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Doosan Corp.
IR Presentation
2010. 12.
TABLE OF CONTENTS
Doosan Group’s TransformationDoosan Group’s Transformation11
D C ’ B i O i & P fD C ’ B i O i & P f22
Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33
Doosan Corp’s Business Overview & PerformanceDoosan Corp’s Business Overview & Performance22
Doosan Corp s Value as a Holding CompanyDoosan Corp s Value as a Holding Company33
Appendix : Financials Highlights Introduction of EMAppendix : Financials Highlights Introduction of EMAppendix : Financials, Highlights, Introduction of EMAppendix : Financials, Highlights, Introduction of EM
Disclaimer
The information herein is provided for your information purposes only and contains preliminary figures which may be materially different from the final figures. We make no guarantees and assume no responsibility for i t t d i i W t t d i i ill b b d i d d t j d t
1
investment decisions. We trust your decisions will be based on your own independent judgment. The financial data in this presentation is non-consolidated basis.
Shareholding Structure of Doosan Group
Doosan Corp • As of Nov. 30, 2010• Listed, Unlisted
(Unit: %)OperatingBusiness EM, Mottrol, Fashion, Glonet, I&C
Doosan Heavy41.3%
DIP Holdings100%
Oricom69.2%
• Feed & Livestock 100%• Doosan Tower 100%• Doosan Dong-A 100%g
E i C it l5)D I fC&E4) DPS6) 100%SRS2)
50.9%DST1)
50.9%
KAI3)
Engine53.0%
Capital5)
20.0%Doosan Infracore
38.8%C&E4)
72.8%
73% 27%
Babcock & Skoda
DPS ) 100%
Samhwa24%
1) DST : Defense System & Technology 4) C&E : Merged Mecatec on Nov. 1.
10.5% 73% 27%Bobcat24%
Sold on Oct.
2
2) SRS : System Restaurant Service (KFC & Burger King) 5) Capital : Infracore owns 20% shares beside Doosan Heavy3) KAI : Korea Aerospace Industries 6) DPS : Doosan Power Systems※ Minority shares held by affiliates not displayed
Change from Consumer Goods to ISB*
Business mix (Sales)Business mix (Sales)
3.4tn 23.4tn
( )( )
(Unit: KRW tn)
(Unit: KRW tn)
IndustrialGoods(33%)
Sales from ISB : KRW 19.8tn
Subsidiaries Sales (Total)
ISB*(85%)
7.33.22.52.0
• Doosan Heavy• Doosan Infracore• Doosan Const.• DII (Bobcat)
ConsumerGoods(67%)
1.91.80.70.4
• Doosan Engine• Doosan Power System• Doosan Mecatec• Doosan Mottrol
Sales from Non-ISB : KRW 3.6tn
’10(E)
Non-ISB(15%)
’98
3
’10(E)’98* Infrastructure Support Business
Change from Local Leader to Global Leader
Top-tier Position in Global MarketTop-tier Position in Global Market
DoosanHeavy
• Nuclear Power Reactor• Desalination MSF1)y• HRSG2)
• Crankshaft • Casting/Forging
E tDoosanInfracoreISB
• Excavator • Machine Tools• SSL/CTL3)
• Attachment
EngineE&C
• Portable Air Compressor
• Ship Engine • CPE (Chemical Process Equipment)
1) MSF : Multi Stage Flashing
Non-ISB Elector-Material • CCL (Copper Clad Laminator)
4
1) MSF : Multi –Stage Flashing2) HRSG : Heat Recovery Steam Generator3) SSL : Skid Steer Loader, CTL : Compact Track Loader
WHY ISB?
