MIRA INFORM REPORT

 

 

Report Date :

29.10.2013

 

IDENTIFICATION DETAILS

 

Name :

SEAH BESTEEL CORPORATION

 

 

Registered Office :

28/29F, Seah Tower, 45, Yanghwa-Ro, Mapo-Gu Seoul, 121841

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.02.1955

 

 

Legal Form :

Public Subsidiary

 

 

Line of Business :

Subject is engaged in the manufacture of special steel products.

 

 

No. of Employees :

1,503

 

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, 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

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

Source : CIA

 

Company name and address

 

SEAH BESTEEL CORPORATION                      

 

28/29F, Seah Tower, 45, Yanghwa-Ro, Mapo-Gu

Seoul, 121841, Korea

 

 

Tel:

82-2-69702000

Fax:

82-2-69702181

 

eng.seahbesteel.co.kr

 

Employees:

1,503

Company Type:

Public Subsidiary

Corporate Family:

17 Companies

Ultimate Parent:

Seah Holdings Corp

Traded:

Korea Stock Exchange:

001430

Incorporation Date:

04-Feb-1955

Auditor:

Samil Accounting Corp.

Financials in:

USD (In Millions)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

South Korean Won

Annual Sales:

1,947.1  1

Net Income:

105.8

Total Assets:

2,024.6  2

Market Value:

948.7

 

(11-Oct-2013)

                                         

 

Business Description          

 

 

SeAH Besteel Corporation is a Korea-based company engaged in the manufacture of special steel products. The Company mainly provides three categories of products: special steel products, including carbon steel, alloy steel, H-steel, bearing steel, chain steel, high-strength steel, free-cutting steel and steel for other special-purpose applications, which are used for automobiles, ships and construction equipment; large forging products, including large forging products such as ingots, mold steels and other forging products, and automobile parts, including front driving differential assemblies, rear axle assemblies, axle housings and others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, Seah Besteel Corporation revenues decreased 15% to W1.066T. Net income decreased 33% to W59.7B. Revenues reflect Special Steel segment decrease of 56% to W540.03B, Automobile Parts segment decrease of 54% to W9.69B, South Korea segment decrease of 55% to W476.77B, Asia segment decrease of 67% to W37.25B, North America segment decrease of 79% to W11.29B.

           

 

Industry            

 

 

Industry

Metal Products Manufacturing

ANZSIC 2006:

2110 - Iron Smelting and Steel Manufacturing

ISIC Rev 4:

2410 - Manufacture of basic iron and steel

NACE Rev 2:

2432 - Cold rolling of narrow strip

NAICS 2012:

331221 - Rolled Steel Shape Manufacturing

UK SIC 2007:

2432 - Cold rolling of narrow strip

US SIC 1987:

3316 - Cold-Rolled Steel Sheet, Strip, and Bars

 

 

Key Executives

 

Name

Title

Seung Hwi Lee

President, Chief Executive Officer, Director

Seung-hwee Lee

CEO

H N Yoon

Overseas Sales Manager

Gi Su Yoon

Vice President, Director

Wun Hyeong Lee

Chairman

 

 

Significant Developments

 

Topic

#*

Most Recent Headline

Date

Negative Earnings Pre-Announcement

1

Seah Besteel Corporation Announces Amendments to FY 2012 Outlook

25-Oct-2012

Officer Changes

1

Seah Besteel Corporation Announces Resignation of Co-CEO

15-Mar-2013

Dividends

1

Seah Besteel Corporation Declares Annual Cash Dividend for FY 2012

14-Feb-2013

 

* number of significant developments within the last 12 months  

 

 

News

 

 

Title

Date

Ben Graham and Joel Greenblatt Long Ideas in South Korea
Value Walk (1496 Words)

21-Oct-2013

WIPO PUBLISHES PATENT OF SEAH BESTEEL FOR "COMPONENT STEEL FOR MECHANICAL AND STRUCTURAL PARTS HAVING ULTRAFINE GRAINS AFTER HIGH-FREQUENCY HEAT...
U.S. Fed News (368 Words)

31-Aug-2013

Seah Besteel (Korea): Investability Weight Change (FTSE Value-Stocks Indices)
FTSE (59 Words)

12-Jun-2013

Hyundai Steel to inject $909 mn for specialty steel business
Maekyung (188 Words)

2-May-2013

POSCO P&S purchases scraps from Japan
Steel Guru (126 Words)

19-Apr-2013

SeAH Besteel purchases 2 batches of Japanese high grade scraps
Steel Guru (69 Words)

15-Apr-2013

 

 

Financial Summary

 

As of 30-Jun-2013

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.76

2.95

Quick Ratio (MRQ)

0.68

1.63

Debt to Equity (MRQ)

0.49

0.67

Sales 5 Year Growth

12.91

8.01

Net Profit Margin (TTM) %

4.48

0.49

Return on Assets (TTM) %

3.97

0.76

Return on Equity (TTM) %

6.65

-0.76

 

 

Stock Snapshot

 

Traded: Korea Stock Exchange: 001430

 

As of 11-Oct-2013

   Financials in: KRW

Recent Price

28,350.00

 

EPS

3,354.41

52 Week High

35,200.00

 

Price/Sales

0.46

52 Week Low

23,200.00

 

Dividend Rate

900.00

Avg. Volume (mil)

0.07

 

Price/Earnings

12.33

Market Value (mil)

1,016,691.00

 

Price/Book

0.75

 

 

 

Beta

0.90

 

Price % Change

Rel S&P 500%

4 Week

-8.84%

-10.21%

13 Week

-12.63%

-19.31%

52 Week

-15.88%

-19.69%

Year to Date

-1.05%

-2.41%

 

 

 

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
28/29F
Seah Tower, 45, Yanghwa-Ro, Mapo-Gu
Seoul, 121841
Korea, Republic of

 

Tel:

82-2-69702000

Fax:

82-2-69702181

 

eng.seahbesteel.co.kr

Quote Symbol - Exchange

001430 - Korea Stock Exchange

Sales KRW(mil):

2,194,081.0

Assets KRW(mil):

2,159,086.3

Employees:

1,503

Fiscal Year End:

31-Dec-2012

 

Industry:

Construction - Supplies and Fixtures

Incorporation Date:

04-Feb-1955

Company Type:

Public Subsidiary

Quoted Status:

Quoted

 

President, Chief Executive Officer, Director:

Seung Hwi Lee

 

 

Industry Codes

 

ANZSIC 2006 Codes:

2110

-

Iron Smelting and Steel Manufacturing

2121

-

Iron and Steel Casting

2210

-

Iron and Steel Forging

 

ISIC Rev 4 Codes:

2410

-

Manufacture of basic iron and steel

2431

-

Casting of iron and steel

2591

-

Forging, pressing, stamping and roll-forming of metal; powder metallurgy

 

NACE Rev 2 Codes:

2432

-

Cold rolling of narrow strip

2550

-

Forging, pressing, stamping and roll-forming of metal; powder metallurgy

2410

-

Manufacture of basic iron and steel and of ferro-alloys

2452

-

Casting of steel

 

NAICS 2012 Codes:

331221

-

Rolled Steel Shape Manufacturing

332111

-

Iron and Steel Forging

331110

-

Iron and Steel Mills and Ferroalloy Manufacturing

331513

-

Steel Foundries (except Investment)

 

US SIC 1987:

3316

-

Cold-Rolled Steel Sheet, Strip, and Bars

3312

-

Steel Works, Blast Furnaces (Including Coke Ovens), and Rolling Mills

3325

-

Steel Foundries, Not Elsewhere Classified

3462

-

Iron and Steel Forgings

 

UK SIC 2007:

2432

-

Cold rolling of narrow strip

2550

-

Forging, pressing, stamping and roll-forming of metal; powder metallurgy

2410

-

Manufacture of basic iron and steel and of ferro-alloys

2452

-

Casting of steel

 

 

Business Description

 

SeAH Besteel Corporation is a Korea-based company engaged in the manufacture of special steel products. The Company mainly provides three categories of products: special steel products, including carbon steel, alloy steel, H-steel, bearing steel, chain steel, high-strength steel, free-cutting steel and steel for other special-purpose applications, which are used for automobiles, ships and construction equipment; large forging products, including large forging products such as ingots, mold steels and other forging products, and automobile parts, including front driving differential assemblies, rear axle assemblies, axle housings and others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, Seah Besteel Corporation revenues decreased 15% to W1.066T. Net income decreased 33% to W59.7B. Revenues reflect Special Steel segment decrease of 56% to W540.03B, Automobile Parts segment decrease of 54% to W9.69B, South Korea segment decrease of 55% to W476.77B, Asia segment decrease of 67% to W37.25B, North America segment decrease of 79% to W11.29B.

 

More Business Descriptions

Production of car parts; speciality steel using continuous casting

Steel Products Mfr

Seah Besteel Corporation (Seah Besteel) is a steel product manufacturing company, based in Korea. The company offers products such as steel pipe, column square pipe, steel pipe for structure, steel pipe for plumbing, steel pip for oil supply and oil well, steel pipe for boiler and heat exchanger, conduit, material pipe and incorruptible steel electric pole. Its products are fitted in cars, subway trains, high-speed trains, ship and airplanes. Seah Besteel’s research and development center provides research support, product development and processing development. The company’s new products include lean duplex tube and SR50A tube. Seah Besteel is headquartered in Seoul, Gyeonggi-do, Korea.The company reported revenues of (Won) KRW 2,194,080.93 million during the fiscal year ended December 2012, a decrease of 11.70% from 2011. The operating profit of the company was KRW 171,773.01 million during the fiscal year 2012, a decrease of 43.10% from 2011. The net profit of the company was KRW 119,182.02 million during the fiscal year 2012, a decrease of 47.39% from 2011.

