-
Full-Time Employees	-	7,614	7,786	7,047	6,340
Number of Common Shareholders	-	-	32,363	-	20,913
Long Term Debt Maturing within 1 Year	1,255.6	974.0	620.9	964.9	716.3
Long Term Debt Maturing within 2 Years	-	-	596.3	823.6	901.9
Long Term Debt Maturing within 3 Years	-	-	-	500.1	648.2
Long Term Debt Maturing within 4 Years	-	-	-	183.7	136.0
Long Term Debt Maturing within 5 Years	3,182.1	3,047.1	1,531.9	37.5	-
Long Term Debt Remaining Maturities	363.5	135.2	81.9	33.1	103.4
Total Long Term Debt, Supplemental	4,801.2	4,156.4	2,830.9	2,542.9	2,505.8
Operating Lease Maturing within 1 Year	-	-	-	5.9	3.5
Operating Lease Maturing within 2 Year	-	-	-	-	3.5
Operating Lease Maturing within 3 Year	-	-	-	-	3.5
Operating Lease Maturing within 4 Year	-	-	-	-	1.1
Operating Lease Maturing within 5Year	-	-	-	9.6	-
Total Operating Leases, Supplemental	-	-	-	15.5	11.6

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	Reclassified Normal 31-Dec-2012	Restated Normal 31-Dec-2011	Updated Normal 31-Dec-2009	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	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP	PricewaterhouseCoopers LLP
Auditor Opinion	Unqualified	Unqualified	Unqualified	Unqualified	Unqualified
Net Income	134.4	-9.0	488.9	187.1	128.6
Depreciation	537.3	372.6	344.0	269.4	297.0
Amort. Intangible	-	-	-	37.2	39.8
Amortization-Development Cost	-	-	-	0.0	0.3
Interest Income/Expense	196.0	98.1	90.2	-	-
G/L on Foreign Currency Translation	-40.8	60.2	0.2	-	-
Provision-Doubtful Account	-	-	-	39.3	11.3
Allowance for Doubtful Accounts & Others	28.8	0.2	14.4	-	-
Retirement and Severance Benefits	41.1	38.0	31.6	36.1	42.1
Amort. Bond Credit	-	-	-	3.6	1.0
Loss on Reduction of Goodwill	-	-	-	-	0.5
Payment of Plan Assets	-	-	-12.6	-	-
Dividend Income	-1.5	-1.6	-1.4	-	-
Translation Loss	-	-	-	41.5	99.5
Translation Gain	-	-	-	-58.0	-62.8
Defect Repair Expense	-	-	-	9.4	8.6
Prov.s	19.1	5.4	2.9	-	-
Provision-Construction Loss	-	-	-	12.1	-
Recovery-Provision Doubtful Account	-	-	-	-	-14.2
Recovery-Negative Goodwill Amortization	-	-	-	-1.2	-5.9
Recovery-Invest. Assets Reduction Loss	-	-	-	-0.7	-0.5
Rec. of Allow. for DA & Others	-0.6	-3.9	-0.2	-	-
Amort-Bad Debt Expenses	-	-	-	43.5	12.0
Gain/Loss on Derivative Assets	-58.5	12.8	-10.8	-	-
Gain-Valuation of Derivatives	-	-	-	-13.3	-10.5
L-Derivatives Valuation	-	-	-	2.4	47.0
Losses on Valt of Inventories	7.3	-	-	0.1	0.1
Loss-Redemption of Bond	-	-	-	0.2	0.8
Loss on AR Disp	-	-	-	2.3	3.9
Loss Decr. Inv. Asst	-	-	-	17.8	1.2
Rec.-Redct of Tang.,Intg&Real Estate	-	0.0	-5.3	-	-
Loss-Reduction of Tangible Assets	-	-	-	7.7	2.1
Loss-Reduction of Investment Assets	-	-	-	5.1	0.5
Loss-Redct of Tang., Intg & Real Estate	29.3	26.3	4.0	-	-
Loss on Reduction of Fincl Assets	0.5	125.4	0.0	-	-
Loss-Sale of Tang., Intg & Real Estate	8.3	2.3	13.1	-	-
Loss on Disposal of Financial Assets	1.1	1.0	-	-	-
Loss on Disposal of Trade Receivables	3.4	2.1	2.4	-	-
