i주introduction of solmics i솔믹스소개 analysis of business...
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I주I솔믹스 소개
2007년 주요 이슈
경영실적 분석
참고자료
Introduction of Solmics
2007, Main Issue
Analysis of Business Performance
References
Chap.1 Introduction of Solmics
Solmics @ a Glance
Using “Example”
Business Area
Introduction of Main Products
4
0
10,000
20,000
30,000
40,000
50,000
'02 '03 '04 '05 '06(E)
High growth & profit company with 29.8% yearly average growth rate and more than 15% operating profit
(Unit: hundred million won, %)
SalesSales
Rate
CAGR
(’02~’06)Major Customers
Al2O3 16,941 45.9 36.1<Major Domestic Customers>
• Samsung Electronics(semiconductor, LCD)
• Hynix Semiconductor
• Samsung Electro-mechanics Co.,Ltd
• LG Philips LCD
• Fairchild Korea Semiconductor
• ULVAC Korea, D.N.S. Korea
<Major Overseas Customers>
• JAPAN : Sony, Toshiba, Matsushita, Fujitsu
• U.S.A & Europe : IBM, TI, Micron, Infineon
• CHINA : Hynix, BOE, HHNEC, KEC, ASMC
• TAIWAN : UMC, AU, CMO, TSMC, PROMOS,
MOSEL
• SINGAPORE : HP, STMicro, Chartered, HSS,
SSMC
Si 9,089 24.6 19.8
Si-SiC 3,001 8.1 -
AlN 1,015 2.7 -
Other 4,829 13.1 11.8
Cleaning 2,046 5.5 -
(hundred million won)
Supplying fine ceramic spare parts for Semiconductor and LCD manufacturers in Samsung, and Hynix as Global Market Leader.
Al2O3(Alumina) has been a leading role in sales growth and profit improvement after YR 2002, achieved 38.9 Million US, 17.92% operating profit
Solmics @ a Glance
14,34113,013
23,580
27,158
36,921
5
No Name Material Life Time
1 View Port Quartz -
2 Baffle Si-SiC 0.5 ~ 1 year
3 Electrode Si 500 hours
4 Upper Ring Si-SiC 500 hours
5Upper
Confinement RingAl2O3 300 hours
6Lower
Confinement RingAl2O3 300 hours
7 Hot Edge Ring Si 200 hours
8 Insulator Pipe Al2O3 5,000 hours
9 Inner Focus Ring Al2O3 6 months
10 Outer Focus Ring Al2O3 6 months
11 Lift Pin Al2O3 3 months
12 Heater Block* Metal, AlN 1 year
13 Bottom Insulator Al2O3 -
Cover
< Chamber Component>
1
2
3
4
56
7
89
10
11
12
13
Fine Ceramics Using“Example”
Fine Ceramics Using “Example”in Semiconductor
* Mecharonics is pruducing Metal Heater Block
6
Materials
(powder)
Basic
materialsProcessing
Fine
ceramic
parts
Al2O3
Si (since 2007)
Si-SiC
AlN
Quartz
Others
(Only purchasing and processing basic
materials, being low value-added)
(Producing and processing basic materials into high value-
added material units)
Domestic and overseas
semiconductor/LCD
equipment manufacturers
Supplying parts
for replacement
(After the expiration of the warranty
period for the equipment manufacturers)
Business Area
Producing products made of fine ceramic materials and supplying semiconductor and LCD element manufacturers
with consumable parts for replacement and equipment manufacturers with parts to be newly installed
Completed car
manufacturers
Cold spray
coating(Auto parts)
Domestic and overseas
semiconductor/LCD
equipment manufacturers
Supplying parts to
be newly
installed
Cleaning fine ceramic parts
New strategic business
Transforming from a “process-centered company” that purchased and processed basic materials in the past
to a high value-added enterprise and a “material-centered company” through significant equipment investments.
Anticipating a solid, high growth period through profit enhancement and customer/product area expansion.