Iron and Steel Mills and Ferroalloy Manufacturing

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

2,194,081.0

Net Income:

119,182.0

Assets:

2,159,086.3

Long Term Debt:

378,829.9

 

Total Liabilities:

809,368.1

 

Working Capital:

311.1

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

-11.7%

-47.4%

8.0%

 

 

Market Data

 

Quote Symbol:

001430

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

28,350.0

Stock Price Date:

10-11-2013

52 Week Price Change %:

-15.9

Market Value (mil):

1,016,691,008.0

 

SEDOL:

6494500

ISIN:

KR7001430008

 

Equity and Dept Distribution:

All financials reflect non-consolidated numbers. FY'03, name changed from Kia Steel Co., Ltd. 12/03, 1-for-20 capital reduction (F:0.05). 12/03, 42,000,000 sharesissued through private placement. FY'10 & 09 Q2 has CSP at I/S. FY'09 Q4 has CLA at B/S and C/F.

 

 

Shareholders

 

Major Shareholders

SeAH Holdings Corp (54.2%)

 

 

Key Corporate Relationships

 

Auditor:

Samil Accounting Corp.

 

Auditor:

Samil Accounting Corp.

 

 

 

 

Corporate Family      

 

Corporate Structure News:

Total Corporate Family Members: 17

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

Seah Holdings Corp

Parent

Seoul

Korea, Republic of

Metal Products Manufacturing

3,412.2

48

Seah Besteel Corporation

Subsidiary

Seoul

Korea, Republic of

Metal Products Manufacturing

1,947.1

1,503

SeAH Networks Co., Ltd.

Subsidiary

Seoul

Korea, Republic of

Computer System Design Services

6.3

200

SeAH Metal Co. Ltd

Subsidiary

Changwon, Kyungnam

Korea, Republic of

Metal Products Manufacturing

 

70

SeAH E & T Corporation

Subsidiary

Pohang, Kyungbuk

Korea, Republic of

Machinery and Equipment Manufacturing

 

30

SeAH Special Steel Co Ltd

Subsidiary

Pohang

Korea, Republic of

Metal Products Manufacturing

632.0

304

Seah Networks Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Rubber and Plastic Product Manufacturing

105.5

232

Seah Investment Development Co., Ltd.

Subsidiary

Inchon, Inchon

Korea, Republic of

Electrical Equipment and Appliances Manufacturing

 

80

Seah Information System Co., Ltd.

Subsidiary

Seoul, Seoul

Korea, Republic of

Computer Programming

5.4

78

Seah Metals & Solution Corp.

Subsidiary

Yosu, Chollanam-Do

Korea, Republic of

Metal Products Manufacturing

147.5

51

Dreamline Corporation

Subsidiary

Seoul, Seoul

Korea, Republic of

Nonclassifiable Establishments

177.4

 

Korea Bundy Corp.

Subsidiary

Pyongtaek, Kyonggi-Do

Korea, Republic of

Metal Products Manufacturing

110.6

 

Osan Precision Corp.

Subsidiary

Pyongtaek, Kyonggi-Do

Korea, Republic of

Motor Vehicle Parts Manufacturing

4.6

 

Seah E&T Co., Ltd.

Subsidiary

Pohang, Kyongsangbuk-Do

Korea, Republic of

Metal Products Manufacturing

75.5

 

Aentl Co., Ltd.

Subsidiary

Chonju, Chollabuk-Do

Korea, Republic of

Metal Products Manufacturing

3.3

22

S & G Holdings Limited

Subsidiary

Admiralty, Hong Kong

Hong Kong

Metals and Minerals Wholesale

22.2

 

Seah Logistics Co., Ltd.

Subsidiary

Pohang, Kyongsangbuk-Do

Korea, Republic of

Road Transportation Services

 

 

 

 

 

Competitors Report

 

CompanyName

Location

Employees

Ownership

POSCO

Pohang, Korea, Republic of

17,853

Public

 

 

Executives Report

 

 

Board of Directors

 

Name

Title

Function

Wun Hyeong Lee

 

Chairman

Chairman

Bang Eun Chae

 

Non-Executive Independent Director

Director/Board Member

Biography:

Chae Bang Eun is Non-Executive Independent Director of Seah Besteel Corporation. Previously, Chae served as a prosecuting attorney at the Public Prosecutor's Office, Seoul. Chae is a lawyer. Chae holds a Bachelor's degree in Mechanical Engineering from Seoul National University, Korea. Chae also holds a Doctorate's degree.

Age: 66

Education:

Seoul National University, B (Mechanical Engineering)

Yong Hui Jung

 

Non-Executive Independent Director

Director/Board Member

Biography:

Jung Yong Hui has been serving as Non-Executive Independent Director of SEAH BESTEEL CORPORATION since March 15, 2013. Jung used to be Chief Executive Officer in POSCO M-TECH CO.,LTD. Jung holds a Bachelor's degree in Metallurgy from Hanyang University, Korea.

Age: 68

Education:

Hanyang University, B (Metallurgy)

Chang Do Kim

 

Non-Executive Independent Director

Director/Board Member

Biography:

Kim Chang Do has been serving as Non-Executive Independent Director of Seah Besteel Corporation since March 15, 2013. Kim is also President of a Korea-based steel company. Previously, Kim served as Assistant Managing Director of HYUNDAI BNG STEEL CO., LTD. and Head of Korea Branch in another company. Kim holds a Bachelor's degree in Metallurgical Engineering from Seoul National University, Korea.

Age: 63

Education:

Seoul National University, B (Metallurgical Engineering)

Seung Hwi Lee

 

President, Chief Executive Officer, Director

Director/Board Member

Biography:

Lee Seung Hwi has been serving as President, Chief Executive Officer and Director of Seah Besteel Corporation since March 15, 2013. Lee is also serving as Director of Seah Special Steel Co., Ltd., SEAH METAL. Co. LTD. and JEENYANG Industrial Co., Ltd. Lee was Chief Executive Officer of Seah Special Steel Co., Ltd and Seah Holdings Corp., as well as Director of SEAH COMMUNICATIONS CO., LTD. Lee holds a Bachelor's degree in Metallurgical Engineering from Seoul National University, Korea.

Age: 63

Education:

Seoul National University, B (Metallurgical Engineering)

Yin Mok Park

 

Non-Executive Independent Director

Director/Board Member

Biography:

Park Yin Mok has been serving as Non-Executive Independent Director of SEAH BESTEEL CORPORATION since March 15, 2013. Park currently also serves as Chairman and tax accountant of a tax firm. Park holds a Master's degree from Konkuk University, Korea.

Age: 61

Education:

Konkuk University, M
Dong-A University, B (Law)

Gi Su Yoon

 

Vice President, Director

Director/Board Member

Biography:

Yoon Gi Su is Vice President and Director of Seah Besteel Corporation. Yoon is also Director of JEENYANG Industrial Co., Ltd. Previously, Yoon was Managing Director and Assistant Managing Director of the Company and Director of Seah Special Steel Co., Ltd. Yoon holds a Bachelor's degree in Metallurgical Engineering from Hongik University, Korea.

Age: 56

Education:

Hongik University, B (Metallurgical Engineering)

 

Executives

 

Name

Title

Function

Seung Hwi Lee

 

President, Chief Executive Officer, Director

Chief Executive Officer

Biography:

Lee Seung Hwi has been serving as President, Chief Executive Officer and Director of Seah Besteel Corporation since March 15, 2013. Lee is also serving as Director of Seah Special Steel Co., Ltd., SEAH METAL. Co. LTD. and JEENYANG Industrial Co., Ltd. Lee was Chief Executive Officer of Seah Special Steel Co., Ltd and Seah Holdings Corp., as well as Director of SEAH COMMUNICATIONS CO., LTD. Lee holds a Bachelor's degree in Metallurgical Engineering from Seoul National University, Korea.

Age: 63

Education:

Seoul National University, B (Metallurgical Engineering)

Seung-hwee Lee

 

CEO

Chief Executive Officer

 

Sang Eun Lee

 

Assistant Managing Director

Managing Director

 

Age: 53

Education:

Chonbuk National University, B (Metallurgical Engineering)

Ji Yong Lee

 

Assistant Managing Director

Managing Director

 

Biography:

Lee Ji Yong is Assistant Managing Director of Seah Besteel Corporation. Currently, Lee also serves as Internal Auditor of JEENYANG Industrial Co., Ltd. Lee worked for SEAH STEEL CORPORATION. Lee holds a Bachelor's degree in Metallurgical Engineering from Sungkyunkwan University, Korea.

Age: 54

Education:

Sungkyunkwan University, B (Metallurgical Engineering)

Jae Hak Lee

 

Assistant Managing Director

Managing Director

 

Biography:

Lee Jae Hak is Assistant Managing Director of Seah Besteel Corporation. Lee is also Director of another company. Lee previously worked for SEAH STEEL CORPORATION. Lee holds a Bachelor's degree in Business Administration from Chung-Ang University, Korea.