• As it gets more urbanized, Infra-structure business, such as power plants, civil/housing engineering, construction equipments, desalination, etc. becomes more necessary to support these changes
1100mn of People increased between ’00~’15
No. of cities with more than 0.5mn people Increased 146 cities
(Unit: 100 Mn)Less Developed countriesMore Developed countries
Population of Urban in the World
p p
(Unit: No. of cities)
39X 1.4
869
1,015X 1.332
X 1.5
X 1 3
28
20
10
29 783869
23
※ Source : UN World Urbanization Prospects (2005 Revision
X 1.38
’00
10
’15(E) ’00 ’05 ’15(E)’05
9
5
※ Source : UN World Urbanization Prospects (2005 Revision Population Database)
TABLE OF CONTENTS
Doosan Group’s TransformationDoosan Group’s Transformation11
Doosan Corp’s Overview & Business PerformanceDoosan Corp’s Overview & Business Performance22
Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33
Appendix : Financials, Highlights, Introduction of EMAppendix : Financials, Highlights, Introduction of EM
6
Doosan Corp. – Outline
• Doosan corporation is an operating holding company
[as of Nov.30, 2010]
63% 21% 16%
Assets Assets as of Sep 30, 2010as of Sep 30, 2010 (Total Asset W2.9tn)(Total Asset W2.9tn)CEO James B. Bemowski
Paid-in Capital W154.1 bn
T t l Sh 30,812,425 SharesInvestment Current
Tangible/Intangible
63% 21% 16%Total Shares 30,812,425 Shares(Com. 25,042,611)
Market Cap. W3,796.9bn
Credit Rating A060%
Equity Method Securities W1.756tnEmployees 2,700
q y
Sales Breakdown by BusinessSales Breakdown by Business
’09 Results (Sales W1.2tn) ’10(E) Results (Sales W1.5tn)[as of Nov.30, 2010, Common Shares]
Others22.8%
Treasury Shares26.6%
11%
I&C2)5%
Others
10%I&C
13%
Mottrol3)
09 Results (Sales W1.2tn) 10(E) Results (Sales W1.5tn)
YongkangFoundation 2 0%
Park family34 0%
Foreign14.6%
47%
Fashion21%
Glonet 16% EM1) 48%
Fashion
14%Glonet
10%
15%
EM
7
Foundation 2.0% 34.0% Fashion1) EM: Electro-Materials 2) I&C: Information & Communication3) Including only 2H of sales from Mottrol
Reorganization of Business Portfolio
• Selection & Concentration : Restructured its business from 12 to 4 business• Merge completion of Doosan Mottrol as of Jul 1, 2010, Fashion business will be closed as of Dec 31, 2010
2007 2008 20092006 2010 7/1 2011
12 Business 4 Business
Electro-Materials
Fashion
Electro-Materials
FashionEnd in Dec. 2010
+Glonet
MottrolTrading
R&D
BIO
I&C
• Transfer at W12bn in Oct. 2007
• Spun off in Dec. 2007
I&C
Magazine
Tower
• Spun off in Oct. 2008
• Disposal at W105bn in Nov. 2006• Disposal at W400bn
in Nov. 2008
Publishing
Food
Techpack
8
• Disposal at W503bn in Mar. 2009Liquor
2010 Outlook
• We expect operating revenue to grow by 42% and operating income to turn in black in 2010– In self-operating business, we expect sales and OP to improve by 33% and 53% YoY– The 3Q accumulated operating revenue & income achieved 74% and 79% versus 2010 Outlook
Income Statement
3Q10 2010
(Unit: KRW bn, %)