Production Process and Business Area
Solmics’ Core Business Components
7
Characteristics of Materials Main UseMarket Size
(Overseas/Domestic)
Main
Competitors
Share of the
Domestic
Market
(As of 2006)
Al2O3
• Excellent performance for the price
• Excellent wear-resistance thanks to precision and high degree of
hardness
• Excellent resistance to heat and chemicals
• Excellent insulation resistance at high temperatures and excellent
insulation strength for high voltage
Consumable parts
for
semiconductor/LCD
equipment (Dry
Etcher, CVD process)
10,000 / 1,500
Kyocera
WonikQuartz
13.0%
Si
• Stable supply of materials thanks to rich resources
• Physical and mechanical characters stable during temperature
fluctuations.
• Purification process ensures highest degree of purity.
• Easy to control electrical resistance through single crystallization and
adjustment of the added amount of impurities
Consumable parts
for
semiconductor/LCD
equipment (Dry
Etcher, CVD process)
13,500 / 1,800Coors
Worldex 6.0%
Si-SiC
• Very stable chemical characterictics
• Insulator at normal temperature, but electrical/mechanical
characteristics may change depending on the kind/amount of
impurities
• If CVD-coated, the surface film becomes more precise, thus
preventing the diffusion and emission of impurities and the
corrosion-resistance against acid solutions also increases.
8,000 / 1,000Toshiba
Ceramics
Asahi3.0%
AlN• High resistance against thermal conductivity and thermal shock
• Low thermal expansion coefficient
• High corrosion-resistance against fluorine and chlorine gases
7,000 / 1,000Kyocera
Ceradyne 1.5%
Quartz• Having the characteristics of the material quality of ultra high purity
• Low expansion and gas content thanks to excellent electrical
insulation ability
6,000 / 1,300
WonikQuartz
Youngshin2.0%
Introduction of Main Products
Characteristics of Each Product(Unit: hundred million won)
•The market sizes and shares shown here are from the internal data of Solmics, and the
market sizes are just confined to the business area (products) of Solmics.
Chap.2 2007, Main Issue
2007 Inaugural Year of the Material
Enterprise
Advancement of Sales Portfolio
Full-Scale Advance into Overseas Markets
EDITDA vs. CAPEX
Favorable Business Environment
Business Management Plan for 2007
9
2007, Inaugural Year of the Material Enterprise
Materialization rate of 89.0% for sales thanks to the successful materialization of Si products in 2007
→ this year’s operating profit margin is expected to reach 23.2%, an increase of 5.3% over last year
Materialization rate
0
20
40
60
80
100
'03 '04 '05 '06(E) '07(E)
0
10
20
30
40
소재화비율(좌)
영업이익률(우)
Successful materialization of all products except quartz products as a result of successful materialization of Si (silicon) products in 2007, following the
materialization of Si-SiC (silicon carbide) and AIN (aluminum nitride) in 2005 and 2006, respectively
Completed transformation from a process-centered company into a “material-centered company,” thus 2007 is the inaugural year of the material enterprise
Established a high profit structure that characterizes the material industry. Secured stable cost competitiveness by directly and efficiently purchasing raw
materials
Si-SiC (material)
Quartz (processing)
Si (processing)
Al2O3 (material)
AlN (material)
’03 ’05 ’07 ’09
Si (material)
Si-SiC (processing)
AlN (processing)
Materialization of Si from 2007
•The calculation of the materialization rate is exclusive
of the sales of cleaning products.
17.9%
23.2%
Changes in operating profit margin
56.8%
’06
89.0%
’07
(%) (%)
Materials
for parts
Materialization rate (Left)
operating profit margin (Right)
10
2007, Inaugural Year of the Material Enterprise – Si Ingot Grower Business
Solmics’ advance into the Si ingot grower business line is projected to increase profits, secure greater
cost competitiveness, and provide a variety of business opportunities.
Advance into the Si ingot grower business line with a total of 9.8 billion won investments over two years →prospects of 66 billion won in sales for three years in the Si sector / operating profit of 16.5 billion won
Continued expansion of transactions is expected thanks to Samsung Electronics support of 2.75 billion won.