Age: 53

Education:

Chung-Ang University, B (Business Administration)

Hong Su Shin

 

Managing Director

Managing Director

 

Biography:

Shin Hong Su is Managing Director of Seah Besteel Corporation. Prior to the current position, Shin was Assistant Managing Director and Head of Supporting Division at the Company. Shin holds a Bachelor's degree in Chemical Engineering from Korea University.

Age: 57

Education:

Korea University, B (Chemical Engineering)

H N Yoon

 

Overseas Sales Manager

Sales Executive

 

 

 

Significant Developments

 

 

 

Seah Besteel Corporation Announces Resignation of Co-CEO

Mar 15, 2013


Seah Besteel Corporation announced that its Co-Chief Executive Officer (Co-CEO), Lee Wun Hyeong, has resigned from the Company, effective March 15, 2013. The current Co-CEO, Lee Seung Hwi, continues his duty as Chief Executive Officer at the Company.

Seah Besteel Corporation Declares Annual Cash Dividend for FY 2012

Feb 14, 2013


Seah Besteel Corporation announced that it has declared an annual cash dividend of KRW 900 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 3.1% and the total amount of the cash dividend is KRW 32,036,084,100. The Company's annual cash dividend for the fiscal year 2011 was KRW 1,200 per share.

Seah Besteel Corporation Announces Amendments to FY 2012 Outlook

Oct 25, 2012


Seah Besteel Corporation announced that it has made amendments to the outlook of fiscal year 2012, initially announced on April 26, 2012. Following the change, the Company expects the revenue and operating profit for the fiscal year 2012 to record KRW 2,220 billion and KRW 200 billion.

 

 

News

 

Ben Graham and Joel Greenblatt Long Ideas in South Korea
Value Walk (1496 Words)

21-Oct-2013

WIPO PUBLISHES PATENT OF SEAH BESTEEL FOR "COMPONENT STEEL FOR MECHANICAL AND STRUCTURAL PARTS HAVING ULTRAFINE GRAINS AFTER HIGH-FREQUENCY HEAT...
U.S. Fed News (368 Words)

31-Aug-2013

Seah Besteel (Korea): Investability Weight Change (FTSE Value-Stocks Indices)
FTSE (59 Words)

12-Jun-2013

Hyundai Steel to inject $909 mn for specialty steel business
Maekyung (188 Words)

02-May-2013

POSCO P&S purchases scraps from Japan
Steel Guru (126 Words)

19-Apr-2013

SeAH Besteel purchases 2 batches of Japanese high grade scraps
Steel Guru (69 Words)

15-Apr-2013

Seah Besteel Corporation Announces Resignation of Co-CEO
Reuters (38 Words)

15-Mar-2013

Seah Besteel Corporation Declares Annual Cash Dividend for FY 2012
Reuters (67 Words)

14-Feb-2013

SeAH Besteel bids for new Japanese scrap purchases
Steel Guru (508 Words)

16-Jan-2013

General Moly at John Tumazos Metals & Mining Conference - Final
FD (Fair Disclosure) Wire (4119 Words)

25-Oct-2012

 

 

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

Samil Accounting Corp.

Samil Accounting Corp.

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Net Sales

1,947.1

2,242.8

1,615.1

975.7

1,672.5

Revenue

1,947.1

2,242.8

1,615.1

975.7

1,672.5

Total Revenue

1,947.1

2,242.8

1,615.1

975.7

1,672.5

 

 

 

 

 

 

    Cost of Revenue

1,726.1

1,904.2

1,382.2

936.6

1,456.4

Cost of Revenue, Total

1,726.1

1,904.2

1,382.2

936.6

1,456.4

Gross Profit

221.0

338.6

233.0

39.1

216.1

 

 

 

 

 

 

    Selling/General/Administrative Expense

50.7

49.4

38.0

28.5

38.0

    Labor & Related Expense

10.1

9.9

8.0

5.4

6.9

    Advertising Expense

0.4

0.3

0.5

0.1

0.4

Total Selling/General/Administrative Expenses

61.3

59.7

46.6

34.0

45.3

Research & Development

5.2

4.5

3.2

2.1

3.3

    Depreciation

2.1

1.9

1.9

1.9

2.6

Depreciation/Amortization

2.1

1.9

1.9

1.9

2.6

    Impairment-Assets Held for Use

-

-

0.1

-

-

    Loss (Gain) on Sale of Assets - Operating

-

-

2.8

-

-

Unusual Expense (Income)

-

-

2.8

-

-

    Other Operating Expense

-

-

0.5

-

-

    Other, Net

-

-

-2.8

-

-

Other Operating Expenses, Total

-

-

-2.3

-

-

Total Operating Expense

1,794.7

1,970.3

1,434.4

974.6

1,507.6

 

 

 

 

 

 

Operating Income

152.4

272.5

180.7

1.1

164.9

 

 

 

 

 

 

        Interest Expense - Non-Operating

-19.7

-24.9

-30.6

-30.9

-23.7

    Interest Expense, Net Non-Operating

-19.7

-24.9

-30.6

-30.9

-23.7

        Interest Income - Non-Operating

1.0

0.8

0.6

1.6

2.2

        Investment Income - Non-Operating

-1.7

0.6

1.2

1.9

-23.0

    Interest/Investment Income - Non-Operating

-0.7

1.4

1.8

3.5

-20.8

Interest Income (Expense) - Net Non-Operating Total

-20.4

-23.5

-28.9

-27.4

-44.5

Gain (Loss) on Sale of Assets

-0.7

-5.0

-

-3.0

-10.8

    Other Non-Operating Income (Expense)

4.2

0.9

-

-1.0

2.2

Other, Net

4.2

0.9

-

-1.0

2.2

Income Before Tax

135.5

244.9

151.9

-30.3

111.8

 

 

 

 

 

 

Total Income Tax

29.7

40.4

23.0

0.0

19.4

Income After Tax

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Net Income Before Extraord Items

105.8

204.5

128.9

-30.3

92.4

Net Income

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

35.7

35.9

35.1

35.2

35.3

Basic EPS Excl Extraord Items

2.96

5.70

3.67

-0.86

2.62

Basic/Primary EPS Incl Extraord Items

2.96

5.70

3.67

-0.86

2.62

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

105.8

204.5

128.9

-30.3

92.4

Diluted Weighted Average Shares

35.7

35.9

35.1

35.2

35.3

Diluted EPS Excl Extraord Items

2.96

5.70

3.67

-0.86

2.62

Diluted EPS Incl Extraord Items

2.96

5.70

3.67

-0.86

2.62

Dividends per Share - Common Stock Primary Issue

0.80

1.08

0.86

0.24

0.73

Gross Dividends - Common Stock

28.4

38.8

31.0

2.3

25.6

Interest Expense, Supplemental

19.7

24.9

30.6

30.9

23.7

Depreciation, Supplemental

81.8

93.9

87.0

79.5

90.4

Total Special Items

0.7

5.0

2.8

3.0

10.8

Normalized Income Before Tax

136.2

249.9

154.7

-27.3

122.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.2

0.8

0.4

0.0

1.9

Inc Tax Ex Impact of Sp Items

29.9

41.2

23.4

0.0

21.2

Normalized Income After Tax

106.4

208.7

131.3

-27.3

101.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

106.4

208.7

131.3

-27.3

101.4

 

 

 

 

 

 

Basic Normalized EPS

2.98

5.82

3.74

-0.77

2.87

Diluted Normalized EPS

2.98

5.82

3.74

-0.77

2.87

Rental Expenses

-

-

0.2

0.0

0.0

Advertising Expense, Supplemental

0.4

0.3

0.5

0.1

0.4

Research & Development Exp, Supplemental

5.2

4.5

3.2

2.2

3.3

Normalized EBIT

152.4

272.5

183.6

1.1

164.9

Normalized EBITDA

234.2

366.4

270.6

80.6

255.3

    Current Tax - Total

28.5

44.5

-

-

-

Current Tax - Total

28.5

44.5

-

-

-

    Deferred Tax - Total

1.2

-4.1

-

-

-

Deferred Tax - Total

1.2

-4.1

-

-

-

Income Tax - Total

29.7

40.4

-

-

-

Interest Cost - Domestic

3.4

-

-

-

-

Service Cost - Domestic

8.2

-

-

-

-

Expected Return on Assets - Domestic

-2.5

-

-

-

-

Domestic Pension Plan Expense

9.0

-

-

-

-

Total Pension Expense

9.0

-

-

-

-

Total Plan Interest Cost

3.4

-

-

-

-

Total Plan Service Cost

8.2

-

-

-

-

Total Plan Expected Return

-2.5

-

-

-

-

 

 

 

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Reclassified Normal
31-Mar-2013

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

1259.55

Auditor

Samil Accounting Corp.

Samil Accounting Corp.

