doosan annualreport english

Table of Contents

2 About Doosan

A History of Transformation

An Explosive Growth Record

Global Expansion that Extends Our Reach

The Doosan Way

12 Our Infrastructure Support Businesses 36 Holding Company and Others

48 Corporate Social Responsibility

56 Financial Review

62 Domestic/Global Network

Doosan has selected “ ” as the corporate slogan, which is based on the conviction that companies must contribute to humankind and help to shape the future. All Doosan employees now embrace this slogan, and we continue to enhance our capabilities as a global company through our unique value and philosophy.

Doosan is working at this very moment to provide the basics necessary for improving the quality of people’s lives. Doosan’s presence can be found in every area of the infrastructure support business, which encompasses industrial facilities, machinery, heavy equipment and construction. You are invited to watch how we are helping to shape the future for all.

About Doosan

A History of Transformation

Korea’s Oldest EnterpriseDoosan is Korea’s oldest business organization with a proud history of 115 years. Doosan began in 1896 as Korea’s first modern retail business, known then as Park Seung-jik Store and has grown and developed for more than a century.

A Journey of Dynamic Change and InnovationNow a global ISB powerhouse, Doosan’s history represents a story of dynamic change and growth. In 1946, Chairman Too Pyung Park renamed the Park Seung-jik Store as the Doosan Mercantile Company, marking the start of our modern history. We diversified into brewing and international trade in the early 1950s and into construction, food & beverages, machinery, media and cultural services in the 1960s. By the 1970s, Doosan was well established as a leader in Korean consumer products and culture-related businesses and our construction, machinery, and electronics businesses entered high-growth stages.

During the 1980s, we focused on becoming international while also venturing into publishing and advertising. In the 1990s, operations were divided into three business sectors: information & retail, consumer products, and high-tech materials.

In 1995, one year before our 100th anniversary, we began to rigorously restructure with an aim to reinvent ourselves for the 21st century. We sold flagship affiliates, including OB Beer, improved profitability by integrating 23 affiliates into 4 companies (Doosan Corporation, Doosan Engineering & Construction, Doosan Packaging and Oricom) and introduced advanced management systems.

Transition to an ISB-driven Business PortfolioWith a better financial health and improved cashflows, Doosan has accomplished remarkable change and growth through the acquisitions of new growth engines since 2000. Doosan acquired power and desalination plant builder Doosan Heavy Industries & Construction (formerly Korea Heavy Industries & Construction) in 2001, Koryo Industrial Development in 2003 and construction equipment maker Doosan Infracore

(formerly Daewoo Heavy Industries & Machinery) in 2005. Such major acquisitions have transformed our business portfolio to one centered on the infrastructure support business (ISB).

Acquisition of Global OperationsDoosan has aggressively acquired companies outside Korea to grow and globalize. In 2005, we acquired the water treatement business of US-based American Engineering Service Inc. (AES) to set up Doosan Hydro Technology. In 2006, we acquired UK-based Doosan Babcock (formerly Mitsui Babcock Energy), with patented technologies in the design and engineering of boilers, as well as a large-scale casting and forging operation Doosan IMGB (formerly Kvaerner IMGB) in Romania. In 2007, Doosan Infracore acquired the US-based Bobcat, the world’s No. 1 compact construction equipment company, to emerge as the world’s seventh-largest construction equipment maker. In 2008, we acquired Doosan Mottrol (formerly Tongmyung Mottrol), a hydraulic systems specialist, and Norway-based Doosan Moxy (formerly Moxy Engineering), a maker of articulated dump trucks. Each of these acquisitions has added significant synergy value to our rapidly growing ISB business.

In 2009, Doosan acquired Czech-based Skoda Power, which possesses core technology for steam turbines, thereby securing all the technology needed for manufacturing all three core facilities in power generation: boilers, turbines and generators.

A New History as a Top-tier Global EnterpriseWe have accelerated our globalization through aggressive cross-border acquisitions. As such, Doosan now operates 25 domestic and 115 overseas subsidiaries, generating 55% of our sales from outside Korea in 2010.

Although we have already achieved significant changes, we will continue to pursue further transformation to provide exceptional products and services that inspire trust and pride among our customers, shareholders and employees.

About Doosan

Our Infrastructure Support Businesses

Holding Companyand Others

Financial Review

Corporate Social Responsibility

Sales growth (In trillions of KRW)

05

1998

3.4 24.62010

An Explosive Growth Record

Average Annual Sales Growth : 22%Doosan chose to pursue the infrastructure support business as our new main growth engine, a choice that has generated phenomenal growth. Sales (which totaled W3.4 trillion in 2000) reached W24.6 trillion in 2010, a CAGR of 22% per year. Over the same period, operating profit increased from W300 billion in 2000 to W1.9 trillion in 2010. This achievement was made possible through the simultaneous pursuit of both organic and inorganic growth.

A Balanced Growth of Scale and ProfitabilityDoosan Heavy Industries & Construction’s saleshave steadily increased from W2.5 trillion in 2001to W7.8 trillion in 2010 (including overseas subsidiaries). Equally impressive was the steady growth in operating profit, which rose from W93.0 billion to W636.8 billion (including overseas subsidiaries), an average increase of 21% a year over the same period. The market capitalization of Doosan Heavy Industries & Construction has also steadity increased from W980 billion in 2001 to W9.1 trillion ten years later.

Along with such organic growth, Doosan Heavy Industries & Construction acquired the North American operations of water treatment specialist American Engineering Services Inc. to establish Doosan Hydro Technology Inc. in 2005. The next year Doosan HeavyIndustries & Construction acquired Doosan Babcock (formerly Mitsui Babcock Energy), a British maker of power generation equipment with patented boiler design and engineering technologies and Doosan IMGB (formerly Kvaerner IMGB), Romania’s largest forging and casting operation. These acquisitions have laid the groundwork for advancing into the power plant markets of Europe and elsewhere. Furthermore in 2009, Doosan Heavy Industries & Construction completed construction of a large-scale production plant in Vietnam and acquired Czech-based Skoda Power, which possesses patented technology for steam turbines. Thus the company is now equipped with core technology for boilers, turbines and generators.

New Growth Engines through AcquisitionsDoosan Infracore has also grown remarkably. In 2007, the company acquired the American firm CTI, which owns patented technology for engines powered by a blend of hydrogen and compressed natural gas (HCNG) and Yantai Yuhua Machinery, a major Chinese wheel loader maker. In 2007, Doosan Infracore also completed the acquisition of Bobcat, the world’s leader in compact construction equipment. This acquisition enabled us to climb to seventh place among global construction equipment makers.

Transition to a Holding Company Structure for Sustainable GrowthDoosan has maintained record growth by establishing a technology-oriented business portfolio and successfully restructuring our capital structure. In2009, we transitioned to a holding company structure after 3 years of preparation and established more transparent corporate governance. With renewed focus on our core business as well as a strengthened drive to enhance corporate value, we laid the foundation for long-term sustainable growth.

Sales (In billions of KRW)

24,603.7

21,386.3

22,704.4

18,516.3

14,155.8

’14E

’10

’09

’08

’07

’06

41,085.2

>

About Doosan



Financial Review


07

Annual revenue growth rate since 2000

22%

Accelerating GlobalizationOur diverse business portfolio allows us to improve the lives of people around the world. Meanwhile, our global expansion is accelerating, thanks to a talented workforce of 38,000 employees in 34 countries (with more than 18,000 employed outside Korea) and a sales network spanning more than 1,400 locations worldwide. In 2010, we generated W13.5 trillion in sales (over half of the total revenue) from outside the Korean market.

Efficient Networks that Span the GlobeDoosan’s production plants span the globe from the US and Europe to Asia. Our production facilities are closely linked with the Korea-based headquarters and global R&D and engineering networks based in the US, India and Europe to ensure that customers worldwide receive top-quality products, technology and services.

An ISB Leader Recognized WorldwideDoosan has been recognized as a global leader in various ISB sectors including power, seawater desalination, construction equipment and marine diesel engines.

In the power plant segment, Doosan Heavy Industries & Construction captured the top share of the world market for 10 consecutive years (2001~2010, in accumulated market share) in heat recovery steam generator (HRSG) production. Furthermore, we also captured the largest market share for seawater desalination plants in 2010. We further solidified our position as a global leader as we made contracts with the Saudi Saline Water Conversion Corporation (SWCC) for the largest-ever desalination plant to be built in Ras Az Zawr and the world’s largest single multi-effect distillation (MED) desalination unit to be built in Yanbu.

Doosan has also completed a client-tailored construction equipment portfolio that encompasses

compact, mid-sized and large model lineups. Importantly, we are ranked first in the world for skid steer loaders and compressors, while our aggregate sales of excavators in China remained the highest among all manufacutrers throughout 2010.

Doosan is ranked the second in the world for low speed marine diesel engines. Many other Doosan products such as work rolls and mold steel for cold rolling, hydraulic turbines for hydroelectric plants and crankshafts for large vessels have been selected as “World Best Products” by the Korean government.

Ongoing Investment for Stronger CompetitivenessDoosan invested W1.25 trillion in 2010 to extend global reach and bolster global competitiveness. We continue to strengthen operations and expand the business network by hiring and training globally competent talent. We are also adopting the International Financial Reporting Standards (IFRS) as part of our commitment to operating on the global stage and adhering to global standards.

Global Expansionthat Extends Our Reach

About Doosan



Financial Review


Overseas vs. Domestic Revenues (Unit: %)

Domestic

Overseas

’98 ’10

55

45

18

82

09

38,000in 34 countries

Our global workforce

The Doosan Way

Exclusive Values and Philosophy of the Doosan WayThe Doosan Way is a unique set of corporate values and

philosophy that has guided our growth. It is a systematic

management philosophy for sustaining Doosan and

raising our future competitive edge. The Doosan Way

consists of two key parts: the Doosan Credo and a

distinctive business system.

The Doosan CredoA resolute vision, the Doosan Credo unifies our employees

worldwide, providing the direction in which we march

together toward the future. Our shared aspiration is to be

a global leader that provides world-class products and

services that employees, customers, shareholders and

other stakeholders can trust and take pride in. The Doosan

Credo places the highest importance on people, integrity,

innovation and delivering value to our customers and

partners.

Efficient Business SystemOur core business system is comprised of human

resources, strategy execution and financial management.

Through this system, we implement our “2G Strategy”

a manifestation of our conviction that our business can

only grow through the growth of our people. It binds and

systematizes our strategy with our people, multiplying

business results. Doosan’s business system supports the

performance-oriented culture of Doosan and paves the

way for continuous growth and development.

Cultivation of Globally-Competent PersonnelWe established “People Infrastructure” to recruit, retain

and train highly qualified people. In support of this effort,

we operate Doosan Leadership Institute (DLI), a world-

class human resources development center.

Here, globally-competent personnel are being cultivated

through cutting-edge training and education programs

that employ the latest learning methods, case studies,

simulations and a combination of online/offline learning.

The values and philosophy that drive our growth

About Doosan



Financial Review


Left to right: Jaebum Kwon, Doosan Corporation; Yousun Shin, Doosan Engineering & Construction; Taehwan Kim,Doosan Corporation; Sun Ying Xia, Doosan Infracore China; ; James B. Bemowski, Doosan Corporation; Meghann Mckinley,Doosan Infracore America; Trong Luan Do, HANVICO; Mublin A.G.Dawood, Doosan Heavy Industries & Construction; Jungyeon Kim, Doosan Corporation; Mahendra Vaidya, Doosan Heavy Industries & Construction; Pauly Virginie, Doosan Infracore Europe.

11

Sales Contribution by Business Type (Unit:%)

OtherBusinesses

InfrastructureSupportBusinesses

The infrastructure support business (ISB) is

both a growth engine and the key to our global

expansion. ISB also delivers the essentials for

enriching lives worldwide. The business is about

building and operating infrastructure in the

public and private sectors and includes energy

development, parts and machinery, construction,

civil engineering, transportation and other value-

added areas.