2009 3Q10(YTD) YoY 2010
Outlook YoY
Operating Revenue 1,203.1 1,265.2 +42.9% 1,710.1 +42.1%
- Self-Operating Biz Sales 1,161.6 1,143.0 +34.2% 1,546.1 +33.1%
- Equity Method Gain 41.5 122.2 +259.4% 164.0 +295.2%
Operating Cost 1 241 1 1 034 3 +5 4% 1 418 1 +14 3%Operating Cost 1,241.1 1,034.3 +5.4% 1,418.1 +14.3%
- COGS/SG&A 1,078.2 1,029.0 +31.6% 1,418.1 +31.5%
- Equity Method Loss 162.9 5.3 -97.3% - -100.0%
Operating Income -38.0 230.9 TB 292.0 TB
- Self-Operating Biz OP 83.4 114.0 +63.8% 128.0 +53.4%
9
- Equity Method G/L -121.4 116.9 TB 164.0 TB
Operating Business Performance [Yearly Trend]
• Sales and OP have continuously increased since 2006• In 2010, we expect sales and OP to grow by 33% and 53% YoY
Yearly Sales & OP since 2006
(Unit: KRW bn,%)Sales +33%OP +53%
1,546.1
1 161 6
Sales128.0
859.6 890.4999.0
1,161.6
OP(%)
(8.3)
29.0(3 4)
58.8(6.6) 47.8
(4.8)
83.4(7.2)
Aft 2Q S l d OP i 2010 i d b 30% d 188% t fl t b tt 1H10 lt
(%)
’10(E)*’06
(3.4)
‘07 ‘08 ‘09
10
• After 2Q, Sales and OP in 2010 were revised up by 30% and 188% to reflect better 1H10 results- Only 2H of Sales and OP from Mottrol are added
Operating Business Performance [Quarterly Trend]
• In 3Q10, sales rose 39% YoY to KRW443.3bn and OP grew 12% YoY to KRW39.0bn– By merging Mottrol in July 1st , Doosan Corp’s sales and OP in 3Q10 showed continuous growth trend YoY
(3Q10 Mottrol Sales KRW 93.3bn, OP KRW 13.8bn)
Quarterly Sales & OP
(Unit: KRW bn,%)
Sales +39%OP +12%
381.1
443.3Mottrol
93.3
318.6290.9
319.1 310.0
241.5Sales
30.5(9.6)22.1
(7.6)
34.9(10.9)
13.8
44.5(11.7)
19.2(7.9)
39.0(8.8)
OP(%)
’10.1Q2Q 3Q 4Q
(4.6)
2Q’09.1Q
( )
3Q
( )
11
EBITDA 39.631.3 44.2 24.6 53.827.5 50.3• Considering disposed alcoholic beverage business(W6.5bn), the 1Q09 operating profit of W19.2bn is actually W12.7bn
Business Units – Sales & OP [Yearly Trend]
• Electro Materials – Dominant market leader in MCCL* & FCCL*
• Fashion – Local licensing franchise for POLO Ralph Lauren (U it KRW b %)(U it KRW b %)
516.0571.9
471 8
522.8
731.0
100 4 198 5
249.7
215.8 219.7 207.2Sales
(Unit: KRW bn,%)
Sales
(Unit: KRW bn,%)
471.8
6.7(1.3)
73.8(12.9)26.4
(5.1)15.5(3.2)
100.4(13.7)
198.527.6
(12.5) 19.4(7.7)
23.1(11.6)16.9
(7.8) 0(0)
Sales
OP(%)
OP(%)
‘08 ‘09‘07‘06 ’10(E)
Gl I f i & C i i
‘08 ‘09‘07‘06 ’10(E)
*MCCL/FCCL (Metal / Flexible Copper Clad Laminate)
196.3189.6180 7
229.2134.2
116 5146.0
• Glonet – Logistic support center in Doosan group
• Information & Communication – IT service provider in Doosan group
(Unit: KRW bn,%) (Unit: KRW bn,%)
S l136.4
180.7
6.0(3.3)
6.1(3.1)-0.8
( 0 6)-0.6
( 0 1)
8.0(3.5)
79.956.2
116.5
12.1(10.4)
19.5(14.5)7.0
(8.8)3.8
(6.7)
20.0(13.7)
Sales
OP(%)
Sales
OP(%)
12
(-0.6)(-0.1)
‘08 ‘09‘07‘06 ’10(E) ‘08 ‘09‘07‘06 ’10(E)
A New Growth Engine – Doosan MOTTROL
• Doosan Mottrol has been developing and producing Hydraulic components which are essential to various construction equipments and defense systems.
