2018 2q business results
TRANSCRIPT
2018 2Q Business Results
CJ CheilJedang IR
Aug 8th 2018
This material is based on non-audited financial statements for 2Q18 and released for
investors’ convenience only. Please note that readers should be aware this material is subject
to revision during the course of audit.
2
Contents
Ⅰ. 2Q18 Results Highlights
- Quarterly results excluding CJ Logistics
Ⅱ. Earnings Analysis by Division
- Food Division
- Bio Division
- CJ Logistics
Ⅲ. Outlook by Division and Key Issues
Ⅳ. Other Analysis
- SG&A Expense
- Non-Operating Income & Expense
V. Appendix
Pg. 3
Pg. 4
Pg. 5
Pg. 6
Pg. 10
Pg. 11
Revenue up 2%1) YoY as Processed Food & Bio division continues robust sales growth, despite revenue decline from Foodstuff/ Feed & Livestock and CJ Healthcare divestureOperating profit up 26% YoY on the back of earnings growth of Bio’s major products and recovery in overseas livestock pricesNet profit surged 4,114% YoY thanks to CJ Healthcare disposal gain
Key Highlights
3
1) 3% growth excluding changes in accounting issue※ Excluding CJ Logistics/ CJ Healthcare disposed as of April 18, 2018
Ⅰ. 2Q18 Results Highlights
(Unit: W bn)
Sales Operating Profit Net Profit
(Unit: W bn) (Unit: W bn)
2Q17 2Q18 2Q17 2Q18 2Q17 2Q18
+W40.5bn (+1.7% YoY)
Excl. +W172.2bn (+7.8% YoY)
2,327.0 2,367.5
104.1131.2
18.1762.8
+W27.1bn (+26.0% YoY)
Excl.+W45.0bn (+52.2% YoY)
+W744.7bn (+4,114.4% YoY)
2,195.3 2,367.5
86.2131.2
Processed Food sales up 8% YoY thanks to robust sales of HMR & expansion of overseas bizFoodstuff revenue down 1% YoY owing to downsize of low-margin trading biz and sluggish ASP Operating profit similar to last year’s level hit by key raw material price increase from Processed Food
Food Division
4
• Sales- Processed Food sales up 8% YoY (W769.5bn) due to HMR
and overseas biz expansion whereas price hike impact remains slow✓12% revenue growth excluding changes in accounting issues1). ✓ Microwavable Rice/Kimchi sales:+20%/+38%, while processed meat
revenue slowed to low/mid single digit growth ✓ HMR sales +46% YoY thanks to new product launches in Side
Dish categories & successful expansion of Soup/Stew categories ✓ Overseas sales +25% YoY mainly from China revenue expansion
China sales +48% YoY thanks to dumpling sales expansion, Vietnam sales +52% YoY owing to K-Food Kimchi/Seaweed Crisp US sales growth slowed due to 1Q Costco MVM event
- Foodstuff sales down 1% YoY (W459.7bn) due to downsize of low-margin biz and ASP decline from drop in raw material cost, despite increase in sales volume
• Operating profit- W68.6bn (Flat YoY) thanks to (Foodstuff) spread
improvement in sugar & oil products despite increasing (Processed Food) agricultural (raw material) cost burden ✓ Rice/dried red pepper unit cost 40%/71% YoY✓ Maintained SG&A-to-sales ratio similar to 2Q17 by controlling
promotion level amid fierce competition environment ✓ Decline in raw sugar input price amid resilient sugar sales volume
growth and improved oil spreads (ASP-cost)
Ⅱ. Earnings Analysis by Division
Sales and OPM trend Earnings analysis(Unit: W bn)
“Key product M/S trend”
(Excl. export)
“Processed Food Global Revenue”
1) K-IFRS 1115 Revenue from Contracts with Customers
1,176.4 1,439.5
1,154.6 1,316.2 1,229.2
5.8%11.6%
2.4%8.9%
5.6%
2Q17 3Q17 4Q17 1Q18 2Q18
Sales OPM
96113
142
2Q16 2Q17 2Q18
66.5 78.175.8
73.5
40.044.4 43.8
47.7
26.7
31.2 34.034.5
31.3
48.7 48.6
46.7
2016 2017 1Q18 2Q18
Microwavable Rice Dumpling
Kimchi Soup
• Sales- Bio sales up 30% YoY( W614.1bn) thanks to ASP/volume
increase in nucleotide, tryptophan & major amino acids and Selecta acquisition effect (excluding Selecta +13% YoY) ✓ Feed Additive: Tryptophan/valine robust revenue growth and
Selecta acquisition effect leads to overall sales growth of +33% YoY ✓ Food Additive: Nucleotide major customer expansion and
arginine sales volume increase leads to overall sales growth of 23% YoY
- Feed & Livestock revenue down 4% YoY (W524.2bn) owing to domestic de-marketing of low-margin customers despite overseas livestock price recovery