Loss on Valt of Fincl Assets	-	6.5	-	-	-
Disp Tang Asst Loss	-	-	-	2.0	3.6
Other Non-Cash Items	0.8	1.8	13.9	-	-
Miscellaneous Loss	12.9	-	-	-	-
Gain Disp of Inv Ast	-	-	-	-1.1	-0.7
Gain Disp Tang. Ast	-	-	-	-4.5	-3.0
Gain on Disposal of Financial Assets	-16.1	-21.3	-0.1	-	-
Gain-Sale of Tang., Intg & Real Estate	-21.9	-3.2	-9.8	-	-
Gain under Equity Method	-	-	-	-7.2	-3.9
Loss under Equity Method	-	-	-	1.8	6.9
Gain/Loss under Equity Method	-14.8	-43.5	-18.0	-	-
Trade Receivables	119.8	-401.2	-404.1	-317.1	-25.8
Other Receivables	-44.6	-32.3	29.6	37.6	-53.6
Unbilled Constructions	43.0	-2.6	3.8	-	-
Accrued Income	-	-	-	-11.8	1.2
Other Quick Assets	-	-	-	28.8	-39.0
Derivatives	-	-	-	12.0	-
Inventory	235.2	-402.8	-244.4	73.6	-307.8
Other Fincl Assets	7.1	17.7	13.5	-	-
Other Assets	34.4	-25.1	60.9	-	-
Increase-Fincl Assets	-237.0	-308.0	-534.7	-	-
Trade Payables	-311.3	14.8	538.6	96.8	134.1
Other Payable	-0.1	381.8	17.7	32.3	147.2
Advanced Payment	-	-	-	-80.8	-18.3
Prepaid Expenses	-	-	-	-21.9	-14.5
Other Finance Business Asset	-	-	-	39.6	13.3
Deferred Taxes-Assets	-	-	-	59.7	-80.6
Deferred Taxes-Liab.	-	-	-	-15.6	17.7
Advances Received	-	-	-	19.9	78.6
Deposits Withheld	-	-	-	9.8	7.3
Security Deposits Withheld	-	-	-	3.3	-54.0
Payment for Retirement Allow.	-47.7	-47.2	-10.1	-21.1	-25.8
Payment for Defect Repair Expense	-6.1	-7.2	-3.3	-	-
National Pension	-	-	-	0.4	0.2
Deposits for Retirement Insurance	-	-	-	-13.0	-14.7
Rsv-Construction L	-	-	-	-5.3	-8.6
Reserve-Sales Loss	-	-	-	0.1	-0.2
Reserve-Severance & Retirement Benefit	-	-	-24.2	0.1	-
Derivatives in Liabilities	-	-	-	-31.6	-
Other Current Liabilities	-	-	-	-0.3	2.3
Other LT Liabilities	-	-	-	1.0	-20.6
Other Fincl Liabilities	-15.7	-5.5	-9.9	-	-
Other Operating Assets & Liabilities	-7.4	-54.1	-3.0	-	-
Accrued Expenses	-	-	-	-3.7	20.5
Accrued Income Taxes	-	-	-	9.3	-38.4
Discontinued Operations	-	-58.0	-119.1	-	-
Overseas Business Translation Debit	2.1	-0.4	0.1	-50.6	177.9
Cash-Tax Paid	-28.8	-146.7	-76.9	-	-
Cash-Interest Paid	-336.2	-230.4	-216.6	-	-
Cash-Interest Received	157.6	157.6	127.7	-	-
Cash-Dividend Income	1.4	1.6	1.4	-	-
Adj. for Cash Flow from Operations	0.0	0.0	0.0	-	-
Cash from Operating Activities	431.7	-477.7	94.4	484.0	503.6
Decrease-ST Financial Assets	-	-	-	129.1	137.3
Decrease-LT Financial Assets	-	-	-	9.9	0.5
Dec-Secs for Sale	-	-	-	5.6	31.7
Decrease-ST Loans	-	-	-	122.4	204.8
Decrease in LT Loans	-	-	-	0.5	1.3
Dec-Guarantee Dep	-	-	-	45.8	14.4
Decrease-Other Investment Assets	-	-	-	36.8	0.8
Disposal of Land	-	-	-	6.5	9.8
Disposal of Building	-	-	-	6.1	8.7
Disposal Structure	-	-	-	0.7	-
Disposal Mach./Equip	-	-	-	8.0	6.6
Disposal Trans Equip	-	-	-	1.2	1.0
Disp Tools/Supplies	-	-	-	2.5	1.0
Disposal-Construction in Progress	-	-	-	0.8	-
Disposal of Property, Plant and Equipmen	38.9	21.2	31.0	-	-
Disposal of Other Financial Instruments	70.8	140.5	97.5	-	-
Disposal of Other Non-Current Financial	1.8	0.1	0.0	-	-