Products [Hydraulic Components]Mottrol’s Mid-term Direction
• Why Mottrol?– More than 30 years of experiences with
hi-efficient technology as a hydraulic components manufacturerCreating a great synergy effect with– Creating a great synergy effect with current subsidiaries’ business
• Mid-term Strategy– Perfect supplier to captive market,e ec supp e o cap e a e ,
· Expand the supply to Infracore– Expand its business to the global non-
captive market, such as China• Capacity Growth
– 2009 cap. 180thn units (15,000 u/m)– 2010(E) cap. 200thn units (17,000 u/m)
2011(E) 280th it (23 000 / )
13
– 2011(E) cap. 280thn units (23,000 u/m)
MOTTROL – Sales & OP Trend / Sales Breakdown
• Until 3Q10, Sales in 3 domestic construction
Hydraulic Equipment Sales BreakdownSales & OP since 2006
• Sales showed steady growth since 2006 and normal Until 3Q10, Sales in 3 domestic construction equipment makers accounted for 65%
• Direct export to China local makers steadily increased to 26%
Sales showed steady growth since 2006 and normal operating profit margin was approximately 7%
• Expected sales of W390bn in 2010 increased by 71% YoY, OP will be increased by 197% YoY
(Unit: KRW bn,%)Sales +71%OP +197%
51.1(13.1)14.8
17.1(7 7) 14.0
17.2(7 6)
(Unit: KRW bn,%)
OP390.523%
(7.6)(7.7)
222 7
(5.7)
243.77%
(7.6)
228 4
Others3)
DirectExport2) 15%
11%163.3
14%
139.9
10%
9%140.7 220.4
26%
9%
OP(%)
Defense77%Forklift*
194.7
30%
17%
222.7
26%
11% 26%
67%
7% 228.4
36%3%
p
3 CE Co.1) 74%
15%
70%
16%
81%65%
26%Sales
Hydraulic
’10(P)*’06
52%
’07
63%
’08
67%
’09
61%
’08 ’09’07 3Q10 (YTD)
14
*Forklift business has been ceased manufacturing as of July 2009. 1) 3 CE Co. : Infracore, Hyundai Heavy, Volvo Korea2) Direct Export : China, Attachment export3) Others : After Service Market
Equity Method Gain/Loss
• In 2010, we expect total equity method gain of W164bn• In 3Q10, equity method G/L of +W23.7bn was down by KRW36.7bn QoQ
① After 3Q, Mottrol Holdings’ equity method G/L added up to operating profit② Doosan Heavy’s equity method G/L of KRW 10.5bn has dropped by KRW 28.1bn QoQ (Unit: KRW bn, %)
Affiliates Stake2009 2010
1H 2H Total 1Q 2Q 3Q 3Q Acc m lated
2010(E)Accumulated
( )
DHI 41.3% -112.0 -42.3 -154.3 11.4 38.6 10.5 60.5
Oricom 57.8% -0.3 1.8 1.5 - 0.9 0.3 1.2
Doosan Dong-A 100% -7.0 6.0 -1.0 -3.5 -1.5 -0.3 -5.3
Doosan F&L 100% 0 5.0 5.0 1.2 -0.2 2.0 3.0
Doosan Tower 100% -3.0 2.5 -0.5 1.2 1.2 2.1 4.6
Doosan Mottrol Holdings 100% -3.2 4.9 1.7 9.9 9.5 Merged 19.5
DIP Holdings 100% 0.8 15.7 16.5 9.7 10.6 9.1 29.4
S h * 1 9 0 8 2 7Samhwa* - 1.9 0.8 2.7 - - - -
SRS* - 10.2 0 10.2 - - - -
Others - -4.1 0.9 -3.2 2.9 1.3 - 4.0
T t l 116 7 4 7 121 4 32 8 60 4 23 7 116 9 164 0
15
* SRS and Samhwa were not displayed since June 29, 2009 (SRS) and August 20, 2009 (Samhwa), respectively → Those are appeared under DIP holdings with valuation of equity method hereafter
Total - -116.7 -4.7 -121.4 32.8 60.4 23.7 116.9 164.0
Affiliates’ Performance
• DHI : Although sales in 3Q10(YTD) were down by 5.9% YoY, net income turned surplus in light of equity method gain recovery