Bio sales up +30% YoY thanks to strengthened market dominance in nucleotide and tryptophan Overall BIO revenue up 12% YoY reflecting 4% decline in Feed & Livestock revenue Bio OP grew 87% YoY thanks to favorable nucleotide market conditions and increasing lysine ASPFeed & Livestock OP turned to black on the back of strong livestock price recovery
Bio Division
5
• Operating profit- Bio: OP up 87% YoY (W44.9bn) thanks to lysine/methionine
ASP increase and increased contribution from nucleotide ✓ Feed Additive: OP growth thanks to increase in tryptophan ASP/sales
volume and improving lysine ASP ✓ Food Additive: Resilient OP owing to strong China demand for
nucleotide and arginine sales volume expansion - Feed & Livestock: OP turned to black at W17.7bn thanks to
strong Vietnam hog & Indonesia chicken price recovery despite cost burden from raw material price increase in domestic biz ✓ Vietnam: 2Q hog price at 40K VND/kg (+43% QoQ, +101% YoY) ✓ Indonesia: 2Q chicken price at 19K IDR/kg (+11% QoQ, 18% YoY)
Ⅱ. Earnings Analysis by Division
Sales and OPM trend Earnings analysis
“Livestock price trend”
(Unit: W bn)
1,018.9 1,099.8
1,205.8
1,081.4 1,138.3
1.7%2.2% 3.6%
3.9%5.5%
2Q17 3Q17 4Q17 1Q18 2Q18
Sales OPM
10
15
20
10
30
50
4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
Vietnam Hog Price(Left) Indonesia Chicken Price(Right)
(K IDP/Kg)(K VND/Kg)
Revenue up 34% YoY thanks to overseas M&A acquisition effect, China business expansion, and increase in parcel volume, Delay in margin recovery owing to increase in minimum wage impacting CL/parcel cost burden and increased competition in W&D
CJ Logistics
• Sales- Up +34% YoY (W2,284.6bn) thanks to solid growth from
parcel and global division ✓ Parcel: continued robust growth from increasing new orders from
strengthened marketing dominance : Parcel volume +17.4% YoY, Record high M/S of 49.2%
✓ Global: 20%+ resilient revenue growth thanks to China biz expansion (CJ Rokin) Darcl/ICM (3Q17~), Gemadept (Feb 2018)
• Operating profit- OP down 7.7% YoY (W57.1bn) due to minimum wage
increase impacting CL and parcel OPEX
✓ Delayed recovery in shipping/port industry and increased competition in W&D segment
✓ Increase in COGS owing to increasing contract cost (minimum wage increase) of CL/Parcel division
✓ PMI of newly added overseas M&A entities and parcel delivery network-related cost
6
Ⅱ. Earnings Analysis by Division
Sales and OPM trend Earnings analysis
“Parcel volumes and MS continue to grow”
(Unit: W bn)
1,707.8 1,873.2 1,934.4
2,001.5 2,284.6
3.6% 3.3% 3.1% 2.3%2.5%
2Q17 3Q17 4Q17 1Q18 2Q18
Sales OPM
35
40
45
50
50
70
90
110
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18
물동량(좌) M/S(우)(mn boxes) (%)Volume MS
Ⅲ. 2018 Outlook by division
7
Food Division
Domestic- Domestic revenue to grow at mid/high single-digits thanks to
new product launches of HMR and flagship products and
maximizing Chuseok gift sales through product diversification
- Progressive earnings improvement expected as 1) price hike to
be gradually reflected and 2) promotion efficiency and 3)
streamlining operations to minimize cost burden from
agricultural price increase and minimum wage hike
Overseas- US: Revenue to increase 20%+ for the full year led by Costco
MVM event in 3Q and full-scale operation of new
manufacturing facilities in New Jersey/ California
- China: Resilient dumplings and tofu sales volume and new
product launches via online new channels expected
- Vietnam: New product/channel expansion after completion of
Integrated Food Cluster in Oct 2018
- Russia: PMI process to continue
Domestic- Overall revenue de-growth to slow down as downsizing
of low-margin trading biz to gradually moderate, while
overall sales volume to increase
- Continued, lower sugar and flour input price to lead to
robust spreads (ASP-cost)
- Oil, starch input prices to gradually increase in 3Q but to
decline after 4Q onwards
Overseas- Vietnam flour/sugar mix biz reviewing capacity