Disposal of Investment Properties	0.1	0.1	37.5	-	-
Disposal of Investment Securities in Aff	9.0	2.2	0.8	-	-
Disposal of Intangible Assets	23.2	4.5	2.1	-	-
Disposal of Other Non-CurrentAssets	0.0	0.0	-	-	-
Disposal-Securities under Equity Method	-	-	-	0.7	1.0
Disposal-Securities Held to Maturities	-	-	-	5.6	0.0
Acq-Secs for Sale	-	-	-	-17.4	-60.9
Acq-Affiliates Stock	-	-	-	-10.3	-7.0
Inc-ST Finl Assets	-	-	-	-162.7	-87.6
Inc-LT Finl Assets	-	-	-	-13.2	-17.0
Increase-Securities Held to Maturities	-	-	-	0.0	-42.9
Increase-Other Investment Assets	-	-	-	-	-5.1
Increase in ST Loans	-	-	-	-180.6	-158.3
Increase in LT Loans	-	-	-	-7.8	-2.6
Increase in Other Receivables	-38.2	-83.3	-47.1	-	-
Increase in LT Other Receivables	-115.3	-72.1	-110.2	-	-
Inc in Guarant Depos	-	-	-	-41.5	-55.8
Others	141.9	-4.3	66.6	-	-
Decreas in Other Receivables	29.4	0.3	1.4	-	-
Decreas in LT Other Receivables	49.4	26.2	201.4	-	-
Purchase of Other Non-CurrentAssets	-10.4	-9.8	-2.2	-	-
Purchase of Other Fincl Instruments	-93.3	-82.9	-56.6	-	-
Purchase of Other LT FinclAssets	-22.0	-18.1	-34.9	-	-
Purchase of Inv. in Afflt&Subsidiaries	7.8	-120.5	2.2	-	-
Purchase of Real Estate	-174.5	-2.1	-7.0	-	-
Acquisition of Land	-	-	-	-12.6	-16.5
Acquis. of Building	-	-	-	-36.1	-137.0
Purch. of Structure	-	-	-	-4.4	-8.5
Purch. of Mach/Equip	-	-	-	-113.7	-258.4
Acq. of Trans Equip	-	-	-	-3.2	-4.1
Acq. in Tools/Suppl.	-	-	-	-31.9	-33.7
Inc. Const. In Prog	-	-	-	-174.6	-342.3
Inc-Equip.in Transit	-	-	-	-9.2	-10.0
Purchase of Tangibles	-816.3	-978.9	-525.1	-	-
Purchase of Intangibless	-24.0	-49.1	-33.4	-	-
Inc Industrial Right	-	-	-	-1.4	-2.5
Acq-Other Intangible	-	-	-	-12.0	-13.0
Discontinued Business	-	12.1	53.4	-	-
Cash from Investing Activities	-921.6	-1,214.0	-322.5	-450.3	-844.3
Inc in ST Borrowings	5,302.2	4,794.0	4,233.7	5,105.4	7,617.3
Inc due to Con Scope	-	-	-	73.1	75.2
Inc-Current Portion of LT Liabilities	-	-	-	3.9	-
Inc in LT Borrowings	-	-	-	168.3	465.2
Increase in Bonds	-	-	-	527.2	746.3
Capital Increase	2.4	8.2	0.4	105.9	-
Repay ST Borrowings	-5,278.6	-4,692.1	-4,272.9	-5,189.1	-7,523.4
Repay Curr LT Liabs	-	-	-	-689.5	-472.9
Decrease in Invmt in Subsidiaries	-	9.7	-	-	-
Decrease-LT Borrowings	-	-	-	-135.1	-37.6
Decrease in LT Borrowings&Bonds	-403.6	-417.7	-741.7	-	-
Redemption-Bond	-	-	-	-7.8	-253.5
Dividends Paid	-30.4	-38.2	-29.7	-20.2	-23.5
Increase in LT Borrowings&Bonds	969.9	1,833.1	1,281.4	-	-
Others	-154.2	72.4	-27.6	-	-
Cash Flow from Discontinued Business	-	48.7	-40.3	-	-
Cash Outflow from Discontinued Operation	-	-13.0	-	-	-
Cash from Financing Activities	407.7	1,605.1	403.4	-57.9	593.2
Foreign Exchange Effects	0.3	0.0	-1.0	-	-
Net Change in Cash	-81.9	-86.7	174.2	-24.2	252.5
Net Cash - Beginning Balance	467.3	562.0	364.3	375.6	183.1
Net Cash - Ending Balance	385.4	475.3	538.5	351.4	435.6
Cash Interest Paid	336.2	230.4	216.6	-	-
Cash Taxes Paid	28.8	146.7	76.9	-	-