Doosan’s ISB activities generate 89% of total

sales and encompass various types of plants,

construction equipment, machinery, military

equipment, housing, expressways, bridges and

industrial engines.

The rapid progress of urbanization, globalization,

and the surging growth of the emerging markets

will enable us to increase ISB market share and

help enrich the world through continuous growth

of our ISB business.

Enriching the world as an ISB leader

Our InfrastructureSupport Businesses

’98 ’10

89

11

33

67

About Doosan



Financial Review


15

89%

ISB share of sales portfolio

Doosan Heavy Industries& Construction

A Frontrunner in Industrial PlantsDoosan Heavy Industries & Construction hasspearheaded the growth of the Korean machineryindustry by supplying basic materials such ascastings and forgings as well as facilities fornuclear, thermal, and hydraulic power generation;seawater desalination and water treatment;transportation and environmental protection. In addition, the company is a world-class generalcontractor, well recognized for its technology andconstruction capabilities of industrial plants,civil engineering projects such as subways,expressways and high-speed railways, and large-scale projects. A Global Leader in Power and WaterDoosan Heavy Industries & Construction was established in 1962 as Korea’s first power plant builder and subsequently has led the advancement of Korea’s plant technology.Since the 1970s, we have participated in almost every major power plant project in Korea, with 42 thermal power plants and 21 nuclear power plants either completed or under construction to date. Overseas we have solidified our position as aleading global builder of desalination plants. We won our first order for a desalination plant in 1978 and have built completed facilities with a combined daily output of 3.7 million tons of fresh water as of the end of 2010 with desalination plants under construction representing another1.94 million tons in daily output.

EPC Capabilities Recognized WorldwideDoosan Heavy Industries & Construction is amajor engineering, procurement and construction(EPC) contractor in the world market, providingservices that include engineering design, basicmaterial fabrication, equipment installation,commissioning and facility construction.We have large-scale massive power plant projectsin the Middle East, India and Southeast Asia.

Renewable Energy for Our Future BusinessDoosan Heavy Industries & Construction is developing solutions that will add value and improve performance by taking innovation and technological excellence to the next level. Efforts are underway to raise the competitiveness of main business areas and to discover new growth opportunities in power plant upgrades and related services. We are a leader in developing clean coal technologies, wind power generation, fuel cells and other next-generation energy technologies. In 2010, we completed the performance test of the WinDS3000TM, a 3 MW offshore wind power gen-eration system developed by Doosan. We received out first order for three units to be installed at a wind farm in Sinan, South Jeolla Province, and received certification from the DEWI-OCC Offshore and Certification Centre GmbH (DEWI-OCC) for wind turbines. The DEWI-OCC certification will accelerate Doosan’s advance into the Europe an US, Middle East, and Southeast Asia markets.

Changing the world with cutting-edge technology and expertise

About Doosan



Financial Review



* Revenues of overseas subsidiaries are included from 2007.

3,508.7

5,136.3

7,030.2

7,684.6

13,949.2

7,779.8

’06 ’07* ’08 ’09 ’10 ’14E

17

111 GW

Total power generation capacity


EPC

Doosan Heavy Industries & Construction is a major Engineering, Procurement and Construction (EPC) contractor for power plant projects, taking charge of every process, from design and fabrication to procurement, installation and commissioning. We have won massive EPC orders in the Middle East, India and Southeast Asia since 2004. These include the world’s largest thermal power plant complex (five 800MW units) at Mundra, India and the Jebel Ali M power station in the UAE. Noteworthy orders in 2010 include the US$3.42 billion Rabigh 6 project (to be the world’s largest power plant) in Saudi Arabia and the Mong Duong 2 thermal power plant in Vietnam, where we will participate as a partner in a project to localize coal-fired power plants. In 2011, our extensive know-how will be leveraged to integrate engineering and construction capabilities in order to take our competitiveness still higher.

Power

We acquired Doosan Babcock in the UK and Skoda Power in the Czech Republic, positioning

ourselves an OEM manufacturer with a wealth of original technologies and extensive track record in the areas of boilers and turbines—essential components of any power plant. To date, we have supplied 560 thermal power plant units to the domestic and overseas markets. Our ongoing research and development of new technologies and outstanding products is enabling us to expand our presence outside Korea. Doosan Heavy Industires & Construction remained the world’s top supplier of combined cycle power plants between 2007 and 2009.

Meanwhile, we are emerging as a major player in power generation services and environment-friendly fluidized-bed boilers. At the same time we are at a leader in developing and commercializing technologies for the next-generation, eco-friendlier power industry, to include carbon capture & storage, wind power generation and fuel cells. In 2010, we received an order to supply wind turbine systems to the Sinan Wind Farm in South Jeolla Province, and we received international certification from Germany’s DEWI-OCC (Offshore and Certification Center, laying the groudwork for expansion into the global market for wind turbines.

About Doosan



Financial Review


>

Nuclear Power Plants

Doosan Heavy Industries & Construction hasgained a global reputation in the nuclear powerindustry by fabricating reactor vessels, steamgenerators and key components for nuclear powerplants in Korea, the US and China. In 2010, we delivered the first facilities of the Advanced Power Reactor (APR) 1400, a new third-generation nuclear reactor developed using exculsively home grown technology, installed at Shin-Korri Nuclear Power Plants 3 & 4, and completed the development of the man-machine interface system (MMIS), the reactor coolant pump (RCP), and other core components for nuclear power plants which will be installed at Shin-Korri Nuclear

Power Plants 1 & 2.

Water Plants

Doosan Heavy Industries & Construction leads theworld market for desalination plant constructionand has patented technologies for each of thethree major methods employed to desalinatedseawater: multistage flash (MSF) distillation, multi effect distillation (MED) and reverse osmosis (RO).

We are now emerging as a total solution provider,advancing into the water treatment business aftersigning a general engineering service agreement(technical license agreement) with Carollo (thelargest water treatment company in the US) in2008 and contracts for the Ras Az Zawr project and Yanbu MED project in Saudi Arabia in 2010.

Castings & Forgings

Doosan Heavy Industries & Construction boasts the world’s highest casting and forging capacity and has the technology to provide top quality materials that satisfy specifications. In the nuclear power plant supplies market, we have further sharpend our competitive edge bydeveloping new technologies for ultra-large,single-piece castings and forgings and succeededin building mass-production capability.

We continue to identify new product candidatessuch as high-gloss mold steel, and ultra-largecastings and forgings, and as of 2010, six productlines enjoy the reputation as ‘World Best Product’,including low-pressure turbine rotor shafts.

19


About Doosan



Financial Review


Doosan Power Systems

Doosan Heavy Industries & Construction’sadvancement into the European and Americanpower plant market was accelerated by theestablishment of Doosan Power Systems in 2009.DPS, which operates Doosan Babcock in the UK and Skoda Power in the Czech Republic, is being reorganized into DPS Europe and DPS Americas.

Doosan Babcock

Doosan Babcock is a world-class company withover 110 years of history in design, supplyand construction of advanced steam generationtechnology for the power plant industry. DoosanBabcock possesses source technology to design,engineer and construct dust coal combustionboilers, a major product line in the world’s thermalplant boiler market. Recently, Doosan Babcock became the world’s first to succeed in a 40MW oxycoal clean combustion test, a size that can be commercialized, paving the way to build a clean plant that emits no carbon dioxide.

Skoda Power

Skoda Power is a 150-year old Czech-basedcompany that designs and manufactures steamturbines and other power facilities. Skoda possesses patented technology in steam turbinesand has provided about 2,000 units to thermaland nuclear power plants. By acquiring Skoda Power in 2009, Doosan Heavy Industries & Construction has been able to produce boiler-turbine-generator packages.

Doosan Hydro Technology

Doosan Hydro Technology owns patented technolo-gies for reverse osmosis systems, which account for 50% of the world’s desalination facilities market. Thus, Doosan Heavy Industries & Construction is now equipped in-house with technologies for all three of the major desalination system types: multistage flash distillation (MSF), multi-effect distillation (MED) and reverse osmosis(RO).

>>

>

>>

21

Doosan E&S (Engineering & Services)

Doosan E&S was established as a strategic alliance with Burns and Roe, a renowned plant engineering firm, in New Jersey in September 2008. Doosan E&S will receive the engineering technology and know-how of Burns and Roe, while the engineers at Burns and Roe will participate in the worldwide projects of Doosan Heavy Industries & Construction.

Doosan Vina

Doosan Vina is a global production base inside theDung Quat Industrial Complex in Vietnam com-pleted in May 2009 after more than two yearsof construction. Doosan Vina has 5 productionplants and is fully equipped with its own portand harbor facilities. These plants produce boilers, HRSGs, desalination plants and transportation facilities. Local engineers are now being cultivated and efficiency raised to match the productivity of Changwon plant by 2011. Doosan Vina aims to be-come a major global production base with annual earnings of US$ 330 million by 2020.

Doosan IMGB

Established in 1963, Doosan IMGB is the largestforging and casting company in Romania, equipped with a 13,000-ton press and capable of producing 140,000 tons a year. We haveunsurpassed competitiveness in the world marketfor power plant castings and forgings and mostlyexport our products to Europe, the Americas,China, and the rest of Asia. Doosan IMGB willdevelop a second materials supply base (the firstis in Changwon, Korea) and plans to increase itssales to US$900 million in 2015, more than doublethe current level.

Doosan Chennai Works

Chennai Works, which joined the Doosan Groupin 2011, is a manufacturer of boilers for coal-firedthermal power plants. The company is located inChennai, India. Major products include water walls, coil, and headers for boiler systems with capacities of 300MW and lower. We offer optimal solutions and services tailored to the local needs of the Indian market via Doosan Chennai Works.

Doosan InfracoreEmerging as a world-leading construction equipment maker

A Global Leader in Construction EquipmentDoosan Infracore is a world-class machinerymaker, providing top-quality products and services in the business areas of compact equipment, machine tools, engines, attachmentsand utility. The company leads Doosan’s ISB segment, bolstering overall product competitiveness and market position through ongoing technology and quality enhancement.

An Extensive Global NetworkDoosan Infracore operates a broad global business network that includes local sales subsidiaries, branches, parts centers and technical centers in diverse locations in the world as well as our dealer organization network extending worldwide. In addition, we have built large-scale factories in Korea, China, the US, Belgium, Germany, France, Hungary, and Norway to produce various kinds of construction equipment, and machine tools that enable us to satisfy the diverse needs of local customers.

Continuous Expansion of World Market ShareOur superior technologies, high quality products and exceptional services have raised customer satisfaction to increase our global market shares. We firmly lead the Korean markets for excavators and machine tools, while our aggregate excavator sales total in China remains the highest in the industry. We maintain the top share of the US market for compact construction equipment and are steadily increasing our share of the heavy-duty construction equipment segment. Importantly,sales have skyrocketed in the newly emerging markets of Latin America, the former CIS, Africa and India.

Global R&D CapabilitiesContinuous R&D investment has enabled Doosan Infracore to secure the capabilities to develop world-class products. R&D personnel

at the Doosan Group R&D Center and the R&D units of each business group are dedicated to creating high-performing, high-quality products with environment-friendliness and value-added features for the next generation. Going forward, we will further enhance our global technology leadership by steadily expanding our R&D investment.

A Rapid Rise toward the Global Top 3Doosan Infracore is pursuing operational innovations to bolster global competitiveness, with our vision to make each of our divisions rank among the world’s top three in their respective businesses. We also focus on securing future growth engines by developing and marketing next-generation construction equipment, compact equipment machine tools, engines, attachments and utility with world-class performance and reliability.