Solmics expects to hold the largest market share among the Si parts suppliers for Samsung Electronics.
Current status of the Korean Si market Comparison of the cost price structures before and after Si materialization
Rapid rise in the prices of raw Si materials and the
pressure to reduce the unit prices of related products
Worsening profitability on the part of material
processing-centered Si product manufacturers
- Impossible to offer competitive prices to client companies
Emergence of the necessity of materializing Si products
(advancing into the Si ingot grower business line)
In Case of
Material Processing
In Case of
Materialization
Processing Si-Ingot
after purchasing it
from overseas
Purchasing Si-Poly from overseas
Utilizing Si-Ingot Grower equipment
Processing Si-Ingot after manufacturing it
Portion
accounted
for by raw
materials
42%
22%
20%
1. Enhancement of profitability
2. Securing cost competitiveness
= increasing sales
- Enhanced ability to effectively
respond to unit price decrease
- Possible to compete with overseas
companies
3. Securing cost competitiveness
- Recyclable materials
- Enhanced purchasing power for
raw materials
Selling
prices of
products
11
0
5,000
10,000
15,000
20,000
25,000
Advancement of Sales Portfolio
Rapidly progressing trends of the decreasing sales concentration for Al2O3, the increasing sales portion of
“Si, Si-SiC, and AlN,” and profitability enhancement
QuartzSiAl2O3 Si-SiC AlN
Changes in Sales by product (2006 vs. 2007)
(Opera
ting p
rofi
t m
arg
in,%
) 30
20
10
10 20 30 40 50
0607
06
07
06
07
Si-SiC+AlN
Si Al2O3
Si-SiC: Mass production due to yield rate stabilization and positive adoption of new equipment into FAB for 2007 by Samsung
Electronics, Hynix, etc. are expected.
AlN: Shifting from production of the existing small products to actual production of plate products, which are in a high price
range
Changes in sales proportions and profitability by product (2006 vs. 2007)
16,941
20,630
(21.8%)
9,089
16,200
(78.2%)
3,001
4,800
(59.9%)
1,015
2,000
(97.0%) 2,760
3,000
(8.7%)
(Sales percentage,%)
* Resolution of the sales concentration problem and rapid enhancement of profitability
1
2
(Unit: million won)
Sales portion
10.9% 13.0%
12
Full-scale Advance into Overseas Markets
The export increase rate of 40.6% is expected in 2007, about 2.4 times higher than the average annual export
increase since 2001 of 16.8%.
Sales plans in overseas markets
USA China
Taiwan
Singapore
Overseas subsidiary
Overseas sales agent
Major customers
Sales in 2006 / Sales in 2007
(Increase/decrease rates)
Sony, Toshiba
2,813 / 3,580
(27.3%)
Hynix, BOE
1,239 / 2,220(79.2%)
UMC, AU
495 / 720
(45.5%)
HP, STMicro
576 / 940
(63.2%)
IBM, TI
2,247 / 2,900 (29.1%)
3,0003,1003,2003,3003,4003,5003,6003,7003,8003,9004,0004,1004,2004,3004,4004,5004,6004,7004,8004,9005,0005,1005,2005,3005,4005,5005,6005,7005,8005,9006,0006,1006,2006,3006,4006,5006,6006,7006,8006,9007,0007,1007,2007,3007,4007,5007,6007,7007,8007,9008,0008,1008,2008,3008,4008,5008,6008,7008,8008,9009,0009,1009,2009,3009,4009,5009,6009,7009,8009,90010,00010,10010,20010,30010,40010,50010,60010,70010,80010,90011,000
`06(E) `07(E)
40.6%
Taking advantage of the quality of products recognized by Samsung Electronics and Hynix and the price competitiveness of 20%
to actively advance into the Chinese and Taiwanese markets that have recently started making investments in new large-scale
FAB projects
Utilizing the opportunities arising from domestic equipment suppliers’ advance into overseas markets and making active inroads
into the overseas equipment supplier market
(Unit: million won)
7,370
10,360
Japan
13
EBITDA vs. CAPEX
Completion stage of investments in equipment and facilities following active investments