• DIP Holdings: Net income recorded W29.4bn in 3Q10(YTD) thanks to sales growth from DST and SRS
Affiliates 2009 3Q10(YTD)
Sales YoY OP YoY Net YoY Sales YoY OP YoY Net YoY
(Unit: KRW bn, %)
Sales YoY OP YoY Income YoY Sales YoY OP YoY Income YoY
DHI 6,279.5 +10.0% 403.8 -14.9% -328.3 Increased Deficit 4,251.4 -5.9% 275.0 +5.7% 108.8 Turned
Surplus
DIP Holdings* - - 21.8 - 16.6 - - - 37.7 - 29.4 -
• Doosan DST 706.0 +32.5% 60.4 +295.1% 48.0 +4,253.6% 714.6 +43.8% 59.8 +43.1% 47.0 +42.9%
• SRS 247.1 +9.8% 19.6 +84.2% 16.2 +164.3% 198.4 +6.0% 18.9 +9.2% 13.1 -13.2%
• Samhwa 78.2 -0.1% 10.0 +92.3% 11.3 +66.2% 59.8 -0.3% 5.4 -33.3% 4.6 -56.6%
• KAI 1,086.6 +19.4% 50.4 -36.5% 90.2 +373.3% 884.5 -1.4% 90.4 -19.4% 75.4 -25.4%
Doosan Dong-A 227.1 -2.0% 9.7 Turned Surplus -1.2 Reduced
Deficit 153.7 +6.4% 4.7 Turned Surplus -5.3 Reduced
Deficit
Doosan F&L 126.5 -21.1% 5.8 +333.6% 5.0 Turned S l 91.9 -5.3% 3.1 -39.2% 3.0 -25.0%Doosan F&L 126.5 21.1% 5.8 333.6% 5.0 Surplus 91.9 5.3% 3.1 39.2% 3.0 25.0%
Oricom 76.3 -18.0% 3.6 +6.9% 2.3 -5.6% 60.3 +15.5% 2.6 +766.7% 2.0 Turned Surplus
Doosan Tower 51.7 +14.6% 14.4 +16.6% 1.1 +33.8% 42.5 +12.7% 17.0 +104.8% 5.8 Turned Surplus
16
Neoplux 29.4 +36.0% 5.4 +64.5% 4.4 +87.2% 21.3 +0.9% 6.5 -18.8% 4.9 -16.9%
* DIP Holding is a SPC (Special Purpose Company), No sales recorded.
TABLE OF CONTENTS
Overview & Shareholding StructureOverview & Shareholding Structure11
Doosan Corp’s Business PerformanceDoosan Corp’s Business Performance22
Doosan Corp’s Value as a Holding CompanyDoosan Corp’s Value as a Holding Company33
Appendix : Financials, Introduction of EM, HighlightsAppendix : Financials, Introduction of EM, Highlights
17
Capable of generating stable cash through our own business1
• Doosan Corp. is capable of generating cash almost W200bn annually through EBITDA and dividend from subsidiaries
Cash Flow(Unit: KRW bn)
EBITDA 128.1166.1
38.1Depreciation 44.7
OP from Self-operating Business only
Dividend
83.41) 128.02)
1) ’09 OP: Sum of EM, I&C, Glonet, Fashion
’12(E)’11(E)
Dividendfrom Sub.
’09
23.5
’10(E)
24.5
18
2) ’10 OP: Sum of EM, I&C, Glonet, Mottrol (Planned zero OP for Fashion) - Only 2H of OP from Mottrol is added (Annual OP of KRW 51.1bn in 2010(P))
Aim for shareholders’ value-oriented management as a holding co.2
• Doosan Corp. paid dividend of W1,000 per share in 2008, W2,500 per share in 2009, and W500 per share in 2010 as an interim dividend.
• Dividend will be continuously paid to increase shareholders’ value
Dividend
(Unit: KRW) (Unit: KRW bn %)(Unit: KRW)
`08 `09 `10(E)
Net profit 109.7 232.3 -
(Unit: KRW bn, %)
Total amount of Dividend 24.2 58.3 -
- Dividend per share W1,000 W2,500 -
2,000
Dividend per share W1,000 W2,500
Dividend payout ratio 22% 25% -
2)
Year-end D. 1,000
500 5002)
1) It is made for the first time since 19982) A f J 30 id i t i di id d f W500
Dividend yield ratio2) 1.0% 2.6% -
※ As of the ending date of stock market in each year
Interim D.