About Doosan



Financial Review



’06 ’07 ’08 ’09 ’10 ’14E

3,710.04,280.1

7,371.3

5,538.2

7,954.1

15,128.7

* On a condolidated financial statement basis, including DII

23

Global vision of Doosan Infracore

Top3 in the ISB

Doosan Infracore Construction Equipment (DICE)

Doosan

The Doosan brand is proudly displayed on medium- and heavy-sized construction equipment produced by Doosan Infracore. We have been building a global production and business network since 1990 to become one of the world’s foremost construction equipment makers. We have received international recognition for advanced electronics and information technologies as well as for compliance with global environmental regulations. Currently, we operate large-scale construction equipment factories in Korea, China and Belgium. We have also established sales subsidiaries, branches, and a worldwide dealership network, making us a truly global player in every respect. In China, Doosan was voted the highest for customer satisfaction in the excavator industry for seven years from 2003.

In addition, our global operations keep expanding with Bobcat compact construction equipment and Montabert attachments. We are building a customer and market-oriented organizational platform while maximizing synergy to make Doosan Infracore one of the world’s Top 3 construction equipment makers.

Bobcat Company

Based in North Dakota, Bobcat Company was the first to develop compact construction equipment and has remained solely committed to this business for more than half a century. Bobcat has a global production system that spans North America, Europe and Asia, with a product lineup that includes skid-steer loaders, mini excavators, mini track loaders, compact track loaders and telescopic tool carriers. The highly popular Bobcat brand of equipment is supplied to work sites around the world.

We have built a wide base of customers worldwide. Currently, the Bobcat brand of compact skid-steer loaders and compact track loaders enjoy the top share of their respective markets. The Bobcat mini excavator is ranked third in global market share.

The recent global economic slowdown caused the market for compact construction equipment to contract, but Bobcat’s position continued to grow in the compact skid-steer loader and mini excavator segments. Going forward, the Bobcat brand will maintain world leading competitiveness through synergy with Doosan Infracore.

Doosan Infracore

About Doosan



Financial Review


Portable Power

Portable Power is 140 years old and produces compressors, generators, lighting systems and other items famous for reliability and durability. The lineup offers innovative solutions for manufacturers, builders and mining companies. Portable Power’s products have played important roles in the maintenance of world-famous structures such as Mt. Rushmore, the Hoover Dam, the Georges Dam and the Channel Tunnel. Currently, Portable Power enjoys the top share of the world market for air compressors.

Portable Power is responding to changing needs at work sites by adding smaller, lighter models as well as concrete equipment, truck-mounted equipment and portable security systems.

Attachments

Doosan Infracore has three outstanding brands: Montabert, Tramac and Geith. The 50-year-old Montabert line encompasses hydraulic rock breakers, demolition attachments, pulverizers, rock drill attachments and other machinery used in construction and demolition. Hydraulic rock breakers, demolition tools, vibration compactors

and cutting heads are sold under the Tramac brand, while Geith products are attached to excavators, wheel loaders, track loaders and backhoes for construction, excavation, demolition and scrap iron recovery.

Doosan Moxy

Headquartered in Molde, Norway, Doosan Moxy possesses the patented technology for articulated dump trucks (ADTs) ranging from 23 to 46 tons.A sales subsidiary in the U.S. and R&D Center in Norway are helping the company to increase market share in North America and Europe. ADTs are required equipment in the development of large mining sites and construction on rugged terrain.

The acquisition of Doosan Moxy has further reinforced the brand image of Doosan Infracore as a construction equipment specialist. The heavy-duty equipment lineup has also been expanded through the sharing of technology and dealer networks between Doosan Moxy and Doosan Infracore.

25

Doosan Infracore

Machine Tools

Our machine tool business has expanded rapidly in recent years and we are now striving to become one the world’s top three machine tool makers. Our lineup encompasses turning centers, machining centers, numerically-controlled boring machines, electric discharge cutters, ultra-precision non-spherical surface cutters, free-form surface cutting machines and factory automation systems.

Turning machines and machining centers are main-stay product lines, and state-of-the-art products such as our own inverted vertical turning center, 9-axis multifunctional turning center and ultra-high-speed (50,000rmp) turning center models have been highly regarded in the market.

Doosan Infracore developed its first turning center model in 1980 and has continued to expand this business ever since.

In 1997, we developed 28 models of turning cen-ters and machining centers. We have held our own international machine tool exhibition biannually to display many of our new products, further enhanc-ing our standing as a world-class machine tool company.

Our focus in 2010 was on reinforcing our capabilities in preparation for the upcoming market recovery by preemptively cutting costs, reducing inventories and innovating operaitons. We expanded our sales network and product support in Korea and China, where market growth is particularly evident.

At the same time, we displayed our latest products and promoted our brand recognition by taking part in major international trade shows, including SIMTOS 2010 in Korea and the International Manufacturing Technology Show (IMTS), the world’s largest, in the US.

About Doosan



Financial Review


Engines & Materials

Doosan Infracore started making diesel engines in 1958. Since then, we have leveraged our R&D capabilities and production technology to remain as the industry leader in Korea.

We completed a larg-scale plant for mass-producing diesel engines in 1975. Ten years later, we develoed a diesel engine model with our own technology, thereby strengthening our front-running position in the industry. Our first low-emission diesel engine was developed in 1995, followed by CNG engines for commercial vehicles in 1998. After the turn of the century, we succeeded in developing low-pressure natural gas(LPNG) engines for generators, sophisticated commom-rail engines, and TierⅢ-compliant engines for construction equipment. In 2007, a heavy-duty diesel engine model was completed that satisfies the strict Euro Ⅳemission control standards.

Doosan Infracore today has facilities to produce engines, materials and parts, while the engine lineup includes diesel engines and natural gas engines for buses, trucks, construction equipment, folklifts, generators, ships, and special uses. Annual output currently stands at 75,000 units, covering some 60 different engine models that range from 70 to 1,500 hp.

We have continued to increase output capacity and expand R&D faciltiies to respond to greater market demand and tighter regulations governing engine emissions. A compressed natural gas (CNG) engine factory was established in the United States in 2008, and a joint venture factory with annual output of 50,000 diesel engines is under construction in Xuzhou, China. Production is scheduled to start up in the second half of 2011.

27

A 50-year TraditionDoosan Engineering & Construction (E&C) was established in 1960 and has subsequently advanced in step with the history of Korea’s construction industry.

New Challenges, Changes at Doosan E&CWe have leveraged a wealth of know-how and outstanding technology to execute diverse projects inside and outside Korea, laying the groundwork for social and economic advancement for half a century. Our flagship businesses of civil engineering, building construction and plant construction have been bolstered through change and innovation. Meanwhile in 2010, our merger with Doosan Mecatec has allowed us to expand into the fabrication of Chemical Process Equipment(CPE) that will allow us to surge forward as a world-class builder of infrastructure and plants. Global Infra Solutions ProviderDoosan E&C has built the most kilometers of high-speed rail track of any Korean construction company. We participated in the planning, construction and operation of the New Bundang Line, Korea’s first privately-funded electric rail service, solidifying our position in this industry segment. In the CPE segment, our two factories at Changwon Korea have been augmented by the establishment of Doosan Vina in Vietnam in cooperation with Doosan Heavy Industries & Construction. This overseas operation serves to strengthen our global competitiveness. Furthermore, we acquired KEPIC certification, nuclear power N stamp certification, and nuclear power plant construction licenses, and now are preparing to take part in nuclear power plant construction projects inside and outside Korea.

These developments demonstrate our exceptional technologies on the world stage and reinforce Doosan’s reputation for superior technology. Over the mid-to-long term, Doosan E&C will emerge as a global player that provides total solutions related to infrastructure.

Beginning a Brighter WorldDoosan E&C faithfully fulfills corporate social responsibilities, which became increasingly important duty to any business operation. We are enhancing transparency in every aspect of our business, from purchase, to sales, fabrication and construction, and promote win-win partnerships with our suppliers, conducting through fair trade based on mutual trust. We maintain various CSR programs that include Habitat, the environment protection campaign, and our employees donate a portion of their salaries to help needy people become self-reliant and grow.

Doosan Engineering & Construction Beginning a Brighter World

About Doosan



Financial Review



’06 ’07 ’08 ’09 ’10* ’14E

1,910.31,798.0

1,939.9

2,310.3

3,953.2

2,696.2

Business Portfolio

Civil Works

CPE (Chemical Process Equipment)

Steel Bridge

Road, Highway, Railway, Subway, Tunnel, Port, Airport, Reclamation

Building Works

Residential Facility, Commercial Facility, Remodeling, Mixed Use High-Rise Building

Plant Chemical and Energy Plant, Environmental Plant, Industrial Plant

Tower, Column, Reactor, Pressure Vessel, Heat Exchanger, Module

Suspension Bridge, Truss Bridge, Cable-Stayed Bridge, Arch Bridge

* Including the sales of Doosan Mecatec(Jan.~Oct.), merged in 2010

₩5trillion

2014 Order target

29

Doosan Engineering & Construction

Civil Works

Doosan E&C is capable of performing all aspects

of civil works projects, from engineering and

construction to maintenance and management.

The project portfolio includes high-speed railways,

subways, roads, bridges, land preparation, land

reclamation, and ports. We have laid more high-

speed rail track in Korea than any other builder,

and we applied the nation’s largest diameter

shield construction method when building Section

909 of Seoul Metropolitan Subway Line 9.

Privately-funded infrastructure (PFI) projects

represent another main business area, where our

wealth of experience, coupled with exceptional

engineering, project planning and project execution

capabilities provide us with the strongest position

in Korea. Doosan E&C was involved in building

the New Bundang rail line, the first privately-

funded project of its kind in the Greater Seoul Area.

Other PFI projects of note include Section 5 of the

Gangnam Beltway and the expressway upgrade

of the road between West Suwon and Euiwang.

Construction of such infrastructure is helpful to

preserving the environment and to enrich the future

life for everyone.

Plant

Doosan E&C competes head to head with world-

class builders in the construction of facilities

to protect the environment as well as industial

facilities that provide the foundation for national

competitiveness.

Our involvement in energy and environmental

plants help nature, people, society and industry

to come together as partners for more beautiful

world. We have built low-temperature liquefied

gas storage tanks and gas processing plants in

many countries. Moreover, we are engaged in

community energy systems, which projects that

include architectural consulting services, and our

competencies continue to grow in the new and

renewable energy sector.

About Doosan



Financial Review


31

Building Works

Architecture is an art form. Without the support of

construction technology, architectural masterpieces

would not be possible. Doosan E&C applies

advanced technological prowess coupled with

superb creativity and aesthetic sensibility to create

spaces of great artistic value. At the same time our

unique styling puts the finishing touches on spaces

that beautify the world around them.

The ‘Doosan We’ve’ apartment brand is setting new

trends in modern living, and our rising brand power

provides us with outstanding competitiveness

in apartment redevelopment and reconstruction

projects. We have built massive residential and com-

mercial structures in Korea’s capital region as well

as in Busan, Taegu and other major provincial cities.

Currently the 80-story Doosan We’ve the Zenith in

Haeundae is under construction. This 300 meter

building will be Korea’s tallest mixed-use residential

building when completed, and this monumental

project will elevate stature of Doosan E&C.

Chemical Process Equipment

Doosan E&C leads the world in new orders

received for large and ultra-large chemical process

equipment (CPE). From our well-located and cutting

edge fabrication factories in Korea and Vietnam,

we provide customized reactors, large towers &

columns, heat exchangers and pressure vessels.

Doosan E&C became the first Korean company to

be qualified as a heavy wall reactor fablication for

Chevron, one of the world’s largest oil refiners.

Steel Bridge

Doosan E&C has been recognized as an

outstanding long span bridge builder for its superb

performance and quality. Our modern facilities,

unique design program and various experiences,

with all ‘design-fablicate-installation’ process. We

advanced into overseas markets for specialty bridge

construction and are diversifying our portfolio to

include bulk material handling equipment.

Total Global Engine MakerDoosan Engine is ranked among the world’s top makers of large low speed and medium speed marine diesel engines. We also build and maintain internal combustion power plants that use diesel engines. Our annual output capacity stands as the global leader of 14 million bhp and we have grown to rank the second in the world market for large marine engines.