for the past four years → projected 75 billion won in sales
EBITDA vs. CAPEX Detailed investment plan
0
4,000
8,000
12,000
16,000
20,000
'01 '02 '03 '04 '05 '06(E) '07(E)
CAPEX
EBITDA
(million won)
(Unit: million won) ’05 ’06(E) ’07(E) Total Remarks
Al2O3 617 248 800 1,665
Si 3,276 4,231 - 7,507Intensive investment in Si
Ingot Grower
Si-SiC 622 1,313 510 2,445
AlN 750 715 410 1,875Utilizing state-supported
fundsQuartz - - - -
Coating - - 120 120
Measuring
instruments281 543 90 914
Cleaning 61 - 119 180
Land/buildings 836 1,340 - 2,176Land/buildings related to Si
Ingot Grower
Others - - 526 526
Total 6,443 8,390 2,575 17,408
Focusing on enhancing productivity and yield rather than making investments in equipment and facilities from 2007, following
an investment peak of 8.39 billion won in 2006
EBITDA is expected to significantly surpass CAPEX from 2007.
14
Favorable Business Environment
The environment of the frontline industry is favorable for material and equipment suppliers, therefore
technological strength and price competitiveness are the keys to success.
Solmics Value-Chain
Semiconductor
/LCD industry
Semiconductor Cycle
Crystal Cycle
Domestic companies’ share
of the world market
Investment in equipment
and facilities
Buying power for
semiconductor/LCD equipment
Buying Power
Evolution of semiconductor/LCD
Rate of equipment
domestication
Foreign companies’ warranty
Changes in main materials
Market share
Technological strength
Production capacity
Finding overseas markets
Deciding factors
in the supply
and demand
for materials
for component parts
Continuous prosperity
of D-RAM
Increasing supply
of NAND
Continuously increasing
demand for LCD
Domestic companies’ share
of the world market
unchanged
The importance of materials
growing due to high integration
of semiconductors and
enlargement of the LCD size
Rate of equipment domestication
increasing steadily
Domestic companies’ advance
into overseas markets speeding
up
Material-centered
companies’ competitiveness
advantage on the progress
Growing importance of the
ability to effectively
respond to unit price
decrease
Production of a variety of
products
Business
Environment
Conversion to a “material-centered company” means to hold technological strength and the ability to effectively respond to
unit price decreases.
It is important to establish a relationship of mutual life-bettering cooperation through joint technology development, etc. with
material suppliers. (For example, Solmics received a supportive fund of 2.75 billion won from Samsung Electronics for
the Si Ingot Grower business.)
Prices of raw materials
Rate of domestication
of raw materials
Si prices growing
steadily
The proportion of raw
material production in
Korea is increasing.
Materials suppliersSemiconductor
/LCD equipment suppliersParts materials suppliers Raw materials suppliers
15
Business Management Plan for 2007
FY2005
4,042Operating profit
FY2006
6,615
FY2007E
12,016
%YoY
81.6
(Unit: million won)
4,137Ordinary profit 6,349 11,367 79.0
3,585Net profit 4,817 9,082 88.5
27,158Sales 36,918 51,800 40.3
13,457
6,217
769
-
4,626
2,087
Al2O3
Si
Si-SiC
AlN
Others
Cleaning products
16,941
9,089
3,001
1,015
4,826
2,046
20,630
16,200
4,800
2,000
5,470
2,700
21.8
78.2
59.9
97.0
13.3
32.0
“Operating profit of 10 billion won or more” + “sales increase rate of 40.3%” < operating profit increase rate
of 81.6% = continued high growth and high profit
21,962
5,195
Domestic
Export
29,548
7,370
41,440
10,360
40.2
40.6
Sales of Al2O3 exceeding 20 billion won and successful materialization of Si resulting in rapidly increasing sales; the enhancement
of profitability is the key point of Solmics’ business plan for 2007.