‘081) ’09
500
’10(E)
5002)
19
2) As of Jun 30, we paid interim dividend of W500
Non-operating assets value3
• Current Doosan Corp’s market cap just reflects the value of non-operating assets– Market Cap of W3,797bn (as of Nov 30, 2010) vs. Non-operating assets’ adjustment value of W3,804bn– With conservative view, we applied 30% discount to the market value of listed companies and treasury shares
Market Value Adjustment Base for Discount
(Unit: KRW bn)
Value by Non-operating Assets
Market Value Adjustment Base for Discount
Listed1) DHI 3,527 2,469 · 43.6 mn shares×80,800 w/share (30% discounted)
(Current market value) Oricom 14 10 · 1.5 mn shares× 9,760 w/share (30% discounted)
3,541 2,479
Unlisted Doosan Tower 202 202 · Book values of unlisted companies
(Book Value, Sep 30) DIP Holdings 194 194
Others2) 81 81
477 477
Properties (Current market value) 168 168 · Ranch at Anmyeon-do, Factory site, etc
Treasury shares3) 971 680 · 30% discounted to the current market value
Total 5,157 3,804
1) Li t d i k t l ( f N 30 2010)
20
1) Listed companies market values (as of Nov 30, 2010)2) Publishing, Feed & Livestock, Neoplux, etc.3) Common shares 26.6%, Preferred shares 12.9% (as of Nov 30, 2010)
Stabilized financials by reducing L/E ratio4
• As of Sep 2010, L/E ratio was 50%, Net borrowings was W223bn• Credit rating was raised (A- → A0) in April 2010
L/E Ratio & Net Borrowings
(Unit: KRW bn, %) L/E Ratio316%
302%
216%
Net Debt
L/E Ratio
Disposal of Kimchi Business,Spun off Doosan Tower
Liabilities/Equity Ratio
216%
Disposal of Techpack,Spun off Publishing Business
Spun off Doosan Tower
51%1,315 1,194 949
78%
Net Debt50%
Disposal of Liquor Business
’09’08
489
200
’05 ’06 ’07 Sep ’10
223
21
090805 06 07
BBB+ BBB+ BBB+ A- A-Credit RatingSep. 10
A0
TABLE OF CONTENTS – Appendix
1. Financial Status
2. Quarterly Performance of Business Units
3. 3Q10 Highlightsg g
4. Introduction of Doosan EM
P d t• Products
• Competitors, Customers, Position
22
Appendix 1. Financials Status (Non-consolidated basis)
Summary Balance Sheet Debt & Net D/E RatioSummary Balance Sheet Debt & Net D/E Ratio
’09.12 ’10. 9(Unit: KRW bn)
’09.12 ’10. 9(Unit: KRW bn)
Current Assets 496.6 629.8
Non-Current Assets 2,251.8 2,311.7Bank 85.7 130.0
Debentures 300.0 247.0Assets 2,748.4 2,941.5
Current Liabilities 351.2 545.3
Non-Current Liabilities 581 6 437.4
Others 2.9 2.9
T t l D bt 388 6 379 9Non Current Liabilities 581.6 437.4
Liabilities 932.8 982.7
Paid-in Capital 153.2 154.1
Total Debt 388.6 379.9
Cash 188.6 156.5
Total Shareholders Equities 1,815.6 1,958.8
L/E Ratio 51% 50%
Net Debt 200.0 223.4
Net D/E Ratio 11% 11%
23
L/E Ratio 51% 50% Net D/E Ratio 11% 11%
Appendix 2. Business Units – Sales & OP [Quarterly Trend]
• Electro Material– Sales surged 17 % YoY– OP was down by -11% YoY due to LED TV
inventory adjustment by Set Makers
• Mottrol– Strong earnings growth with diversifying
customers – Sales & OP surged by 52% and 128% YoY thanks
(Unit: KRW bn,%) (Unit: KRW bn,%)
inventory adjustment by Set Makers Sales & OP surged by 52% and 128% YoY thanks to strong demand in domestic and China market
Sales 162.1153.6
169.6205.5
35.4
188.9
71.3
89.1
61.4
93.399.1
Sales
OP(%)
24.7(15.2) 14.0
(9.1)
24.2(14.3)
(17.2) 22.0(11.6) 6.5
(9.2)
13.1(14.7)6.0
(9.8)
15.6(15.8)
13.8(14.7)OP
(%)
3Q09 4Q 1Q10 2Q 3Q 4Q 1Q103Q09 2Q 3Q
24
Appendix 2. Business Units – Sales & OP [Quarterly Trend]
(Unit: KRW bn %)
• Fashion – Sales have fallen by -17% YoY– OP dropped by -41% YoY
Sales
(Unit: KRW bn,%)
50.259.860.5 61.069.6 • Fashion BG will be dropped at the end of 2010
– Termination of local licensing franchise contract with POLO Ralph Lauren