expansion (CAPEX W30bn)
: Flour capacity: 140K ton 280K ton
: Sugar mix: 40K ton new capacity
- Limited impact on 2018 earnings as new capacity to
come online in May 2019, Vietnam biz to expand and
growth to accelerate going forward
Processed Food Foodstuff
Ⅲ. 2018 Outlook by division
8
Bio Division
Feed Additive- Lysine Sales volume allocation by region to maximize profit,
China ASP to remain stable as China government’s enforced
environmental policies to result in lower run rates for local
competitors despite capacity additions
- Tryptophan ASP to rebound from 4Q after reaching trough in
3Q
- Methionine Regular maintenance shutdown in 3Q to increase
fixed cost burden, while manufacturing cost per unit to
stabilize from 4Q onwards from sales volume expansion and
adoption of new cost-saving process
- Threonine Sales to reduce through production shift from
threonine to valine in China
Food Additive - Nucleotide ASP/sales volume to increase thanks to rising
China demand, especially from large-size customer, and
reviewing 6K ton capacity increase (currently running at full
capacity of 36K ton)
- Arginine Expand sales volume and strengthen market
dominance through strategic pricing
Domestic - Focus on profitability by streamlining business structure
and increasing feed ASP, despite sales volume decline from
intensified competition and increase in raw material prices
- Overall domestic revenue to gradually recover from
expansion of partner farms and as impact from de-
marketing of low-margin channels moderates
Overseas [Indonesia]
- Poultry price to remain robust thanks to Indonesia
government import restrictions on chicken raised for
breeding despite cost burden from raw material price
increase
- Build slaughterhouse and expand high-margin distribution
channels to alleviate earning volatility from livestock prices
[Vietnam]
- Hog price to maintain at 40K VND level as Vietnam hog
supply is expected to stale in 2H18
- 2H18 earnings to recover YoY thanks to strong hog price
and lower base effect in 2H17
Bio Feed & Livestock
Ⅲ. 2018 Outlook by division
9
Key Strategies
Processed Food- Domestic Enhance cost reduction across all value chain
(including purchasing, production, and logistics) in order to
cope with changes in external environmental issues and to
secure future growth, Establish and stabilize early
production of Jincheon Smart Factory
(microwavable rice, cooked meat, frozen food additional
capacity to come online in by Oct 2018)
- Overseas : US) Diversify product/channels through capacity
additions in East/West manufacturing facilities, China)
Expand dumpling sales volume and online channels,
Vietnam) Secure production capacity and maximize
synergies amongst 3 manufacturing companies, Russia)
Stabilize newly acquired entities
Foodstuff - Domestic : Effective raw material purchasing in 2019
through in-depth analysis of grain market
- Overseas: Strengthen milling/sugar mix business in Vietnam
and selective specialty business in developed countries
Bio- Feed Additive : Lysine Reduce China exposure (20% 10%)
by expanding non-China sales volume and strengthen
compatible production to respond flexible to market
conditions , Tryptophan/Methionine Reduce manufacturing
cost by optimizing manufacturing process and switching to
low-cost raw materials, Threonine Reduce production
volume through compatible production into valine, Selecta
Increased bulk sales volume expected as European salmon
enters peak season in 2H
- Food Additive : Nucleotide Increase market dominance in
nucleotide by engaging in long-term contracts with large-
size customer, MSG Reduce production volume through
compatible production into arginine and new promising
items such a flavor materials
Feed & Livestock - Reduce business risks and maximize profits through value
chain integration and expanding high-margin feed products
- Improve cash flow and management system by applying
ERP system to overseas business division to manage
accounts receivable, loan, etc.