Although the sales size of Si-SiC and that of AIN are small at present, the sales proportions of Si-SiC and AlN are expected to
increase gradually following their entry into mass production.
Chap.3 Analysis of
Business Performance
Summary of Business
Performance for 2006
Sales Analysis 1
Sales Analysis 2
Profit Analysis
17
Summary of Business Performance for 2006
Business performance for 2006: sales increase of 35.9%, operating profit increase of 63.6% over the
previous year. Al2O3 plays an absolutely important role in growth and profit enhancement.
As for the business performance for the fourth quarter, both the sales increase rate and the operating profit increase rate
fall short of the annual overall performance due to the temporary slowdown in sales of Al2O3.
However, rapidly increasing sales as a result of successful mass production of Si-SiC and AIN serve as a positive sign in favor
of stronger business performance for 2007.
(Unit: million won, %) 4Q ’06 3Q ’06 %QoQ ’06 ’05 %YoY
Domestic
Export
Domestic sales 8,087 7,294 10.9 29,548 21,962 34.5
Export 2,143 1,796 19.3 7,370 5,195 41.9
Sales by
product
Al2O3 3,973 4,047 1.8 16,941 13,457 25.9
Si 2,828 2,321 21.8 9,089 6,217 46.2
Si-SiC 1,385 629 120.2 3,001 769 290.2
AlN 411 267 53.9 1,015 - -
Others 1,086 1,314 17.3 4,826 4,626 4.3
Cleaning products 548 513 6.8 2,046 2,087 2.0
Total 10,230 9,091 12.5 36,918 27,158 35.9
Operating profit
(operating profit margin)1,757
(17.2%)
1,804
(19.8%)
2.6
(2.6%p )
6,615
(17.9%)
4,043
(14.9%)
63.6
(3.0%p )
Non-operating revenue and expenditure -368 -527 - -265 987 -
Ordinary profit
(ordinary profit margin)1,388
(13.6%)
1,275
(14.0%)
8.9
(0.4%p )
6,349
(17.2%)
5,030
(18.5%)
26.2
(1.3%p )
Net profit
(net profit margin)855
(8.4%)
1,032
(11.4%)
17.1
(3.0%p )
4,817
(13.0%)
4,120
(15.2%)
16.9
(2.2%p )
18
0
2,000
4,000
6,000
8,000
10,000
12,000
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
(million won)
0
1,000
2,000
3,000
4,000
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
Samsung Hynix LPLExport others
(million won)
`04 `05 '06(E) `04 `05 '06(E)
Sales Analysis 1
Solmics recorded sales in the 10 billion won range for the first time
in the fourth quarter; sales for 2006 increased by 35.9% compared
to the previous year.- Sales for the fourth quarter increased by 12.5% compared to the previous
quarter and by 30.9% compared to the corresponding period of the previous year.
- Sales have been growing for 8 consecutive quarters since the first quarter of 2005;
sales are on a steady increase with no seasonal downturns.
Sales to Samsung Electronics increased by 25.9% and sales
to Hynix by 102.8% compared to the previous year.
- Sales of replacement parts for Al2O3 are steadily increasing due to
the expansion of semiconductor and LCD FAB facilities.
- Sales and the proportion of sales to Hynix increased thanks to
the prosperity of the D-RAM market and improved business performance.
35.9%
Changes in sales Changes in sales by customer
23,580
27,158
36,918
3,530
2,443
2,208
1,696
356
11,442(25.9%)
10,880(25.9%)
7,370(41.9%)
5,748(102.8%)
1,417(1.3%)
7,818
9,091
10,230
30.9%
9,086
8,644
5,195
2,834
1,399
19
(million won)
0
1,000
2,000
3,000
4,000
5,000
6,000
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
Al2O3 Si Si-SiC AlN Others Cleaning products
0%
20%
40%
60%
80%
100%
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
Al2O3 Si Si-Sic AlN Others Cleaning products
`04 `05 '06(E)
`04 `05 '06(E)
Sales Analysis 2
Changes in sales by product Changes in the proportion of sales by product
The sales decrease of Al2O3 for consecutive quarters was
due to the decreased demand in the LCD sector.
