Corporation 2012 Earnings Result

Transcription

1 Daewoo International Corporation Earnings Result February 2013

2 Performance Analysis [KIFRS Consolidated] 12 Results 12. 4Q Results Appendix [KIFRS Consolidated] Statements of Income Quarterly Statements of Income Statements of Financial Position Sales Breakdown [KIFRS Separate]

3 12 Consolidated Performance Result 19,457 17, FY 2011 FY '12 Sales W 17,571.1 bn (YoY 9.69%) Decrease in scope of consolidated subsidiaries & worsening sales environment 1) Decreased sales due to weak demand in foreign market & commodity price decline 2) Reconstruction of business portfolio and disposal of noncore assets 1 Downsizing uncompetitive sales division (Apparel / cotton) 2 Disposal of consolidated subsidiaries (Shandong Cement / 3 apparel subsidiaries) 3 Sales Operating 153 Operation Pretax * Accounting standards changed at the end of FY (retroactive application ) Net 12 Operating profit W bn (YoY 8.18%) Decrease in sales of high margin products & allowance for doubtful accounts 1) Conservative allowance for doubtful accounts affected by worsening credit in market 2) Loss from valuation of inventory affected by commodity price decline 12 Continue Operation Pretax W bn (YoY 91.39%) Pretax increased by gain on valuation of CB and gain on sale of Kyobo L. I despite the increased financial cost from the prepayment of LT borrowings 1) (2H) Gain on sale of Kyobo Life Insurance Shares : W bn (consolidated) 2) (1H) Gain on valuation of CB : W 14.7 bn (conversion completed at the end of June) 3) Increased financial cost : Increased interest expense and expense occurred from the prepayment of LT borrowing (at the end of 12) 1 Amount of the prepayment of CDB loan for Myanmar Gas Project : U$ 427M (W bn) * Oneoff financial cost for the prepayment : W 30.4 bn 2 Interest expense : YoY bn (Due to the increase in Natural Resources Development borrowings and etc.) 12 Net profit W bn (YoY +2.27%) Slightly increased NP reported despite high gain on sale of Kybo L. I. shares 1) Increased income tax : 11 W 54.8 bn 12 W bn 2) Decreased profit from discontinued operations : 11 W bn bn

4 12. 4Q Consolidated Performance Result Sales 5,380.8 Sales W 4,190.8 bn (YoY 22.12%, QoQ 1.06%) 4, ,190.8 Lasting deterioration in biz. environment and decrease in scope of consolidated subsidiaries 1) Price decline & slack demand of specific items (Steel / Nonferrous metal / Raw materials) 2) Sales decline affected by currency appreciation (Won to USD) ,153.3 W/$ ,118.6 W/$ ,071.1 W/$ 11.4Q 12.3Q 12.4Q 3) Reconstruction of business portfolio and disposal of noncore assets (3 apparel subsidiaries etc.) Operating Operating profit W 0.5 bn (YoY 98.87%, QoQ 98.48%) Decrease in sales of high margin products & allowance for doubtful accounts 11.4Q 12.3Q Q 1) Conservative allowance for doubtful accounts affected by worsening market outlook 2) Loss from valuation of inventory affected by commodity price decline Operation Pretax (65.8) Operation Pretax W 65.8 bn Increased financial cost from the prepayment of LT borrowings for lowering debt ratio 1) Amount of the prepayment of CDB loan for Myanmar Gas Project : U$ 427M (W bn) 1 Oneoff financial cost occurred by prepayment : W 30.4 bn ( 12.12) 2 Improved debt ratio : Net 11.4Q 12.3Q Q * Consolidated 125.1% (366.1% ( 11.12) 241.0% ( 12.12)) * Separate 185.3% (414.5% ( 11.12) 229.2% ( 12.12)) 2) Increased other nonoperating expenses : Other bad debts expense W 20.0 bn 54.2 (23.7) Net W 23.7 bn Decreased deficit due to adjustment of income tax at the end of the year Q 12.3Q 12.4Q

5 Performance Analysis [KIFRS Consolidated] 12 Results 12. 4Q Results Appendix [KIFRS Consolidated] Statements of Income Quarterly Statements of Income Statements of Financial Position Sales Breakdown [KIFRS Separate] 5