Food Division BIO Division
SG&A Expense
10
Ⅲ. Other Analysis
SG&A-to-sales ratio down YoY owing to CJ Healthcare divesture, Adjusted SG&A-to-sales ratio similar to last year’s level excluding CJ Healthcare SG&A expenses
523.1 577.6 602.5 575.6
500.1
22.5%21.6%
24.3%22.9%
21.1%
2Q17 3Q17 4Q17 1Q18 2Q18
“SG&A to Sales Ratio Trend”
(Unit: W bn, %)
2Q17 2Q18 증감
Labor cost 144.4 137.8 -6.6
Commission expense 116.0 105.4 -10.6
Transportation cost 99.6 115.1 15.5
Promotion cost 42.8 15.1 -27.7
Advertising cost 10.0 12.6 2.6
Others 110.3 114.1 3.8
Total 523.1 500.1 -23.0
(Unit: W bn)• Adjusted 2Q17 SG&A-to-sales ratio at 21.2% (excluding CJ Healthcare biz)
Non-Operating Income & Expense
11
Increase in non-operating gains by W961.7bn thanks to CJ Healthcare disposal gains
Ⅲ. Other Analysis
• Net interest expense at W36.1bn (-W8.0bn YoY)
• Commodity derivatives-related losses at W5.8bn (+W13.6bn YoY)
Details
• FX-related losses at W19.4bn (-W15.6bn YoY)
- Translation gains&losses –W19.2bnTransaction gains&losses –W0.2bn
2Q17 2Q18 YoY
Net interest expense -28.1 -36.1 -8.0
FX-related gains&losses -3.8 -19.4 -15.6
Equity method
gains&losses1.9 2.2 0.3
Donation -11.6 -11.6 0Commodity derivatives-
related gains&losses
-19.4 -5.8 13.6
Gain on sales of investment in subsidiaries
0 995.7 995.7
Others -10.8 -35.1 -24.3
Total -71.8 889.9 961.7
Tax -14.2 -258.3 -244.1
• 2Q18 USDKRW [Ending] : 1121.7, 2Q18 USDKRW [Avg] : 1078.6• 2017 USDKRW [Ending] : 1071.4, 2Q17 USDKRW [Avg] : 1129.4
Key non-operating items (Unit: W bn)
※ Non-operating items shown as (-) for expenses and (+) for income
• Gain on sales of investment in subsidiaries
- Gain on sales of investment in CJ Healthcare W995.7bn (+W995.7bn YoY)
1-(1). Summary of Income Statement (excluding CJ Logistics)
12
Financial StatementⅣ. Appendix
2Q17 1Q18 2Q18 증감(YoY) 증감(QoQ)
Sales 2,327 2,512 2,368 41 1.7% -145 -5.8%
COGS 1,700 1,766 1,736 36 2.1% -30 -1.7%
(%) 73.0% 70.3% 73.3% 0.3%pt. 3.0%pt.
Gross Profit 627 746 631 4 0.7% -115 -15.4%
(%) 27.0% 29.7% 26.7% -0.3%pt. -3.0%pt.
SG&A 523 576 500 -23 -4.4% -76 -13.1%
(%) 22.5% 22.9% 21.1% -1.4%pt. -1.8%pt.
Operating Profit 104 171 131 27 26.0% -40 -23.1%
(%) 4.5% 6.8% 5.5% 1.0%pt. -1.3%pt.
Non-Operating P/L -72 -42 890 962 흑전 932 흑전
(%) -3.1% -1.7% 37.6% 40.7%pt. 39.3%pt.
Recurring Profit 32 129 1,021 989 3061.3% 892 693.4%
(%) 1.4% 5.1% 43.1% 41.7%pt. 38.0%pt.
Net Profit 18 96 763 745 4114.4% 667 697.1%
(%) 0.8% 3.8% 32.2% 31.4%pt. 28.4%pt.