A Leader of the Marine Diesel Engine IndustryWe have established a leadership position within the industry by exceeding accumulated production of 70 million bhp in the shortest time in the world since we first built engines totaling 200,000 bhp in 1984. Our mainstay business is low and medium speed marine diesel engines for large vessels. In addition, we also build the main propulsion engines and shipboard generator engines for large vessels or special ships. Our engine portfolio ranges from 700 to 116,000 bhp.

Specialized Factories and Efficient Production SystemDoosan Engine now has a low speed engine production capacity of 12 million bhp per year and has established an efficient production system with factories that specialize in specific engine sizes. Furthermore, with the completion of a new factory dedicated to medium speed engines, Doosan Engine boasts the industry’s first mass production system by continuous process. The factory is capable of producing up to one thousand flawless medium speed engines a year for a total annual output of 2 million bhp by establishing a “fool-proof ” system that guarantees quality along with the production. We are now equipped to satisfy a complete range of customer needs and be a key player in the ongoing advancement of the marine engine industry.Our own technological roadmap calls for us to deepen and further advance core technologies to become a leader at upgrading engine design and reduce design costs for greater competitiveness.

To Be the No.1 Engine Maker in the WorldDoosan Engine is firmly committed to the goal of becoming the world’s No. 1 engine maker. We have implemented a meticulous quality management system to ensure that our engines and services are the best available. We also continue to devise innovation activities such as the 3 Zeroes (zero defects, zero complaints and zero claims) and 3C Plus (clean factory, clean mindset and clean engine). Our Single PPM program promotes as well as rewards excellence for our suppliers, who are recognized for superior quality competitiveness around the world.

Doosan EngineBecoming the world’s foremost engine maker

Business Portfolio

Low Speed Diesel Engines Medium Speed Diesel Engines Diesel Power Plants Parts Sales Technical Service

About Doosan



Financial Review


’06 ’07 ’08 ’09 ’10 ’11E

1,016.8

1,222.0

1,734.81,772.6

2,019.1

1,731.4


’06 ’07 ’08 ’09 ’10 ’14E

1,016.8

1,222.0

1,734.81,772.6

1,980.0

1,731.4

33

World’s market share for marine engines

No.2

Doosan Capital Trustworthy Global Financial Partner

Doosan Capital was founded in 1995 and has

provided a suite of financial services that

includes installment loans, leasing, factoring,

venture capital, and project financing. We are

acknowledged as the market leader in equipment

financing and leasing in Korea.

Doosan China Financial Leasing Corp., a local

subsidiary of Doosan Capital, was established

to reinforce equipment financing and support

the Doosan Group’s ISB business in the Chinese

market. Our company will expand into new areas

such as North America, Europe that will lay the

groundwork for Doosan Capital to become a global

financial company.

To achieve such goal, Doosan Capital will focus

on building solid assets, capturing profitability by

efficient portfolio management and acquiring and

allocating talented resources for global captive

business. Also our company plans to enhance risk

management, sales, and marketing capabilities

and secure the funding capacity to support global

operations and cope with market volatility.

Providing trusted financial services

Doosan Capital / Neoplux

NeopluxA Partner for Elevating Corporate Value

Neoplux offers direct investment and related

services as an investment firm specializing in

venture capital, corporate restructuring and

operations consulting. In 2002, we organized

Korea’s first secondary fund, the Pre-KOSDAQ

Secondary Investment Partnership, which

primarily invests in stocks held by venture

capitalists. We now operate funds totaling some

W800 billion on behalf of institutional investors.

We also offer optimal solutions to corporations

and investors that need incubation funds for

startups and buyout funds for distressed

medium-sized companies with excellent

turnaround potential.

Our consulting unit offers systematic and

professional services to help clients elevate

operations to a world-class level.

About Doosan



Financial Review


35

A2+

Current corporate bond rating of Doosan Capital

Holding Company and Others

In 2009, Doosan transitioned to a holding company

system to establish a more transparent and

advanced corporate governance system. After

three years of preparatory restructuring and cyclical

investment resolution, the Group has established

a sustainable management system that is up to

global standards.

Doosan Corporation operates both as a holding

company that earns brand royalties and dividends

and a business entity that can independently

generate income.

As a holding company, Doosan Corporation

has participated in mergers and acquisitions to

secure new revenue sources as well as bolster the

competitiveness of existing business lines.

In 2009, our financial structure received an

additional boost through the sale of our liquor

business and the acquisition of Doosan Mottrol

(formerly Tongmyung Mottrol).

In addition, we established DIP Holdings in 2009

and acquired as subsidiaries Doosan DST,

a defense company and SRS Korea, a leading fast

food restaurant/concession company.

The electro-materials unit produces and supplies

top-quality copper clad laminate (CCL) worldwide.

This is an essential material for printed circuit

boards used in digital devices and electronics.

Doosan has also gained a strong reputation

outside the infrastructure support business (ISB).

In the service sector, Doosan has remained close

to customers through Oricom, Korea’s foremost

specialist in brand management; Doosan

Magazine, Korea’s leading publisher of trendsetting

Enhancing corporate value through advanced corporate governance

Holding Company and Others

About Doosan



Financial Review


magazines; Doosan Dong-A, value creator with top

educational and cultural contents; Doosan Tower,

more than 550 fashion shops at a single location;

the convenient, eco-friendly Ladena Resort with

enhanced accessibility thanks to the new Seoul-

Chuncheon Expressway; and Doosan Bears, which

always brings fun and excitement to sports fans.


1,928.0 1,881.2 1,736.3

1,218.1

3,012.7

1,605.5

’06 ’07 ’08 ’09 ’10 ’14E

Doosan CorporationOperating as both a holding company and a business

(Jeongpyeong, Gimcheon, Iksan, and Yong-in) as well as subsidiaries and/or branches in Hong Kong, Singapore, China, Japan, and Taiwan.

Doosan’s CCL products are recognized worldwide for superior quality and have certifications that include KS (Korea), UL (the US), BSI (the UK), CSA (Canada), VDE (Germany), JET (Japan), ISO 9001 and ISO 14001.

Our extensive technology and expertise in the CCL business have been applied to diversify into flexible CCL, metal CCL, organic light emitting diodes (OLED). Demand for CCL is now being driven by the growth in the world markets for mobile phones, computers and advanced network. We are committed to meeting this new demand with top-quality products.

Electro-Materials Dominant Leader in Electronic Parts

Doosan supplies top-quality copper clad laminate (CCL), an essential material for printed circuit boards, worldwide. Our product lines include epoxy-based CCL (for PCBs in high-performance electronics such as computers, LCDs, mobile phones, digital communications and handsets), and phenol-based CCL (for PCBs in TVs, VCRs, audio players, refrigerators, washing machines, CD-ROM drives and DVD-ROM drives).

Our CCL client base includes Korean electronics giants, Samsung and LG as well as other global powerhouses such as Sony, Hitachi, Toshiba, IBM, Philips, AT&T, Thomson and Siemens. We operate plants and R&D centers in Korea

About Doosan



Financial Review


MottrolGlobally-recognized Parts Maker

We have established a system for producing 30,000 traveling motors, swing motors, main pumps, main control valves (MCVs), and other parts for hydraulic equipment per month. Mottrol’s quality and environ-ment management systems have received certifica-tion for ISO 9001, KSD 0050-9000 (Korean defense industry quality control standard) and ISO 14001.

Our ongoing R&D effort has resulted in the localized production of hydraulic equipment and our travel-ing motors for excavators were named a “World Best Product” by the Korean Ministry of Commerce, Industry and Energy in 2006. Early in 2011, aggregate hydraulic equipment output broke the one-million-unit mark for the first time in Korea.

In addition, we applied our power-train system technology to develop our own gearbox, a key component for wind power generation systems. Commercialization is now underway.In 2010, Mottrol posted W403.7 billion in revenue(up 77% YoY) and W59.2 billion in operating income (41% higher YoY). Major capital investments are being made in 2011, including the construction of plants in China and an engineering house in Ger-many, to bolster R&D and production capacities.

We continue to concentrate our resources on improv-ing technology, product quality, and customer servic-es in order to obtain a greater share of international markets. Our vision is to become a top-tier hydraulic equipment maker with annual revenue of W1.2 tril-lion by 2014, and we continue to grow in pursuit of this goal.

41

Doosan Corporation

emulsifier (PL95), which was selected as a next-generation top-grade product by the Ministry of Knowledge and Economy in December 2008. We have the specialized people and infrastructure for offering domestic overland shipping as well as international marine shipping services.

We are also working to initiate a new business of the construction equipment leasing to diversify our revenue sources and enhance the profitability.

High growth will be maintained by enhancing the competitiveness of core businesses and constantly developing high value-added business lines and new products. We will leverage the optimal business portfolio to become one of the world’s top service companies, providing

differentiated value to customers.

Glonet 115 Years of Trading Experience Doosan started out in 1896 and has remained in trading for 115 years. The trading arm was renamed Glonet in 2007 and the portfolio was restructured to include trading, biotechnology and logistics.

We import and export chemicals, architectural interior finishing materials, and food materials based on our long-accumulated global sourcing capabilities and network.

Our biotechnology unit develops new materials for pharmaceuticals, health foods and special-purpose cosmetics, as well as natural plant growth regulators. We are exploring major markets such as China and India to sell our medical fat

About Doosan



Financial Review


43

Information & CommunicationsTotal IT Service Provider for Doosan

The Information & Communications (I&C) business unit of Doosan Corp. provides complete services for Doosan operations worldwide, including IT consulting, system integration, and application & IT infrastructure operations and IT infrastructure management service.

I&C focuses on promoting the success of core Group operations and performing its role as an integrated manager of IT supply to Doosan Group to effectively support the affiliates with their rapidly growing businesses. To this end, we strive to acquire world-class competencies, while maximizing intra-Group synergy through our integrated IT operation inside and outside Korea.

Importantly, we have been establishing three global bridgeheads with local offices in the US, China and Europe in order to enhance the IT service support delivered to the overseas units of Doosan Group affiliates. These offices will spearhead the effort to integrate IT personnel and IT infrastructure within the Group, helping to further elevate the quality of IT services available.

Going forward, we will work to maximize customervalue, which in turn will raise the competitivenessof Doosan affiliates’ global operations. In theprocess, we will grow as a world-class supplier ofintegrated IT services.

DIP HoldingsImproving corporate value and capabilities through efficient investment

Doosan DSTDefense Specialist with Global Competitiveness

Doosan Defense Systems & Technology (Doosan DST) obtained government permission to participate in the defense industry in 1973 and has played an important role in improving Korea’s self-defense posture by developing and producing an impressive array of high-precision and high-tech weapon systems. These include K200 armored fighting vehicles and surface-to-air guided weapon systems, such as the Biho (“Flying Tiger”) and Chunma (“Pegasus”).

To note, we completed development of the K21 armored personnel carrier in 2007. The next-generation APC is recognized for world-class technology and currently under mass production. In 2009 and 2010, Doosan DST signed contracts for developing next-generation multiple-rocket launchers and ammunition

carriers, and 30mm combined surface-to-air weapon systems. These projects are currently underway.

Doosan DST’s technology is gaining recognition internationally as well. Since the first export of K200 armored fighting vehicles to Malaysia in 1993, we exported Barracuda (4x4) armored wheeled vehicles to Indonesia in 2004. In 2009, we made a contract to export the Blackfox (6x6 and 8x8 armored wheeled vehicles) to Indonesia and currently are producing the products. We are also working on the export and local testing of surface-to-air, guided weapon systems, K21 APC, and Black Fox wheeled APC to the Middle East and Southeast Asia.

Doosan DST aims to remain on the forefront of the future defense industry by leveraging our excellent technology and executing differentiated export strategies.

About Doosan



Financial Review


SRS KoreaA Major Food Service Provider

SRS Korea is a major force in Korea’s restaurant industry with globally recognized brands and stellar management. Our customers enjoyconvenient food and friendly service in clean and comfortable dining environments.