Financial Health

Financials in: USD (mil)

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

Key Indicators USD (mil)
Â	Quarter Ending 31-Mar-2013	Quarter Ending Yr Ago	Annual Year End 31-Dec-2012	1 Year Growth	3 Year Growth	5 Year Growth
Total Revenue1 (?)	2,686.2	-5.09%	11,192.1	11.19%	8.01%	12.08%
Research & Development1 (?)	29.2	4.54%	116.2	-0.40%	8.67%	11.72%
Operating Income1 (?)	88.5	174.02%	168.0	-31.80%	-33.16%	-15.83%
Income Available to Common Excl Extraord Items1 (?)	-11.2	-	108.6	-	-27.67%	-5.93%
Basic EPS Excl Extraord Items1 (?)	-0.34	-	3.27	-	-27.67%	-5.93%
Capital Expenditures2 (?)	127.9	-47.61%	840.2	-16.86%	22.95%	19.44%
Cash from Operating Activities2 (?)	346.2	508.87%	431.7	-	-7.66%	15.27%
Free Cash Flow (?)	212.8	-	-431.7	-	-	-
Total Assets3 (?)	12,786.9	2.28%	12,906.7	1.03%	10.21%	15.54%
Total Liabilities3 (?)	10,231.5	3.05%	10,160.6	0.75%	12.73%	16.05%
Total Long Term Debt3 (?)	3,203.4	-2.20%	3,120.8	-5.05%	21.97%	11.11%
Employees3 (?)	-	-	-	-	-	-
Total Common Shares Outstanding3 (?)	33.3	0.00%	33.3	0.00%	0.00%	0.00%
1-ExchangeRate: KRW to USD Average for Period	1084.553644	Â	1126.848795	Â	Â	Â
2-ExchangeRate: KRW to USD Average for Period	1084.553644	Â	1126.848795	Â	Â	Â
3-ExchangeRate: KRW to USD Period End Date	1112.840072	Â	1066.400024	Â	Â	Â

Key Ratios
Â	31-Dec-2012	31-Dec-2011	31-Dec-2010	31-Dec-2009	31-Dec-2008
Profitability
Gross Margin (?)	8.73%	9.74%	14.77%	16.65%	14.26%
Operating Margin (?)	1.50%	2.45%	7.43%	6.33%	5.04%
Pretax Margin (?)	1.20%	-0.09%	5.57%	3.61%	0.92%
Net Profit Margin (?)	0.97%	-0.05%	4.66%	3.23%	1.23%
Financial Strength
Current Ratio (?)	0.68	0.80	0.86	0.78	0.78
Long Term Debt/Equity (?)	1.14	1.22	0.84	0.67	0.92
Total Debt/Equity (?)	2.74	2.64	2.01	1.68	2.01
Interest Coverage (?)	1,339,940.84	-	-	-	-
Management Effectiveness
Return on Assets (?)	0.78%	-0.42%	3.57%	2.35%	1.69%
Return on Equity (?)	4.22%	-0.20%	16.62%	12.54%	5.96%
Efficiency
Receivables Turnover (?)	5.34	4.25	4.19	5.43	7.56
Inventory Turnover (?)	6.32	5.76	6.35	6.96	7.92
Asset Turnover (?)	0.92	0.87	0.90	0.98	1.15

