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home > Business Performance > Financial information > Financial Statements
Financial Statements
 

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Balance Sheets (US dollars in thousands)
  2010(A) 2009(B) changes(A)-(B)
[Current assets] 4,379,742 4,287,590 92,152
- Cash and cash equivalents 1,161,683 840,830 320,853
- Short-term financial instruments
1,756 278,547 (276,791)
- Trade accounts receivable,
net of allowance for doubtful account		 159,375 376,450 (217,075)
- Short-term loans 174,815 214,269 (39,454)
- Other accounts receivable,
net of allowance for doubtful account		 37,309 64,560 (27,251)
- Inventories 2,719,267 2,395,839 323,428
- Derivative assets 15,602 28,361 (12,759)
- Refundable income taxes 5,084 - -
- Other current assets 94,122 88,734 5,388
[Non-current Assets] 15,242,146 10,609,485 4,632,661
- Long-term financial insruments - 1,756 -
- Available-for-sale securities 52,618 41,249 11,369
- Equity method investments 7,271,066 3,419,562 3,851,504
- Long-term loans,
net of allowance for doubtful accounts		 1,948,290 1,825,992 122,298
- Loans to affiliates,
net of allowance for doubtful accounts		 420,497 315,649 104,848
- Property, plant and equipment, net 1,672,770 1,726,278 (53,508)
- Intangible assets 3,748,732 3,163,463 585,269
- Long-term trade accounts receivable,
net of allowance for doubtful account		 37,930 45,127 (7,197)
- Long-term guarantee deposits 725 2,595 (1,870)
- Deferred income tax assets 42,240 16,381 25,859
- Long-term other accounts receivable,
net of allowance for doubtful accounts		 - 9,791 -
- Other non-current assets 47,278 41,642 5,636
Total Assets 19,621,888 14,897,075 4,724,813
[Current liabilities] 3,799,943 2,164,683 1,635,260
- Trade accounts payable,
less present value discount		 16,512 11,339 5,173
- Short-term borrowings,
less present value discount		 2,128,460 1,317,007 811,463
- Other accounts payable 1,138,097 288,017 850,080
- Withholdings 17,544 10,053 7,491
- Accrued expenses 41,208 38,675 2,533
- Income tax payable 40 23 17
- Current portion of long-term borrowings and ABS liabilities,
less present value discount		 239,011 303,068 (64,057)
- Firm commitment liabilities 15,062 5,249 9,813
- Derivative liabilities 32,332 14,557 17,775
- Deferred income tax liabilities 58,741 73,137 (14,396)
- Others 112,936 103,558 9,378
[Non-current liabilities] 7,038,271 5,337,560 1,700,711
- Bonds payable 3,253,243 1,596,366 1,656,877
- Long-term borrowings denominated in Korean won 740,541 861,373 (120,832)
- Long-term borrowings denominated in foreign currencies 2,208,480 2,244,180 (35,700)
- Long-term trade accounts payable,
less present value discount		 34,307 40,977 (6,670)
- Severance and retirement benefits 2,434 - -
- Provision for restoration costs 223,965 217,204 6,761
- Asset-backed securitization 3,165 18,305 (15,140)
- Derivative liabilities - 10,610 -
- Other long-term liabilities 572,136 348,545 223,591
Total liabilities 10,838,214 7,502,243 3,335,971
- Paid-in-capital stock 7,138,639 5,838,455 1,300,184
- Capital surplus 21,911 21,911 -
- Accumulated other comprehensive income 99,747 137,385 (37,638)
- Retained earnings 1,523,377 1,397,081 126,296
Total equity 8,783,674 7,394,832 1,388,842
Total liabilities and equity 19,621,888 14,897,075 4,724,813
Statements of income (US dollars in thousands)
  2010(A) 2009(B) changes(A)-(B)
[Sales] 2,224,659 1,580,518 644,141
[Cost of sales] 1,558,955 1,020,697 538,258
Gross profit 665,704 559,821 105,883
[Selling and administrative expenses] 86,715 66,259 20,456
Operating income 578,989 493,562 85,427
Other income(expenses)
- Interest income 45,073 66,133 (21,060)
- Interest expense on borrowings and bonds (170,979) (106,108) (64,871)
- Interest expense on ABS liabilities (37,842) (16,483) (21,359)(
- Loss on foreign currency trancsaction, net (19,089) (104,238) 85,149
- Gain on foreign currency transaction, net 111,688 284,574 (172,886)
- Equity in loss of equity method investments, net (154,825) (32,121) (122,704)
- Loss on disposal of equity method investments - (594) -
- Gain(Loss) on disposal of PPE, net 5,095 (33) 5,128
- Gain on disposal of available-for-sale securities 2,306 - -
- Gain on disposal of intangible assets 100,430 3,199 97,231
- Reversal of allowance for doubtful account 1,624 7,218 (5,594)
- Gain from extinguishment of debts 805 1,198 (393)
- Loss on settlement of derivative instruments, net (36,146) (7,826) (28,320)
- Loss on valuation of derivative instruments, net (5,055) (5,361) 306
- Gain(loss) on valuation of firm commitments, net (13,164) 5,361 (18,525)
- Other allowance for doubtful accounts (11,448) (24,211) 12,763
- Dues on income from oil fields (43,486) (20,675) (22,811)
- Provision for restoration costs (8,887) (10,501) 1,614
- Impairment loss on oil interests (11,211) (21,645) 10,434
- Donation (3,930) (3,668) (262)
- Non-operating income from overseas oil fields, net 13,163 63,679 (50,516)
- Prior period error corrections - (8,554) -
- Others, net (294) 6,892 (6,598)
Income before income taxes 342,817 569,798 (226,981)
Provision for income taxes 157,203 199,009 (41,806)
Net income 185,614 370,789 (185,175)
 
Statements of appropriation of unappropriated retained earnings (US dollars in thousands)
  2010(A) 2009(B) changes(A)-(B)
Retained earnings before appropriations :
- Unappropriated retained earnings carried forward from the prior year - - -
- Net income 185,614 370,789 (185,175)
Total 185,614 370,789 (185,175)
Appropriations (2010-proposed) :
- Legal reserve 77,958 155,735 (77,777)
- Reserve for business expansion 77,958 155,735 (77,777)
-Cash Dividends 29,698 59,319 (29,621)
Total 185,614 370,789 (185,175)
Unappropriated retained earnings to be carried forward to the next year - - -
Statements of Cash Flows (US dollars in thousands)
  2010(A) 2009(B) changes(A)-(B)
1. Cash flows from operating activities 623,085 (201,204) 824,289
1) Net income 185,614 370,789 (185,175)
2) Adjustments to reconcile(addition) 762,898 530,406 232,492
3) Adjustments to reconcile(deduction) (359,672) (324,734) (34,938)
4) Changes in assets and liabilities 34,245 (777,665) 811,910
2. Cash flows from investing activities (3,783,585) (3,935,725) 152,140
1) Cash inflow from investing activities 324,122 6,005 318,117
2) Cash outflow from investing activities (4,107,707) (3,941,730) (165,977)
3. Cash flows from financing activities 3,481,353 3,488,498 (7,145)
1) Cash inflow from financing activities 7,071,732 4,412,535 2,659,197
2) Cash outflow from financing activities (3,590,379) (924,037) (2,666,342)
4. Net increase (decrease) in cash and cash equivalents (1+2+3) 320,853 (648,431) 969,284
5. Cash and cash equivalents at beginning of year 840,830 1,489,261 (648,431)
6. Cash and cash equivalents at end of year 1,161,683 840,830 320,853
 

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