유한양행 ׀ 000100 KS 중국에서 재현되고 있는 하기스의 ... - Mirae asset

신지원 Analyst, 3774-2176 jwshin@miraeasset.com 유한양행 18 August 2010
우윤철 Analyst, 3774-6934 davis.woo@miraeasset.com 000100 KS
Summary financial statements
Profit & Loss
(KRWm) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E
Revenue 595,720
Cost of goods sold (323,700)
Gross profit 272,020
SG and A (202,898)
Op profit 69,122
Op EBITDA 88,005
Depreciation (18,322)
Amortisation (561)
Op EBIT 69,122
Net interest 11,937
Associates and JCEs 56,177
Other income 3,642
Net exceptional income -
Profit before tax 140,878
Tax (15,195)
Post-tax profit 125,683
Minorities
Preferred dividends
-
Net income 125,683
Norm profit 125,683
Dividends (9,663)
Retained earnings 116,020
Source: C ompany data, Mirae A sset Research estimates
Cashflow
630,347
(357,720)
272,628
(196,755)
75,872
97,507
(21,028)
(607)
75,872
11,593
60,300
(14,115)
-
133,650
(12,323)
121,327
-
121,327
121,327
(10,872)
110,455
682,741
(379,468)
303,272
(210,870)
92,402
112,988
(20,042)
(544)
92,402
15,745
60,502
985
-
169,635
(18,739)
150,896
-
150,896
150,896
(11,955)
138,941
746,458
(401,286)
345,171
(245,816)
99,355
119,447
(19,431)
(660)
99,355
21,608
74,333
(288)
-
195,008
(24,132)
170,876
-
170,876
170,876
(13,039)
157,837
813,818
(434,160)
379,658
(266,206)
113,452
132,998
(18,833)
(713)
113,452
26,010
83,409
(1,140)
-
221,731
(44,346)
177,385
-
177,385
177,385
(14,122)
163,263
(KRWm) Dec-08A Dec-09A Dec-10E Dec-11E Dec-12E
Op EBITDA 88,005
Decrease in working capital (36,538)
Other operating cashflow 21,500
Operating cashflow 72,967
Tax paid (15,195)
Net interest 11,937
Dividends received 46,070
Cashflow 115,779
Capital expenditure (19,496)
Net acquisitions -
Net investments 10,377
Other investing cashflow (5,624)
Investing cashflow (14,744)
Dividends paid (9,210)
Increase in equity 1,531
Increase in debt (10,000)
Other financing cashflow (35,040)
Financing cash flow (52,719)
Beginning cash 166,426
Total cash generated
Forex effects
48,316
Ending cash 214,743
Source: C ompany data, Mirae A sset Research estimates
97,507
(13,539)
(11,975)
71,993
(12,323)
11,593
52,463
123,726
(7,262)
-
(54)
(4,670)
(11,986)
(9,663)
634
-
(7,466)
(16,495)
214,743
95,245
309,988
112,988
936
992
114,915
(18,739)
15,745
(662)
111,260
(12,743)
-
-
-
(12,743)
(10,872)
-
-
-
(10,872)
309,988
87,646
397,633
119,447
(1,426)
(278)
117,743
(24,132)
21,608
(797)
114,421
(11,996)
-
-
-
(11,996)
(11,955)
0
-
1
(11,954)
397,633
90,471
488,104
132,998
(2,205)
(1,130)
129,662
(44,346)
26,010
(822)
110,504
(11,168)
-
-
-
(11,168)
(13,039)
-
-
-
(13,039)
488,104
86,298
574,402
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