(Unit: W bn)
1-(2). Summary of Balance Sheet (excluding CJ Logistics)
13
Financial StatementⅣ. Appendix
(Unit: W bn)
2013 2014 2015 2016 2017 2Q18
Current Assets 2,434.7 2,769.7 2,860.5 3,464.0 3,267.9 4,234.9Quick Assets 1,442.6 1,713.1 1,774.6 2,199.5 1,980.9 2,728.4Inventory 992.1 1,056.6 1,085.9 1,264.5 1,287.0 1,506.5
Non-Current Assets 6,489.1 6,613.1 6,953.1 7,309.9 7,861.8 8,813.8Investments 1,629.6 1,604.0 1,611.6 1,489.0 1,181.0 1,895.3Tangible Assets 4,367.1 4,528.8 4,859.4 5,210.2 5,717.4 6,000.5Intangible Assets 426.1 426.7 439.3 561.4 913.7 875.3Other Fixed Assets 66.3 53.6 42.8 49.3 49.7 42.7
Total Assets 8,923.8 9,382.8 9,813.6 10,773.9 11,129.7 13,048.7Current Liabilities 2,800.5 3,316.0 3,130.4 3,429.8 3,714.1 4,198.7Non-Current Liabilities 2,885.7 2,725.1 2,987.7 3,351.0 3,345.1 3,287.7
Total Debt 4,125.9 4,356.1 4,277.6 4,801.5 4,894.8 5,180.4Net Debt 3,716.2 3,903.9 3,705.4 4,133.0 4,379.8 4,094.6
Liability to Equity Ratio 176.0% 181.0% 166.0% 170.0% 173.0% 135.2%Net Liability to Equity Ratio 163.0% 167.0% 150.0% 153.0% 161.0% 115.7%
Net Debt to Equity Ratio 115.0% 117.0% 100.0% 104.0% 108.0% 74.3%Total Liabilities 5,686.2 6,041.1 6,118.1 6,780.8 7,059.2 7,486.4
Current Capital 72.1 72.3 72.4 72.4 72.5 81.9Capital Surplus 895.9 910.2 918.3 919.9 925.1 1,540.8Other Accumulated Earnings -153.6 -110.9 -116.6 -79.9 -472.0 -400.4Retained Earnings 2,160.5 2,191.6 2,331.0 2,561.5 2,895.6 3,688.0Minority Interest 262.7 278.5 490.4 519.2 649.3 652.0
Total Shareholders’ Equity 3,237.6 3,341.7 3,695.5 3,993.1 4,070.5 5,562.3
2-(1). Summary of Income Statement (including CJ Logistics)
14
Financial StatementⅣ. Appendix
(Unit: W bn)
2Q17 1Q18 2Q18 증감(YoY) 증감(QoQ)
Sales 3,909 4,349 4,454 545 13.9% 105 2.4%
COGS 3,096 3,431 3,620 525 16.9% 189 5.5%
(%) 79.2% 78.9% 81.3% 2.1%pt. 2.4%pt.
Gross Profit 813 917 834 20 2.5% -84 -9.1%
(%) 20.8% 21.1% 18.7% -2.1%pt. -2.4%pt.
SG&A 649 707 649 0 0% -58 -8.2%
(%) 16.6% 16.3% 14.6% -2.0%pt. -1.7%pt.
Operating Profit 164 210 185 20 12.3% -26 -12.2%
(%) 4.2% 4.8% 4.1% -0.1%pt. -0.7%pt.
Non-Operating P/L -94.2 -98.1 864 958 흑전 962 흑전
(%) -2.4% -2.3% 19.4% 21.8%pt. 21.7%pt.
Recurring Profit 70.2 112 1,048 978 1393.2% 936 834.4%
(%) 1.8% 2.6% 23.5% 21.7%pt. 20.9%pt.
Net Profit 43.1 72.1 783 740 1715.6% 711 985.8%
(%) 1.1% 1.7% 17.6% 16.5%pt. 15.9%pt.
