PoongLim Industrial Co., Ltd.

Transcription

1 PoongLim Industrial Co., Ltd. April 2006 Building a Brighter Future for All Mankind 1

2 Table of Contents Profile Operation highlights Financial Status Management Reference 2

3 Profile Poonglim Industrial established Launch of first overseas project (pile foundation for natural gas liquefaction plant, Juaymah, Saudi Arabia) Listed on Korean Stock Exchange (KSE) Launch of I-WANT apartment brand Won Most User-Friendly award at 9th annual apartment awards Ranked 20th among Korean general contractors. Company name: Poonglim Industrial Co. ltd President: Lee, Pil Seung Chief stockholders: Lee, Pil Woong (23.5%), Lee, Yun Hyeong (1.5%) The largest shareholders and related parties hold 35.3% of total shares outstanding. Headquarters: Poonglim Building, 823 Yeoksam-Dong, Kangnam-Gu, Seoul, Korea, (Tel: ) 3

4 Ownership Structure Lee family 35.3% Foreign investors 5.8% Lee family 35.3% 50% 100% 50% 100% T/S PoongLim P/L Sakhalin PoongLim Resort Domestic investors 58.9% 50% Fine Con 4

5 1, , ,127.5 Operation highlights Orders * Targets W2.2tr in new order receipts in * Current order backlog of roughly W5tr, or 3-4x est construction sales. Sales * Poonglim expects 2006 sales to rise 26.7% YoY to W1,200bn. New Orders Backlog Sales 5, , , , , , , (E) 05 06(E) (E) 5

6 Operation highlights Market Share 1. Domestic: Market share of % in the past, but should rise to around 2.2% in Overseas: Boosting EPC capability since 2004, when it entered Russian market. Domestic contract amount Oversea contract amount Total 102tr P/L 95tr 99tr 97tr 1,998.0 US$ 10.9bn US$ 13.0bn US$ 7.5bn 1, ,490.1 US$ 3.7bn , (E) (E) Source: Construction Association of Korea(2005) 6

7 Operation highlights Operating performance * 2005 OP surged to W61.2bn (from W38.9bn in 2004) on 4%p YoY drop in construction cost ratio and W2.5bn decrease in SG&A costs. * Poonglim expects 2006 OP to increase to W79.1bn. Bottom-line to improve substantially * RP and NP to surge on absence of large one-off costs (such as additional tax payment in 2005). Operating Profit Recurring Profit Net Profit 6.5% 6.6% 4.5% 2.8% 3.6% 3.3% % 2.2% 2.1% % 1.4% 1.0% (E) (E) (E) 7

8 Operation highlights Current ratio * Current ratio to continue to improve to 133.9% in 2006 from 118.8% in 2005, backed by slowing growth of current liabilities Liabilities-to-equity ratio *Liabilities to equity ratio has stabilized since 2003 Current ratio Liability ratio 106.0% 110.0% 118.8% 133.9% 365.0% 359.9% 312.0% 299.5% (E) (E) 8

9 Financial Status Balance Sheet (E) Total assets Current assets Fixed assets Total liabilities 607, Current liabilities Long-term liabilities Total shareholder equity Paid-in capital Capital surplus Retained earnings Capital adjustment

10 Financial Status Income Statement (E) Sales , , ,200.0 Cost of sales Gross profit , , SG&A expenses Operating profit Non-operating profit Non-operating expense Recurring profit Extraordinary gain Pre-tax profit Income taxes Net profit

11 Financial Status Major business indicators 1.Stability (E) Current ratio Liability ratio Interest coverage ratio 113.9% 307.9% 1.34x 106.0% 365.0% 1.43x 110.0% 359.9% 1.21x 118.8% 312.0% 1.96x 133.9% 299.5% 2.25x 2. Profitability (E) OP margin NP margin ROE 5.5% 0.9% 3.8% 3.6% 1.3% 6.9% 3.3% 1.4% 7.8% 6.5% 1.0% 4.5% 6.6% 2.8% 13.8% 3. Activity (E) Asset growth ratio Asset turnover 6.7% 1.09x 17.3% 1.21x 2.5% 1.23x -9.6% 1.03x 10.4% 1.30x 11

12 Management Reference Major Projects Work-type Name Contract amount Construction period Housing units Customer Civil work Incheon airport runway ~ Kyeongju road ~ Pangyo housing site ~ Incheon Int l Airport Corp Pusan Nat l Territory Mgmt Office Korea Land Corp Architecture College of Dentistry Kyunghee Univ ~ Goodmorning City Shopping Mall ~ Kyunghee University Goodmorning City Development JongroSajik redevelopment ~ ,030 Pohang Yangdeok Apartment ~ ,723 Sajik1st area RedevAssn Korea Real Estate Inv Trust Daejeon Seokbong-dong Apartment ~ 3,982 PoongAn Construction Overseas SEIC BS2 Compression ~ SEIC 12

13 Management Reference Jongro Sajik commercial & residential complex project 1. Client: Sajik 1st area redevelopment association 2. Construction period: ~ Contract amount: W325.5bn 4. Scale: 744 housing units, 286 offices. 13

14 Management Reference Pohang Yangdeok Apartment project 1. Client : Korea Real Estate Inv Trust 2. Construction period : ~ Contract amount : W204.7bn 4. Scale: 1,723 housing units 14

15 Management Reference SEIC BS2 Compression project 1. Client: Sakhalin Energy Investment Company Ltd. 2. Construction period: ~ Contract amount: W67.9bn Pipeline (Exxon) Piltun/Molipaq Well (Sakhalin Energy) Onshore Processing Fac. (Sakhalin Energy) Lunskoye Well (Sakhalin Energy) Pipeline (Sakhalin Energy) Gastello Booster Station2 (SEIC) Prigorodnoye LNG Plant (Sakhalin Energy) 15

16 Appendix Supply trend in domestic housing market 1. Housing supply volume expected to grow 112% YoY to 520,000 units in Lowered in-house project portion, given expected slowdown in domestic housing market caused by government s property measures. 585, , , ,000 7,419 7,382 3,890 4,476 PoongLim (Unit) (E) In-house project 2, Land-owner s joint development project 1,362 2,389 4,484 6,928 Rebuilding & Redevelopment - 1,404 2,935 - Source: Construction Association of Korea (2005) 16

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