(2) - hyundai heavy industries · 2018. 1. 31. · * hhi, mipo and samho are as at the end of dec...
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(1) Preliminary; final offering price will be determined on Mar 5, 2018
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* HHI, Mipo and Samho are as at the end of Dec 2017
** Mipo reflects the proceeds of KRW450.0bn for the sale of Hi Investment Securities
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• Reduced to
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* As at the end of Dec 2017
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• to solidify its undisputable market leadership in the sector
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INVESTOR
RELATIONS 2018
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Post 2019 2018
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Implication to
Investors
Key Questions
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(2)
17%
41%
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4Q 4Q
Shipping companies are assessed to head for another neck to neck race as they increase the supply of ships and new orders. Global shipping companies such as Maersk Line and MSC were engaged in a chicken game as they initiated the orders of 18,000 TEU ships in 2011.
John Fredriksen has been quietly buying bulkers and privately owns many more than most think… “I believe the worst is over,” he said…
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For 15 years+ ships, cost exceeding chartered freight
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12.6 24.9
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382 x 65 Crude Oil Carrier
382 x 65 Crude Oil Carrier
700 x 115 Crude Oil Carrier, LPG Carrier
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Joint Purchase with Affiliates
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Number of Newbuilding Orders
84
48
26 22
Vs. Competitors
9%
4%
28%
36%
95%
Market Share (%)
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7.5
12.4
9.8
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Plan
Surpassed
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31%
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HHI concluded a contract with a higher price for VLCC by 2.5%... Korea’s ship prices for orders started to spread from Hyundai Mipo Dockyard’s mid sized ships to HHI’s large ships. Strong Won and an increase in steel prices will prop up a further increase in ship prices in Korea… Around this time of next year, Clarksons’ newbuilding price will shift upward by more than 10%.
Many predict that the shipbuilding industry, which has long been in recession due to the order cliff. … It assessed “conditions are set for a rise in ship prices based on the rebound of second-hand prices and an increase in transactions for bulkers and tankers.”
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125.6
139.7
121.3
124.6
94.7
121.3
75.1
91.2
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Is the market really rebounding?
Can HHI enjoy the market rebound?
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Will the recovery entail a profitability improvement?
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INVESTOR
RELATIONS 2018
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20.7
5.3
2015 2016
HHI S D
46.9
34.7
26.6
2016 2017E 2018E
HHI S D
Orderbook Revenue Outlook
(Unit: KRW trn) (Unit: US$ bn)
1970 1980 1990 2000 2010 2020
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Increasing Energy
Uncertainty
Strict Environment Regulation
Respond to Smart System
Demand for Overall Life One-stop Service
Request for Convenient
M&R
[Increasing Difficulties and Complexities]
Safe and Clean Factory
High-end, Automated Production
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Sophisticated demand
Increasing Energy
Uncertainty
Strict Environment Regulations
Demand for ‘Smart’ System
Demand for Convenient
M&R
Demand for One-stop Service
Safe Production and Products
High-end, Automated Production
HHI’s Strength
Capabilities and
Performance
Pioneering Plan
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1 3 4 5 6 7 2
※ Effective Responsiveness
Low High
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Cooperating Affiliates
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