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

-

-

-

0.0

-

    Cash & Equivalents

7.0

0.0

6.7

0.7

17.5

    Short Term Investments

7.7

0.2

1.1

0.8

0.2

Cash and Short Term Investments

14.7

0.2

7.8

1.4

17.7

        Accounts Receivable - Trade, Gross

248.6

266.8

217.8

168.0

131.4

        Provision for Doubtful Accounts

0.0

0.0

-0.1

-1.9

-1.6

    Trade Accounts Receivable - Net

248.8

267.0

217.9

166.3

130.0

    Notes Receivable - Short Term

0.7

0.6

0.6

0.5

0.3

    Other Receivables

4.4

4.8

1.4

1.7

3.7

Total Receivables, Net

253.9

272.4

219.9

168.5

134.0

    Inventories - Finished Goods

192.7

137.1

131.1

142.9

138.8

    Inventories - Work In Progress

196.9

188.7

143.3

151.5

193.2

    Inventories - Raw Materials

78.7

118.1

103.4

62.2

78.6

    Inventories - Other

34.5

17.0

12.7

12.2

17.3

Total Inventory

502.9

460.9

390.6

368.9

428.0

Prepaid Expenses

2.5

1.6

5.0

1.7

1.5

    Deferred Income Tax - Current Asset

-

-

-

1.6

5.0

    Other Current Assets

0.0

0.0

0.0

4.9

6.3

Other Current Assets, Total

0.0

0.0

0.0

6.5

11.3

Total Current Assets

774.1

735.1

623.3

547.0

592.4

 

 

 

 

 

 

        Buildings

-

298.6

301.9

267.5

216.7

        Land/Improvements

-

172.6

204.8

57.3

38.7

        Machinery/Equipment

-

1,390.9

1,377.1

1,182.7

1,041.9

        Construction in Progress

-

42.3

40.1

157.2

84.6

        Other Property/Plant/Equipment

-

11.8

11.3

10.4

11.5

    Property/Plant/Equipment - Gross

-

1,916.2

1,935.2

1,674.9

1,393.5

    Accumulated Depreciation

-

-952.8

-896.0

-800.8

-682.9

Property/Plant/Equipment - Net

1,190.1

963.4

1,039.2

874.1

710.6

Intangibles, Net

3.9

3.3

2.1

-

-

    LT Investment - Affiliate Companies

20.2

19.6

-

-

-

    LT Investments - Other

27.9

9.3

11.8

17.1

9.4

Long Term Investments

48.1

28.9

11.8

17.1

9.4

Note Receivable - Long Term

3.2

1.8

2.4

2.8

3.2

    Deferred Charges

0.1

0.0

0.0

-

-

    Deferred Income Tax - Long Term Asset

-

-

-

12.5

9.9

    Other Long Term Assets

5.1

3.2

3.6

4.5

9.3

Other Long Term Assets, Total

5.2

3.2

3.6

17.1

19.2

Total Assets

2,024.6

1,735.6

1,682.3

1,458.1

1,334.8

 

 

 

 

 

 

Accounts Payable

79.5

115.1

93.3

52.6

56.5

Accrued Expenses

30.4

43.5

30.4

26.5

17.2

Notes Payable/Short Term Debt

182.8

230.7

377.3

212.9

122.2

Current Portion - Long Term Debt/Capital Leases

-

-

-

143.9

47.6

    Customer Advances

1.2

1.1

1.4

1.1

0.9

    Income Taxes Payable

12.6

40.5

9.4

-

10.4

    Other Payables

59.0

28.6

20.6

45.6

58.5

    Other Current Liabilities

2.5

5.5

10.6

0.7

3.4

Other Current liabilities, Total

75.3

75.7

42.0

47.4

73.3

Total Current Liabilities

367.9

465.0

543.0

483.2

316.8

 

 

 

 

 

 

    Long Term Debt

355.2

121.2

125.3

238.5

284.6

Total Long Term Debt

355.2

121.2

125.3

238.5

284.6

Total Debt

538.0

352.0

502.6

595.2

454.5

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

24.1

22.4

28.8

-

-

Deferred Income Tax

24.1

22.4

28.8

-

-

    Pension Benefits - Underfunded

4.5

1.7

5.0

27.9

29.0

    Other Long Term Liabilities

7.2

7.2

7.6

7.0

9.6

Other Liabilities, Total

11.8

8.9

12.6

35.0

38.6

Total Liabilities

759.0

617.5

709.6

756.7

640.0

 

 

 

 

 

 

    Common Stock

205.7

190.4

193.2

188.3

174.1

Common Stock

205.7

190.4

193.2

188.3

174.1

Additional Paid-In Capital

280.3

268.1

272.1

255.9

236.6

Retained Earnings (Accumulated Deficit)

780.6

659.9

507.0

264.7

297.8

Treasury Stock - Common

-

-

-

-8.6

-7.9

Unrealized Gain (Loss)

-0.9

-

-

1.0

-5.7

    Other Comprehensive Income

-

-0.2

0.4

0.1

-

Other Equity, Total

-

-0.2

0.4

0.1

-

Total Equity

1,265.7

1,118.1

972.7

701.4

694.9

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

2,024.6

1,735.6

1,682.3

1,458.1

1,334.8

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

35.6

35.9

35.9

35.2

35.2

Total Common Shares Outstanding

35.6

35.9

35.9

35.2

35.2

Treasury Shares - Common Stock Primary Issue

0.3

0.0

0.0

0.6

0.6

Employees

1,531

1,478

1,481

1,418

1,415

Number of Common Shareholders

-

-

6,600

7,842

8,195

Deferred Revenue - Current

1.2

1.1

1.4

1.1

0.9

Deferred Revenue - Long Term

0.0

0.2

0.0

-

-

Total Long Term Debt, Supplemental

-

-

-

191.7

213.6

Long Term Debt Maturing within 1 Year

-

-

-

92.4

47.6

Long Term Debt Maturing in Year 2

-

-

-

99.3

86.2

Long Term Debt Maturing in Year 3

-

-

-

-

79.8

Long Term Debt Maturing in 2-3 Years

-

-

-

99.3

166.0

Long Term Debt Matur. in Year 6 & Beyond

-

-

-

0.0

0.0

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Reclassified 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

Samil Accounting Corp.

Samil Accounting Corp.

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income/Starting Line

135.5

244.9

151.9

-30.3

92.4

    Depreciation

81.6

93.7

87.0

79.5

90.4

Depreciation/Depletion

81.6

93.7

87.0

79.5

90.4

Deferred Taxes

-

-

-

0.0

-5.5

    Unusual Items

0.7

5.0

2.0

2.3

7.2

    Equity in Net Earnings (Loss)

0.3

-3.3

-

-

-

    Other Non-Cash Items

28.4

38.2

36.3

5.6

44.1

Non-Cash Items

29.4

40.0

38.4

7.9

51.3

    Accounts Receivable

37.6

-57.2

-44.1

-21.1

5.6

    Inventories

-4.8

-79.1

-11.9

94.9

-259.5

    Prepaid Expenses

-

-

-

0.2

1.0

    Other Assets

-1.4

0.3

2.4

-2.3

-0.2

    Accounts Payable

-43.1

24.0

39.6

-23.9

41.1

    Accrued Expenses

-

-

-

4.2

1.2

    Taxes Payable

-

-

-

-10.3

11.9

    Other Liabilities

-29.6

0.5

-24.6

-13.0

-4.9

    Other Assets & Liabilities, Net

-

-

-

0.5

-

    Other Operating Cash Flow

-77.0

-38.8

-54.5

-

-

Changes in Working Capital

-118.3

-150.5

-93.1

29.1

-203.7

Cash from Operating Activities

128.2

228.2

184.1

86.3

24.9

 

 

 

 

 

 

    Purchase of Fixed Assets

-197.4

-80.7

-92.9

-180.4

-136.2

    Purchase/Acquisition of Intangibles

-0.3

-1.3

-1.0

-

-

Capital Expenditures

-197.8

-81.9

-93.9

-180.4

-136.2

    Sale of Fixed Assets

0.3

44.6

0.6

1.6

1.1

    Sale/Maturity of Investment

8.9

1.1

5.0

5.9

1.1

    Purchase of Investments

-33.7

-13.9

-0.2

-7.2

0.0

    Sale of Intangible Assets

-

-

0.4

-

-

    Other Investing Cash Flow

-1.3

-0.1

0.3

-0.1

-1.6

Other Investing Cash Flow Items, Total

-25.8

31.8

6.1

0.2

0.5

Cash from Investing Activities

-223.5

-50.1

-87.8

-180.2

-135.7

 

 

 

 

 

 

    Other Financing Cash Flow

-

-

-

-52.9

-27.7

Financing Cash Flow Items

-

-

-

-52.9

-27.7

Total Cash Dividends Paid

-38.2

-32.4

-2.5

-22.1

-22.6

        Sale/Issuance of Common

-

-

22.3

-

-

        Repurchase/Retirement of Common

-8.8

0.0

-4.3

-

-4.6

    Common Stock, Net

-8.8

0.0

18.0

-

-4.6

Issuance (Retirement) of Stock, Net

-8.8

0.0

18.0

-

-4.6

        Short Term Debt Issued

932.8

510.4

378.6

162.3

133.2

        Short Term Debt Reduction

-1,040.1

-707.9

-545.0

-88.4

-210.3

    Short Term Debt, Net

-107.2

-197.5

-166.5

74.0

-77.1

        Long Term Debt Issued

291.7

44.9

77.8

78.2

260.8

        Long Term Debt Reduction

-35.5

0.0

-17.3

-

-

    Long Term Debt, Net

256.2

44.9

60.5

78.2

260.8

Issuance (Retirement) of Debt, Net

149.0

-152.6

-105.9

152.1

183.6

Cash from Financing Activities

102.0

-184.9

-90.5

77.1

128.7

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

-

Net Change in Cash

6.6

-6.9

5.9

-16.7

18.0

 