- Sales of Si have rapidly increased since the fourth quarter of 2005 together
with the start of actual sales of new items such as Si-SiC and AIN.
- The sales increase of Si is expected to have a great influence on the
overall enhancement of profitability after materialization in 2007.
The sales portfolio is stabilizing due to the sales
increase of new items.
- The sales proportions of Al2O3, Si-SiC and AIN, highly profitable products
(materialization completed), are increasing (52.4%56.7%).
- The increasing sales proportion of Si, which will be materialized in 2007,
also serves as a positive sign for the enhancement of profitability.
3,973
2,828
1,385
1,085
548411
13,457
6,217
4,626
2,087
769
16,941(25.9%)
9,089(46.2%)
4,826(4.3%)
3,001(290.2%)
2,046
1,015
6.54.4 6.4
6.9 13.5
49.645.9
22.924.6
2.8 8.1
2.7
20.222.2
22.6
25.5
27.6
50.4
52.1
49.344.5
38.8
20
Profit Analysis
(million won)
0
400
800
1,200
1,600
2,000
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
40.0%
Operating profitoperating profit margin
-600
-400
-200
0
200
400
600
800
1,000
1Q04 2Q 3Q 4Q 1Q05 2Q 3Q 4Q 1Q06 2Q 3Q 4Q
-60.0%
-50.0%
-40.0%
-30.0%
-20.0%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%Non-operating revenueand expenditureOrdinary profit
net profit margin
(million won)
0
2,000
4,000
6,000
`04 `05 '06(E)
0.0%
1000.0%
2000.0%
0
100
200
300
400
500
600
700
800
900
1,000
1,100
`04 `05 '06(E)
0.0%
500.0%
1000.0%
1500.0%
2000.0%
2500.0%
Changes in operating profit (margin) Changes in net profit (margin) by quarter
The operating profit for 2006 increased by 63.6%, and
the operating profit margin was 17.9%, up 3.0%.
- Profitability was enhanced due to the increased sales proportion
of a highly profitable group of products (Al2O3, Si-SiC and AIN).
- The decreased operating profit margin for the fourth quarter was due to
the decreased sales proportion of highly profitable products as a result of
the sales slowdown of Al2O3.
Net profit margin decreased due to a deficit recorded in the
non-operating revenue and expenditure account as a result of
the loss on the equity method valuation.
- The equity method loss of 503 million won for the third quarter was
attributable to the influence of goodwill amortization without any cash
outflows due to capital increase with consideration by an affiliate company.
- The equity method loss of the affiliate company is expected to be resolved
in or after 2007.