Ⅳ. Appendix
2-(2). Summary of Balance Sheet (including CJ Logistics)
15
Financial Statement
(Unit: W bn)
2013 2014 2015 2016 2017 2Q18
Current Assets 3,705.0 3,973.3 4,018.5 4,880.7 4,963.5 6,104.4Quick Assets 2,698.3 2,907.7 2,920.9 3,600.5 3,660.0 4,571.2Inventory 1,006.7 1,065.6 1,097.6 1,280.2 1,303.5 1,533.2
Non-Current Assets 9,299.5 9,409.2 9,732.8 10,885.5 11,904.7 12,954.8Investments 1,062.9 1,087.6 1,135.8 1,096.2 716.1 819.3Tangible Assets 6,254.5 6,383.9 6,690.2 7,280.5 8,179.4 9,112.0Intangible Assets 1,764.0 1,750.9 1,737.3 2,333.8 2,758.1 2,777.6Other Fixed Assets 218.1 186.8 169.5 175.0 251.1 245.9
Total Assets 13,004.5 13,382.5 13,751.3 15,766.2 16,868.2 19,059.2Current Liabilities 3,708.9 4,122.4 4,335.7 4,699.2 5,496.9 6,035.1Non-Current Liabilities 4,483.0 4,310.2 4,030.4 5,006.5 5,227.4 5,787.8
Total Debt 5,772.0 5,857.4 5,670.7 6,563.2 7,087.4 7,827.3Net Debt 5,242.5 5,269.5 4,975.5 5,739.2 6,396.9 6,534.1
Liability to Equity Ratio 170.0% 170.0% 155.0% 160.0% 175.0% 163.8%Net Liability to Equity Ratio 159.0% 158.0% 142.0% 147.0% 163.0% 146.0%
Net Debt to Equity Ratio 109.0% 106.0% 92.0% 95.0% 104.0% 90.8%Total Liabilities 8,191.9 8,432.6 8,366.1 9,705.7 10,724.3 11,822.9
Current Capital 72.1 72.3 72.4 72.4 72.5 81.9Capital Surplus 895.9 910.2 918.3 919.9 925.1 1,540.8Other Accumulated Earnings -227.3 -184.8 -181.9 -149.4 -526.1 -456.6Retained Earnings 2,143.1 2,187.2 2,334.2 2,566.5 2,903.5 3,675.6Minority Interest 1,928.8 1,965.0 2,242.2 2,651.1 2,768.9 2,394.6
Total Shareholders’Equity 4,812.6 4,949.9 5,385.2 6,060.5 6,143.9 7,236.3
3. Earnings results by divisionEarnings by Division (excluding CJ Logistics)
16
Ⅳ. Appendix
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 YoY
CJCJ
Exl. CJLInc. CJHC
Sales 2,399.5 2,327.0 2,674.6 2,484.1 2,512.2 2,367.5 1.7%Gross Profit 685.7 627.2 787.8 700.3 746.3 631.3 0.7%Operating Profit 144.2 104.1 210.2 97.8 170.7 131.2 26.0%EBITDA 239.5 196.8 313.3 196.7 275.6 234.2 19.0%
FoodDiv.
Sales 1,320.3 1,176.4 1,439.5 1,154.6 1,316.2 1,229.2 4.5%Gross Profit 423.8 371.3 501.6 370.2 430.4 365.9 -1.5%Operating Profit 99.6 68.5 166.5 28.1 116.8 68.6 0.1%EBITDA 146.8 112.6 219.5 76.2 166.2 117.3 4.2%
BioDiv.
Sales 956.2 1,018.9 1,099.8 1,205.8 1,081.4 1,138.3 11.7%Gross Profit 191.3 181.2 209.9 264.8 253.0 265.4 46.5%Operating Profit 26.5 17.7 24.1 43.9 41.9 62.6 253.7%EBITDA 70.1 61.5 69.6 89.6 92.6 116.9 90.1%
BI
O
Sales 454.5 472.3 571.4 669.7 592.0 614.1 30.0%Gross Profit 135.4 125.9 152.1 200.2 196.0 181.8 44.4%Operating Profit 29.9 24.0 30.5 52.2 48.4 44.9 87.1%EBITDA 65.4 59.2 67.6 88.3 86.8 84.0 41.9%
Feed&
Livestock
Sales 501.7 546.6 528.4 536.1 489.4 524.2 -4.1%Gross Profit 55.9 55.3 57.8 64.6 57.0 83.6 51.2%Operating Profit -3.4 -6.3 -6.4 -8.3 -6.5 17.7 흑전EBITDA 4.7 2.3 2.0 1.3 5.8 32.9 1330.4%
CJHC
Sales 123.0 131.7 135.3 123.7 114.6Gross Profit 70.6 74.7 76.3 65.3 62.9Operating Profit 18.1 17.9 19.6 25.8 12.0EBITDA 22.6 22.7 24.2 30.9 16.8
※ Above earnings by division reflects the changes due to organization changes
(Unit: W bn)