 

 

 

 

 

Net Cash - Beginning Balance

0.0

6.9

0.7

17.3

2.1

Net Cash - Ending Balance

6.6

0.0

6.6

0.6

20.1

Cash Interest Paid

19.6

26.0

54.0

-

-

Cash Taxes Paid

58.0

13.7

0.9

-

-

 

 

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

Samil Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Finished Products

-

-

-

974.2

1,670.8

    Sales Revenue of Merchandises

-

-

-

1.4

1.8

    Sales Revenue

1,947.1

2,242.8

1,615.1

-

-

Total Revenue

1,947.1

2,242.8

1,615.1

975.7

1,672.5

 

 

 

 

 

 

    Costs of Goods & Services Sold

1,726.1

1,904.2

1,382.2

-

-

    Cost of Finished Goods Sold

-

-

-

935.2

1,455.2

    Cost of Merchandises Sold

-

-

-

1.4

1.2

    Salaries & Wages

7.9

8.1

6.8

4.1

5.4

    Retirement & Severance Benefits

0.7

0.7

0.4

0.7

0.7

    Advertising Expense

0.4

0.3

0.5

0.1

0.4

    adj.-SGA

0.0

0.0

-

-

-

    Impmt Loss on Trade Receivable

-

0.3

-

-

-

    Shipping & Handling Expense

29.8

31.2

23.4

15.1

19.9

    Other Exporting Related Expense

9.4

9.8

7.6

5.8

10.8

    After Sales Service Expense

3.9

1.2

1.2

2.2

1.7

    Employee Benefits

1.5

1.1

0.8

0.6

0.7

    Travel Expense

0.5

0.5

0.4

0.2

0.3

    Communication Expense

-

-

-

0.1

0.1

    Office Supplies Expense

-

-

-

0.1

0.1

    Supply Expense

-

-

-

0.1

0.2

    Utility Expense

1.1

0.8

0.7

0.6

0.6

    Vehicle Maintenance Expense

-

-

-

0.1

0.2

    Depreciation

2.1

1.9

1.9

1.9

2.6

    Repair Expense

-

-

-

0.0

0.0

    Insurance Premiums

-

-

-

0.1

0.1

    Rental Expense

-

-

-

0.0

0.0

    Commission Paid

2.2

1.9

1.8

1.9

1.6

    Taxes & Dues

0.5

0.5

0.4

0.8

0.4

    Education & Training

-

-

-

0.0

0.0

    Literature Train Exp

-

-

-

0.0

0.0

    Entertainment Expense

0.3

0.3

0.2

0.1

0.2

    Conference Expense

-

-

-

0.0

0.1

    Service Expense

2.1

1.8

1.4

1.0

1.3

    R & D Expense

5.2

4.5

3.2

2.1

3.3

    Miscellaneous Expense

-

-

-

0.0

0.0

    Expense of Allow. for DA

-

-

-

0.2

0.3

    Other Selling & Administrative Expense

1.0

1.1

0.9

-

-

    09

-

-

0.0

-

-

    Gains on Operating Lease

-

-

-1.4

-

-

    Rec. of Impmt Loss on Other Receivable

-

-

0.0

-

-

    Gain on Disposal of PPE

-

-

0.0

-

-

    Commission Income

-

-

0.0

-

-

    Miscellaneous Income

-

-

-1.4

-

-

    Adj. for Other Operating Income

-

-

0.0

-

-

    Impmt Loss on Trade Receivable

-

-

0.1

-

-

    Loss on Disposal of PPE

-

-

2.8

-

-

    Donations Paid

-

-

0.5

-

-

    Miscellaneous Loss

-

-

0.0

-

-

    Adj. for Other Operating Expense

-

-

0.0

-

-

Total Operating Expense

1,794.7

1,970.3

1,434.4

974.6

1,507.6

 

 

 

 

 

 

    Interest Income

1.0

0.8

0.6

1.6

2.2

    Total Financial Income - Balancing value

0.0

0.0

-

-

-

    Gain on Valt of Derivatives

0.0

0.0

-

-

-

    Gain on Foreign Currency Translation

0.0

0.1

-

-

-

    Loss on Valt of Derivatives

0.0

0.0

-

-

-

    Loss on Foreign Currency Translation

-0.6

-3.6

-

-

-

    Dividend Income

0.2

0.2

0.2

0.2

0.2

    Operating Lease Income

0.9

1.0

-

-

-

    Commission Income

0.0

0.0

-

-

-

    Miscellaneous Income

5.4

4.3

-

-

-

    Adj. for Other Non-Operating Income

-

0.0

-

-

-

    Miscellaneous Loss

-1.4

-3.1

-

-

-

    Adj. for Other Non-Operating Expense

0.0

-

-

-

-

    Rental Income

-

-

-

0.9

1.0

    Commission Income

-

-

-

0.0

0.0

    Gain on Foreign Currency Transaction

2.8

4.2

4.2

5.4

10.4

    Gain on Foreign Currency Translation

-

-

1.4

4.9

0.0

    Gain on Valt of Derivatives

-

-

-

-

15.3

    Gain-Valuation of Currency Forwards

-

-

-

0.1

0.6

    Gains on Currency Forward Transactions

-

-

-

0.1

-

    Reversal of Allow. for DA

-

-

-

0.1

-

    Gain-Currency Swap Transaction

-

-

-

-

5.6

    Gain on Derivatives Transaction

-

-

1.2

-

-

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

-

-

0.9

-

-

    Gain on Disposal of PPE

0.1

2.1

-

-

-

    Loss on Disposal of PPE

-0.9

-7.1

-

-

-

    G-Tang Asset Disp.

-

-

-

0.7

0.2

    Miscellaneous Income

-

-

-

1.3

1.8

    Interest Expense

-19.7

-24.9

-30.6

-30.9

-23.7

    Loss on Foreign Currency Transaction

-3.8

-3.6

-4.6

-5.1

-21.4

    Loss on Foreign Currency Translation

-

-

-0.1

-0.2

-33.9

    Loss on Derivative Transaction

-

-

-1.9

-

-

    Loss on Valt of Derivatives

-

-

0.0

-

-

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

-

-

-0.2

-

-

    Losses on Valuation of Currency Swap

-

-

-

-2.8

-

    Losses on Currency Swap Transactions

-

-

-

-0.4

-

    Losses on Currency Forward Transactions

-

-

-

-0.2

-

    Donations

-0.7

-1.3

-

-0.2

-0.6

    L-Tang Asset Disp.

-

-

-

-3.7

-11.0

    Miscellaneous Losses

-

-

-

0.0

0.0

    Provisions for Lawsuit Expense

-

-

-

-3.0

-

    Adj for Total Financial Income

-

-

0.0

-

-

    Total Fincl EXP.-BL

0.0

0.0

-

-

-

    Gain/Loss under Equity Method

-0.3

3.3

-

-

-

Net Income Before Taxes

135.5

244.9

151.9

-30.3

111.8

 

 

 

 

 

 

Prov. for Income Taxes

29.7

40.4

23.0

0.0

19.4

Net Income After Taxes

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Net Income Before Extra. Items

105.8

204.5

128.9

-30.3

92.4

Net Income

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

105.8

204.5

128.9

-30.3

92.4

 

 

 

 

 

 

Basic Weighted Average Shares

35.7

35.9

35.1

35.2

35.3

Basic EPS Excluding ExtraOrdinary Items

2.96

5.70

3.67

-0.86

2.62

Basic EPS Including ExtraOrdinary Items

2.96

5.70

3.67

-0.86

2.62

Dilution Adjustment

0.0

0.0

0.0

0.0

0.0

Diluted Net Income

105.8

204.5

128.9

-30.3

92.4

Diluted Weighted Average Shares

35.7

35.9

35.1

35.2

35.3

Diluted EPS Excluding ExtraOrd Items

2.96

5.70

3.67

-0.86

2.62

Diluted EPS Including ExtraOrd Items

2.96

5.70

3.67

-0.86

2.62

DPS-Ordinary Shares

0.80

1.08

0.86

0.24

0.73

Gross Dividends - Common Stock

28.4

38.8

31.0

2.3

25.6

Normalized Income Before Taxes

136.2

249.9

154.7

-27.3

122.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

29.9

41.2

23.4

0.0

21.2

Normalized Income After Taxes

106.4

208.7

131.3

-27.3

101.4

 

 

 

 

 

 

Normalized Inc. Avail to Com.

