poonglim industrial co., ltd. · •1 poonglim industrial co., ltd. april 2006 building a brighter...
TRANSCRIPT
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PoongLimPoongLim Industrial Co., Ltd.Industrial Co., Ltd.
April 2006
Building a Brighter Future for All Mankind
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Table of Contents
Profile
Operation highlights
Financial Status
Management Reference
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1954. 10. 05 Poonglim Industrial established.
1976. 11. 29 Launch of first overseas project (pile foundation for natural
gas liquefaction plant, Juaymah, Saudi Arabia)
1978. 11. 30 Listed on Korean Stock Exchange (KSE).
2001. 06. 01 Launch of “I-WANT” apartment brand.
2005. 07. 11 Won “Most User-Friendly” award at 9th annual apartment awards
2005. 08. 01 Ranked 20th among Korean general contractors.
Company name: Poonglim Industrial Co. ltd
President: Lee, Pil Seung
Chief stockholders: Lee, Pil Woong (23.5%), Lee, Yun Hyeong (1.5%)
The largest shareholders and related parties hold 35.3% of total shares outstanding.
Headquarters: Poonglim Building, 823 Yeoksam-Dong, Kangnam-Gu, Seoul, Korea,
(Tel: 82-2-528-6114)
Profile
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Ownership Structure
T/SPoongLim
P/LSakhalin
PoongLimResort
Fine Con
Lee family
50% 100% 50% 100%
50%
35.3%
Foreigninvestors
5.8%
Domesticinvestors
58.9%
Lee family35.3%
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Operation highlights♦ Orders
* Targets W2.2tr in new order receipts in 2006.* Current order backlog of roughly W5tr, or 3-4x est. 2006 construction sales.
♦ Sales* Poonglim expects 2006 sales to rise 26.7% YoY to W1,200bn.
New Orders(W bn)
Backlog(W bn)
Sales(W bn)
‘03 ‘04 ‘05 ’06(E) ‘05 ’06(E) ‘03 ‘04 ‘05 ’06(E)
1,467.2 1,490.1
1,127.5
2,200.04,147.7
5,184.7
1,059.4
1,175.0
946,8
1,200.0
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Operation highlights♦ Market Share
1. Domestic: Market share of 1.1-1.5% in the past, but should rise to around 2.2% in 2006.2. Overseas: Boosting EPC capability since 2004, when it entered Russian market.
Domestic contract amount(W bn)
Oversea contract amount(W bn)
‘03 ‘04 ‘05 ’06(E)
97tr99tr
95tr
102tr
1,467.2 1,490.1
1,127.5
1,998.0
‘03 ‘04 ‘05 ’06(E)
US$ 13.0bn
US$ 10.9bn
US$ 7.5bn
US$ 3.7bn
15.5
193.7
49.6
202.0
Source: Construction Association of Korea(2005)
Total
P/L
Total
P/L
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♦ Operating performance* 2005 OP surged to W61.2bn (from W38.9bn in 2004) on 4%p YoY drop in construction cost ratio and W2.5bn
decrease in SG&A costs.* Poonglim expects 2006 OP to increase to W79.1bn.
♦ Bottom-line to improve substantially* RP and NP to surge on absence of large one-off costs (such as additional tax payment in 2005).
Operation highlights
Operating Profit(W bn)
Recurring Profit(W bn)
Net Profit(W bn)
‘03 ‘04 ‘05 ’06(E)
38.1 38.9
61.279.1
‘03 ‘04 ‘05 ’06(E)
14.116.5
9.7
33.5
6.6%6.5%
3.3%3.6%
23.9
‘03 ‘04 ‘05 ’06(E)
26.019.9
54.1
4.5%
2.1%2.2%2.3%
2.8%
1.0%
1.4%1.3%
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Operation highlights♦ Current ratio
* Current ratio to continue to improve to 133.9% in 2006 from 118.8% in 2005, backed by slowing growth of current liabilities
♦ Liabilities-to-equity ratio*Liabilities to equity ratio has stabilized since 2003
Current ratio(W bn)
Liability ratio(W bn)
‘03 ‘04 ‘05 ’06(E)
730.7 731.2
649.8
749.4
133.9%
118.8%110.0%106.0%
689.6 664.5
546.8 559.6
‘03 ‘04 ‘05 ’06(E)
758.0
663.2724.7
299.5%312.0%
359.9%365.0%
203.2 210.6212.6 242.0
741.7
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Financial Status
Balance Sheet (W bn)
Total assets
Current assetsFixed assets
Total liabilities
Current liabilitiesLong-term liabilities
Total shareholder equity
Paid-in capitalCapital surplusRetained earningsCapital adjustment
805.4
575.9229.4
607,9
505.7102.2
197.5