970
1,804
1,757
17.2
19.8
12.4
17.9
14.9
15.9
3,748
4,043
6,615
13.0
15.215.2
390
987
-265
63.6%
81.1%
571
-527
-332
14.711.3
8.4
Chap.4 References
Company Summary
Business Index
Investment Index
Balance Sheet
Income Statement
22
Company Summary
• 00. 04 Company name changed(SNT Co.,ltd)
• 00. 11 Moved to current location(Pyeongtaek)
• 01. 05 Est Ceramic R & D Fab(20011684)
• 01. 09 Est Japan office in Yokohama
• 01. 12 Listed in KOSDAQ
• 02. 05 Registered venture company by Gov
• 02. 08 Started precision cleaning business
• 02. 10 Est U.S.A office in Austin, TX
• 03. 02 Introduced CIP forming facilities
• 03. 08 Mass production for SiC facilities
• 03. 10 Rights offering(Capital 3.68 M)
1990~ 2000~ 2004~
• 90. 06 Est Sang-Boo Precision(Private)
• 95. 08 Transferred to corporation
• 96. 12 Registered cooperation company
(Samsung, Hyundai Electronics)
• 97. 10 Appointed high tech company from Gov
• 99. 08 Acquired ISO 9002 Certification
• 99. 10 Received a prize from Samsung Electronics
• 04. 03 Awarded a minister prize by Gov
• 04. 09 Received a prize by SEMI(SEDEX 2004)
• 04. 11 Acquired ISO 14001, OHSAS 18001, ISO 9001
• 05. 02 Mass production for Ceramic Cold Spray Coating
• 05. 11 Received a prize for 3M US$ by Gov
• 06. 02 Est China office in Shanghai
• 06. 04 Company name changed from SNT to Solmics
• 06. 11 Completed Si-Ingot factory construction
• 06. 12 Acquired Inno-Biz certification
Company Solmics Co.,Ltd
CEO Jae Hong Lee
Date of
Est(Corp)Aug. 1995
Listed Date Dec. 2001
Capital 4,210 million won (Stocks : 8,420,999)
Business
Specialties
Al2O3, Silicon, Si-SiC, AlN, , Quartz, Precision
Cleaning, Cold Spray Coating Etc
Address(H.Q)624 Jangdang-Dong Pyeongtaek-City
Kyeonggi-Do Korea, 459-020
Number of
Employee216
Web-site www.solmics.com
Company Overview
History
(Based Feb.21. 2007)
23
Business Index
“Enter high growth period for the growth of
forward industry and products enlargement”
“Settled high profit structure after
material specialized company”
“Hold a source of revenue for the company growth
Maintain two digits liabilities ratio and three digits
reserve ratio”
Growth
(% YoY) FY02 FY03 FY04 FY05 FY06 FY07(E)
Increased ratio
of sales revenue-13.8 10.2 64.4 15.2 35.9 40.3
Increased ratio
Of sales profit-27.1 -38.8 127.3 7.9 63.7 82.9
Increased ratio
of net profit-0.2 -60.4 282.0 14.9 16.9 79.9
Increased ratio
of total assets50.0 3.2 28.6 34.5 10.8 30.2
Profitability
(%) FY02 FY03 FY04 FY05 FY06 FY07(E)
Sales Profit
Ratio20.7 11.5 15.9 14.9 17.9 23.2
Net profit ratio
of current term18.2 6.5 15.2 15.2 13.0 17.5
ROE 17.1 6.3 20.1 18.2 16.9 25.1
ROA 11.2 3.6 11.9 10.4 10.0 16.8
Stability
(%) FY02 FY03 FY04 FY05 FY06 FY07(E)
Floating ratio 600.7 236.5 203.4 194.4 216.8 255.5
Liabilities ratio 83.6 62.5 72.4 76.0 61.1 46.5
Ratio of dependence
on Payable34.9 25.8 26.4 30.3 22.4 17.0
Reserve Ratio 564.9 427.7 525.5 584.1 705.4 907.7
24
Investment Index
EPS (won) EBITDA per share (won) BPS (won) SPS (won)
487
165
512573
630
1,083
FY02 FY03 FY04 FY05 FY06 FY07(E)
FY02 FY03 FY04 FY05 FY06 FY07(E)
Capital Stock (billion won) 2,430 3,500 3,500 3,817 3,909 4,210
shares outstanding (thousand) 4,860 7,000 7,000 7,633 7,817 8,420
WA number of shares outstanding (thousand ) 4,860 5,681 7,000 7,192 7,640 8,387