6 Consolidated Statements of Income 2011 YoY 12.4Q 12.3Q 11.4Q QoQ YoY Sales 17, , % 4, , , % 22.1% Operating % % 98.9% (OP Margin) (0.01%) (0.8%) Operating Pretax % Turning a loss Turning a loss (PP Margin) (1.7%) (0.8%) (1.6%) (4.5%) (1.4%) Operation Discontinued Operation Net % (NP Margin) (1.2%) (1.1%) (0.6%) (3.1%) (1.0%) Turning a loss Turning a loss 6

7 Consolidated Quarterly Statements of Income Q 2Q 3Q 4Q Yearly 1Q 2Q 3Q 4Q Yearly 1Q 2Q 3Q 4Q Yearly Sales 3, , , , , , , , , , , , , , ,571.1 Gross (GP Margin) (6.5%) (5.9%) (5.9%) (5.7%) (6.0%) (5.8%) (5.0%) (4.4%) (5.5%) 1,006.0 (5.2%) (5.9%) (5.9%) (5.6%) (5.1%) (5.6%) SG&A Operating (OP Margin) 51.4 (1.4%) 60.5 (1.4%) 47.0 (1.2%) (1.2%) 70.7 (1.6%) (0.1%) (1.2%) 59.6 (1.3%) 35.5 (0.8%) 0.5 (0.0%) of Associates Finance Item Gains Operation Pretax (PP Margin) 40.8 (1.1%) 36.2 (0.8%) 76.7 (2.0%) 80.8 (1.9%) (1.5%) 4.3 (0.1%) (2.1%) 28.6 (0.6%) 76.4 (1.4%) (0.8%) 4.7 (0.1%) (3.5%) (4.5%) 65.8 (1.6%) (1.7%) Operation Discontinued Operation Net (NP Margin) (0.7%) 84.8 (2.2%) (3.0%) (0.7%) 2.7 (0.1%) 88.7 (1.8%) 65.1 (1.4%) 54.2 (1.0%) (1.1%) 7.6 (0.2%) (2.2%) (3.1%) 23.7 (0.6%) (1.2%) 7

8 Consolidated Statements of Financial Position Q.1Q.2Q.3Q.4Q KGAAP KIFRS KIFRS KIFRS KIFRS KIFRS KIFRS Current Assets 2, , , , , , ,306.0 Cash equivalents & ST financial instruments Trade receivables Inventories , , , , , , , , , NonCurrent Assets 2, , , , , , ,159.6 Other noncurrent financial assets Investments in associates Natural resources exploration investments PPE & Investment property Intangible assets (Exploration & evaluation, Development assets, Mining rights, etc.) , , , , , , , , ,366.3 Total Assets 5, , , , , , ,465.6 Current Liabilities 2, , , , , , ,849.6 Trade payables Shortterm borrowings (Trade loan, etc.) Corporate bonds , , , , , , , , , , , ,120.1 NonCurrent Liabilities 1, , , , , , ,426.9 Longterm borrowings Corporate bonds , , , , Total Liabilities 4, , , , , , ,276.5 Equities 1, , , , , , ,

9 Separate Sales Breakdown Sales Type % Export Trilateral Trade Domestic Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Export 1, , , , , , , , , , , , , % 9, % Trilateral Trade 48.8% 46.8% 53.6% 56.3% 50.3% 46.7% 52.5% 55.4% 55.1% 57.9% 56.6% 57.9% 1, , , , , , , , , , , , % 47.7% 41.4% 38.9% 44.3% 47.6% 42.5% 40.2% 39.8% 37.4% 38.7% 36.5% Sales Item Steel 2010 Steel Raw Material/ Metal/ Nonferrous Metal Chemical/ Oil 2011 Others (Machinery/Infra/Autoparts/etc.) 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q Steel , , , , , , , , , , , , % 3, % 4, % 5, % Steel Raw Material/ Metal/Nonferrous Metal Chemical/ Oil 23.1% 24.1% 27.2% 28.1% 25.6% 27.4% 29.8% 27.7% 31.5% 34.9% 36.6% 36.3% 1, , , , , , , , , , , , % 34.7% 38.4% 33.2% 34.9% 38.1% 37.8% 39.1% 29.9% 28.4% 26.0% 25.9% % 21.6% 20.1% 20.9% 21.4% 19.3% 18.2% 15.3% 22.3% 20.6% 20.2% 21.4% Others % 19.6% 14.3% 17.8% 18.1% 15.2% 14.2% 17.9% 16.3% 16.1% 17.2% 16.4% 9