106.4

208.7

131.3

-27.3

101.4

 

 

 

 

 

 

Basic Normalized EPS

2.98

5.82

3.74

-0.77

2.87

Diluted Normalized EPS

2.98

5.82

3.74

-0.77

2.87

Interest Expense

19.7

24.9

-

-

-

Interest Expense, Supplemental

-

-

30.6

30.9

23.7

Rental Expense, Supplemental

-

-

0.2

0.0

0.0

Advertising Expense, Supplemental

0.4

0.3

0.5

0.1

0.4

R&D Expense, Supplemental

5.2

4.5

3.2

2.2

3.3

BC - Depreciation of Fixed Assets

81.8

93.9

-

-

-

Depreciation, Supplemental

-

-

87.0

79.5

90.4

    Current Tax - Total

28.5

44.5

-

-

-

Current Tax - Total

28.5

44.5

-

-

-

    Deferred Tax - Total

1.2

-4.1

-

-

-

Deferred Tax - Total

1.2

-4.1

-

-

-

Income Tax - Total

29.7

40.4

-

-

-

Expected Return on Assets

-2.5

-

-

-

-

Interest Cost

3.4

-

-

-

-

Service Cost

8.2

-

-

-

-

Domestic Pension Plan Expense

9.0

-

-

-

-

Total Pension Expense

9.0

-

-

-

-

 

spacebar

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

UpdateType/Date

Reclassified Normal
31-Mar-2013

Updated Normal
31-Dec-2011

Restated Normal
31-Dec-2011

Updated Normal
31-Dec-2009

Updated Normal
31-Dec-2008

Filed Currency

KRW

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

1259.55

Auditor

Samil Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash & Cash Equivalents

7.0

0.0

6.7

0.7

17.5

    Government Subsidy, Cash & Cash Equiv.

-

-

-

0.0

-

    Financial assets - current

7.7

-

-

-

-

    Other ST Finl Assets

-

-

-

0.0

0.0

    Other Fincl Instrm

-

-

-

0.8

0.2

    Fincl Assets at FVTPL

-

0.0

-

-

-

    Current Securities Held-to-Maturities

-

0.2

1.1

-

-

    Adjustments for Other Financial Instrume

-

0.0

-

-

-

    Trade Receivable, Gross

248.6

266.8

217.8

168.0

131.4

    Allow. for DA for Trade Receivable

0.0

0.0

-0.1

-1.9

-1.6

    Currency Swap, Current Assets

-

-

-

4.8

5.8

    Currency Futures, Current Assets

-

-

-

0.1

0.5

    Loans

1.3

1.2

1.2

1.1

0.3

    Allow. for DA for Loans

-0.6

-0.6

-0.6

-0.6

-

    Deferred Income Taxes-Debit, Current

-

-

-

1.6

5.0

    Receivable-Recovery of Taxes

-

-

-

0.1

-

    Account Receivable

4.4

4.8

1.4

1.6

3.7

    PV Disc. for Other Receivable

-

0.0

0.0

-

-

    Accrued Income

0.3

0.2

0.3

0.3

0.2

    Loans/Notes & Receivables-current

0.0

0.0

-

-

-

    Advance Payments

0.4

0.2

3.3

0.4

0.3

    Prepaid Expense

2.1

1.4

1.7

1.3

1.2

    Other Current Assets

-

-

-

-

0.0

    Adj. for Other Current Assets - Total

0.0

0.0

0.0

-

-

    Merchandises

13.1

0.5

0.5

0.4

0.3

    Finished Goods

179.7

136.5

130.6

142.8

138.5

    Allow. for Loss-Valt of Finished Goods

-

-

-

-0.3

-

    Semi-finished Goods

19.1

10.3

10.1

12.5

4.3

    Works in Process

177.8

178.4

133.2

139.0

188.9

    Raw Materials

60.1

98.7

77.2

61.1

77.7

    Supplemental Raw Materials

17.4

18.0

25.2

-

-

    Parts

1.2

1.3

1.1

1.1

0.9

    Goods in Transit

10.4

-

-

-

-

    Supplies

24.1

12.8

6.8

8.7

8.2

    Goods in Transit

-

4.2

5.9

3.5

9.1

    Adj. for Inventories

-

0.0

0.0

-

-

Total Current Assets

774.1

735.1

623.3

547.0

592.4

 

 

 

 

 

 

    Financial assets - non-current

27.9

-

-

-

-

    Invmt in Properties

0.0

-

-

-

-

    LT Finl Assets

-

-

-

0.0

0.0

    LT Invest Secs.

-

-

-

17.1

9.4

    Currency Futures, LT Assets

-

-

-

-

0.1

    Currency Swap, LT Assets

-

-

-

-

7.6

    Non-Current Securities Held-to-Maturitie

-

1.8

2.1

-

-

    Non-Current Securities Available-for-Sal

-

7.4

9.7

-

-

    Other Non-Current Fincl Instrm

-

0.0

0.0

-

-

    Other Financial assets - non-current

-

0.0

0.0

-

-

    Interest Rate Swap, LT Assets

-

-

-

0.2

-

    Non-Current Trade Receivable

0.1

0.2

0.7

-

-

    Allow. for DA for LT Trade Receivable

0.0

0.0

-0.2

-

-

    LT Accounts Receivable

-

-

0.2

0.8

1.3

    Disc. for PV for LT Other Receivable

-

-

0.0

-

-

    Equity Method Securities

20.2

19.6

-

-

-

    Non-Current Loans

-

-

-

2.0

1.9

    Loans

3.1

1.7

1.7

-

-

    non-current trade&other recerivable-bl

0.0

0.0

-

-

-

    Guarantee Deposits, Non-Current Assets

4.1

2.6

3.1

4.4

1.7

    Disc. for PV for Guarantee Deposit

-0.2

0.0

0.0

-

-

    Non-Current Prepaid Expense

0.1

0.0

0.0

-

-

    Other Non-Current Assets

1.2

0.6

0.6

-

-

    Adj. for Other Non-Current Assets

0.0

0.0

-

-

-

    Lands

-

172.6

204.8

57.3

38.7

    Buildings

-

249.8

253.2

222.6

176.1

    Buildings-Government Subsidy

-

-

-

-0.8

-0.8

    Buildings-Depreciation

-

-68.3

-66.8

-58.3

-50.6

    Structures

-

48.8

48.6

45.7

41.3

    Structures-Depreciation

-

-13.1

-11.6

-10.0

-8.0

    Machineries & Equipments

-

1,346.7

1,334.3

1,155.2

1,029.6

    Machineries & Equipments-Depreciation

-

-833.8

-788.2

-712.3

-609.7

    Mach/Equip Government Subsidies

-

-

-

-2.1

-2.0

    Vehicles

-

5.5

5.4

4.7

4.3

    Vehicles-Depreciation

-

-4.6

-4.0

-3.0

-1.9

    Tools & Equipments

-

38.7

37.4

24.8

10.1

    Tools & Equipments-Government Subsidy

-

-

-

0.0

0.0

    Tools & Equipments-Depreciation

-

-23.1

-16.3

-9.4

-5.3

    Fixtures

-

11.8

11.3

10.4

11.5

    Fixtures-Depreciation

-

-9.9

-9.1

-7.9

-7.4

    Construction in Progress

-

33.5

39.6

148.9

79.6

    Deferred Income Tax, Debit

-

-

-

12.5

9.9

    Machines in Transit

-

8.8

0.5

8.3

5.0

    Lands, Net

186.5

-

-

-

-

    Buildings, Net

220.0

-

-

-

-

    Structure, Net

39.9

-

-

-

-

    Machineries & Equipments, Net

605.5

-

-

-

-

    Construction in Progress, Net

112.2

-

-

-

-

    Machines in Transit, Net

8.6

-

-

-

-

    Other Property Plant & Equipment, Net

17.3

-

-

-

-

    Adj. for Total Tangible Assets, Net

-

0.0

0.0

-

-

    Intangible Assets

3.9

3.3

2.1

-

-

Total Assets

2,024.6

1,735.6

1,682.3

1,458.1

1,334.8

 

 

 

 

 

 

    Current Trade Payable

79.5

115.1

93.3

52.6

56.5

    Other Payable

59.0

28.6

20.6

45.6

58.5

    Adj. for Trade & Other Payable

0.0

-

0.0

-

-

    Current Borrowings

182.8

230.7

377.3

212.9

122.2

    Income Taxes Payable

12.6

40.5

9.4

-

10.4

    Advance from Customers

1.0

0.9

1.2

1.1

0.9

    Unearned Income

0.2

0.2

0.3

-

-

    Withheld

2.5

5.5

9.2

0.4

2.9

    Accrued Expense

30.4

43.5

30.4

26.5

17.2

    Currency Swap, Current

-

-

-

-

0.4

    Current Portion of Long-term Liabilities

-

-

-

143.9

47.6

    Current Portion of Bonds

-

-

-

-0.1

-

    Current Derivative Liabilities

-

-

1.4

-

-

    Fincl Liabilities at FVTPL, Current

-

-

-

0.3

0.1

    Adj. for Current Liabilities Bookmark

0.0

0.0

-

-

-

Total Current Liabilities

367.9

465.0

543.0

483.2

316.8

 

 

 

 

 

 

    Non-Current Borrowings

355.2

121.2

125.3

99.3

166.0

    Bonds

-

-

-

139.5

118.6

    Disc. on Bonds of LT Liabilities

-

-

-

-0.4

-

Total Long Term Debt

355.2

121.2

125.3

238.5

284.6

 

 

 

 

 

 