EPS (won) 487 165 512 573 630 1,083
EBITDA per share (won) 755 634 961 999 1,277 2,089
BPS (won) 2,851 2,308 2,797 3,382 3,965 4,719
SPS (won) 2,677 2,524 3,369 3,776 4,831 6,177
PER (X) 7.5 10.5 4.0 8.2 10.6 7.8
PBR (X) 1.3 0.8 0.7 1.4 1.7 1.8
755634
961 999
1,277
2,089
FY02 FY03 FY04 FY05 FY06 FY07(E)
2,851
2,308
2,797
3,382
3,965
4,719
FY02 FY03 FY04 FY05 FY06 FY07(E)
2,677 2,524
3,3693,776
4,832
6,177
FY02 FY03 FY04 FY05 FY06 FY07(E)
25
Balance Sheet
(million won) FY03 FY04 FY05 FY06
Current Assets 11,972 14,430 18,207 20,342
Quick Assets 7,834 7,685 9,699 10,132
Cash and Cash Equivalents, Etc 3,905 3,409 4,409 3,553
Inventories 4,139 6,745 8,508 10,209
Non-Current Assets 14,283 19,333 27,221 29,977
Investment 1,085 1,914 4,706 4,439
Property, Plant & Equipment 13,130 17,409 22,224 25,301
Intangible Assets 67 10 291 237
Assets 26,255 33,763 45,428 50,319
Current Liabilities 5,062 7,094 9,367 9,381
Shot-term Borrowings 951 2,579 4,921 3,055
Current Portion of Long-term Non-trade Payables 2,306 1,393 219 896
Non-Current Liabilbties 5,035 7,089 10,246 9,620
Long-term Borrowing 3,087 4,552 8,633 7,346
Liabilities 10,097 14,182 19,613 19,090
Capital Stock 3,500 3,500 3,817 3,909
Additional Paid-in and Other Capital 7,339 7,339 7,647 84,84
Retained Earnings 7,631 11,053 14,647 18,899
Capital Adjustments -2,311 -2,311 -296 -64
Total Stockholders' Equity 16,158 19,580 25,815 31,228
Total Liabilities & Stockholders' Equity 26,255 33,763 45,428 50,319
26
Income Statement
(million won) FY04 FY05 FY061Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Sales 23,580 5,194 6,984 7,162 7,818 27,159 8,554 9,043 9,092 10,230 36,918
Cost of Goods Sold 15,910 2,405 4,743 5,073 7,096 19,316 6,105 6,119 6,032 6,845 25,102
Depreciation Expenses 2,608 538 634 796 858 2,826 682 661 732 814 2,889
Gross Profit 7,670 1,494 2,242 2,089 2,018 7,842 2,448 2,924 3,060 3,385 11,817
Selling and Administrative Expenses 3,922 883 899 971 1,047 3,800 1,107 1,210 1,256 1,628 5,201
Salaries Expenses, Etc 1,914 385 371 445 471 1,672 538 588 535 500 2,161
Depreciation Expenses 370 92 75 68 78 313 56 61 70 66 253
Operating Income 3,748 611 1,343 1,118 971 4,043 1,341 1,714 1,803 1,757 6,615
Non-Operating Revenues 1,061 413 241 258 1,030 1,942 303 1,215 239 115 1,861
Interest Revenues 126 31 26 28 24 109 14 47 26 27 114
Gains On Foreign Currency Transaction, Etc 523 94 134 72 330 630 24 61 30 55 197
Equity Income on Investments - - - - 142 142 73 870 123 -59 170
Non-Operating Expenses 671 197 114 184 459 954 392 496 766 483 2,127
Interest Expenses 327 80 75 95 115 366 123 123 112 110 468
Losses On Foreign Currency Transaction, Etc 188 64 20 11 42 209 96 59 52 44 243
Equity Losses on Investments - - - - - - 80 281 503 52 916
Gain Before Extraordinary
/Losses and Income Taxes4,138 827 1,470 1,192 1,542 5,031 1,252 2,433 1,275 1,388 6,349
Extraordinary Losses - - - - - - - - - - -
Income Beforx Income Tax Expenses4,138 827 1,470 1,192 1,542 5,031 1,252 2,433 1,275 1,388 6,349
Income Tax Expenses 553 131 320 67 392 910 348 406 244 533 1,531
Net Income 3,585 696 1,150 1,125 1,150 4,120 904 2,027 1,032 855 4,817
624 Jangdang-Dong Pyeongtaek-City Kyeonggi-Do Korea, 459-020
Pone_82-660-8400 Fax_82-660.8401
www.solmics.com
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