We run 142 Kentucky Fried Chicken restaurants and 112 Burger King franchise outlets in Korea. Our chain of Lente coffee and bakery cafes, currently in 7 locations nationwide, plans to further increase the number of stores. We also engage in the concession business, with food and beverage outlets at Incheon International Airport and the Korea University Ansan Hospital.

Doosan Industrial VehicleHigh-performance Logistics Equipment Maker

Doosan Industrial Vehicle Co., Ltd. joined DIP holdings in 2011. Annual output capacity now stands at 35,000 high-quality forklifts in more than 150 different models. We have secured unrivalled leadership in the domestic market by improving the cost structure and enhancing product competitiveness. Meanwhile, we developed variable hydraulic system technologies for engine-powered forklifts and a new line of Tier-III-compliant forklifts ranging from 2 to 8 tons as part of our program to create next-generation, models that are better for the environment and more fuel efficient. We are also working on hybrid power systems for electric-powered and heavy-duty engine-powered

forklift models.

45

Doosan BearsKorea’s Favorite Professional Baseball Club

The Doosan Bears team was crowned the Korean baseball champion in the first season of the professional baseball league in 1982. The team won two more championship titles in 1995 and 2001 and has steadily advanced to the post-season, maintaining its reputation as an excellent baseball team. In addition, Doosan Bears developedan i-Phone application, opened a mobile homepagefor smart phones first as a baseball team and joined social network service (SNS) for active communications with fans.

Doosan Dong-AValue Creator with Top Educational and Cultural Contents

Doosan Dong-A is the No.1 textbook publisher in Korea, playing an important role in the advancement of education by developing and distributing textbooks and educational materials for preschool students; reference books for elementary, middle and high-school students; language learning texts; and dictionaries and various digital educational contents. Thanks to ongoing R&D, our printing business has gained a reputation among domestic and overseas customers for high-quality books, labels, packaging, efficient order handling and quick turnaround times.

Doosan MagazineKorea’s Leading Publisher of Trendsetting Magazines Doosan Magazine has a license agreement with Conde Nast Publications of the US to publish and distribute premium magazines in Korea that feature distinctive concepts and target-specific readerships. Our titles include the Korean editions of Vogue, the fashion Bible; GQ, the men’s lifestyle magazine; Vogue Girl, the No. 1 young fashion magazine; Allure, the beauty and style magazine; W, the unique and intelligent fashion magazine with oversize pages and stunning photography; and Style.Com Korea, a portal providing information on the latest global fashion trends. Each publication is the leader in their respective market segments.

Doosan TowerMore than 550 Fashion Shops at a Single Location

DOOTA (for “Doosan Tower”) is a ten-story fashion shopping mall that is home to more than 550 retail outlets. Here, consumers have access to a diverse and unique product selection in a “one-stop” shopping environment. The mall has grown into one of the nation’s most popular shopping destinations, attracting

About Doosan



Financial Review


、

over 20 million domestic and overseas customers annually. With continuous renovation, DOOTA has been realizing top customer satisfaction as a highly sensitive, high-quality fashion powerhouse by adding greater convenience and an ambient shopping environment.

Doosan Feed & LivestockKorea’s Leading Animal Feed SpecialistWith acquired experience and technology over half a century, Doosan Feed & Livestock produces more than 120 types of livestock feeds. Equipped with a fully automated system from the initial stage of material input to final production, we have an annual output capacity of 400,000 tons. We acquired the HACCP certification of the Ministry for Food, Agriculture, Forestry and Fisheries in 2005, establishing a safety management system for livestock products that meets international standards. In addition, Doosan Feed & Livestock makes strenuous efforts to lay groundwork for achieving the No. 1 brand recognition and customer satisfaction of Doosan brand, ‘ Baekdoo Feed.’, Doosan Feed & Livestocks made a new drug development R&D MOU and made an industry-academy cooperation MOU with Chungang University. We also strive to develop top-quality feed products through tests under thorough test specifications at the research farm of Chungang University and Doosan Anmyeon-do farm.

OricomKorea’s Foremost Specialist in Brand Management

Oricom was established as Korea’s first comprehensive advertising agency in 1967 and has orchestrated effective PR campaigns for clients for over 40 years. Today we raise the value of our clients’ brands through integrated marketing communications services that encompass the four main media (broadcast, newspapers, magazines and outdoor advertising) as well as media planning, special promotions, brand consulting and Internet marketing. We have assisted numerous multinational companies in launching their businesses in Korea. In the future, we will continue to create new and highly successful campaigns in order to grow with our clients.

Doosan CuvexA New Standard for Luxury at Ladena Resort

Doosan Cuvex operates the Ladena Resort in Chuncheon known as the city of lakes with a 21-year history. The Ladena Resort consists of one of Korea’s most prominent golf clubs and the Ladena Condominium. The name “Ladena,” (from the words “lake,” “garden,” and “nature”) sums up the beautiful setting provided to guests. The Ladena Golf Club boasts top-tier field services and offers a breathtaking lakeviews, lush gardens, and scenic trails. Doosan Cuvex offers world-class services to ensure that guests have an enjoyable and memorable experience.

47

Corporate Social ResponsibilitySharing our commitment to the future and building a sustainable society

Doosan has engaged in various community service activities to fulfill corporate social responsibilities. In 2010, dedicated CSR units were established at Doosan Corp. and each Doosan affiliate to enhance CSR specialization and systematization. Unique programs continue to be developed under the principle of cultivating talent and helping people to become self-reliant.

Yonkang Foundation: The History of our CSR Effort

The Yonkang Foundation was established in 1978 in memory of Doosan’s Founding Chairman Too Pyung Park (1910-1973). The Foundation practices Chairman Park’s belief that “Education drives national advancement.” In parallel to the CSR, Yonkang Foundation supports various academic and cultural programs that promote understanding of Korean culture and the national image on the world stage.

Doosan Art Center: Incubator of Culture & the Arts

The Doosan Art Center operates Yonkang Hall, Space 111 (small theater) and Doosan Gallery Seoul as well as Doosan Gallery New York and Doosan Residency New York in Chelsea. The Center serves as an “art incubator” that discovers quality works and talented young artists in music, drama, and the fine arts.

Domestic & Overseas CSR Programs by Doosan Companies

Each Doosan affiliate engages in regular CSRactivities in close cooperation with local organizations and helps local communities advance in the countries where they do business. Each company organizes a volunteer group, establishes programs for volunteer activities such

About Doosan



Financial Review


Major CSR Programs

Scholarships Yonkang Scholarship Doosan Scholarship for Teenagers in Need Scholarship for Students in Areas Affected by Natural Disasters Chinese Studies Research Scholarship Scholarship for Departments of Korean Languages in Foreign

Universities Doosan Sports Dream-Tree Scholarship Scholarship for Multi-cultural Households

Academic research support Yonkang Environment Research Fund Yonkang Academic Award Science Research Fund

Education After-school Programs The Book Donation Program Overseas Observation Tours for Teachers

Culture Incubating Artist Program Overseas Trip Support for Artists Doosan Residency New York Doosan Artist Award

Employee Participation Doosan Volunteers Activities

51

as a salary deductions for charity and matching grants. Dedicated CSR departments develop and operate tailored volunteer programs for needy people in local communities.

The “Tea of Appreciation” campaign, an initiativestarted in 1991, has delivered instant coffee and tea to military units near the border with North Korea to boost the morale of the soldiers. Other programs include building homes for homeless people, cleaningup local attractions and donating books tolocal elementary schools that have established “sisterhood” ties with Doosan.

In 2009, we started to provide volunteer medical service in Vietnam in cooperation with Chung-Ang University Medical Center. Our people also helped with the relief effort after earthquakes struck Qinghai, China.

Participation in the Management of CAU Foundation

Doosan has remained involved in nurturingcompetent future talent. As part of this effort,we began to participate in the management ofChung-Ang University (CAU) Foundation in 2008.This endeavor is separate from the Yonkang Foundation, which sponsors scholarship programs.

The CAU 2018+ Plan was established in advance ofthe university’s 100th anniversary in 2018 with thestated goals of becoming a “world-class institutionof knowledge generation and higher learning”and a “world-renowned university that studentsfrom around the world want to attend.” Doosan issupporting this plan to realize the vision of CAU as a leader in educational innovation and development.

We will also contribute our part in national and social development by fostering young and competent global talent through successful management of the CAU Foundation.

Chung-Ang University (CAU): A Proud Institution with a 93-year Tradition

Founded in 1918 as Chung-Ang Kindergarten, Chung-Ang University has now grown into one of the most prestigious universities in Korea. During its 93-year history, CAU has graduated 152,187 BA holders, 30,693 MA holders and 4,634 Ph.D holders.

CAU was reorganized from 18 colleges with 77 departments to 10 colleges with 47 departments to elevate educational efficiency and research performance. The university also


About Doosan



Financial Review


53

introduced five vice president positions to head each of the five faculties (Humanities & Social Sciences, Natural Sciences & Engineering, Business & Economics, Medicine & Pharmacy, and Arts & Sports Sciences). The vice presidents are granted the autonomy to run their academic faculty according to its specific needs.

A multi-campus system is now considered essential for CAU to be a leader in the global age, so new campuses are being established in Hanam, Gyeonggi Province (east of Seoul) and Geomdan, Incheon (west of Seoul). This expansion will significantly elevate CAU’s competitiveness while improving university management and campus life.

The prestigious 93-year-old institution has acquired the top-class certification in the comprehensive university evaluation and has graduated many important opinion leaders in Korea over the years. CAU is ranked among Korea’s top 10 in the number of graduates who passed the national bar and CPA exams, and ranks first for passing the custom’s house broker exam.

The graduate schools of Law, Business Administration and Medicine have been strong inKorea traditionally, along with the School of Pharmacy, School of Business Administration, School of Mass Communication and Department of Advertising and Public Relations. Furthermore, CAU has built close relationships with 300 renowned universities around the globe to offer international exchange programs.

Support for Nurturing Future Talent

Doosan believes that education is the keyto developing individuals, corporations andnations and we have been an active supporter ofacademic research and education. Since 1979, ourorganization has donated W6.0 billion for scientificresearch, particularly in the environmental andmedical fields. Another W12.0 billion has beenprovided for our annual scholarship programs. Each year, the Yonkang Scholarship program pays all tuition and other school-related fees for recipients chosen among university and high-school students on the basis of merit. The diverse academic research support and scholarship programs of the Doosan Group will continue to contribute to advancing our academic knowledge and nurturing future talent.

Overseas Educational Programs Growing Hope

In 2001, Doosan funded the establishment ofthe Bajiao Elementary School in the Economic &Technological Zone of Yantai, China. With that asa start, we have participated in Project Hope, aprogram that is stretching across China to eradicateilliteracy and offer children in economicallydisadvantaged districts a new hope for the future.Through Project Hope, we had completed 27 elementary schools as of 2009 and have been constructing three more elementary schools since 2010. As such, the Doosan Group strives to fulfillour responsibilities as a corporate citizen andobligations to the communities where we operate.


About Doosan



Financial Review


55

Environment, Health & Safety

Doosan fulfills corporate social responsibilitieswith a firmly rooted commitment to environmentalprotection as well as to the health and safety of employees. We know that all employees and those of partner companies have the basic right to work in a safe and healthy environment and that this is a principle that cannot be easily compromised. Therefore, all Doosan work sites are under a strict EHS management system and abide by all related laws and regulations. We believe that making EHS the highest priority will ultimately elevate corporate value. Doosan strives to develop products and technologies that are highly energy efficient and thus can meet our green growth objectives and enhance the health of the employees. Going forward, we will continuously implement this EHS philosophy worldwide.