    Non-Current Fixed Benefit Liabilities

4.5

1.7

5.0

-

-

    Prov.for Retirement & Severance Benefits

-

-

-

53.7

29.0

    Deposits for Retirement and Severance Be

-

-

-

-25.2

-

    Transfer to National Pension Fund

-

-

-

-0.5

-

    Other Non-Current Liabilities

-

-

0.3

5.2

5.0

    Currency Swaps, LT

-

-

-

-

0.6

    Non-Current Derivative Liabilities

-

-

0.0

-

-

    Non-Current Fincl Liabilities at FVTPL

-

-

-

1.8

3.9

    Non-Current Accrued Expense

3.5

2.7

2.7

-

-

    Ad-Other Non-current Liabilities

-

0.0

0.0

-

-

    Deferred Income Taxes, LT Liabilities

24.1

22.4

28.8

-

-

    Non-Current Unearned Income

0.0

0.2

0.0

-

-

    Guarantee Deposit, LT Liabilities

3.9

4.7

4.9

-

-

    PV Disc. for Guarantee Deposit

-0.2

-0.3

-0.3

-

-

    LT Trade payables

0.0

0.0

0.0

-

-

Total Liabilities

759.0

617.5

709.6

756.7

640.0

 

 

 

 

 

 

    Common Stock

205.7

-

-

-

-

    Capital Stock

-

190.4

193.2

188.3

174.1

    Other Capital Surplus

252.0

241.9

245.5

230.0

212.6

    Additional Paid in Capital

28.3

26.2

26.6

25.9

24.0

    Loss on Valt of Sec. Available-for-Sale

-0.9

-

-

-

-

    Gain-Valuation of Investment Securities

-

-

-

3.4

-

    Loss-Valuation of Currency Swaps

-

-

-

-0.3

-0.8

    Retained Earnings Carried Forward

108.6

-

-

-

-

    Adj. for Retained Earnings

0.0

-

-

-

-

    Unappropriated Retained Earnings

-

-

-

-31.6

83.4

    Legal Reserve

102.8

-

-

42.9

27.8

    Voluntary Reserve

569.2

-

-

253.3

186.6

    Retained Earnings

-

659.9

507.0

-

-

    Valuation-Securities avail. for Sale

-

-

-

-0.5

-1.8

    Treasury Stock

-

-

-

-8.6

-7.9

    Accumulated Other Comprehensive Income

-

-0.2

0.4

-

-

    Gain-Valuation of Interest Rate Swap

-

-

-

0.1

-

    Loss-Valuation of Interest Rate Swap

-

-

-

-1.6

-3.1

Total Equity

1,265.7

1,118.1

972.7

701.4

694.9

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

2,024.6

1,735.6

1,682.3

1,458.1

1,334.8

 

 

 

 

 

 

    S/O-Ordinary Shares

35.6

35.9

35.9

35.2

35.2

Total Common Shares Outstanding

35.6

35.9

35.9

35.2

35.2

T/S-Ordinary Shares

0.3

0.0

0.0

0.6

0.6

Advance from Customers

1.0

-

-

-

-

Unearned Income

0.2

-

-

-

-

Deferred Revenue, Current

-

1.1

1.4

1.1

0.9

Deferred Revenue - Long Term

0.0

0.2

0.0

-

-

Full-Time Employees

1,531

1,478

1,481

1,418

1,415

Number of Common Shareholders

-

-

6,600

7,842

8,195

Long Term Debt Maturing within 1 Year

-

-

-

92.4

47.6

Long Term Debt Maturing within 2 Years

-

-

-

99.3

86.2

Long Term Debt Maturing within 3 Years

-

-

-

-

79.8

Total Long Term Debt, Supplemental

-

-

-

191.7

213.6

 

 

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

Reclassified 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

Samil Accounting Corp.

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Deloitte & Touche LLP

Deloitte & Touche LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Net Income or Loss

135.5

244.9

151.9

-30.3

92.4

    Depreciation

81.6

93.7

87.0

79.5

90.4

    Expense of Allow. for DA

0.0

0.3

0.1

0.2

0.3

    Payment for Retirement Allow.

9.0

8.7

7.6

7.0

9.8

    Interest Expenses

-

-

-

0.2

0.1

    Losses on Foreign Currency Translation

0.6

3.6

0.1

0.2

33.9

    Finance Cost

19.7

24.9

30.6

-

-

    Finance Income

-1.0

-0.8

-0.6

-

-

    Losses on Valt of Inventories

-

-

-

-

11.0

    Loss-Valuation of Currency Swap

-

-

-

2.8

-

    L-Tang Asset Disp.

0.9

7.1

2.8

3.7

11.0

    Loss on Valt of Derivative Fincl Assets

0.0

0.0

0.0

-

-

    Gains on Valts of Derivatives Assets

0.0

0.0

-

-

-

    Miscellaneous Loss

0.0

1.7

-

-

-

    Provisions for Lawsuit Expense

-

-

-

3.0

-

    Loss on Disposal of Financial Assets Ava

-

-

0.2

-

-

    Interest Income

-

-

-

-

-0.1

    Gains on Foreign Currency Translation

0.0

-0.1

-1.4

-4.9

0.0

    Gain-Valuation of Currency Swap

-

-

-

-

-15.3

    Gain-Valuation of Currency Futures

-

-

-

-0.1

-0.6

    Rec. of Losses on Valt of Inventories

-

-

-

-9.2

-

    Reversal of Allowance for Doubtful Accou

-

-

-

-0.1

-

    Recovery-Impairment Loss on Other Receiv

-

-

0.0

-

-

    Gain on Disposal of Property, Plant and

-0.1

-2.1

0.0

-0.7

-0.2

    Gain on Disposal of Financial Assets Ava

-

-

-0.9

-

-

    Loss under Equity Method

0.3

0.0

-

-

-

    Gain under Equity Method

0.0

-3.3

-

-

-

    Other Fincl Receivables

1.3

-2.9

-

-

-

    Non-Current Trade and Other Receivables

-0.8

0.4

-0.1

-

-

    Trade & Other Receviables

-

-

-44.0

-

-

    Trade Receivables

37.0

-54.7

-

-23.7

2.8

    Current LT Trade Rcv

-

-

-

-

0.9

    Account Receivables

-

-

-

2.7

1.7

    Corporate Tax Refundable

-

-

-

-0.1

0.1

    Accrued Income

-

-

-

-0.1

0.0

    Advance Payments

-

-

-

-0.1

-0.1

    Prepaid Expenses

-

-

-

0.2

1.0

    Deferred Income Tax Debit, Current

-

-

-

3.5

-5.3

    Deferred Income Tax Debit

-

-

-

-3.5

-0.1

    Current Currency Forwards Assets, A/L

-

-

-

0.5

-

    Currency Forwards, A/L

-

-

-

5.3

-

    Other Fincl Assets

-

-

-

0.4

1.4

    Inventory

-4.8

-79.1

-11.9

94.9

-259.4

    Trade Payable

-42.4

24.1

-

-

-

    Trade & Other Payable

-

-

39.6

-

-

    Non-Current Trade & Other Payable

-0.7

-0.2

0.0

-

-

    Trade Payables

-

-

-

-7.7

-0.9

    Account Payables

-

-

-

-16.2

42.0

    Accrued Expenses

-

-

-

4.2

1.2

    Accrued Income Taxes

-

-

-

-10.3

11.9

    Otheer Fincl Liabilities

-15.2

24.0

-

-

-

    Advances Received

-

-

-

0.1

1.0

    Deposits Withheld

-

-

-

-2.5

2.6

    Other Fincl Assets

-

-

5.3

-

-

    Other Current Assets

-0.8

0.3

-3.1

-

-

    Other Non-Current Assets

-0.6

0.0

0.2

-

-

    Guarantee Deposit

-

-

-

-2.3

-0.2

    Other Current Liabilities

-3.3

-4.0

8.7

-

-

    Other Non-Current Liabilities(1)

-0.2

-0.1

-0.2

-

-

    Payment for Retirement Allow.

-11.3

-28.5

-35.8

-4.9

-9.8

    Fixed Benefit Liabilities

0.3

9.1

2.7

-

-

    Government Subsidy, A/L

-

-

-

0.0

0.2

    Succession to Prov. for Retm&Sevr Benf

-

-

-

-

0.0

    Retirement Insurance Withheld

-

-

-

-5.6

1.0

    Reserve-National Pension

-

-

-

0.1

0.1

    Other Non-Current Liabilities

-

-

-

-0.2

-

    Cash-Interest Received

0.6

0.8

0.4

-

-

    Cash-Interest Paid

-19.6

-26.0

-54.0

-

-

    Cash-Tax Paid

-58.0

-13.7

-0.9

-

-

Cash from Operating Activities

128.2

228.2

184.1

86.3

24.9

 

 

 

 

 

 

    Dec-ST Finl Assets

-

-

-

5.7

0.1

    Dec-ST Investment Assets

-

-

-

0.2

0.9

    Sale of Non-Current Other Fincl Instrm

0.0

0.0

-

-

-

    Disposal of Other Financial Instruments

8.9

1.1

0.8

-

-

    Disposal of Non-Current Other Financial

-

-

4.2

-

-

    Disposal of Trade&Other Receivables

0.6

0.6

0.5

-

-

    Dec in ST Loans

-

-

-

3.4

0.1

    Disposal of Property, Plant and Equipmen

0.3

44.6

0.6

-

-

    Disposal Other Tang.

