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8/2/2019 2011.3Q_eng
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[unit : KRW bn] 11.3Q(Accumulated)
11.3Q 11.2Q Change 10.3Q Change
Sales 1,281.7 409.8 448.7 8.6% 376.7 8.8%
IFRS
Operating
Profit (%)
203.4
(15.9%) 52.0
(12.7%)
103.4
(23.0%)
49.7%
45.3(12.0%)
14.8%Business
Operating
Profit (%)
165.5(12.9%)
65.5(14.6%)
20.6%
EBITDA
(Business OP)209.0 69.2 80.3 13.8% 61.3 12.9%
Pre-tax
Income*174.0 34.3 96.8 64.6% 35.9 4.5%
Net
Income131.2 25.5 75.9 66.4% 26.4 3.4%
Sales
SKC Co., Ltd.
423.1382.1
376.7
32.6(8.5%)
45.3(12.0%)
48.0(11.3%)
65.5(14.6%)
3
448.7
11.2Q OP is not include one-off gain.(Gain from disposal of SK Securities shares is 37.9 KRW bn)
10.4Q10.3Q 11.1Q 11.2Q 11.3Q
409.8
52.0(12.7%)
* Exclude one-off gain, 11.3Q accumulated pre-tax income is 136.1 KRW bn, net income is 93.3 KRW bn10.4Q10.3Q 11.1Q 11.2Q 11.3Q
Business Results
[unit : KRW bn]
[unit : KRW bn]
Operating Profit(%)
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Financial Condition
SKC Co., Ltd.
1,734.1
11.3Q
431.0
16.5
2,181.6
1,643.6
347.9
9.9
10
2,001.4
(:)(:)
Asset
2,181.6
10
2,001.4
11.3Q
1,086.0
347.3
748.3
1,019.5
321.0
660.9
10.3Q 11.2Q 11.3Q
11.8
4
7.5*
Credit Rate : A0 stable A0 Positive
( 2011 Sep. )
99.4% 98.9%100.9%
70.2%66.7% 67.4%
6.34.6
Liabilities and Equity
[unit : KRW bn]
[unit : KRW bn]
Accounts Receivableand Inventories
Non-current Assets
Cash and Equivalent
Borrowings
Accounts Payableand Etc.
Equity
Financial Ratio
Total Liabilities/ Equity
Interest CoverageRatio
Debt / Equity
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SKC Co., Ltd.
[unit : KRW bn] 11. 3Q 10 Change
Short-term 159.5 126.7 +32.8
KRW Currency 121.5 75.0 +46.5
NegotitionBorrowings and Etc 38.0 51.7 13.7
Long-term 588.8 534.2 +54.6
Corporate Bond 210.0 310.0 100.0
Long-term Credit 278.8 224.2 +54.6
CB BW 100.0 - +100.0
Total 748.3 660.9 +87.4
Cash Equivalent 16.5 9.9 +6.6
Net Borrowings 731.8 651.0 +80.8
[unit : KRW bn] 11.3Q 10**
Cash at Beginning 9.9 15.1
Operating 89.9 223.8
Net Income 131.2 130.6Depreciation 45.5 63.7
Working Capital 86.8 29.5
Investing 162.3 139.8
CAPEX 150.0 173.9
Share Investment* 12.3 34.1
Financing 79.0 89.2
Borrowings 93.4 80.2
Dividends 14.4 9.0
Cash at End 16.5 9.9
5
Borrowings Cash Flow
* Acquire SEPK shares, invest JV in China and sell SK Securities shares
** Cash Flow of 2010 is subject to K-GAAP Standard
Borrowings and Cash Flow
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PPG
Etc
PO/PG
10.3Q 11.2Q 11.3Q
223.1
262.4
235.6
41.3%41.2%
41.1%
17.7%
41.7%
39.2%
19.1%
43.0%
15.7%
11.3Q
(Accumulated)
17.4%
41.4%
41.2%
750.9
Operating Profit
OPM(%)
21.3 34.0
13.0%9.5%
SKC Co., Ltd.6
[unit : KRW bn]
Raw Material
(C3 NEA spot)$1,534 $1,530$1,134
28.9
12.3%
[ Analysis ]
Despite of regular maintenance and global recession,achieved steady margin from supply tightness of PO
Low probability of inflow PO (390 kton) from Thailand
Limited supply increase than demand increase, due toonly capacity extension in Thailand and Korea until 2013
[ Outlook ]
PO/PG: Increased spread by raw material price down(QoQ) PPG : PU demand decreased in Asia,
due to recession & mid-autumn day in China
PO tightness in Asia market will continue
Due to stable raw material price, amicable businesscondition will be continued
Continue improving high-end product mix,like rigid PPG and high-purity PG$1,505
87.7
11.7%
Div. Performance Outlook Chemicals
Analysis/Outlook
Performance
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* Specialty Film : PV PET, Optical PET, Shrinkable PET
7
PV PET
Etc
PET Film
10.3Q 11.2Q 11.3Q
186.3
31.5
16.9%
Specialty Film* 56.1%56.8%
174.2
50.2%
23.1
13.3%
153.5
81.5%
16.5%
2.0%
81.4%
15.2%
3.4%
84.8%
13.9%1.3%
24.0
15.6%
81.5%
16.0%
2.5%
530.8
53.3%
77.8
14.7%
[ Analysis ]
Sales and income decreased due to sluggishdemand from the display and solar cell industriesBut SKC film division recorded OPM 13% throughbuilding up CRM and reducing cost
Expect display manufacturer recover operatingrate, so sales of optical PET will increase
[ Outlook ]
PV / Optical PET : Based on market power,
profitability slightly dropped Shrinkable PET : replacement demand is increasing
(Shrinkable PVC Shrinkable PET)
Aim to recover profitability by sellinghigh-valued product, like thick optical film
Concentrate on preemptive response torecovery of solar cell industries after 2012 Enhance market dominance
Secure Total Solution Provider statusin solar cell film field
- Target M/S (2013) : PV PET 55%, EVA 20%,
PVdF 18%
Div. Performance Outlook - Film
Analysis/OutlookPerformance
[unit : KRW bn]
Operating Profit
OPM(%)
11.3Q
(Accumulated)
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Chemical
11.3(5.4%)
7.0(3.4%)
208.3 202.9
11.2(5.5%)
203.7
21.1(9.2%)
228.8
21.3(9.5%)
223.1
15.1(6.6%)
227.8
O P(OPM)
Sales
24.8(9.8%)
252.9
34.0(13.0%)
262.4
09.3Q 09.4Q 10.1Q 10.2Q 10.3Q 10.4Q 11.1Q 11.2Q 11.3Q
28.9(12.3%)
235.6
Film
17.8(14.7%)
12.2(9.9%)
121.6 123.3
20.8(16.5%)
125.9
26.8(18.1%)
147.9
24.0(15.6%)
153.6
17.5(11.3%)
154.3
O P(OPM)
Sales
23.2(13.6%)
170.2
31.5(16.9%)
186.3
23.1(13.3%)
174.3
09.3Q 09.4Q 10.1Q 10.2Q 10.3Q 10.4Q 11.1Q 11.2Q 11.3Q
[Appendix] Performance Trend
[unit : KRW bn] [unit : KRW bn]
10.1Q ~ 11. 2Q : Subject to K-IFRS non-consolidated version
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Thank You!
INVESTOR RELATIONS 2011