OP(%)
6.6(10.9) 4.6
(7.7)4.1
(8.2)6.5
(10.6)
9.5(13.6)
1Q10 2Q4Q3Q09 3Q
• Glonet • Information & Communication S l +15% Y Y
Sales
(Unit: KRW bn,%) (Unit: KRW bn,%)
– Sales rose +28% YoY– OP was down by -17% YoY
– Sales grew +15% YoY– OP dropped by -30% YoY
61.251 1 53.7 52 8
37.137.5 33.7
43.7 43.1
Sales
OP(%)
OP(%)
51.1
1.2(2.5)
2.9(5.7) 1.4
(2.3)
47.953
1.9(3.5)
52.8
0.6(1.1)
7.0(18.7) 3.5
(9.4)
33.7
4.1(12.1)
6.0(13.6)
4.8(11.1)
25
4Q 1Q103Q09 3Q2Q
( )
4Q 1Q103Q09 2Q 3Q
Appendix 3. 1Q10 ~ 3Q10 Highlights
Doosan Corp. Subsidiaries
1Q• Equity method G/L turned surplus
followed by 4Q09 as a result of subsidiaries turnaround
• [DHI] Rising order momentum of nuclear power plants–Won the first oversea project of nuclear
power plants in UAE worth USD 3 9bn(Decpower plants in UAE worth USD 3.9bn(Dec. 2009)
• Credit rating rose from A– to A0 (April)R l ti f th i t i di id d t
• [DI] Remarkable results in Doosan InfracoreSi ifi t f i t ti2Q • Resolution of the interim dividend to
500won per share (June)–Significant performance in construction
equipment and machine tools from China–DII’s visible improvements in operations
3Q• Completion of Mottrol merger (July 1)• Resolution of closing the fashion
business (July)
• [DHI] Continuous order momentum–Won the Rabigh thermal power plant from
Saudi worth around USD3.4bn (Sep)–Termination of License Agreement with
POLO Ralph Lauren as of Dec. 31, 2010• DIP holdings sold its 24% stake in
Samhwa Crown & Closure for W30bn
– Won the Desalination plant from Saudi worth around USD1.5bn (Sep)
• [Construction] Merge Mecatec (Nov)
26
Samhwa Crown & Closure for W30bn (Oct)
Appendix 4. ELECTRO-MATERIAL – Products
• EM is one of the global leaders in Cooper Clad Laminate (CCL), which is the core material for Printed Circuit Board (PCB), including flexible CCL and metal CCL, and is extending its product portfolio to materials for OLED
CCL(Copper Clad Laminate)
CCL(Copper Clad Laminate)
It is made with copper foil, paper-phenol resin, glass-epoxy resin, or other composite resins according to the application of the product
Form circuit
CCL PCB End Product
Load parts
MCCL are materials that coated TRCC1) on aluminum sheets. It used as the LCD backlight of the LED TV and LED light sources
MCCL(Metal CCL)
MCCL(Metal CCL)
FCCL requires high resistance against repeated bending and suitability for the compact electronics, such as smart phone and notebooks.
FCCL(Flexible CCL)
FCCL(Flexible CCL)
LCD backlight of the LED TV and LED light sources.(Metal CCL)(Metal CCL)
p , p(Flexible CCL)(Flexible CCL)
OLEDOLED EM produces various kinds of powder that used in the formation of OLED film
27
1) TRCC: Thermal Resin Coated Copper foil
Appendix 4. ELECTRO-MATERIAL – Competitors, Customers, Position
Major Customers Position in MarketCompetitorsP d t Major Customers(Domestic & Oversea)
Position in Market(as of end of 2009)
Competitors(Domestic & Oversea)
Products
Samsung Electro-Mechanics, • DomesticNo.1 (M/S 55%)King Board, NanyaCCL g ,Daeduck GDS, Korea Circuit etc.
( )• Global No.6 (M/S 06%)
g yPanasonic, etc.(Copper Clad
Laminate)
Daeduck GDS, Sejong Metal, Teranics, etc.
• Domestic No.1 (M/S 100%)• Global No.1 (M/S 092%)
CSEM, Hankuk Carbon
MCCL(Metal CCL)
Interflex, YoungPoong Electronics, Daeduck GDS, etc.
• Domestic No.1 (M/S 63%)• Global No.2 (M/S 15%)
Nippon Steel Corp. LG Chem, SK Energy
FCCL(Flexible CCL)
Samsung Mobile Display,LG Display, CMEL
• Domestic No.3 (M/S 10%)• Global No.7 (M/S 07%)
Dow, Idemitsu, LudisOLED
Material
28E.O.D
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