-

-

-

1.6

1.1

    Decrease in Non-Current Trade&Other Rece

0.2

0.1

0.1

-

-

    Decrease in LT Loans

-

-

-

0.1

0.1

    Disposal of Intangible Assets

-

-

0.4

-

-

    Purchase of Other Fincl Instruments

-16.0

0.0

-

-

-

    Purchase of Other Fincl Instruments

-

-

0.0

-

-

    Purchase of Other Fincl Instruments

-

-

-

-5.7

-

    Increase in Short-term Loans

-

-

-

-3.0

-

    Purchase of Other Non-Current Financial

-17.8

0.0

-0.2

-

-

    Purchase of Other LT Fincl Instrm

-

-

-

-1.5

0.0

    Purchase of Invmt in Affiliates

0.0

-13.9

-

-

-

    Increase in Non-Current Trade&Other Rece

-2.0

-0.7

-0.3

-

-

    Inc-Employ LT Ln

-

-

-

-0.6

-1.7

    Purchase of Tangibles

-197.4

-80.7

-92.9

-180.4

-136.2

    Purchase of Intangibless

-0.3

-1.3

-1.0

-

-

Cash from Investing Activities

-223.5

-50.1

-87.8

-180.2

-135.7

 

 

 

 

 

 

    Inc in ST Borrowings

932.8

510.4

378.6

162.3

133.2

    Increase in Non-Current Borrowings

26.6

0.0

-

-

-

    Increase-LT Borrowings

-

-

-

15.7

169.9

    Increase in Bonds

265.1

44.9

77.8

62.5

90.9

    Disposal Treas. Stk

-

-

22.3

-

-

    Decrease in Current Borrowings

-1,040.1

-707.9

-545.0

-88.4

-210.3

    Dec-Curr LT Liabs

-

-

-

-52.9

-27.3

    Acquisition-Treasury Stock

-8.8

0.0

-4.3

-

-4.6

    Repayments of Long-term Borrowings

-35.5

0.0

-17.3

-

-

    Increase-Expense for Bond Issuance

-

-

-

-

-0.4

    Dividends Paid

-38.2

-32.4

-2.5

-22.1

-22.6

Cash from Financing Activities

102.0

-184.9

-90.5

77.1

128.7

 

 

 

 

 

 

Foreign Exchange Effects

0.0

0.0

0.0

-

-

Incs or Decs in Cash & Cash Equivalents

6.6

-6.9

5.9

-16.7

18.0

 

 

 

 

 

 

Cash and Cash Equivalents at Beginning

0.0

6.9

0.7

17.3

2.1

Cash and Cash Equivalents at End

6.6

0.0

6.6

0.6

20.1

    Cash Interest Paid

19.6

26.0

54.0

-

-

    Cash Taxes Paid

58.0

13.7

0.9

-

-

 

 

Financial Health

 

Financials in: USD (mil)

 

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

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

489.9

-10.51%

1,947.1

-11.70%

20.78%

12.91%

Research & Development1 (?)

1.4

14.61%

5.2

16.03%

29.20%

14.42%

Operating Income1 (?)

45.7

-17.96%

152.4

-43.10%

400.28%

30.29%

Income Available to Common Excl Extraord Items1 (?)

33.4

-16.41%

105.8

-47.39%

-

23.71%

Basic EPS Excl Extraord Items1 (?)

0.94

-15.86%

2.96

-47.19%

-

23.59%

Capital Expenditures2 (?)

59.4

-48.09%

197.8

145.50%

-1.08%

10.14%

Cash from Operating Activities2 (?)

7.8

-80.64%

128.2

-42.86%

9.45%

-

Free Cash Flow (?)

-49.6

-

-73.5

-

-

-

Total Assets3 (?)

2,029.3

6.23%

2,024.6

7.99%

8.34%

10.01%

Total Liabilities3 (?)

830.9

10.10%

759.0

13.77%

-2.79%

8.91%

Total Long Term Debt3 (?)

306.9

17.79%

355.2

171.25%

10.91%

29.53%

Employees3 (?)

-

-

1531

3.59%

2.59%

2.29%

Total Common Shares Outstanding3 (?)

35.6

-0.37%

35.6

-0.74%

0.33%

0.03%

1-ExchangeRate: KRW to USD Average for Period

1122.022568

 

1126.848795

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1103.219597

 

1126.848795

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1147.202838

 

1066.400024

 

 

 

Utility Industry Specific USD (mil)

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

 

 

 

Deferred Charges3 (?)

0.1

0.0

0.0

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1066.400024

1152.000000

1134.900000

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

31-Dec-2008

Profitability

Gross Margin (?)

11.35%

15.10%

14.42%

4.01%

12.92%

Operating Margin (?)

7.83%

12.15%

11.19%

0.11%

9.86%

Pretax Margin (?)

6.96%

10.92%

9.40%

-3.11%

6.68%

Net Profit Margin (?)

5.43%

9.12%

7.98%

-3.11%

5.52%

Financial Strength

Current Ratio (?)

2.10

1.58

1.15

1.13

1.87

Long Term Debt/Equity (?)

0.28

0.11

0.13

0.34

0.41

Total Debt/Equity (?)

0.43

0.31

0.52

0.85

0.65

Management Effectiveness

Return on Assets (?)

5.73%

11.59%

8.26%

-2.29%

6.73%

Return on Equity (?)

9.04%

18.94%

15.52%

-4.57%

12.06%

Efficiency

Receivables Turnover (?)

7.51

8.82

8.38

6.82

10.67

Inventory Turnover (?)

3.65

4.33

3.66

2.47

3.98

Asset Turnover (?)

1.06

1.27

1.04

0.74

1.22

Market Valuation USD (mil)

P/E (TTM) (?)

11.24

.

Enterprise Value2 (?)

1,449.3

Price/Sales (TTM) (?)

0.51

.

Enterprise Value/Revenue (TTM) (?)

0.83

Price/Book (MRQ) (?)

0.73

.

Enterprise Value/EBITDA (TTM) (?)

7.62

Market Cap as of 11-Oct-20131 (?)

948.7

.

 

 

1-ExchangeRate: KRW to USD on 11-Oct-2013

1071.663472

 

 

 

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

1147.202838

 

 

 

 

 

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 (?)

2.10

1.58

1.15

1.13

1.87

Quick/Acid Test Ratio (?)

0.73

0.59

0.42

0.35

0.48

Working Capital1 (?)

406.2

270.1

80.4

63.8

275.6

Long Term Debt/Equity (?)

0.28

0.11

0.13

0.34

0.41

Total Debt/Equity (?)

0.43

0.31

0.52

0.85

0.65

Long Term Debt/Total Capital (?)

0.20

0.08

0.08

0.18

0.25

Total Debt/Total Capital (?)

0.30

0.24

0.34

0.46

0.40

Payout Ratio (?)

26.98%

18.99%

23.57%

-27.33%

27.79%

Effective Tax Rate (?)

21.92%

16.50%

15.15%

-

17.32%

Total Capital1 (?)

1,803.7

1,470.0

1,475.3

1,296.7

1,149.3

 

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.06

1.27

1.04

0.74

1.22

Inventory Turnover (?)

3.65

4.33

3.66

2.47

3.98

Days In Inventory (?)

100.14

84.27

99.66

147.86

91.69

Receivables Turnover (?)

7.51

8.82

8.38

6.82

10.67

Days Receivables Outstanding (?)

48.62

41.38

43.57

53.50

34.20

Revenue/Employee2 (?)

1,343,870

1,459,328

1,111,110

754,203

1,032,804

Operating Income/Employee2 (?)

105,211

177,306

124,338

831

101,845

EBITDA/Employee2 (?)

161,645

238,390

184,178

62,304

157,658

 

 

 

 

 

 

Profitability

Gross Margin (?)

11.35%

15.10%

14.42%

4.01%

12.92%

Operating Margin (?)

7.83%

12.15%

11.19%

0.11%

9.86%

EBITDA Margin (?)

12.03%

16.34%

16.58%

8.26%

15.27%

EBIT Margin (?)

7.83%

12.15%

11.19%

0.11%

9.86%

Pretax Margin (?)

6.96%

10.92%

9.40%

-3.11%

6.68%

Net Profit Margin (?)

5.43%

9.12%

7.98%

-3.11%

5.52%

R&D Expense/Revenue (?)

0.27%

0.20%

0.20%

0.22%

0.20%

COGS/Revenue (?)

88.65%

84.90%

85.58%

95.99%

87.08%

SG&A Expense/Revenue (?)

3.15%

2.66%

2.88%

3.48%

2.71%

 

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

5.73%

11.59%

8.26%

-2.29%

6.73%

Return on Equity (?)

9.04%

18.94%

15.52%

-4.57%

12.06%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-2.07

3.92

2.56

-2.93

-2.76

Operating Cash Flow/Share 2 (?)

3.81

6.12

5.23

2.68

0.62

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) (?)

11.33

Market Cap/Equity (MRQ) (?)

0.74

Market Cap/Revenue (TTM) (?)

0.51

Market Cap/EBIT (TTM) (?)

7.94

Market Cap/EBITDA (TTM) (?)

4.66

Enterprise Value/Earnings (TTM) (?)

18.52

Enterprise Value/Equity (MRQ) (?)

1.21

Enterprise Value/Revenue (TTM) (?)

0.83

Enterprise Value/EBIT (TTM) (?)

12.99

Enterprise Value/EBITDA (TTM) (?)

7.62

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.50

UK Pound

1

Rs.99.49

Euro

1

Rs.84.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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

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NB

New Business

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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%)