International Culture Exchanges to Bring the World Closer Together

Doosan is committed to learning about thehistory, people, language and culture of whereverour companies conduct business. We also wantto provide opportunities for others to learn aboutKorea and Doosan. In 1988, we funded theestablishment of a Korean Studies program at theUniversity of Auckland in New Zealand. Since then, we have supported Korean Studies programs atWashington University, University of Hawaii (US),and University of Barcelona (Spain).We also continuously support Korean Studiesdepartments at major universities in China, India,Vietnam and Romania.

Financial Review

Doosan Heavy Industries & Construction

. Power and Water Plant Business Expansion

- Won the world’s largest thermal power plant Rabigh

- Won the contracts for the world’s largest desalination plant in size at RasAzZawr and and the world’s largest single multi-effect distillation

(MED) desalination unit at Yanbu. . Ranked No. 1 in the global market share (56.7%)

of sea water desalination in 2010

. Developed Korea’s first 3MW-level sea wind power system WINDS3000TM

. Achieved the largest-ever orders of KRW 13.8 trillion

. Received the 2010 HSE(Health, Safety & Environment) Best Contractor Award

Doosan Infracore

. Frontrunner in the Chinese construction machinery market

Largest number of accumulated excavator sales

. Acquired CNG engine, North America Emission Certification (US 10),

The strictest emission regulation in the world

Doosan Engine

. Diesel Engine Global Leader 2nd in the world low speed engine market

The performance of Doosan has increased

remarkably since the beginning of the new

millennium. Total sales skyrocketed, from

W3.4 trillion in 2000 to W24.6 trillion in 2010,

while operating profit increased from W300 billion

in 2000 to W1.9 trillion in 2010. The financial

structure has become stronger with the debt-to-

equity ratio dropping from 771% in 1996 to 216%

in 2010.

This review will provide an understanding and

analysis of the Doosan fiscal results for the

year 2010. Our operations are focused on the

infrastructure support businesses (ISB) and

more than 89% of our sales are made in that

sector. ISB sales are quite sensitive to general

economic circumstances. A number of factors

beyond expected corporate competition can affect

our short term operating results. These include

exchange rate fluctuations, the loss or expiration

of technology licenses, costs associated with

new technology development and the timing of

technology launches and the adverse effects of

tougher regulations.

R&D success is a major factor affecting our long

term success. Like other leading ISB players, we

devote substantial resources to R&D with benefits

that emerge over the long term.

Many of our companies grew rapidly in 2010

amid these dynamic changes. Here are just a few

highlights of the successes for the year:

Summary Financial Review

About Doosan



Financial Review


Doosan’s global competitiveness was

strengthened in the difficult business year of

2010. The mainstay units performed very well

and the major product lines saw an increase in the

global market share. Doosan Heavy Industries &

Construction recorded the top and second largest

share in the global markets of desalination

plants and heat recovery steam generator (HRSG)

respectively, firmly establishing itself as the

frontrunner in the global market for power and

desalination plants. Doosan Infracore has drawn

attention as a new leader in the global heavy

machinery market.

We have bolstered the R&D program, secured

proprietary technologies through acquisitions that

provide Doosan with greater competitiveness, and

are more customer focused than ever. We invested

W1.25 trillion last year, while building outstanding

business systems and programs for nurturing

talented individuals with global competencies.

Having met all our short-term goals of the past

several years, we are now focused on the future.

Our true strengths lie in our diverse business

portfolio as well as our ability to manage every

aspect of every business with imagination and

rigorous attention to detail. We know we can always

improve, shape our business plans even more

strategically, continue to give back while doing well

and continue to build upon the support and respect

of valued employees and customers.

The Road Ahead

Doosan is advancing steadily toward the goal of

joining the world’s Top 200 Companies by 2020.

Our focus on core technology development will

continue to provide a competitive edge and

allow us to transform our business to meet new

opportunities. Our unifying “2G Strategy” – the

growth of business through the growth of people

– will ensure that we grow to become the world’s

number one company in the infrastructure support

business (ISB).

We look forward to each milestone that measures

our success. At the same time, we will work

hard to develop quality products and services

that allow more people to enjoy the benefits of

electricity, potable water, construction machinery,

bridges, expressways, financing, advertising,

publishing, fashion and leisure.

The pulse of transformation is all around us.

Doosan sees the results in all our businesses, as

we continue to grow into an even more dynamic

and global company.

59

Financial Statement 2009

Won/US Dollar as of the year end December 31, 2009: 1,167.60/1

* The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore

(Including DII), Doosan Engine, Doosan Mecatec and Doosan Capital are on a consolidated basis including the results of

overseas subsidiaries.

** Other companies include NeoTrans, Dong Hyun Engineering, Doosan Dong-A, Doosan Motors, Doosan Bears,

Doosan Feed & Livestock, Doosan Cuvex, Doosan Tower, Doosan DST, RexCon, N-Shaper and SRS Korea.

About Doosan



Financial Review


(In millions of US$)

Total Total Shareholder's Operating

Description

Companies Assets Equity

Sales Income

Listed Doosan Corporation 2,354 1,555 1,043 74

Company

Doosan Heavy Industries & 9,570 2,890 6,582 458

Construction*

Doosan Infracore* 9,197 2,178 4,743 -199

Doosan Engineering & 2,558 747 1,979 99 Construction

Samhwa Crown & 91 73 67 9

Closure

Oricom 85 34 67 3

Non-Listed Doosan Engine* 2,119 67 1,518 101Company Doosan Mecatec* 877 304 505 33

Doosan Capital* 1,950 179 162 2

Neoplux 47 36 25 5

Others** 2,698 1,050 1,625 118

Grand Total 31,546 9,113 18,316 703

Financial Statement 2010

61 Won/US Dollar as of the year end December 31, 2010: 1,138.90/1

* The assets, shareholders' equity, sales and operating income of Doosan Heavy Industries & Construction, Doosan Infracore

(Excluding DII), Doosan Engine and Doosan Capital are on a consolidated basis including the results of overseas subsidiaries.

Firgures for Doosan Engineering & Construction include those for Doosan Mecatec.

Samhwa Crown & Closure was sold in November 2010.

** Other companies include NeoTrans, Dong Hyun Engineering, Doosan Dong-A, Doosan Motors, Doosan Bears,

Doosan Feed & Livestock, Doosan Cuvex, Doosan Tower, Doosan DST, RexCon, N-Shaper, SRS Korea and Samhwa Crown & Closure .

(In millions of US$)

Total Total Shareholder's Operating

Description

Companies Assets Equity

Sales Income

Listed Doosan Corporation 2,799 1,796 1,410 116 Company

Doosan Heavy Industries & 9,460 3,149 6,831 559 Construction*

Doosan Infracore* 9,111 2,110 6,984 573

Doosan Engineering & 4,349 1,103 2,367 56 Construction

Oricom 89 38 79 5

Non-Listed Doosan Engine* 1,714 298 1,520 204 Company Doosan Capital* 2,344 168 196 -44 Neoplux 54 35 24 5

Others** 2,500 1,010 2,192 225

Grand Total 32,420 9,707 21,603 1,699

Doosan CorporationDoosan Tower 18-12Euljiro 6-ga, Jung-gu, SeoulTel 82 2 3398 0114Fax 82 2 3398 1135www.doosan.com

Electro-Materials Yonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8820Fax 82 2 3670 8829www.dse.co.kr

Mottrol456-3 Nae-dong, Seongsan-guChangwon Gyeongsangnam-doTel 82 55 269 5114Fax 82 55 269 5220www.doosanmottrol.com

GlonetDoosan Bldg., 105-7Nonhyeon-dongGangnam-gu, SeoulTel 82 2 510 4700Fax 82 2 510 4901www.doosan.com/glonet

Information & CommunicationYonkang Bldg., 2;70Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8500Fax 82 2 3670 8555www.doosan.com/ic

Doosan Heavy Industries &Construction Co., Ltd.555, Gwigok-dong, Seongsan-gu Changwon, Gyeongsangnam-doTel 82 55 278 6114Fax 82 55 264 5551~2www.doosanheavy.com

Doosan Infracore Co., Ltd.7-11, Hwasu-dongDong-gu, IncheonTel 82 32 211 1114Fax 82 32 211 1231www.doosaninfracore.com

Doosan Engineering & Construction Co., Ltd.Doosan Bldg., 105-7Nonhyeon-dongGangnam-gu, SeoulTel 82 2 510 3114Fax 82 2 510 3836www.doosanenc.comwww.weveapt.co.kr

Doosan Engine Co., Ltd.69-3, Sinchon-dong, Seongsan-guChangwon, Gyeongsangnam-doTel 82 55 260 6000Fax 82 55 283 2233www.doosanengine.com

Doosan Capital Co., Ltd.4F Seoulsquare 541 Namdaemun-ro 5-ga, Jung-gu, SeoulTel 82 2 6456 1700Fax 82 2 6456 1800www.doosancapital.co.kr

Neoplux Co., Ltd.Doosan Tower 18-12Euljiro 6-ga, Jung-gu, SeoulTel 82 2 3398 1070Fax 82 2 3398 1071www.neoplux.com

DIP HoldingsDoosan DST30, Sungju-dong, Seongsan-guChangwon, Gyeongsangnam-doTel 82 55 280 6114Fax 82 55 280 6118www.doosandst.co.kr

SRS Korea Co., Ltd.Yonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 3670 8323Fax 82 2 3670 8398www.srs-korea.comwww.kfckorea.comwww.burgerking.co.kr

Doosan Industrial Vehicle Co., Ltd.7-18, Hwasu-dongDong-gu, IncheonTel 82 32 211 5000Fax 82 32 211 5010www.doosan-iv.com

Doosan Bears Inc.10, Jamsil 1-dongSongpa-gu, SeoulTel 82 2 2240 1777Fax 82 2 2240 1788www.doosanbears.com

Doosan Dong-A Co., Ltd.Yonkang Bldg., 270 Yeon-ji-dong,

Jongno-gu, Seoul

Tel 82 1644 0600

Fax 82 2 3670 5002

www.doosandonga.com

Doosan MagazineDoosan Bldg., 105-7

Nonhyeon-dong

Gangnam-gu, Seoul

Tel 82 2 510 4500

Fax 82 2 510 4501

www.style.co.kr

www.vogue.co.kr

www.gqkorea.co.kr

www.voguegirl.co.kr

www.allurekorea.com

www.wkorea.com

Doosan Feed & Livestock Corporation 15-6 Samjeong-dong, Ojeong-gu

Bucheon, Gyeonggi-do

Tel 82 32 680 3114

Fax 82 32 681 0104

www.doosanfeed.com

Doosan Tower CorporationDoosan Tower 18-12

Euljiro 6-ga, Jung-gu, Seoul

Tel 82 2 3398 2386

Fax 82 2 3398 3028

www.doota.com

Oricom Inc.Doosan Bldg., 105-7

Nonhyeon-dong

Gangnam-gu, Seoul

Tel 82 2 510 4114

Fax 82 2 542 3966

www.oricom.com

Doosan Cuvex Co., Ltd.1007-1 Joungjok-ri, Sindong-myun

Chunchon, Gangwon-do

Tel 82 33 260 1114

Fax 82 33 263 6060

www.ladenaresort.com

DFMS105, Nonhyeon-dongGangnam-gu, SeoulTel 82 2 2007 6200Fax 82 2 518 2881www.dfms.co.kr

RexCon2726 Bangbae-dong Seocho-gu, SeoulTel 82 2 2182 7777Fax 82 2 2182 7778www.rexcon.co.kr

Yonkang FoundationYonkang Bldg., 270Yeonji-dong, Jongno-gu, SeoulTel 82 2 766 7771Fax 82 2 745 9896www.yonkang.org

Yonkangwon(DLI)52-2, Gil-dong, Gangdong-guSeoulTel 82 2 2401 3000Fax 82 2 476 8266dli.doosan.com

Domestic Network

Global Network

Doosan Corporation

Electro-Materials

HONG KONG Doosan (H.K.) Ltd. Suite 1210B Tower 2, China Hong Kong City, 33 Canton Road, TsimshatsuiKowloon, Hong KongTel 852 2815 2238Fax 852 2317 0231

SHANGHAIRoom 306, No. 3203 Hong Mei RoadMin Hang District, Shanghai201103, ChinaTel 86 21 6465 9398Fax 86 21 6465 9658

SHENZHENRoom 2212-2213, Chang Ping Commercial Building, Hong Hua Road 99, Fu Tian Free Trade Zone,Shen Zhen, ChinaTel 86 755 8278 8201Fax 86 755 8278 8955

SINGAPOREDoosan Electro-MaterialsSingapore Pte Ltd.No.3 International Business Park # 03-14Nordic European Centre Singapore 609927Tel 65 6862 6327Fax 65 6862 6329

TOKYODoosan Japan Co., Ltd.Room 2411 Mita Kokusai Bldg. 1-4-28, Mita, Minato-Ku, Tokyo, JapanTel 81 3 3452 6261Fax 81 3 5730 9016

TAIWAN5F, No.216 ,Yuan Hwa Rd. Jhong Li, Taoyuan County, TaiwanTel 886 3 427 1210Fax 886 3 427 5583

Doosan Heavy Industries & Construction Co., Ltd.