107.675.612.12.2
944.9
730.7214.2
741.7
689.652.1
203.2
107.675.621.9-1.9
968.5
731.2237.3
758.0
664.593.5
210.5
107.675.629.3-2.0
875.8
649.8226.0
663.2
546.8116.4
212.6
107.675.634.2-4.8
966.7
749.4217.3
724.7
559.6165.1
242.0
107.675.662.7-3.9
2002 2003 2004 2005 2006(E)
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Financial Status
Income Statement (W bn)
Sales
Cost of salesGross profit
SG&A expenses
Non-operating profitNon-operating expense
Recurring profit
Extraordinary gainPre-tax profitIncome taxesNet profit
854.2
762.691.6
44.7
15.748.5
141
-14.16.67.5
2002
Operating profit 46.9
1,059.4
970.089.4
51.3
21.135.3
239
-23.99.8
14.1
38.1
1,175.0
1,086.388.7
49.8
23.236.1
260
-26.09.5
16.5
38.9
946.8
838.3108.5
47.3
19.160.4
19.9
1.821.712.09.7
61.2
1,200.0
1,068.0132.0
52.9
15.040.0
54.1
-54.120.633.5
79.1
2003 2004 2005 2006(E)
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Financial Status
Major business indicators
1.Stability
Current ratioLiability ratioInterest coverage ratio
2. Profitability
OP marginNP marginROE
3. Activity
Asset growth ratioAsset turnover
113.9%307.9%
1.34x
5.5%0.9%3.8%
6.7%1.09x
2002
106.0%365.0%
1.43x
3.6%1.3%6.9%
17.3%1.21x
110.0%359.9%
1.21x
3.3%1.4%7.8%
2.5%1.23x
118.8%312.0%
1.96x
6.5%1.0%4.5%
-9.6%1.03x
133.9%299.5%
2.25x
6.6%2.8%
13.8%
10.4%1.30x
2003 2004 2005 2006(E)
2002 2003 2004 2005 2006(E)
2002 2003 2004 2005 2006(E)
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Management Reference
Major Projects
Work-type
Civil work
Incheon airport runway 37.9 2005. 9 ~ 2007. 12
Name Contract amount(W bn)
Constructionperiod
Housingunits Customer
Kyeongju road 111.7 2006. 2 ~ 2011. 1
Pangyo housing site 26.6 2005.12 ~ 2008. 12
Architecture College of Dentistry Kyunghee Univ. 13.1 2003.11 ~ 2005. 12
Development
Goodmorning City Shopping Mall 105.7 2005. 6 ~ 2008. 4
JongroSajik redevelopment 325.5 2004.10 ~2007. 12 1,030
Pohang Yangdeok Apartment 204.7 2005.11~ 2008. 6 1,723
Daejeon Seokbong-dong Apartment 511.0 2006.12 ~ 3,982
Incheon Int’l Airport Corp
Pusan Nat’l Territory Mgmt Office
Korea Land Corp
Kyunghee University
Goodmorning City
Sajik 1st area Redev Assn
Korea Real Estate Inv Trust
PoongAn Construction
Overseas SEIC BS2 Compression 67.9 2006. 2 ~ 2008. 8 SEIC
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Management Reference
Jongro Sajik commercial & residential complex project 1. Client: Sajik 1st area redevelopment association
2. Construction period: 2004.10 ~ 2007.12
3. Contract amount: W325.5bn
4. Scale: 744 housing units, 286 offices.
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Management Reference
Pohang Yangdeok Apartment project
1. Client : Korea Real Estate Inv Trust
2. Construction period : 2005.11 ~ 2008. 6
3. Contract amount : W204.7bn
4. Scale: 1,723 housing units
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Management Reference
SEIC BS2 Compression project1. Client: Sakhalin Energy Investment
Company Ltd.
2. Construction period: 2006. 2 ~ 2008. 8
3. Contract amount: W67.9bnPipeline (Exxon)
Onshore Processing Fac. (Sakhalin Energy)
Pipeline (Sakhalin Energy)
Prigorodnoye
Piltun/Molipaq Well (Sakhalin Energy)
Lunskoye Well (Sakhalin Energy)
GastelloBooster Station2 (SEIC)
LNG Plant (Sakhalin Energy)
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585,382
Appendix
-2,9351,404-Rebuilding & Redevelopment
6,9284,4842,3891,362Land-owner’s joint development project
454-6832,528In-house project
’06(E)‘05‘04‘03(Unit)
3,8904,476
7,4197,382
463,800 463,641
520,000
Source: Construction Association of Korea (2005)
PoongLim
♦ Supply trend in domestic housing market 1. Housing supply volume expected to grow 112% YoY to 520,000 units in 2006
2. Lowered in-house project portion, given expected slowdown in domestic housing market caused bygovernment’s property measures.
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www.poonglim.co.kr/english