Market Valuation USD (mil)
P/E (TTM) (?)	25.63	.	Enterprise Value2 (?)	8,708.2
Price/Sales (TTM) (?)	0.17	.	Enterprise Value/Revenue (TTM) (?)	0.78
Price/Book (MRQ) (?)	0.69	.	Enterprise Value/EBITDA (TTM) (?)	13.37
Market Cap as of 28-Jun-20131 (?)	1,806.1	.
1-ExchangeRate: KRW to USD on 28-Jun-2013	1147.202838
2-ExchangeRate: KRW to USD on 31-Mar-2013	1112.840072

Annual Ratios

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
Financial Strength
Current Ratio (?)	0.68	0.80	0.86	0.78	0.78
Quick/Acid Test Ratio (?)	0.41	0.48	0.59	0.50	0.46
Working Capital1 (?)	-1,979.2	-1,090.2	-747.9	-939.2	-810.3
Long Term Debt/Equity (?)	1.14	1.22	0.84	0.67	0.92
Total Debt/Equity (?)	2.74	2.64	2.01	1.68	2.01
Long Term Debt/Total Capital (?)	0.30	0.34	0.28	0.25	0.31
Total Debt/Total Capital (?)	0.73	0.73	0.67	0.63	0.67
Interest Coverage (?)	1,339,940.84	-	-	-	-
Payout Ratio (?)	-	-570.31%	8.80%	10.29%	21.06%
Effective Tax Rate (?)	29.09%	-	28.58%	33.98%	-59.89%
Total Capital1 (?)	10,274.8	9,054.5	7,877.2	6,259.5	5,827.5
Efficiency
Asset Turnover (?)	0.92	0.87	0.90	0.98	1.15
Inventory Turnover (?)	6.32	5.76	6.35	6.96	7.92
Days In Inventory (?)	57.74	63.38	57.47	52.43	46.07
Receivables Turnover (?)	5.34	4.25	4.19	5.43	7.56
Days Receivables Outstanding (?)	68.34	85.94	87.11	67.26	48.31
Revenue/Employee2 (?)	-	1,293,093	1,148,279	1,219,733	1,202,185
Operating Income/Employee2 (?)	-	31,645	85,361	77,240	60,588
EBITDA/Employee2 (?)	-	78,251	131,565	124,943	107,046
Profitability
Gross Margin (?)	8.73%	9.74%	14.77%	16.65%	14.26%
Operating Margin (?)	1.50%	2.45%	7.43%	6.33%	5.04%
EBITDA Margin (?)	5.63%	6.05%	11.46%	10.24%	8.90%
EBIT Margin (?)	1.50%	2.45%	7.43%	6.33%	5.04%
Pretax Margin (?)	1.20%	-0.09%	5.57%	3.61%	0.92%
Net Profit Margin (?)	0.97%	-0.05%	4.66%	3.23%	1.23%
R&D Expense/Revenue (?)	1.04%	1.16%	1.11%	1.02%	1.04%
COGS/Revenue (?)	91.27%	90.26%	85.23%	83.35%	85.74%
SG&A Expense/Revenue (?)	5.92%	6.02%	6.25%	8.73%	7.57%
Management Effectiveness
Return on Assets (?)	0.78%	-0.42%	3.57%	2.35%	1.69%
Return on Equity (?)	4.22%	-0.20%	16.62%	12.54%	5.96%
Valuation
Free Cash Flow/Share2 (?)	-12.98	-43.53	-14.21	2.80	-8.47
Operating Cash Flow/Share 2 (?)	13.71	-13.81	2.89	15.95	13.23
1-ExchangeRate: KRW to USD Period End Date	1066.400024	1152	1134.9	1164.475	1259.55
2-ExchangeRate: KRW to USD Average for Period	1066.400024	1152	1134.9	1164.475	1259.55

Current Market Multiples
Market Cap/Earnings (TTM) (?)	27.05
Market Cap/Equity (MRQ) (?)	0.73
Market Cap/Revenue (TTM) (?)	0.17
Market Cap/EBIT (TTM) (?)	9.17
Market Cap/EBITDA (TTM) (?)	2.86
Enterprise Value/Earnings (TTM) (?)	126.53
Enterprise Value/Equity (MRQ) (?)	3.41
Enterprise Value/Revenue (TTM) (?)	0.78
Enterprise Value/EBIT (TTM) (?)	42.87
Enterprise Value/EBITDA (TTM) (?)	13.37

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.78
UK Pound	1	Rs.99.66
Euro	1	Rs.84.49

INFORMATION DETAILS

Report Prepared by :

NIT

RATING EXPLANATIONS

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

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

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

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

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