- Overseas Subsidiaries

Doosan Power Systems Ltd.11 The Boulevard, Crawley,West Sussex, RH10 1UX, UKTel 44 1293 61 2888Fax 44 1293 58 4816

Doosan Power Systems Ltd (Babock)Porterfield Road, Renfrew, PA4 8DJ, UKTel 44 141 886 4141Fax 44 141 885 3338

Doosan Power Systems Americas Ltd.5 Paragon Drive, Montvale,New Jersey 07645, USATel 1 201 746 8210Fax 1 201 746 8610

Doosan Power Systems Europe Ltd.Bredeneyer Strasse 2b, 45133 Essen, GermanyTel 49 201 4517 320Fax 49 201 4517 328

Skoda Power Ltd.Tylova 1/57 | 301 28 Plzen, CzechTel 420 378 185 128Fax 420 378 185 900

Doosan Power Systems India Pvt. Ltd.New Delhi OfficeDLF Building No. 8A, 3rd Floor, DLF Cyber City Phase IIGurgaon 122 002, Haryana, IndiaTel 91 124 439 8200Fax 91 124 414 7007

Chennai Office Gee Gee Universal, 5th Floor No. 2 McNichols 600 031, IndiaTel 91 44 2836 6930Fax 91 44 2836 6936

Doosan Chennai Works PVT Ltd.18/2A Senneerkuppam Bypass Road,Poonamallee, Chennai 600 056Tel 91 44 2649 2050Fax 91 44 2649 4012

Doosan Hydro Technology Inc.912 Chad Lane, Tampa, Fl 33619, USATel 1 813 805 8860Fax 1 813 623 6092

Doosan HF Controls Corp.1624 West Crosby Road, Suite 124Carrollton, TX 75006, USATel 1 469 568 6526Fax 1 469 568 6589

Doosan IMGB104 Berceni Road, Bucharest 4,RomaniaTel 40 21 301 3745Fax 40 21 301 2502

Doosan Enginering & Services Llc5 Paragon Drive, Montvale,NJ 07645, USATel 1 201 746 8200Fax 1 201 746 8210

Doosan Heavy IndustriesVietnam Co., Ltd. [Doosan Vina]Dung Quat Economic Zone, Binh Thuan Commune Binh Son District, Quangngai Province, VietnamTel 84 55 713 001Fax 84 55 713 008

Doosan Heavy Industry &Vietnam Haipong Co., Ltd.Km 92, National Highway 5, So DauWard, Hong Bang District, HaiphongCity, VietnamTel 84 31 371 2710Fax 84 31 371 2714

Hanjung Power Ltd.P.O.Box 2803, BorokomNCD, Papua New GuineaTel 675 320 0529Fax 675 321 2984

- Overseas Branches

Americas

Doosan Heavy Industries America corp.Parker Plaza 10th Floor400 Kellby Street Forth Lee NJ 07024 USATel 1 201 944 4554 31, 24Fax 1 201 944 5022

Pittsburgh OfficeC/O Westinghouse Electric Company Suite 115C, 600 Cranberry Woods Drive, Cranberry Township,PA 16066, USATel 1 412 374 6071 Fax 1 724 720 0903

Santiago OfficeNueva Tajamar 481, Oficina 1103, Las Condes, Santiago, ChileTel 56 2 657 3333Fax 56 2 657 3343

Schenectady OfficeGeneral Electric Building 33, Room 202A, One River Road, Schenectady, NY 12345, USATel 1 518 385 5218Fax 1 518 385 4984

Windsor Office20 International Drive, Windsor, CT 06095, USATel 1 860 731 6479Fax 1 860 731 6482

Tampa Office912 Chad LaneTampa, Florida 33619USATel 1 813 549 0182Fax 1 813 623 6666

Doosan Water Tampa R&D Center912 Chad Lane, Tampa, Florida 33619, USATel 1 813 805 8860Fax 1 813 623 6092

Asia & Oceania

Dosan Heavy Industries Japan Corp.Mita Kokusai Building, Room 24101-4-28, Mita, Minato-guTokyo 108-0073, JapanTel 81 3 3452 5451~3Fax 81 3 3452 5624

Bangkok Office10th Floor, M-Thai TowerAll Seasons Place, 87 Wireless RoadPhatumwan, Bangkok 10330, ThailandTel 66 2 654 0690Fax 66 2 654 0693

Beijing OfficeGateway Plaza, Tower B, 19th FloorNo. 18 Xiaguangli, North Road, East Third Ring, Chaoyang District, Beijing 100027, ChinaTel 86 10 8454 7131~33, 7122Fax 86 10 8484 7139

Hanoi Office#1101, Daeha Business Center, 360 Kim Ma Street, Ba Dinh District Hanoi, VietnamTel 84 4 6273 0545Fax 84 4 6273 0550

Jakarta OfficePlaza Bapindo, Mandiri Tower 20FJl Jend Sudirman No. 54-55Jakarta, IndonesiaTel 62 21 2995 0105Fax 62 21 2995 0108

Mumbai Office501, CNB Square, Sangam Complex, Andheri Kurla Road, Andheri(E), Mumbai 400059, IndiaTel 91 22 6177 0500

New Delhi Office515, 5th, Time Tower, MG Road Gurgaon, 122 002, Haryana, New Delhi, IndiaTel 91 11 4665 3300 / 91 12 4665 3300Fax 91 11 4665 3333 / 91 12 4665 3333 / 91 12 4665 3345

Hyderabad Office119, 1F, White House, Block-3, 6-3-1192/1/1, Kundan Bagh, Begumpet, Hyderabad 500 016, IndiaTel 91 40 6613 2444Fax 91 40 6613 4227

Shanghai OfficeRm 809, Bulding A Far East International Plaza No. 319, Xian Xia Road, Chang Ning DistrictShanghai 200051, ChinaTel 86 21 5877 8696 Fax 86 21 5877 5938

Taipei Office7 Fl 4, No.51, Keelung Road Section 2,Taipei, Taiwan, R.O.CTel 886 2 2739 2255Fax 886 2 2739 2266

Sydney OfficeSuite 2, Level 16, 201-217, Elizabeth Street, Sydney, NSW2000, AustraliaTel 61 2 9283 6114Fax 61 2 9283 6200

v

Europe

Frankfurt OfficeArabella Center, 9th FloorLyoner Strasse 44-48Frankfurt am Main 60528, GermanyTel 49 69 69 5004 11Fax 49 69 69 5004 10

Middle East & Africa

Abu Dhabi OfficeAl Ghaith Tower, 5th Floor, Room 508, Hamdan Street, P.O. Box 27767, Abu Dhabi, UAETel 971 2 627 6273Fax 971 2 627 6274 Middle East Operations CenterMoanarch Office Tower, Level 30, Sheikh Zayed Road,P.O Box 11859 Dubai, UAETel 971 4 327 5545Fax 971 4 327 5592

Dubai Office30th Floor, Monarch Office Tower, One Sheikh Zayed Road,P.O. Box 11859, Dubai, U.A.E. Tel 971 4 327 5545Fax 971 4 327 5529

Doosan Water Dubai R&D CenterMonarch Office Tower, Level 29, Sheikh Zayed Road,P.O. Box 11859,Dubai, U.A.E.Tel 971 4 327 5545Fax 971 4 327 5596

Kuwait OfficeOffice No. 7B, Block 4, Plot 35Laila Commercial TowerSalmiya, KuwaitTel 965 2575 2001/965 2551 8436Fax 965 2551 8453/965 2575 2001

Riyadh OfficeOffice No. 205 & 206, The Plaza Building (Akariya Mall No. 4),Olaya Street, P.O. Box 9656,Riyadh 11423, Kingdom of Saudi ArabiaTel 966 1 419 1920, 1696Fax 966 1 419 1920, 1695

Doha OfficeAbdulla Al Kuwari Building, Al Muntaza Area, C Ring Road, Doha, QatarTel 974 4443 5201Fax 974 4443 5218

Cairo Office2nd floor, Land Mark Building 1, Southern 90th Road(just after NATA Building, City Center, the first section)Cairo, EgyptTel 20 2 2613 1038

Doosan Infracore Co., Ltd.

EMEA Doosan Infracore ConstructionEquip. HQDreve Richelle 167 Waterloo B1410BelgiumTel 32 23 71 68 11

Doosan Infracore Europe S.A.(Construction Equip.)Add 1A, Rue Achille Degrace FrameriesB7080 BelgiumTel 32 478295266

Doosan Infracore Belgium S.A. (Forklifts)Europark Noord 36A 9100Sint – Niklaas BelgiumTel 32 3 760 0987

Doosan Bobcat Engineering s.r.o.Doosan Bobcat Manufacturing s.r.o.U Kodetky 1810 Dobris CZ26312Czech RepublicTel 420 318 532 258

Doosan Infracore Forklift Italy43 Via Alighieri Dante, Lissone,MB 20035, ItalyTel 39 039 2457140

Montabert Lyon203 Route Grenoble Saint PriestF69800 FranceTel 33 4 72 22 97 58

Bobcat of Lyon SASRue Champ Dolin BP 11 Saint PriestF69800 FranceTel 33 472 79 78 73

Bobcat FranceRue de Nantes 44160 Pont Chateau FranceTel 33 2 40 00 73 75

Doosan Infracore France(Construction Equip.)ZAC de la Clef Saint Pierre - Buroplus21a, avenue Jean d’ Alembert ElancourtF78990 FranceTel 33 1 3016 2151

Doosan Infracore Forklift FranceZAC La Clef St. Pierre - Buroplus 21aav. Jean d’Alembert - 78990 ElancourtFranceTel 33 1 3016 2151

Geith International Ltd.Grangegeeth Slane Co Meath IrelandTel 353 41 9824143

Doosan Trading Ltd. (Construction Equip.)Block B Balheary Road BusinessCampus Swords Co Dublin IrelandTel 353 1 6502000

Bensheim GmbH (Construction Equip.)Berlinger Ring 169 Bensheim DE64625GermanyTel 49 6251 8482 314

Doosan Infracore Europe S.A.(Construction Equip.)Heinrich von stephan Strasse 2Langenfeld-Fuhrkamp DE-40764 GermanyTel 49 2173 2035218

Doosan Infracore Germany GmbH.(Machine Tools)Hans-Boeckler-Strasse 27-29, D-40764 Langenfeld-Fuhrkamp, GermanyTel 49 2173 85090

Doosan Infracore Forklift GermanyHeinrich-von-Stephan-Str. 240764Langenfeld GermanyTel 49 2173 203 5227

Doosan Infracore Logistics EuropeGmbH (Forklifts)Am Stieg 17 OT Freiwalde D–15910Bersteland GermanyTel 49 035 474 2080

Doosan Moxy ASVarhol Elnesvagen N6440 NorwayTel 47 712 68 603

Doosan Infracore Turkey TechnicalCenter (Machine Tools)Uzuncayir Cad. NO.:31 A1 Blok, K:2,D:14, 34722 Hasanpasa, Istanbul,TurkiyeTel 90 216 428 5441

Doosan Infracore UK (Construction Equip.)Unit 6.3- Nantgarw Park Treforest Ind.Estate Cardiff CF15 7QU U.K.Tel 44 1443 845650

Doosan Infracore UK (Forklifts)Unit12 Kilvey Road BrackmillsIndustrial Estate NorthamptonNN4 7BQ UKTel 44 1604 825650

Doosan Infracore Russia(Construction Equip.)Kransnoprenenskaya quay 12,Office No.1503123610, Moscow, RussiaTel 7 495 258 1837

Doosan Infracore Russia TechnicalCenter (Machine Tools)Krasnaya st.1, Lubercy, Moscow Reg.,Russia 140 000Tel 7 495 981 83 45

Doosan South Africa(Construction Equip.)10 Fricker Road IIIovo Boulevard IIIovoZA2196 South AfricaTel 27 11 864 3933

Doosan Infracore China InvestmentCo., Ltd.19/F, Tower B, Gateway. No.18, Xiaguangli, North Road East ThirdRing,Chaoyang District, Beijing 100027ChinaTel 139 1074 0224

Doosan Infracore China Co., Ltd.(Construction Equip.)19/F, Tower B, Gateway. No.18 Xiaguangli, North Road East Third Ring, Chaoyang District, Beijing Beijing, 100027 ChinaTel 010 84782608

Doosan Infracore Machine ToolsYantai Co., Ltd. Beiling OfficeRoom 603, Zhongchen BuildingNo.1 Lize Zhong 2 Road, WangjingChaoyang District, Beijing, ChinaTel 010 64390500 (601-608)

Doosan Infracore China Co., Ltd.(Construction Equip.)No.28 Wuzhishan Road, Eco&Tech.Development Area, Yantai Shandong264006 ChinaTel 135 0535 2797

Doosan Infracore Shandong Co., Ltd.(Construction Equip.)No.1088, Xinchengdajie Street, Muping Economic Developing Zone, Yantai Shandong 264100 ChinaTel 138 0535 1970

Doosan Infracore Machine ToolsYantai Co., Ltd.No.1, Dayu 1 Road, Eco&Tech.Development Zone, YantaiShandong, ChinaTel 86 535 6935000

Doosan Infracore China Co., Ltd.(Forklifts)E-10, Wuzhishan Road, Eco&Tech.Development Area, Yantai ShandongChinaTel 86 535 639 9156

Doosan Infracore Suzhou Co., Ltd.(Construction Equip.)10/F, Xing Hai Plaza, No.198 Xing HaiStreet, SIP, Suzhou Jiangsu 215021ChinaTel 86 0516 8773 9000

Doosan Infracore China Co., Ltd.(Construction Equip.)Room A, 25, Zhao-Feng UniverseBuilding, 1800 Zhongshan W. RdShanghai Shanghai 200235, ChinaTel 021 64400842

Doosan Trading(Shanghai) Co., Ltd.(Construction Equip.)Room 2102 - 2104, Tower B, Dawning Center, 500 Hong Bao Shi Road, Chang Ning District Shanghai Shanghai201103 ChinaTel 86 21 3209 2288 ext.1821

Doosan Infracore Machine ToolsYantai Co., Ltd. Shanghai Office(Machine Tools)13 Building, 140 Tianlin Road, Xuhui District, Shanghai, ChinaTel 021 54451155 812 815

Doosan Infracore China Co., Ltd.Xi’an Branch (Construction Equip.)RoomA-03, 4/F, Jinye Buiding, No. 100, South Second Ring Xi’an Shanxi 710065, ChinaTel 029 88376731

Doosan Infracore China., Ltd. ShenYang Branch (Construction Equip.)Room 2306 tower C President Building, No. 69 Heping North Street Heping District, Shen Yang Liaoning 110003 ChinaTel 024 22812783

Doosan Infracore China., Ltd. WuHan Branch(Construction Equip.)4103 A, Shi Mao Plaza, No.686 JiefangAvenue Wuhan Hubei 430020, ChinaTel 027-83316519

Doosan Infracore China Co., Ltd.Cheng Du Branch (Construction Equip.)F, 6F, Hongdi Building, No.153 NorthKehua Road Chengdu Sichuan 610021ChinaTel 028 86026029

Doosan Infracore China Co., Ltd.HeFei Branch (Construction Equip.)Room 1005 10th floor,Sunan Plaza,NO.389-399 Jinzhai Road Hefei Anhui230061 ChinaTel 0551 5178362

Doosan International ManufacturingChina Co., Ltd. (Construction Equip.)88 Wufang Road, Wujiang EconomicDevelopment District Wujiang Anhui215200 ChinaTel 138 6204 1916

Doosan Infracore China Co., Ltd.(Forklifts)No. 1702, Tower2, BoYa InternationalCenter, No.1 Lizezhongyi Road,Chaoyang District, Beijing ChinaTel 86 10 8478 2608

Doosan Infracore China Co.,Ltd.(Engines)1800 Zhongshan W.Rd. Shanghai,200233 ChinaTel 86 21 6440 3050 Xuzhou Xugong Doosan EngineCo., Ltd.221-004 7F, XCMG,Industry Area No.1,Xuzhou Economic Development Zone,Jiangsu, ChinaTel 86 0516 8773 9000

Doosan Infracore Machine ToolsYantai Co., Ltd. Gunagzhou OfficeRoom No.4019-4021, CHINA SHINEPlaza, NO.9 Lin He Xi Road Tian HeDistrict, Guangzhou Guangdong,ChinaE-mail : [email protected] Doosan Infracore Machine ToolsYantai Co., Ltd. Chongqiing Office6-5 Starlight Mansion, 1th StarlightRoad, Hi-Tech Park, Nothern NewDistrict, Chongqing, ChinaTel 023 63111486

Doosan International South EastAsia Pte Ltd. (Construction Equip.)42 Benoi Road Jurong 629903SingaporeTel 65 6499 0200

Doosan Infracore India Pvt.Ltd.(Construction Equip.)3rd Floor, TNPL Building No.67, MountRoad, Guindy Chennai 600032 IndiaTel 91 99 4064 8687

Doosan Infracore India TechnicalCenter (Machine Tools)Site No 143-B2, B3&B4, BommasandraIndustial Area. I&II Phase,Hebba Godi village, Attibele Hobli,Anekal Taluk, Bagalore, IndiaTel 91 080 4266 0110

Bobcat Corp. Japan636 Morooka-cho Kohoku-ku,Yokohama 222-0002 JapanTel 81 45 532 0151

Doosan Infracore Japan Corp. Doosan Portable Power Japan2402, mita Kokusai Bldg,1-4-28 Mita, Minato-KuTokyo 108-0073 JapanTel 81 3 5730 9011

Doosan Infracore Construction Equip.North America HQ400 Perimeter Center Terrace Suite 750Atlanta GA 30346 USATel 1 770 353 3800

Doosan Infracore Construction Equip.400 Perimeter Center Terrace Suite 750Atlanta GA 30346 USATel 1 770 353 3883

Bobcat CompanyPO Box 128 210 1st Ave NE Gwinner ND58040 USATel 1 701 678 6241

Bobcat Company250 East Beaton Drive PO Box 6000West Fargo ND 58078-6000 USATel 1 701 241 8700 Bobcat Company520 Polydome Drive LitchfieldMinnesota 55355 USATel 1 320 693 4967

Doosan Infracore Portable Power1293 Glenway Drive Statesville NorthCarolina 28625 USATel 1 704 883 3586

Bobcat Company521 South 22nd Street Bismarck NorthDakota 58504 USATel 1 701 222 5466

Bobcat Company2101 11th St N Wahpeton ND 58075 USA

Doosan Infracore America Corp.(Forklifts) 4350 Renaissance Parkway, Warrensville Heights,OH 44128-5758, USATel 1 216 595 1212

Doosan Infracore America (Engines)2905 Shawnee Industrial Way NWSuwanee, GA 30024 USATel 1 770 831 3481

Doosan Infracore America Corp.(Machine Tools)19 Chapin Rd, Pine Brook,NewJersey 07058 USATel 1 973 618 2500

Doosan Infracore America MidwesternTechnical Center (Machine Tools)1701 F Howard Street Elk Grove Village,IL 60007, USATel 1 847 437 1010

Doosan Infracore America WesternTechnical Center (Machine Tools) 488 W. Meats Ave. Orange, Ca 92865, USATel 1 714 974 1330

Doosan Infracore America EasternTechnical Center (Machine Tools)2906 Business Park Drive Building C,Memphis, TN 38118, USATel 1 901 362 5192

Doosan Infracore America SouthernTechnical Center (Machine Tools)10010 Houston Oaks Drive, Houston, TX 77064, USATel 1 832 912 2000

Doosan Portable Power Canada1185 Matheson Blvd,East Mississauga, ON L4W 1B6Tel 1 905 206 0022

Doosan Bobcat Chile S.A.SAN IGACIO #701 – Parque IndustrialBuenaventura Quilicura – SantiagoChileTel 09 138 75 10

Doosan Infracore International(Construction Equip.)Blvd. Centro Industrial No. 11.Tlalnepantla, Edo de Mexico. C.P.54070Mexico

Doosan Infracore do Brasil Servic osde Suporte Comercial Ltda.(Construction Equip.)Alameda Santos 2222 CJ52, 5a andar,Cerqueria Cesar CEP 01418.200 SaoPaulo BrazilTel 55 11 3061 3227

Doosan Infracore Colombia Office(Construction Equip.)Calle 63A No. 21 - 36 Oficina 301Edificio Circulo de Ingenieria BogotaColombia

Doosan Engineering & Construction Co., Ltd.

U.A.E Branch OfficeFlat 62, Tawam Tower 1, Khalifa St., Abu Dhabi, U.A.E.Tel 971 2 627 5983Fax 971 2 627 5984

Houston Office4900 Woodway Drive, Suite 725Houston, Texas 77056, U.S.A.Tel: 1 713 961 4646Fax: 1 713 961 4647

Doosan Vina (CPE Plant)Dung Quat Economic Zone, BinhThuan, Binh Son, Quang NgaiProvince, VietnamTel 84 55 3618 900Fax 84 55 3618 954

Doosan Engine Co., Ltd.

HAMBURGHeidenkampsweg 100, 8 O.G,Hamburg, Germany 20097Tel 49 40 2533 5656Fax 49 40 2533 5661

SHANGHAIRoom C.23F Huadu B/D #838Zhangyang Road,Pudong, Shanghai 200120, ChinaTel 86 21 6875 0876Fax 86 21 6875 0864

SINGAPORE78,ShentonWay,#16-04,Singapore 079120Tel 65 6222 5515Fax 65 6222 5525

Doosan Marine Industry(Dalian)Co.,Ltd. [DMI]Dagushan Nangang Industry Park,Development Zone, Dalian, P.R. China.P.C. : 116601Tel 86 411 8751 7957Fax 86 411 8751 7956

Doosan Capital Co., Ltd.

BEIJING20/F Tower B, Gateway, No.18Xiaguangli, North Road East Third Ring, Chaoyang District, Beijing 100027, China Tel 86 10 8454 7200Fax 86 10 8454 7102

Doosan Advertising Company

BEIJING19th FL., Tower B, GATEWAY, No.18Xiaguangli, North RoadEast Third Ring, Chaoyang DistrictBeijing 100027, ChinaTel 86 10 8454 7185~7188Fax 86 10 8454 7190

Contact Tel. 02 . 3398 . 1084 Fax. 02 . 2285 . 5188 www.doosan.com Doosan annual brochure can be downloaded from our website.

www.doosan.comDoosan Tower, 18-12, Euljiro 6-ga, Jung-gu, Seoul, KoreaTel 82 2 3398 0114

doosan annualreport english

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